0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
6 H; l1 G4 y) u# J4 k3 mWhy bank will sell 借據給第三者???8 S8 Y& k. P2 |0 G1 n; `+ Y
I was so confused.....

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講到尾都係賺錢
8 Q% r" e8 P1 i8 Nso銀行可以不斷放款
' H; U; L9 L7 h9 q2 k( ~0 u3 z0 F2 S美國的房貸問題散佈到全世界9 m: D2 b% A  R( b

# Q5 W) i! X  D8 z. k. Vmortgage loan 8 @+ r# Z- m( {( H" n
>conduit
8 ~$ G5 P# v- C. z>RMBS(Residential Mortgage Backed Securities): n$ N# ^& P, ?  ^/ O
>arranger2 M; H1 M- }+ a* R; n( w  v) `
>CDO(Collateralized Debt Obligation)
, c+ ]3 ^9 _! i最後去到投資者

Kev

i thought it is the reason of rate of return.
: s2 H. V4 m. k. C* v6 L& mCDs could have different ratings, AAA -> F,7 e. S* b' _& s. s/ e0 t
more risky ones would have higher premium (interest rate) as a compensation for an investment., `6 c4 j: @( d+ L# K6 e
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 `6 I; A) d: ]5 O4 j/ ]
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; i. @3 N/ z1 x9 {3 Y' O4 yAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: ]- J& t: A9 B
similar to bonds, CDs trading in the secondary market have different value at different times,3 U+ {$ D! n+ g1 f, t; P
normally the value is calculated by adding it's principle and interest.   o8 K2 z7 N3 A9 y9 e3 l
eg. the value of the mortgage+the interests to be recieved in the future.
: n. ~! l6 L7 M! [  ~( O) Cbanks 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.. G& P! H) b0 w
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im not quite sure if the multiplier effect does really matter in this case.. _* j+ ~5 M1 n
in stock market, it's the demand and supply pushing the price up/downwards.
. Y2 L  D1 ?# N5 T" L) B6 u3 kFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 R8 s1 @4 J" u' s7 Y* l2 z7 `0 UA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* F( h: T, S( p% ~( n
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.
' [# q4 y7 p' _% F, {% lbut the value of their assets did really drop significantly.9 j$ E. s% ?/ k# O8 N! P$ |) B
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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
0 K# w) |1 k. {; kRefer to last example,
/ R' r) m/ t6 P5 V' Tthat means bank A have no money because we borrow 10 dollars from bank A
- G7 \- d# a, XBecause bank A doesnt have enough cash on hand : w% Q/ j6 Z7 g4 n% Q" R6 Q
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
2 u+ u( I" _! p% nso does it mean if E failed to pay D, / F* c+ o! P! q4 N
all the B,C,D,E have to go bankrupt?0 x3 o8 I, o2 U  t  v+ B
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the multiplier just tell how much money created in a whole economy, $ h8 b8 H. V* t& d: T0 ?6 s1 t
in this case it doesnt really matter how much money is created,
/ u( Y  ?; \4 T6 fit's the problem of the debt itself.
& B" i+ K) |- o8 Nthe 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.gif3 `. x! ?! X5 C3 j$ ~1 M% q
小弟一直都唔明...
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0 u& i; ?( |+ k6 V全世界都蝕錢，咁邊個賺緊錢呢?
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) Z" {" S) N. o# O6 e# b4 Y( a0 S無可能淨係有人蝕錢無人賺架嘛...8 L5 b, _$ ]: J! }. w, K% u
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敬請各師兄解答: z3 M, v8 t$ O7 r) W2 _3 U

9 X. k! v8 p$ O* I# Z+ ~Thanks

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那些根本係 紙上財富  
* `0 M  |2 Q1 \8 g) I% [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
5 G' _' E- M: |當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
$ e; ]9 }$ ?) C2 P+ p4 d7 |4 K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
3 y+ @/ _/ r8 p9 u5 \( d7 j個件物價係市場好既時候升, 例如15%先算,變左12蚊啦$ o- V7 V0 ~( v. r/ ^3 @
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,2 W3 b# F/ ?3 [
計番回報率就已經係50%,所以可以好好賺
! s4 ?) d! M- c* P8 Y: v* N前提係銀行之間要互相信任先可以咁樣借法$ q# K& R- l0 s
同埋個市場既前境要係好先得
, f8 o' Y4 C- {6 L: L! b3 O但當經濟一差,公司估值趺了,物價不升反趺' z# A( u) w! B1 k; U8 z
例如剛才說10蚊的, 趺到得番9蚊, 5 X& v- W- r) V7 V9 M* q
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
& N$ ^4 f; w; D所以你就會覺得D錢好似蒸發哂咁. m7 `+ N& q% Y- O" D8 I0 w

2 M. s; Z% P# x" O你都可以當標野咁諗, 個樣野多人可以狂升值,
2 C" O; R  O7 j# S0 Z& U& E+ C( 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,
4 L: ^, j) f' p& s( p+ P6 L淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " r1 |! {+ e! |9 L% K( Q* {
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 z+ b6 O7 p* 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.gif6 q8 d. }: e1 B+ \6 h4 s% C% x2 Z
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ Y  u% K9 T+ X+ ^7 c# q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 A6 g- Z7 H& q" K0 ~4 E
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 X  h- |& h! g8 z咁你話d錢蒸發左去邊? ...

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正係咁樣9 x& V4 g3 a4 J0 M: o+ K8 h) C& G
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
; S" }& U! I9 ~# b: M分分鐘佢地唔使還錢) N6 v* g* ]: \: p

$ C7 W2 W8 u0 o( Y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,6 w. K, b7 u1 R% p( U
連國家都係問人借, 不停發債券, 印鈔票# u- r" s- Z- A/ H' S* ]9 S
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' t  g  z' S5 ^- ]8 S
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
5 a3 k9 Z6 o$ w/ W  S2 c  I9 h$ ~咁而家"爆哂煲"算唔算先至係變番"正常"???

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" a7 H5 l$ i& s7 G4 \6 L其實係...
0 h% O! X- ~& n, H- g; @) p) N因為以前未生產, 先消費
+ H; L; q; q4 W而家就要多生產, 少消費