0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif9 Y" z" }, O5 J' `
Why bank will sell 借據給第三者???2 g+ \8 w) J& q, s' i: J( _
I was so confused.....

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講到尾都係賺錢$ E/ y2 G2 o2 y4 r
so銀行可以不斷放款7 R6 e; n- ^$ ]2 B3 z
美國的房貸問題散佈到全世界
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- V6 ]% ^6 s+ a0 wmortgage loan
  b. b5 {/ F% ^9 `' l>conduit1 E* N: h. p: Z3 \( J8 f$ E
>RMBS(Residential Mortgage Backed Securities)" }2 M# W3 V% t% _! s4 {5 l0 R* |
>arranger
' Q4 H; _( O. C7 F& D4 N) P# @>CDO(Collateralized Debt Obligation)
2 H, d' i0 n( T! V- Y3 u( |0 _& B; v' {最後去到投資者

Kev

i thought it is the reason of rate of return.
0 f* K2 d- |+ `) CCDs could have different ratings, AAA -> F,
0 L# j2 \0 |7 b+ p! h4 }more risky ones would have higher premium (interest rate) as a compensation for an investment.& `1 G  `0 R" y9 W4 g
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: P, p5 S4 H( N8 S
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' m. {2 C; R' U( Z* S: N/ S
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; R/ z6 }! E$ {+ P9 p2 x2 }similar to bonds, CDs trading in the secondary market have different value at different times,( q, u) m% t; {3 S; s: X1 H% z
normally the value is calculated by adding it's principle and interest. ! G# S8 a! y& c4 a% q1 M
eg. the value of the mortgage+the interests to be recieved in the future. " f9 |3 [7 e7 Z5 K" I
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.8 f' `7 P0 \$ i9 Y- N* J" M5 ^5 i

6 j# S! c* L! x. X: {, s* @im not quite sure if the multiplier effect does really matter in this case.* {  g# B% f8 Y7 Y
in stock market, it's the demand and supply pushing the price up/downwards.
6 Y: E( b( V. Z7 ^: X, Q4 PFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% e( N5 p0 |7 F5 t! H; y# D5 Z, r
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ N" G- \! I! e
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.
' W% S5 z  `' wbut the value of their assets did really drop significantly.+ n$ B9 p6 J$ O7 O
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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$ P" B8 P2 R4 K
Refer to last example,
& t; |# e1 X( S  U" L: cthat means bank A have no money because we borrow 10 dollars from bank A
2 L2 K! P+ x' K: cBecause bank A doesnt have enough cash on hand
  h1 k8 [" q- e/ W. n1 u1 }+ stherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
) h3 L. W( g7 F) |# ?6 C6 cso does it mean if E failed to pay D,
" a! G/ H" E3 a5 h7 i- ?all 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,
! z: y1 |" c5 B8 k1 }; cin this case it doesnt really matter how much money is created,
% g/ [6 q( Z$ [( W# Iit's the problem of the debt itself.
& I9 ]. c* v* D' W/ [$ Ythe 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+ q* _2 h$ f( I& Q# }  H. Y4 ^
小弟一直都唔明...
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6 o4 m: \6 B' L/ ^+ k全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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Thanks

" Q& J- e/ c& K7 t, R& S; |' ~那些根本係 紙上財富  
6 V5 p7 V, E7 i" C9 w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 graphic9 s7 P0 d: B4 j8 C0 I
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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/ M+ s7 D5 k- i# S! T6 \
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) S) E% Q8 U# x9 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
8 v* ~3 i0 H' l7 a個件物價係市場好既時候升, 例如15%先算,變左12蚊啦/ c+ q6 G) C: W' r% ?" ^
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# D) V+ B+ ^0 t. N' _9 M. C
計番回報率就已經係50%,所以可以好好賺
7 I" M' l  [) I" [* D5 |前提係銀行之間要互相信任先可以咁樣借法
/ F6 O9 x- z0 t9 ?5 [! y. `; e同埋個市場既前境要係好先得
7 h# c% m6 }( i但當經濟一差,公司估值趺了,物價不升反趺& o; }: J' {8 {4 z7 @7 d5 _
例如剛才說10蚊的, 趺到得番9蚊,
5 A0 S$ q, o/ X8 i. B咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" e/ ]: Z) U( S) X
所以你就會覺得D錢好似蒸發哂咁/ b2 d" W# R$ @, P
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你都可以當標野咁諗, 個樣野多人可以狂升值,
6 S) }' }! e; C( Z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,
- R0 M: X- I; w8 O+ @) R淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ Y4 V6 ^( t1 H+ w4 I% i! Y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
3 I9 z6 t! Z& a, A' J$ M& T" C" S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
$ r" R' c; l8 s2 O: r! u唔係d錢蒸發, 而係比美國佬洗晒未來錢,
5 ]+ l9 {% S3 Y0 M. \) e5 e淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 r  z8 y) Y9 O& T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
! J; e, O- w1 T6 R6 E; O  A咁你話d錢蒸發左去邊? ...

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" ?4 N/ r2 N1 @2 I/ o正係咁樣% |7 Z1 w) L& X( y3 x: B
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
1 d7 @  K. o: u. _分分鐘佢地唔使還錢% Y  h, u: |0 y0 e; ^! D/ ]

8 B7 g/ {1 X6 z, l3 N" [( q& 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,
# r- C$ g% j9 [3 h! f連國家都係問人借, 不停發債券, 印鈔票
2 E8 j, ]! t6 Y4 B, s+ F一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
6 O9 L' ]! O9 e# E$ 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
# Y# R) ]9 R8 G8 w1 c$ p咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
8 B& E; ~) d6 |因為以前未生產, 先消費
( g) H" ?) B+ a, E而家就要多生產, 少消費