0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif% k3 U& w7 x7 T
Why bank will sell 借據給第三者???  w- O: X3 D! w$ |. G( }
I was so confused.....

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' g- h! z* P8 S- p8 e- @講到尾都係賺錢9 u1 o8 M9 I: A2 L1 l
so銀行可以不斷放款
% H" Z+ w9 s- n9 F" c) u1 i* ]美國的房貸問題散佈到全世界+ j3 I8 T5 ]# P, f
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mortgage loan 2 y4 z7 C) {: Z; j
>conduit
& O; L0 ^% j. @  X- j! g>RMBS(Residential Mortgage Backed Securities)2 N+ r+ R7 r* A* i# v9 W, o6 l1 @
>arranger9 x6 a3 w* r& K8 [( A; ]/ V
>CDO(Collateralized Debt Obligation)) O9 g- V4 F9 _' ]
最後去到投資者

Kev

i thought it is the reason of rate of return.
) M# ^: [% F# ACDs could have different ratings, AAA -> F,
; h) {5 k2 a& s( Mmore risky ones would have higher premium (interest rate) as a compensation for an investment.- ?$ X  H9 a) l# G
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,& e, }9 n& G; m" u$ i0 E+ Z! Q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& [9 Z' q4 }  y& E+ D% m
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% k  W2 b! j) T5 |& \; Q' L. S# g
similar to bonds, CDs trading in the secondary market have different value at different times,9 ]% a6 [5 {: M9 A3 t6 }
normally the value is calculated by adding it's principle and interest.
, d' J3 j' O9 I6 W5 q: E' g: Reg. the value of the mortgage+the interests to be recieved in the future.
- W0 M; P4 s* r  }. u! `5 Sbanks 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./ d3 z# x/ J: f' l1 h

: [  r8 U1 [- [- P5 V# Nim not quite sure if the multiplier effect does really matter in this case.) u: [# v: E" @# w) _) c
in stock market, it's the demand and supply pushing the price up/downwards.% J' Y3 r6 k" y) ]
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ O! C0 Q% r% z: {A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 s( E  I0 d+ D# n# JThe 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. ! A! ?4 ?& D5 z& i- h  l. @
but the value of their assets did really drop significantly.
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[ 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
9 W% `, C, K# a% t/ B+ XRefer to last example,
4 q6 c+ ]; G' G9 K! S% t9 hthat means bank A have no money because we borrow 10 dollars from bank A 8 a0 n' i) q4 u- g: d# ~
Because bank A doesnt have enough cash on hand   V( j. @- @6 R
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
$ x3 `+ H6 C+ }( Eso does it mean if E failed to pay D,
9 D3 H8 V6 i, i3 H  q' kall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
5 N, }6 ]& j) I, U! M% \+ pin this case it doesnt really matter how much money is created,
6 X# _( p1 p& O' {" Z# h1 eit's the problem of the debt itself.
) S+ z, O6 f* i+ mthe 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
# [- Z8 Q( m3 k) a: R) Y小弟一直都唔明...! K. G' \" o' m1 C: @8 ^
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全世界都蝕錢，咁邊個賺緊錢呢?0 _/ P7 h% Q. M
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無可能淨係有人蝕錢無人賺架嘛...! O' e9 F% H, s: m) m' n( u+ ^

2 V( M  x( A7 T; P" L敬請各師兄解答2 A6 e. c9 Z6 w3 F& P' \
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Thanks

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那些根本係 紙上財富  
+ d* k4 u: r3 f7 ]) {9 b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, O" ]" |# Z0 X1 [

% }% n$ i/ Y3 c  Y+ ^* Z1 o$ k/ hhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
/ R0 _1 D. a' O) U7 C當經濟好,投資銀行相信會賺錢, 物價既估值相對較高0 h  Z7 _* `! b0 ?& M3 y$ ~! {
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
; P! u7 n# e/ n! B# ~個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
; e7 c( Z) f7 @8 a* L0 y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
1 O) ]* O- J: S. o1 a計番回報率就已經係50%,所以可以好好賺
( J. @3 u; ]- t4 |5 }; w0 {* n前提係銀行之間要互相信任先可以咁樣借法; ?2 \0 C% [" d7 |, X
同埋個市場既前境要係好先得$ u: q1 l. h" g9 U9 K% ?- g$ a
但當經濟一差,公司估值趺了,物價不升反趺) y4 \9 i4 \4 m# a; r6 u
例如剛才說10蚊的, 趺到得番9蚊,
6 d' @% G& E. J  W4 r咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 G) }  J2 @2 p) A8 _所以你就會覺得D錢好似蒸發哂咁8 [$ a. h- j( b1 [2 W9 x- b
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你都可以當標野咁諗, 個樣野多人可以狂升值,
. A! e# W, e2 h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,
; l5 \2 o( X  p/ [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' k+ J& L" n, Z8 ?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 E+ E$ F. W! R; _/ w6 H# @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.gif4 E# }' L. r8 s1 R0 y/ o
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 c: j6 N: K4 Y/ w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & \, ]- q$ s2 W9 v
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% B, a9 c1 C) X6 z0 W5 v4 H
咁你話d錢蒸發左去邊? ...

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正係咁樣
3 J& q, ?5 A2 P" K, Q; L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
' @. W  C( Q1 |, z) E4 x分分鐘佢地唔使還錢) c1 B$ e, G! G8 l9 Y, y8 L

+ n& T7 X7 h2 f6 `) N$ n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,1 @8 s/ Z( ~. Y( z- o" P
連國家都係問人借, 不停發債券, 印鈔票$ g, c. s# q8 C* j% Y
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# I' B! y) K; B0 j: n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
* S. V. a# B0 _咁而家"爆哂煲"算唔算先至係變番"正常"???

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- g( B+ V' D8 S5 A2 K3 ?  U其實係...; b4 c% p' V, E& t$ _
因為以前未生產, 先消費
+ x. B3 c# H- T而家就要多生產, 少消費