0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif5 ^( {% w+ x! X# d% u
Why bank will sell 借據給第三者???/ D. h: K  A9 N5 f& j" o
I was so confused.....

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講到尾都係賺錢
1 |% I4 \; n  t) K# b" ~so銀行可以不斷放款
( W2 H! F: b; I% G! g) o; [美國的房貸問題散佈到全世界4 @, ]5 c% z) Z8 @3 s1 P! u+ C

. G2 i3 L6 E+ I( m9 T. Bmortgage loan
7 {% V1 O' }2 s$ i8 Z" L>conduit1 c. M4 Q! n8 R4 u
>RMBS(Residential Mortgage Backed Securities)
! n/ J1 t- p) @) l1 e& W>arranger
, M: ?0 o" z; W7 }>CDO(Collateralized Debt Obligation)
! B6 F6 h: t- u) R2 R0 O0 J0 c最後去到投資者

Kev

i thought it is the reason of rate of return.
9 b9 c, W- e4 H8 L0 x; O# Y9 k' CCDs could have different ratings, AAA -> F,
3 S2 T! R$ Y' D7 f# {! Umore risky ones would have higher premium (interest rate) as a compensation for an investment.
, v! \! [# |* x) C( K' W7 qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return," Z; T2 \" ?: n5 Z$ ^4 J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 L* \8 D. q; o; HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! t9 _9 F. N6 v' S, H: e6 {+ A  Zsimilar to bonds, CDs trading in the secondary market have different value at different times,0 l" I7 I( N% y! U; {. _/ ^5 j
normally the value is calculated by adding it's principle and interest. : L4 k$ Z& ?& [0 l
eg. the value of the mortgage+the interests to be recieved in the future. $ z# h1 K) Z. H' j
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.% I8 {# q6 y8 p1 K3 ?5 i1 w) }
in stock market, it's the demand and supply pushing the price up/downwards.
8 e- q$ D' L$ K% fFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" p, W- l* n, SA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ d( L4 p; l6 E! \% MThe 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. - ]+ D$ ^# }% q$ O" S
but the value of their assets did really drop significantly.4 Q" p- J2 I1 ^. y3 a
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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
& Z% t; `8 i3 {' I3 ~8 G% F1 }Refer to last example,
5 N+ e- F0 |9 |: i1 w( t: c$ Tthat means bank A have no money because we borrow 10 dollars from bank A
( K- f5 `5 N7 [% B: ABecause bank A doesnt have enough cash on hand * D0 m% N* c/ q! e1 f8 r
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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! J0 s1 c2 N9 n0 x+ ]( @2 OA->B->C->D->E
4 p' Z' f+ N" |, P$ [: Uso does it mean if E failed to pay D,
: A% c$ Y% d1 t: w6 b* N# k1 D4 v. Jall 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,
- M8 [2 C* A2 P. @in this case it doesnt really matter how much money is created,
! E7 @" W, x  u2 w) Bit's the problem of the debt itself.% H. X; N0 a  c3 y- B- z
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- G: N; g! R8 C9 g
小弟一直都唔明...8 Z. x; v( V9 ]$ @8 k2 t# \: U

8 U% ^$ }1 {$ V$ Z全世界都蝕錢，咁邊個賺緊錢呢?* w3 {1 W% A& `3 [9 `, H
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無可能淨係有人蝕錢無人賺架嘛...; t/ n5 ?  k: c0 l8 u( v8 |% S
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敬請各師兄解答5 V9 j, D! j6 _5 S2 H0 f" p
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Thanks

( j/ F9 `7 z( n' C3 E* Q: ]2 F- j7 c那些根本係 紙上財富  
8 H/ x2 M, N, C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; _. ^% {+ [- K3 g) p3 l, M8 c

/ p! K9 p$ `  R# a3 Khttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
- L2 i" C. n8 K4 _當經濟好,投資銀行相信會賺錢, 物價既估值相對較高+ m( F8 s! q1 ~
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* W8 r7 ?' k4 y: Y5 |5 `
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" V1 i$ c1 l2 o4 ]1 |2 F+ u
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
: i/ V% A- ^$ @7 K3 d7 A計番回報率就已經係50%,所以可以好好賺
: N3 ~; q: X( d- d' s4 v9 M前提係銀行之間要互相信任先可以咁樣借法
$ C1 L1 C! p( y- a; `* ]# l# W同埋個市場既前境要係好先得) }4 Y0 A& h/ K: ~- T  J
但當經濟一差,公司估值趺了,物價不升反趺
0 E, s- R* u7 q# |) U例如剛才說10蚊的, 趺到得番9蚊,
, f4 `( ~2 _% z- O3 g# m咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
: T, w  }8 b2 h7 D) r' @; ^所以你就會覺得D錢好似蒸發哂咁. B0 q! ]* `9 m* \! J# U
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你都可以當標野咁諗, 個樣野多人可以狂升值,
) r, r, A6 T5 A* x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, 5 d% M; p6 B. ^6 C1 j9 [; y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , g3 D9 g) }" Y5 @% T2 |+ _
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0 d& f0 M5 g1 [. N# j! v
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' ]! t' e  F7 W; ]! ~: ^8 L- q$ a
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 J1 X5 C& z( m" ~8 x
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 r( z0 S& i9 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5 v" L/ B: x1 }( P3 r
咁你話d錢蒸發左去邊? ...

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正係咁樣
; p+ x* r. A) h% y% |, r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 c' u; z) z  M. i/ \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,' J* V. K- a# a
連國家都係問人借, 不停發債券, 印鈔票; \4 x0 M1 L3 f
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產  i6 X3 x( H' c$ D) `/ c% f, E/ g
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
; f& \* _% [# z/ }- a9 i' Z咁而家"爆哂煲"算唔算先至係變番"正常"???

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0 R+ P+ ^# T, r9 N其實係...
* i! O1 J* k- D( E2 o- B% H: X因為以前未生產, 先消費, q$ Y4 |+ n& {9 M/ f5 `
而家就要多生產, 少消費