0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ y. A5 ~' g8 F* W
Why bank will sell 借據給第三者???
6 j( ]* s7 D4 n8 @0 {I was so confused.....

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& |- S4 S6 o  H: q4 r; f) j講到尾都係賺錢  H0 {6 t# b# p, f4 f
so銀行可以不斷放款% {& p7 g0 p# w8 W
美國的房貸問題散佈到全世界
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mortgage loan 9 v  s8 e& _+ U0 C9 j$ |
>conduit
5 L! b" j- q8 ]7 ^  n% d>RMBS(Residential Mortgage Backed Securities)
, V# A8 @& g$ b>arranger
7 i. {+ N) h7 e" n>CDO(Collateralized Debt Obligation)5 [* a3 _5 k  R: ], P" y
最後去到投資者

Kev

i thought it is the reason of rate of return.0 q, z8 c6 N0 }5 u+ E! P; U
CDs could have different ratings, AAA -> F," s9 m8 a( l# ?" b: V
more risky ones would have higher premium (interest rate) as a compensation for an investment.5 f0 h" W" A& m5 ~$ R% P' D2 ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- A( Q- I6 X( s3 C$ w7 zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: |( R$ T2 T2 T
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- P1 j: X0 ^. xsimilar to bonds, CDs trading in the secondary market have different value at different times,
, t1 q( `  {# k' G2 Unormally the value is calculated by adding it's principle and interest. ! v8 j: h, B9 |+ _
eg. the value of the mortgage+the interests to be recieved in the future.
! _% F, T& z& }! mbanks 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.
- u( a, x* x% n" S) s+ cin stock market, it's the demand and supply pushing the price up/downwards.
- t8 |* x. B) }( N( I, m8 [4 NFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* X& ?3 ?8 \" ^) E4 c
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) n8 _  H: k) n- u; h
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. 2 R. I4 @: Z# H$ c4 s- U
but the value of their assets did really drop significantly.) Q; P, x4 z4 T  _/ {# v+ S
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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.gif5 Z8 C$ |% W8 ~7 D
Refer to last example,% Y$ r+ R2 U& t6 ]( c& S
that means bank A have no money because we borrow 10 dollars from bank A ) j" \% y2 d3 z4 b4 n$ U9 S, }  x
Because bank A doesnt have enough cash on hand ( J+ ?1 a. p7 ]3 s6 [' F' k
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
$ h5 [3 a; e, S9 b- {" o- m  Tso does it mean if E failed to pay D,
8 D# ^2 z) x+ S4 vall the B,C,D,E have to go bankrupt?: L' C6 |3 h! i  q0 H, U

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the multiplier just tell how much money created in a whole economy,
0 |+ G! O& E! A& Oin this case it doesnt really matter how much money is created, 2 C3 m4 c2 z  z6 m$ C
it's the problem of the debt itself.
1 J0 X4 U0 E0 d/ _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
3 x# L* L. [' [, Z' U* F3 W- h小弟一直都唔明...- ?5 @. F# ?# }: N8 c( ^
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全世界都蝕錢，咁邊個賺緊錢呢?
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1 X! I' P; o/ q" {% N3 t無可能淨係有人蝕錢無人賺架嘛...' Z/ J" c2 a$ s
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敬請各師兄解答
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Thanks

% [3 T# M" D' U  X! h5 X0 e那些根本係 紙上財富  
6 j/ d% N' N: m0 i6 Z, V0 |/ N8 f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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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
' L, @- c" x7 `# K4 T當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 B! l+ c4 _2 i/ r, m( J0 T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# a$ F: [2 W+ @& ~/ o( r6 N& k  x* p( W
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% f( [- E) C. o8 D5 W
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
3 D& T: C; S" f; s. e" f計番回報率就已經係50%,所以可以好好賺, C$ L, R. f  ~" Z, q
前提係銀行之間要互相信任先可以咁樣借法' o, }) H( f3 l- d1 a
同埋個市場既前境要係好先得
4 H- {( I2 a7 L! }5 w. j& B/ R, O但當經濟一差,公司估值趺了,物價不升反趺% z. a+ R' _5 l
例如剛才說10蚊的, 趺到得番9蚊,
+ Q8 j) ]; s2 o" y' L咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! L2 n: A8 P: K6 r, c# k5 W$ m所以你就會覺得D錢好似蒸發哂咁8 O; n) a9 I" q& F' Y

$ p" \% ~* X% e4 {; h你都可以當標野咁諗, 個樣野多人可以狂升值, + z/ O$ N) i4 r" [( c% w3 D( {) n
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, 2 Q. j3 `  L% M8 X" {, M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! v" [. R+ M) b1 f
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
  q2 z' O* c0 N' c/ r8 t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
  X; w6 r! @* F4 F' G0 `3 q* [6 ^唔係d錢蒸發, 而係比美國佬洗晒未來錢,
' }/ G, j& i$ p* [8 R  {淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 p! g! C: x1 n, I% w! k0 [
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( [$ g$ V9 R8 a, }1 E8 y咁你話d錢蒸發左去邊? ...

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正係咁樣
" a  y. |) j+ Z- t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/ w2 ?+ U3 M& I' c0 }6 O" z
分分鐘佢地唔使還錢7 r6 X5 C$ T( V6 V6 T0 r1 N
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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,
4 c, X7 m: X2 ?連國家都係問人借, 不停發債券, 印鈔票/ L$ I' r" R' d$ m0 ^' f# c7 V2 h
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
) ^4 l7 W0 i& Q; b" C( f3 a+ V$ 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
- _, L' }( y. |9 ~2 W4 x+ x% `& L/ e3 T咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
+ V* C( m$ U* n- H因為以前未生產, 先消費8 W% M+ `6 }* F4 W: v
而家就要多生產, 少消費