0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif; G3 h6 F9 @3 Z
Why bank will sell 借據給第三者???# C/ r8 _# k0 l4 |
I was so confused.....

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0 M# ~5 m! B+ x3 O0 m講到尾都係賺錢8 [7 E$ m- Y8 b" c" ]2 a9 @
so銀行可以不斷放款4 v6 E. c2 P+ a; j7 P- s& x
美國的房貸問題散佈到全世界  L, R" T% F, G- W" @- K$ k

# o- F& [0 D* m) D- `. _( gmortgage loan
0 {% ~/ I" K  D6 k$ j$ n) h>conduit
" a" b0 w: \5 Q8 H$ w# O1 c. q>RMBS(Residential Mortgage Backed Securities)5 D: Z/ l) R8 A2 ]
>arranger
5 P4 V/ i9 Z  }2 U8 k& w>CDO(Collateralized Debt Obligation)
" [: G1 S  D% d: O最後去到投資者

Kev

i thought it is the reason of rate of return.
0 V. F0 w% Q& B# L0 mCDs could have different ratings, AAA -> F,8 }" d4 @3 R/ v4 T3 y; S$ V
more risky ones would have higher premium (interest rate) as a compensation for an investment.5 p; F! N4 j" E4 j
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 j& M& B  N4 t; j8 B. s* |( t
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 ~' n0 o* H  b" F, l7 h' X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 `! L: ?& s) r: J8 B/ Q
similar to bonds, CDs trading in the secondary market have different value at different times,4 m+ ~& e$ d# o$ r0 M! Z
normally the value is calculated by adding it's principle and interest. . e- Z' |: b/ z9 k' v
eg. the value of the mortgage+the interests to be recieved in the future.
8 w" F" r4 }1 Y' i# i' Ebanks 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.2 ]. [( o1 B) f! N9 S2 u  }4 l
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im not quite sure if the multiplier effect does really matter in this case.
( P, _/ I3 v- c- s4 S' L/ L  v' Nin stock market, it's the demand and supply pushing the price up/downwards.# `8 I9 q8 O1 I; M' J9 u
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 U' ?3 n6 J" K! O3 ]4 p
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 }* Q1 b/ b+ z7 k/ @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. & j" L7 ~4 u3 r' z+ n
but the value of their assets did really drop significantly.
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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* O/ e5 M' s) c
Refer to last example,9 K/ `# P* y. c' {7 K
that means bank A have no money because we borrow 10 dollars from bank A
; E3 r% x: x; Z+ w: l. {$ LBecause bank A doesnt have enough cash on hand   r/ D$ @- n, n8 V0 W
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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  {: o- ?/ b! r$ Q2 m' bA->B->C->D->E1 P4 }) v, d6 `
so does it mean if E failed to pay D,
, p2 P  V! D. u# Rall 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, ; f% d2 j. b2 W/ l1 I% P
in this case it doesnt really matter how much money is created, 9 h# l4 Q' A  P7 ]0 Y3 f  `$ f* m  o
it's the problem of the debt itself.
8 A" c' Y( J3 z+ r: {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
/ D& J+ f5 Q4 V" [( A# ]小弟一直都唔明...
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4 U. \8 y3 O8 W) G) k全世界都蝕錢，咁邊個賺緊錢呢?3 Z5 X; d4 k" {' u$ M

3 v) u! L0 I/ `% m; E& B無可能淨係有人蝕錢無人賺架嘛...
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: @! g1 r4 R, p; c敬請各師兄解答
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Thanks

# C( L4 M) w" U1 N4 l, F那些根本係 紙上財富  
9 Z( Q* Y% b% Z8 }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
4 S* \  k* b4 Y4 _/ K9 N當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ j, m+ B3 \' C
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+ I, E% s. d: L  D  p
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
: d& t) s2 O- _: p8 m4 {扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,( o  t' ?3 V  K* a2 s
計番回報率就已經係50%,所以可以好好賺
. m* n+ t& _3 q% }, z' g前提係銀行之間要互相信任先可以咁樣借法- d9 j2 t8 N2 J, j- E! @" t
同埋個市場既前境要係好先得
* s5 H; n+ ~& D3 Y- d但當經濟一差,公司估值趺了,物價不升反趺
5 ^2 k' t- i; _8 T6 e, l例如剛才說10蚊的, 趺到得番9蚊,
% _  b% \' \" A' Y! A咁投資銀行一下子就要還11蚊, 一來一回變左虧200%7 J- u  r# Z! C* y
所以你就會覺得D錢好似蒸發哂咁9 f0 y9 o6 Q1 J) l3 f. y; j

1 U3 Q6 F) @6 W+ s* D0 Q你都可以當標野咁諗, 個樣野多人可以狂升值,
$ J  F( S) {/ r2 G; x# h& [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, : }! Z3 c2 U6 G9 B' I# D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 E& K5 `5 _4 m$ K0 y8 u
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% _1 W! i1 R2 q8 e7 y& ^9 N
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.gif2 _. R$ z2 G6 U! n3 T, n; @  f
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ( M/ n( W2 k( U8 R8 A2 v- m. V
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : A3 g  P9 I' |; V( 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
; H% \3 P+ A4 u# v5 e咁你話d錢蒸發左去邊? ...

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& y. O5 k, c/ o# |正係咁樣. _" v1 l  ?8 {; s
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
: T. N) h6 i4 R* j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,* D2 [) c- P- y. E. x1 e2 q& S+ @
連國家都係問人借, 不停發債券, 印鈔票
& K$ [9 ~; W+ I2 ~  U6 n+ O一個國家好少出口, 而又大量入口 ,反映到佢唔多生產+ d! U; U4 P2 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.gif3 S8 ~! l. l" b5 r9 `9 b
咁而家"爆哂煲"算唔算先至係變番"正常"???

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9 U- q) x6 j6 T& i/ A+ l6 E" b其實係...
7 G7 u& q' r; d) \5 G  o  W- z# m, d因為以前未生產, 先消費
0 o4 S' s4 h) R. A! n而家就要多生產, 少消費