0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif: h; j5 d& L; T# h
Why bank will sell 借據給第三者???
2 F4 O5 K) A; U; hI was so confused.....

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講到尾都係賺錢
% Z6 |9 T' W! \( iso銀行可以不斷放款7 K5 o2 z  U' @: X
美國的房貸問題散佈到全世界
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mortgage loan
9 h2 j  Z% e, p2 k>conduit  t! t+ l0 y! A6 {# z5 q
>RMBS(Residential Mortgage Backed Securities)1 t' A  [6 C6 C7 I7 R' K: |; B
>arranger+ D% f3 Y. e, q7 ^1 c# F1 d; _
>CDO(Collateralized Debt Obligation)$ g( C" W/ n/ \7 m/ G
最後去到投資者

Kev

i thought it is the reason of rate of return.
' R* G* j8 s2 kCDs could have different ratings, AAA -> F,
. P2 F8 ^2 A3 X, tmore risky ones would have higher premium (interest rate) as a compensation for an investment.
# @+ c' U. m& h) Xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* E& S, C7 S/ k% Pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 G' [4 u" W& z$ M. g5 {Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 x* }  b/ [" r4 y' M( t, |6 a
similar to bonds, CDs trading in the secondary market have different value at different times,
& a1 ?- e0 n0 t: n& e& Vnormally the value is calculated by adding it's principle and interest. 5 a7 z0 y1 ^0 x) r0 B9 C$ @
eg. the value of the mortgage+the interests to be recieved in the future. $ D1 @$ ^1 C# l
banks who sell the CDs, could enjoy a few benefits like, the present value of cash and passing the risk of holding a debt to another party.0 ]3 C* _( I8 l# S* b
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im not quite sure if the multiplier effect does really matter in this case.' h2 }' F8 z/ u+ L  H) {
in stock market, it's the demand and supply pushing the price up/downwards.0 D, r, P+ y+ F8 d
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" u0 n! Z+ ~( vA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., a  ]! k/ m. j. l
The capital loss that ppl suffer nowadays, i believe, most of them does not really suffer a real $ lost yet as long as they dont sell their securities.
9 C& W- L9 Q! U7 p6 @. Q' }but the value of their assets did really drop significantly.
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+ z4 z( _8 n" z$ j[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ]

Kev

原帖由 balachiDavis 於 2008-10-8 04:09 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
+ L/ i# R# P5 FRefer to last example," B8 k1 b/ d. p0 }; R
that means bank A have no money because we borrow 10 dollars from bank A 5 R& q2 R' G1 ?/ d' A
Because bank A doesnt have enough cash on hand
$ H: ]" D- G: C$ T8 rtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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# b6 L6 i3 e, q; }A->B->C->D->E
7 r, K5 y5 Y9 |7 |$ N8 {so does it mean if E failed to pay D,
7 i' X9 n, ?' _/ x" rall the B,C,D,E have to go bankrupt?0 m  Z8 }: G* M1 \9 z8 ]
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& O2 @/ G. B; v. O) hthe multiplier just tell how much money created in a whole economy, 3 x5 p. x) J. X$ i( k% g
in this case it doesnt really matter how much money is created,
/ V$ x' ], w" @  S: \# Sit's the problem of the debt itself.
/ o- ^! F4 t- `. G% ithe debt(securities) is bad, faulty, that harmed the whole system.

benny1219

原帖由 kerr12ca 於 2008-10-8 02:44 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 ]" [: x  L2 K小弟一直都唔明...
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8 _& G/ I7 h5 S# r4 e全世界都蝕錢，咁邊個賺緊錢呢?
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3 ~. H! ^- O! y+ \無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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( V4 a: O# l" o( U  gThanks

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那些根本係 紙上財富  6 [, w9 B# F& a: Q# x3 m- p
各式各樣的證券被炒到上天 你一樣唔賣那筆錢永遠都不是真的存在

qulapo

with regards to the current crisis, Chain of fools does a reasonable job of explaining what happened with a nice graphic
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7 g1 c  v3 i- _http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
  B! n2 o2 K! r+ u0 d: Y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
. |( ~; h2 Q; D( n% a( w/ H. m於是投資銀行就去搵銀行抵押借錢投資, 打個比喻1蚊既野借10蚊
6 y7 d) z# S1 g6 U' @; W個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
1 ]. j! {$ {( k: m% w( V, b2 ^扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
6 A5 }1 y- h) T3 g; C! x9 F計番回報率就已經係50%,所以可以好好賺) Z9 m, d/ H+ j
前提係銀行之間要互相信任先可以咁樣借法
4 Y3 o1 v) p5 w( ]- B/ ]9 D同埋個市場既前境要係好先得5 y/ V* j& m: b% T; R2 y
但當經濟一差,公司估值趺了,物價不升反趺5 v  u3 w, V- S; c. s6 j
例如剛才說10蚊的, 趺到得番9蚊,
. C# C/ T& V) {  C  O咁投資銀行一下子就要還11蚊, 一來一回變左虧200%/ a3 I, c( [& |# P' a  L: P
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
, S7 G2 M: H0 |/ z0 d但當冇人要既時候一蚊都唔值...中間D錢其實真係冇人話賺左~

kuru

唔係d錢蒸發, 而係比美國佬洗晒未來錢, 4 z+ D6 c# e8 o: c/ A7 ]3 w! \
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : F+ F* {+ |# F7 t
呢刻樓市爆, 原本冇錢買樓既, 又係問銀行借但又唔留錢供, 既然冇錢還比銀行
: P6 {/ o% ^8 w咁你話d錢蒸發左去邊?

fcukyoukelly

原帖由 kuru 於 2008-10-12 05:08 PM 發表 http://www.26fun.com/bbs/images/common/back.gif7 s5 ~& I" a- q" r+ I
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
8 y0 s6 [6 V" q/ T淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 Z4 I( A6 r! _6 ?0 t呢刻樓市爆, 原本冇錢買樓既, 又係問銀行借但又唔留錢供, 既然冇錢還比銀行
6 |# u6 f9 h/ p8 t: e" `咁你話d錢蒸發左去邊? ...

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正係咁樣" v: l, I: \: g5 G
其實, 以個人立場去睇, 美國好多市民都唔怕銀行/財務/投資公司結業
, [' N# z* u8 R0 l分分鐘佢地唔使還錢
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再講, 美國人先洗未來錢應該係世界第一, 唔知點解無錢都可以買咁車買樓,' N. `! y; _' p6 F* r" T
連國家都係問人借, 不停發債券, 印鈔票
- G+ |% u% O0 n3 h6 ]一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: ~: S9 I# V$ X% R編編唔生產又使用物品使用得最多, 美國就係咁既情況

Jk

咁而家"爆哂煲"算唔算先至係變番"正常"???

fcukyoukelly

原帖由 Jk 於 2008-10-22 02:15 AM 發表 http://www.26fun.com/bbs/images/common/back.gif
  ^, k/ x' {9 r* }2 t( _4 x9 I咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
! z5 v- ^" H% H& y0 w: }因為以前未生產, 先消費( o: T9 w9 H, g
而家就要多生產, 少消費