0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif5 V  O0 |: p% O1 e2 U
Why bank will sell 借據給第三者???
- t; J7 g6 d* V6 r, ?# NI was so confused.....

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9 d" f, \" d/ Q2 T0 s講到尾都係賺錢8 n  u" C; Y& @1 S
so銀行可以不斷放款& u/ J/ k0 b1 H5 Q6 D  K8 g  K
美國的房貸問題散佈到全世界
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mortgage loan
- }+ Z3 h" B' R5 D, \& A>conduit
% q# R( U  l  f2 c5 ?3 b2 o$ Z>RMBS(Residential Mortgage Backed Securities). @- k& I( t2 D8 V7 O& K* v* M
>arranger
1 W" t  H3 \+ G/ l>CDO(Collateralized Debt Obligation)2 u  _6 |( Y( T. R) U
最後去到投資者

Kev

i thought it is the reason of rate of return.
7 u6 k1 u% L' N; oCDs could have different ratings, AAA -> F,
& i0 {# ^+ A; a9 `+ A" Wmore risky ones would have higher premium (interest rate) as a compensation for an investment.
0 I' @6 T6 Z: M) ^3 K4 C' v% cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# J" X6 \) I4 z& b% K. z9 [
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 B/ m( w8 ]/ ~1 V4 B0 gAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% d9 ]" |" z3 c, x
similar to bonds, CDs trading in the secondary market have different value at different times,' O2 S0 [* N  \! i& O
normally the value is calculated by adding it's principle and interest.
* g2 g0 l; S; t$ w' Veg. the value of the mortgage+the interests to be recieved in the future.
; ]$ O: n- M8 x* R' p2 `. 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.6 _6 u' \8 m% _1 t9 G
in stock market, it's the demand and supply pushing the price up/downwards.
! U" l) O! f; ^$ FFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ b2 h! C' U2 \, qA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% v3 O7 Q  B1 v: r8 L
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. & k" e- i' K) m5 U( ?6 \. h
but the value of their assets did really drop significantly.% l1 _; U6 T$ I. v3 R7 M2 e

" ?2 T9 O' e! Y% H[ 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
8 U. j& L% i; z# @$ H$ ~4 \Refer to last example,! l4 V. ~' ]; N
that means bank A have no money because we borrow 10 dollars from bank A
% K' N8 t3 h5 [7 u/ p( u8 h& zBecause bank A doesnt have enough cash on hand , d& I2 k7 |5 B. \7 s' U
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E5 ?' z2 u- K* {: v3 U" t
so does it mean if E failed to pay D, / x6 E  q& D. W) l
all the B,C,D,E have to go bankrupt?. Z. i2 n# I% Z3 W# K
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the multiplier just tell how much money created in a whole economy, ) `; f. k) Z5 {& @) {
in this case it doesnt really matter how much money is created, 2 N  U; _' ^. d9 ?( q2 X% U! H- D+ D
it's the problem of the debt itself., b$ s$ [/ z* J, g* q2 r1 o
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
2 ^1 Z' P- t- {# a( B# T) T小弟一直都唔明...
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$ R: r, X( ^( R4 }0 X全世界都蝕錢，咁邊個賺緊錢呢?- G9 a7 }7 L7 }& e5 ^& U

2 U( ]! S, c7 \, k1 m* Y; [無可能淨係有人蝕錢無人賺架嘛...& S! `$ o1 }) E. K

. B4 S3 w/ p) W% S, |6 b2 ^敬請各師兄解答
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1 U! E- @* m+ Y# E# ]$ TThanks

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那些根本係 紙上財富  + i) y1 S# _  _4 c0 q4 k; T
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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2 Q2 B! I5 x! ?2 M3 l5 {# O% 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4 o- c# K' J& J, v7 s" W
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高* V/ X1 T- ^0 E1 B9 @; W5 {
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
$ z+ H+ X# ?/ ^) [3 J, x! V個件物價係市場好既時候升, 例如15%先算,變左12蚊啦9 ~! @' D3 ^8 h  X8 M! [
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,2 {: M/ t2 Q1 g8 q
計番回報率就已經係50%,所以可以好好賺% v6 B, z  v6 n1 l( k5 p: [+ i
前提係銀行之間要互相信任先可以咁樣借法
) J  x! Z/ g/ }% t, K# k同埋個市場既前境要係好先得  z* @8 h  f1 f" j. b3 A6 }
但當經濟一差,公司估值趺了,物價不升反趺9 N! @! f& z% l/ l* e
例如剛才說10蚊的, 趺到得番9蚊, 4 Y7 K; i0 M" ]2 p
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
4 [' |% L2 w/ ?6 b. Q8 a' b所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
% L  ?- C2 B. k! Y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,
: m8 k" P5 q4 K: `7 T淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( a  G! _6 }2 v  w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2 R) E( ?" S6 u% O' ?
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, _- E8 \& J0 Y8 h6 k, W8 J& d
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 ?$ Y" f, L) V8 @3 _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ ]7 J' K+ M1 `  {$ G- V' }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 t, K6 q1 ^4 a) a* K* o$ n
咁你話d錢蒸發左去邊? ...

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正係咁樣7 m0 s6 Z- T; y
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
' V* C9 D) f: l  W: m3 d% o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,* K( y* O! d: E
連國家都係問人借, 不停發債券, 印鈔票
# G+ X4 v1 m2 O) w% ~一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# N; m$ r9 p# 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
. w" e( T# i6 g; L' L咁而家"爆哂煲"算唔算先至係變番"正常"???

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# R$ q. s0 j* E! b& w6 z2 i其實係...
2 |# j" s; W" v. [因為以前未生產, 先消費
* a, m- d' K( N6 v. J- `/ ^6 t而家就要多生產, 少消費