0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif1 Y0 Y9 U) O8 V6 W
Why bank will sell 借據給第三者???3 d8 y7 v, i& a, K
I was so confused.....

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講到尾都係賺錢+ ]5 S$ d' {0 o& G7 ~% M0 |" F8 }
so銀行可以不斷放款
0 V. F+ @0 s( [美國的房貸問題散佈到全世界9 s4 M2 J8 ]9 r5 n/ ?

% ]1 g9 g2 z% Fmortgage loan
- W9 x# c- `$ C>conduit- }0 X6 P- l/ V9 z3 x
>RMBS(Residential Mortgage Backed Securities)
" u& Y5 }  T/ M9 }: Q>arranger
5 \6 O" \- F9 q! l1 r% L" n>CDO(Collateralized Debt Obligation)
' ^/ G  N& \& L; n8 L2 c最後去到投資者

Kev

i thought it is the reason of rate of return.* _6 f4 P* N& r' t: A
CDs could have different ratings, AAA -> F,  T1 |, d$ z' i; u
more risky ones would have higher premium (interest rate) as a compensation for an investment.  I5 F3 E  v7 F% T
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) @" |" M6 j! C  }5 J0 E: b
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- I2 |$ U6 I5 c/ C* C. G3 e% a
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 @( ^( L+ s3 l7 E# xsimilar to bonds, CDs trading in the secondary market have different value at different times,
7 n% P6 t& e6 n2 xnormally the value is calculated by adding it's principle and interest. $ o% V: Q, _/ M
eg. the value of the mortgage+the interests to be recieved in the future. ' t5 P: [+ T, L9 A6 M
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.% u, D3 x( J% R" [+ q
7 i, J0 S& h( I' S* K" ?
im not quite sure if the multiplier effect does really matter in this case.
6 Q' H9 Q9 m* d% yin stock market, it's the demand and supply pushing the price up/downwards.3 q7 z5 v' p9 S4 \3 H7 ^1 c
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 J0 s% |2 y* t: [3 s- B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 r- u7 w4 t% y; |( n2 U' B  k: e7 fThe 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.
1 o+ g9 x3 P: a+ ?  Vbut the value of their assets did really drop significantly.9 j6 p1 q3 b4 A/ ^. W& R9 \

2 g* @8 H* b( b+ V[ 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.gif5 \+ n0 A' @' i* m
Refer to last example,
0 n. h1 ^, C6 `! J$ m9 C& dthat means bank A have no money because we borrow 10 dollars from bank A % L1 \- a7 m) k  N/ A
Because bank A doesnt have enough cash on hand
  _% t& ~" T1 K! @4 K% I) Q( ~2 N: S2 ~therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E! p3 P  k* v! @: O, m5 N
so does it mean if E failed to pay D,
5 s) q+ |! f. K) b6 w3 a  {all 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,
8 P: I' D/ r$ {- \* Zin this case it doesnt really matter how much money is created, 9 Z# F+ {9 c( q, V  H0 p% `, p
it's the problem of the debt itself.5 n; Q! H  f+ m+ S- o1 ~
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.gif1 Z# W) v6 g& @( n! k
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?3 W/ b! ]8 c: D/ E6 J
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無可能淨係有人蝕錢無人賺架嘛...
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; M2 c' \4 ~2 R; A敬請各師兄解答9 e9 w# a( b" v& O0 \7 M- H

& V) C' R4 I; O# X$ J7 o$ q# H7 @Thanks

9 F" h7 [4 O; K; p' K. `那些根本係 紙上財富  1 {* j) Z% R1 o7 k& m: X
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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! T8 }2 I! \' F% Y4 B1 t% shttp://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# c! s6 E' b" i1 s! F當經濟好,投資銀行相信會賺錢, 物價既估值相對較高+ }4 T8 j( _$ q  I# f$ c, @1 }# x
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: e5 _3 E. p* k8 s
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% @0 }. o4 T$ K+ ^: l! ?# a$ O
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
! C) P6 K4 y" F) D5 J& {7 ^計番回報率就已經係50%,所以可以好好賺% t1 z9 }+ j& S' w0 K% M5 n0 D
前提係銀行之間要互相信任先可以咁樣借法! U) }9 I6 [" n5 U1 O% D0 S% G
同埋個市場既前境要係好先得9 o2 F7 R: M; A7 s) f+ w
但當經濟一差,公司估值趺了,物價不升反趺$ |) c3 G! r. t5 D$ v' i+ B5 H
例如剛才說10蚊的, 趺到得番9蚊,
( s) ]% Y# |6 U咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
2 @7 _3 W$ s( G' G. d, o' Z所以你就會覺得D錢好似蒸發哂咁* G+ Z6 z) K, ~2 \

  B5 V5 ?# f! V1 _2 w/ j你都可以當標野咁諗, 個樣野多人可以狂升值, 2 @; x7 T) c" q
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,
: t% M+ l. ]7 \! Z; K: C- d1 {淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; m/ {$ j" O( a, D: b% W" z
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/ F# ^  w# g8 |: T* e5 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.gif' P* ~' I+ r- ^2 u8 C- i7 M: g
唔係d錢蒸發, 而係比美國佬洗晒未來錢, & _6 F3 _4 ~+ C- L* J
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + L9 l( J5 x2 ]% }( H. G- S
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 S- y5 U, N' X; w
咁你話d錢蒸發左去邊? ...

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正係咁樣' H! _2 k! V7 ~8 |
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5 x5 S/ r' @+ H' k0 s
分分鐘佢地唔使還錢
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: w6 z& y, _; @, I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,6 u' k5 q, v( O7 r
連國家都係問人借, 不停發債券, 印鈔票% g3 I4 Y' A9 U* E( E5 l" b
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( b0 t+ U: [" @' I, T& w3 u1 U
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+ q9 ^$ g% ]4 P' _  i+ |
咁而家"爆哂煲"算唔算先至係變番"正常"???

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, r2 M4 g; j# m5 W5 l. @( V3 p其實係...
: s' \. K% @) ]4 X/ M4 V因為以前未生產, 先消費! e# r- P9 \) |( C- R
而家就要多生產, 少消費