0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif& |: ^2 M! y" L
Why bank will sell 借據給第三者???2 r* O/ R7 \& R
I was so confused.....

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講到尾都係賺錢" z. T1 v  O" P8 l+ g8 W
so銀行可以不斷放款* ?6 w/ p7 r) n0 V
美國的房貸問題散佈到全世界! l0 `* t2 ~& }$ k- _
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)
( ^  `' O  ]8 \! k7 J>arranger
& X* H4 c7 z7 y6 a+ W>CDO(Collateralized Debt Obligation)
; h) o+ j, I6 x) t$ |* S6 R最後去到投資者

Kev

i thought it is the reason of rate of return.
$ L$ N) J: j# `% z* y2 M% YCDs could have different ratings, AAA -> F,
( d, _" P+ `1 Z, Amore risky ones would have higher premium (interest rate) as a compensation for an investment.
. }. z! o6 t" M! i7 P" ?- `main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 ^" U1 q; |! w8 I
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 B9 t& B& B- P! g  JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& G' `" c; u  G) {! ]
similar to bonds, CDs trading in the secondary market have different value at different times,
+ {/ x; J  d; d" snormally the value is calculated by adding it's principle and interest. ( F$ h7 E  l( h8 A9 @0 N* c
eg. the value of the mortgage+the interests to be recieved in the future. 7 C  U" r; r7 A% a% ^0 _. D
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.0 h0 Z1 G4 b& G

0 h/ l& \( \) e* zim not quite sure if the multiplier effect does really matter in this case.2 I+ }& [: ?" n  n" ^% [8 b
in stock market, it's the demand and supply pushing the price up/downwards.
& F" F2 x3 w. V7 T4 IFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 H; @9 E6 t  \. _# j, @! z1 B( H
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 e7 m7 Y! o8 ?8 F3 n6 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.
5 f! u* F# |; K9 \% u6 lbut 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
+ D* g2 X4 z8 X% ^9 VRefer to last example,4 F8 [7 E/ W1 [1 v! m
that means bank A have no money because we borrow 10 dollars from bank A
. ?9 b; J+ h$ Y  bBecause bank A doesnt have enough cash on hand
9 |. F3 h5 o, t; ?# ntherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
9 r) ]" ^  n9 Tso does it mean if E failed to pay D, - v+ h( `" q; ~' c, e& J: A
all the B,C,D,E have to go bankrupt?5 z9 n" W% `" [) A

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the multiplier just tell how much money created in a whole economy, $ l# j& M- U+ D0 W+ F4 S" A
in this case it doesnt really matter how much money is created,
) h( `$ M0 Z( J6 G7 Ait's the problem of the debt itself.
1 u6 I0 m+ a' Ethe 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 R  L" @/ q: u
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?! y8 m' ]9 r/ u% n/ A

$ s' g3 v/ x$ x% W& x1 M6 z9 [無可能淨係有人蝕錢無人賺架嘛...1 {2 |% N: \0 }+ w' ^
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敬請各師兄解答
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Thanks

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那些根本係 紙上財富  
* `6 a! f  {+ ^  F1 N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
% z- p' t* P2 U& [當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 f; e* j- R( P* {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' A  u. ?) l! z! F
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
$ k2 q% s( F: ~扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
  Z8 k( _" W" X" S計番回報率就已經係50%,所以可以好好賺' f( ~$ |# S, t  W+ \' Q
前提係銀行之間要互相信任先可以咁樣借法# y5 f: f  e' y3 Q
同埋個市場既前境要係好先得
, K1 F  S+ G5 k' w- r但當經濟一差,公司估值趺了,物價不升反趺
) u' D: G- L3 T5 e: ^例如剛才說10蚊的, 趺到得番9蚊,   p. ^1 F1 C8 H4 E- d
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%/ l1 w1 d+ g7 G4 j' E$ q
所以你就會覺得D錢好似蒸發哂咁  W+ M6 q" _% B) _3 d4 U
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你都可以當標野咁諗, 個樣野多人可以狂升值, " @# _7 J1 r0 ^4 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,
  e. h3 j: W) Z4 }2 b淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 s5 {- J8 N$ m* H  E" @8 r. N% h2 L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 o8 A: c" K/ n; V8 J' y8 D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.gif6 b0 p& E" U: H1 y+ R9 ^" O% S
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; O: n5 S0 W5 t  U# R
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 D- G- [6 n3 |' q3 {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 f, ]  W* a' Z
咁你話d錢蒸發左去邊? ...

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; \0 |" P4 B4 y; k正係咁樣4 `3 o& a5 k" g2 E7 i
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
* p# Y- q* f6 A. b- W分分鐘佢地唔使還錢  ?7 C/ X, g; |, l( H) b7 _$ O

* c9 R! E, W" h2 z# N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,
3 G2 J; |! j% E6 H6 p% r連國家都係問人借, 不停發債券, 印鈔票
, o7 I9 t! M7 c; e2 i一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# ]2 _+ I4 {( K: M9 p# r$ j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
$ j$ E' u9 @$ J咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
! _/ Z5 u$ T9 }( `, ^因為以前未生產, 先消費/ Y6 {; X* e2 m3 h9 j
而家就要多生產, 少消費