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原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
# ?% ^2 I' D1 t6 H: S4 v2 qWhy bank will sell 借據給第三者???
: V& {* b2 G9 AI was so confused.....

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講到尾都係賺錢
& ?& O4 G* u, Rso銀行可以不斷放款/ N# q' t1 C, w, F9 k" U" h
美國的房貸問題散佈到全世界! J) M( F5 O! `( T' z% l/ M2 `5 G2 N
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mortgage loan
& X6 _  e( Z5 o' Z  y  S- ]>conduit
# f# \3 n4 g9 F7 f& h% D! ]>RMBS(Residential Mortgage Backed Securities)
3 c2 b4 _: Q' y3 T% m- C& F>arranger
6 Z6 g& x  G+ S, ?# G>CDO(Collateralized Debt Obligation)
1 P6 m* U7 [$ \! S最後去到投資者

Kev

i thought it is the reason of rate of return.4 J8 D8 J; i$ L, q0 D# W
CDs could have different ratings, AAA -> F,7 R7 W5 N  e7 [+ e2 R
more risky ones would have higher premium (interest rate) as a compensation for an investment." w  Y* X0 U! m2 U! P) K  I/ j
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,  N+ J3 ^; c  O7 X. O+ E
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% H& r( ]6 c5 b% BAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 g/ K" P. j* a$ d. k: Ysimilar to bonds, CDs trading in the secondary market have different value at different times,+ v  A$ e+ o( [! l9 M9 C  x
normally the value is calculated by adding it's principle and interest. 2 t* ]% `0 [& @; c6 s2 F
eg. the value of the mortgage+the interests to be recieved in the future. 6 b# [( Y3 _/ S
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.
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3 {; a% F) I& `4 g* }; Tim not quite sure if the multiplier effect does really matter in this case.
0 J0 |* C. D  Rin stock market, it's the demand and supply pushing the price up/downwards.
0 l. H# f, z: W4 f+ P: w* s/ ?For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ S! d; E6 g+ `* h+ U: I
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 p- a4 l3 b' ~4 GThe 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.
& x4 \: T' Q/ v$ ?but the value of their assets did really drop significantly.
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! S' U" ~  V5 f; t[ 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
% J9 F- Z+ K2 f, c2 M* x  u( u' aRefer to last example,
) S& Q2 R$ Y; \4 l' P" W. E) p4 ?that means bank A have no money because we borrow 10 dollars from bank A ; I9 j) Y& j0 A0 _# J' A
Because bank A doesnt have enough cash on hand - o/ i0 e' a5 P4 H
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
4 J& t3 i9 q- O0 r% f! t9 [so does it mean if E failed to pay D,
* s4 s% z8 t5 N2 E8 x6 o8 R" u& Sall the B,C,D,E have to go bankrupt?' Q, \0 j! u6 {1 ~( ?$ _
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the multiplier just tell how much money created in a whole economy, - `7 @5 n# I$ w2 k) }2 i" k
in this case it doesnt really matter how much money is created,
) w, m+ j4 K1 {5 u. Nit's the problem of the debt itself.
7 Y  F' `2 U$ A$ T; E  c9 ~8 Tthe 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
2 ^+ Q* H; b# p5 n% D7 ]6 p; R小弟一直都唔明...
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9 G% s6 |( a  l+ n6 D% D6 h; v全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...# j( A  E$ u3 ~* K
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敬請各師兄解答* z4 }& G3 m- N# m8 C" g

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5 n4 g' F" Y  a( d7 i9 }那些根本係 紙上財富  
0 \, j4 {4 o$ n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 graphic6 L9 v4 E, Y, x3 b  q

2 J3 o- [! @1 ~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
1 U2 W2 t6 L0 j1 ^4 d7 J% O當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 k9 v( s8 f# `  A* R) f8 o) a- n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! J$ X9 ^: R2 n6 o  c9 ~2 Y# P
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
$ ]8 W: U. g4 v) {+ b# R/ s2 Z6 ~, H扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
: P& z4 E* v# L7 G計番回報率就已經係50%,所以可以好好賺( s8 M, O" D/ @
前提係銀行之間要互相信任先可以咁樣借法
; y/ |+ p( O- M, I同埋個市場既前境要係好先得* w! H1 o* B: A$ i$ u4 ?* i
但當經濟一差,公司估值趺了,物價不升反趺: d+ m' B$ S5 _6 o/ W' a& v2 F
例如剛才說10蚊的, 趺到得番9蚊,
4 K: v7 c  s" M5 H9 v咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 s, o7 E" F! G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,
' B( e8 R6 r! w7 {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, ) w2 \* }  i" ]
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + g- {! Y+ [2 x( d
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# [$ ?; U% H* @5 M- n7 \4 J! G! |
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.gif
. h9 d3 m3 w; c# i唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 o+ S4 i+ g, h6 t淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
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咁你話d錢蒸發左去邊? ...

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正係咁樣0 C. ?0 T# d" r8 \
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' ]2 @! N- K5 i: \/ w: B
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,) e2 t2 W' D+ |4 h0 q
連國家都係問人借, 不停發債券, 印鈔票0 b/ K* q  _$ e2 `
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: x- ?* M) O2 Z' a7 s+ p
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% Q; ]: ^3 }8 m9 v" B7 N
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
& `4 z5 M: _; Z  M' k# `因為以前未生產, 先消費
0 P: H7 R4 Z/ f3 ^- [1 C5 ~/ @而家就要多生產, 少消費