0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, S! `# }# O2 F( b# I' I) S  i
Why bank will sell 借據給第三者???2 K' L3 j: e, V& E5 Y- O
I was so confused.....

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8 C( `) y7 [- {' |講到尾都係賺錢
1 L$ j7 _" m- J3 Lso銀行可以不斷放款
" U8 r+ _' `1 o: D美國的房貸問題散佈到全世界# K/ ?$ L9 Y; d2 H: r* [. \7 C5 l- P) J
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mortgage loan
. W+ F) s. g7 V. y( w9 M  C% c>conduit
% E/ X+ K: e. T& q>RMBS(Residential Mortgage Backed Securities)
7 S3 E+ `; {0 m7 h+ X>arranger
8 H% O6 b# B- [4 e6 h>CDO(Collateralized Debt Obligation)
. F( W' l. [: B1 x最後去到投資者

Kev

i thought it is the reason of rate of return.
7 @2 @2 ~6 K' M) u: k7 bCDs could have different ratings, AAA -> F,
" ~7 w# F( A& Z: g+ H3 k0 Imore risky ones would have higher premium (interest rate) as a compensation for an investment.
+ R- [; a0 r1 F; }4 l6 q% ~5 T/ Mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( j) n9 ]# H; z9 p# x6 v) {in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& P% _! Y# w' u5 IAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- m& ]' Q5 p% ~5 g) c1 l
similar to bonds, CDs trading in the secondary market have different value at different times,
, k2 r  {/ E- b: Gnormally the value is calculated by adding it's principle and interest.
5 M2 r2 Q, p  R$ `6 Weg. the value of the mortgage+the interests to be recieved in the future. 6 g. p4 r$ v/ C* Z9 a. C
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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im not quite sure if the multiplier effect does really matter in this case.
5 Z4 _. M: M1 R  k3 oin stock market, it's the demand and supply pushing the price up/downwards.
+ O3 r* H' M! Q8 Y5 KFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% x9 R/ x- B6 k' ]" ~, i9 UA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ N1 f: G0 H% @4 R4 d4 y0 c3 `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. / J) B% _' K, Q2 Q; z! |
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+ {, A, i4 O- j- n$ P1 |
Refer to last example,6 ~+ b5 t3 E% b7 q% Q
that means bank A have no money because we borrow 10 dollars from bank A
/ `) ]; a% k4 T) ~4 z% e3 |Because bank A doesnt have enough cash on hand
) V3 g4 M4 w' |4 f# M1 F. `therefore bank A need to be bankrrupt ??? Am I right ?? ...

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. M' M8 s2 e; I( V1 ^' \% hA->B->C->D->E+ L2 `  k$ G4 }$ G
so does it mean if E failed to pay D, # E3 d; N; E- D
all the B,C,D,E have to go bankrupt?
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( k5 Y! W1 i) ]4 Fthe multiplier just tell how much money created in a whole economy,
9 X9 h$ S; y8 U. F! A4 b) W( ]: tin this case it doesnt really matter how much money is created,
2 y7 f9 ^7 J) Y1 d& Rit's the problem of the debt itself.8 H1 s9 I+ Q+ [1 n
the 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
- U* o! o8 D  N* H小弟一直都唔明...; Z+ C. N/ X9 `+ k

+ o1 O% G3 V, h" ]0 H- L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...* w7 j0 L) M- d

* ]$ t3 y! V6 z6 k( l敬請各師兄解答# K; P" H/ z2 o/ l

) X) p3 G1 B/ u: u) IThanks

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那些根本係 紙上財富  
! _: ]0 o, F) i4 I  k; P0 ^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 graphic8 o. X5 k8 p( [9 s5 }+ q& Z. c5 D

) _4 k& d; I9 ?* ahttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
+ T! y, e/ u5 j% y; |3 L& A當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, ]+ y2 x2 J- r4 u& a4 P4 P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1 Q2 Y) Y+ r2 f& r+ |
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 W) A. y+ _8 Z: ^8 _扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 e+ a  N4 c) o& \) U計番回報率就已經係50%,所以可以好好賺
. C, |: V$ d! A# D. S' V前提係銀行之間要互相信任先可以咁樣借法
) {- Y) F* W, m同埋個市場既前境要係好先得7 s6 P9 b! n# I
但當經濟一差,公司估值趺了,物價不升反趺' U3 {- q& F/ {
例如剛才說10蚊的, 趺到得番9蚊, ( D, b% b, j% A1 i
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
# {1 J/ s6 W0 v# R所以你就會覺得D錢好似蒸發哂咁
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) }4 B. @( S' x你都可以當標野咁諗, 個樣野多人可以狂升值, 4 r, j! _: y/ o" t
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, 9 r0 z+ J' r  i; g! o) ~5 @8 ?% e  P
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 E5 z1 ~* D  y2 n( c
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
8 a/ x, f; c3 I' Z. \; P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
# P8 e4 s3 L* X( v, @# o! y+ G唔係d錢蒸發, 而係比美國佬洗晒未來錢, # P% ?; P0 D% J& L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 [" W4 A3 \  _
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( p' m* Z! R* J' L8 U7 D; V  D
咁你話d錢蒸發左去邊? ...

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: ^: F) C  t. D, M! d% B- q; v正係咁樣
8 x8 y+ L% W5 |% h# X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
1 Q4 {# ]9 w' ~8 z) f% c9 |分分鐘佢地唔使還錢$ Y! M, x+ f5 T+ t, Z

: k3 |* i$ _6 U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,* o( R. x/ W& y, z
連國家都係問人借, 不停發債券, 印鈔票
: i! M$ ?2 w0 J一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 L9 X( H; \% H8 X% E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; H, U4 i$ m' j5 d* m" I
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
6 h3 M7 e8 G" \4 Y' P因為以前未生產, 先消費
1 q/ ]. z( {% i2 \* ^2 m# V( O而家就要多生產, 少消費