0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif& d. n& ]+ y* d, u8 H
Why bank will sell 借據給第三者???# M# v: P7 ~" p7 L+ b
I was so confused.....

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講到尾都係賺錢
: |' s' k1 C/ H' |% J  l* tso銀行可以不斷放款( B/ Z! w% J5 ^6 B
美國的房貸問題散佈到全世界2 f  {" h8 S& f% J2 A& _

9 V9 d6 K( x5 T' i/ smortgage loan : O8 Z0 y9 F, D, _, v
>conduit' D9 _7 y( ~/ j- y1 g5 Z
>RMBS(Residential Mortgage Backed Securities)
% J1 ~" C/ x' C  n! B$ q+ j>arranger
& q  c' a, ~- Z5 c/ C) k6 \>CDO(Collateralized Debt Obligation)
5 P. i5 h: l; l3 T+ e& `1 w最後去到投資者

Kev

i thought it is the reason of rate of return.
- c7 N" N  B# Y( Q7 K& BCDs could have different ratings, AAA -> F,
9 ]7 {3 R+ {% Z" B+ ~- ~. T8 cmore risky ones would have higher premium (interest rate) as a compensation for an investment.
/ q' l  m# x& ^9 X0 s4 Q" F4 nmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 n, W: C6 t2 s% c2 j: H2 c' K
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 `: W/ a) ]. E6 AAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 x2 d: B  x! _# ^# }" P$ D$ H* u
similar to bonds, CDs trading in the secondary market have different value at different times,
3 z. T7 E; e- I  k" S7 A- Ynormally the value is calculated by adding it's principle and interest.
+ q% p6 T- C; ?0 ^# H+ x) k( keg. the value of the mortgage+the interests to be recieved in the future.
% r0 S0 _+ b. Obanks 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.0 w% @' }/ t- v) u1 e, y
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im not quite sure if the multiplier effect does really matter in this case.
. K4 O5 n3 m' M: X0 p- |in stock market, it's the demand and supply pushing the price up/downwards.
  H/ q$ h! Y* p) R  q$ wFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' X. N: m0 l! a
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 H" R" S6 ]0 O
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.
5 ^2 S% T9 F# W* gbut the value of their assets did really drop significantly.
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6 Q/ [# @' Q8 ~) A[ 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
3 F) \* G, F; ~Refer to last example,9 u. P& P# Q2 U4 v2 C
that means bank A have no money because we borrow 10 dollars from bank A
: `+ v! W* ?% v: a! ?( nBecause bank A doesnt have enough cash on hand " ~, Y$ O2 F9 g& b" V
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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% E# h1 u  _5 tA->B->C->D->E+ ]+ j* U, `* s# q$ O
so does it mean if E failed to pay D,
# ?  `5 T. P1 W! Eall 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 \5 B' K) _" I# j5 T
in this case it doesnt really matter how much money is created,
; M+ g1 d  T  x2 F; y4 eit's the problem of the debt itself.
! o" e/ q! K: S  {  u+ Z" Y0 Ithe 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. o  p4 r) ^5 Z
小弟一直都唔明...5 k: Z' E9 k4 z

( m; A; a( M) u" V全世界都蝕錢，咁邊個賺緊錢呢?! F2 E4 k: a% A: Y# u+ q1 z8 ?* H* Y* y
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答1 m5 D9 k4 ~. V0 H0 j; y( B

! k1 _- _( N! `; M/ M, G1 U) gThanks

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那些根本係 紙上財富  6 X# p9 R0 h1 J) [
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 K# w' k$ y/ {5 \
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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, Z! g7 t3 A! H  }4 r4 `
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高+ Y  s4 i0 N5 @( u/ |; j6 }
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
# _6 C" e' n2 E1 y) J1 l: {  `個件物價係市場好既時候升, 例如15%先算,變左12蚊啦+ C0 e5 g: ~) j- f
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,7 R1 x3 ~' ]4 g; H- v- W
計番回報率就已經係50%,所以可以好好賺& i4 m; c  T7 k; j) k& M; w
前提係銀行之間要互相信任先可以咁樣借法$ p* W1 b) t! N4 @
同埋個市場既前境要係好先得
, Y* Z) j* `0 J: U6 f+ i但當經濟一差,公司估值趺了,物價不升反趺
2 L) k, b8 |* F& q例如剛才說10蚊的, 趺到得番9蚊, 1 b) I! y9 ~: a+ T
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
& a3 B' e/ _, n, P! X所以你就會覺得D錢好似蒸發哂咁1 T5 }- D1 C- m  O' n! T

6 Q- r" x$ R% c" D1 P- h4 w0 k9 I你都可以當標野咁諗, 個樣野多人可以狂升值, " r1 M3 X3 |9 V
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 p& ]7 a% L( a$ ?, [
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 j; J: u9 r1 {( F0 E9 f9 S( m
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
7 E7 l  {$ v5 E) q: 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* y/ H# q5 O  M+ h% k) R
唔係d錢蒸發, 而係比美國佬洗晒未來錢, / M% n$ `: A# U- ?+ g' Z/ P
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: u5 ^8 D' B# 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9 a, D; d1 h3 m; P' _
咁你話d錢蒸發左去邊? ...

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正係咁樣' i; [! M# s" 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* e+ g/ V. s1 N: `/ N
分分鐘佢地唔使還錢, v% D3 `' m2 h1 _

5 C, T, J6 n* l  \( j. @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,
) H5 y3 _+ ^! v! {! d- [! B連國家都係問人借, 不停發債券, 印鈔票" \" T7 ^6 ]9 t. Q/ s
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產. [% D. Q7 O: a& K% T
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
# d& e0 }! t' S( G8 i咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
) z8 @( ]: N7 x4 J1 B0 M因為以前未生產, 先消費+ k# k$ l: v" O2 w( y
而家就要多生產, 少消費