0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif5 R2 o% F- C+ F* P
Why bank will sell 借據給第三者???5 V, K! O# O+ f
I was so confused.....

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講到尾都係賺錢% ?3 G- ]  h: g) L* M$ n- v& X+ E  p
so銀行可以不斷放款( H  l7 ^2 K7 i7 p4 S8 g* a! q, P" e
美國的房貸問題散佈到全世界+ ]- f. }7 t" G# ~* Y* T- R

+ l5 D8 l" W0 _. G- T$ Mmortgage loan
* K/ K6 F7 f+ A. t% _>conduit
% s4 `$ t# Y4 ]3 C>RMBS(Residential Mortgage Backed Securities)
1 m  r9 P  r3 T% P1 ?; S>arranger5 o, Z# z9 D& I3 J
>CDO(Collateralized Debt Obligation)
- ?6 K# f$ p% p1 m! {最後去到投資者

Kev

i thought it is the reason of rate of return.
6 w" Q# \8 `8 P& t7 n# G( n: {CDs could have different ratings, AAA -> F,
& i" {9 D2 C& {$ \- b/ ]more risky ones would have higher premium (interest rate) as a compensation for an investment.
* `% G& C' F3 z) b' Lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
' [: b2 Q$ Y* d1 j+ c- N2 kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- S6 R- m# K) T( H! \7 q) A
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# S4 I! |$ c; t3 x
similar to bonds, CDs trading in the secondary market have different value at different times,
" f) T. U. y& _: Z% n, {normally the value is calculated by adding it's principle and interest. # X+ o% \* @( E  J6 B, H
eg. the value of the mortgage+the interests to be recieved in the future.
( y7 O. e2 R) s7 E$ n( x/ j: Lbanks 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.' X* f& P! u6 t) g  u  g
in stock market, it's the demand and supply pushing the price up/downwards.
8 ?  {2 U' _. X  x! R; PFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
  @7 E* W* {+ D- m+ ^9 Z% e; }) w, LA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 L' J( e, R; \  G0 w
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.
3 L/ p& h0 ]+ H4 [% Hbut 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.gif7 T; m4 C7 b, ]6 v. V! t. O
Refer to last example,) g- A2 L3 f) t
that means bank A have no money because we borrow 10 dollars from bank A 6 c2 d4 F" R" r7 V
Because bank A doesnt have enough cash on hand
- k2 B' n) U5 C* F4 vtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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0 w6 J# V3 N, BA->B->C->D->E6 V+ \+ i" s- t( q# q2 ]5 @
so does it mean if E failed to pay D,
0 _  u+ d/ ^( ^1 @6 _- _$ I) ~all the B,C,D,E have to go bankrupt?# t$ M( G4 ^! Z; s. E

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the multiplier just tell how much money created in a whole economy, / N, g0 ]4 Y5 K/ w& c
in this case it doesnt really matter how much money is created,
* S7 A6 X2 m% H6 q) Eit's the problem of the debt itself.) _4 a7 N9 j9 ?. c
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- k/ ]$ H$ b7 o/ T% `5 l
小弟一直都唔明...) h0 P6 o8 `, ^; @

1 V3 x' E/ J" b全世界都蝕錢，咁邊個賺緊錢呢?, f- D+ Y) x: h4 v6 ^  R
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無可能淨係有人蝕錢無人賺架嘛...; F1 E* D6 Y9 z2 ?

/ i( ^; k2 z# a9 l) B/ E敬請各師兄解答
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Thanks

  e2 U' ~5 g) L' L) }; @# y: q那些根本係 紙上財富  
* l; \, x# z# v: u) s( f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
% i  j. G0 t+ O& Q當經濟好,投資銀行相信會賺錢, 物價既估值相對較高1 X/ k$ W8 @' U1 ~" N5 R
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2 @6 _6 b4 |; m+ T9 N  ]$ X9 R9 ~
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( O) J2 Q, ^  c! F$ B扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
! j1 M, }$ S  E/ X* ^/ `+ @; W計番回報率就已經係50%,所以可以好好賺
+ ?4 t* n4 c, v& ^9 {  u; L8 z  Y. N前提係銀行之間要互相信任先可以咁樣借法
3 q& Q. A% U" |同埋個市場既前境要係好先得
2 W! F  A2 ~4 p但當經濟一差,公司估值趺了,物價不升反趺* `& w1 T2 K* i
例如剛才說10蚊的, 趺到得番9蚊,
+ r' z9 M2 Z- B7 ?咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
1 z* @" ]7 V4 D/ `1 a所以你就會覺得D錢好似蒸發哂咁* O$ t8 h$ `! w2 u

- C$ r0 J# F/ a- [% o1 |你都可以當標野咁諗, 個樣野多人可以狂升值,
' s+ D8 W. s0 I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,
! R9 }. T( y; |4 S淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 I- e6 H8 y8 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. O, u9 W& w. g/ _& w1 e. ]/ |
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. r2 V! `5 m( b5 N# {, p
唔係d錢蒸發, 而係比美國佬洗晒未來錢, - C3 P2 s, a! U. c4 d$ Q- o* u$ d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ x: e+ M: G- u, y6 R/ b% _$ ~
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
) T+ K7 k& ^& n; A% q* Y3 ~6 c& a咁你話d錢蒸發左去邊? ...

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正係咁樣3 O# s8 ^5 a2 @4 ^+ }1 j
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
! d% X7 ?' q; V. {7 o分分鐘佢地唔使還錢6 u* A" Q* Z2 {* l  B
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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,* y& b$ Z0 S0 s5 S( Y# O
連國家都係問人借, 不停發債券, 印鈔票! V* G$ ?$ V2 K0 q& U* d/ e
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# @5 D9 s  l* l0 b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( L- N8 ?. B2 `5 {, q) r
咁而家"爆哂煲"算唔算先至係變番"正常"???

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! r3 {5 Y' T9 Y$ Z2 ]其實係...% P. c- t5 |) N. K
因為以前未生產, 先消費
1 c; o/ A& D9 F1 D! ~而家就要多生產, 少消費