0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif  G& a! c2 P4 Z2 @: L. d: n
Why bank will sell 借據給第三者???
5 v0 U# m9 y; m* P/ j: MI was so confused.....

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講到尾都係賺錢1 P; o( _# `0 D' c3 v5 E. u
so銀行可以不斷放款$ ], @4 M6 r) P2 V( p
美國的房貸問題散佈到全世界7 T- U3 k- l+ O! l% U

" ?- E3 c) w5 l# jmortgage loan 7 m/ v5 V: ^. j5 O- [8 s  ~6 L' ?
>conduit
* D# C# t$ r7 c- ~) D5 N/ o>RMBS(Residential Mortgage Backed Securities)
1 B5 `$ U# W+ E0 s7 B& U+ t2 R>arranger, S) W1 E) Y5 }( D1 f
>CDO(Collateralized Debt Obligation)( t5 h$ V0 c: V! B: C5 g
最後去到投資者

Kev

i thought it is the reason of rate of return.
& @' _# e% `5 F# Y- G! rCDs could have different ratings, AAA -> F,
) V! @  G! I4 O" w7 d6 j! |more risky ones would have higher premium (interest rate) as a compensation for an investment.
: b+ l9 C" y. M) ?2 c. Kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: x$ T  _- A* u7 U8 Z% l
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- n+ }6 i+ r4 h4 l5 VAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 t3 ~' ~* r, }0 x; b: asimilar to bonds, CDs trading in the secondary market have different value at different times," Q* f" r2 |  G. Z: I
normally the value is calculated by adding it's principle and interest. ! r& m6 h0 _- [  j% F
eg. the value of the mortgage+the interests to be recieved in the future.
' g9 d$ i7 \( j# }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 z7 o' L) S6 Y
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im not quite sure if the multiplier effect does really matter in this case.+ ]  N. F! S4 V2 L, o
in stock market, it's the demand and supply pushing the price up/downwards.( V; A: [0 E: r% h0 w+ d
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' z0 I1 h/ _2 A0 T& _2 P' @) P
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% u6 f) r+ S* Z: B
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.
2 I3 B3 O$ [% X  Kbut the value of their assets did really drop significantly.3 A2 C# {* ^+ h9 K3 M

- `' R7 [& ^# N; c6 O2 g[ 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( s' K5 J% g4 B9 [! f  y: V2 h
Refer to last example,/ ^. z0 y# ^- ]" P4 ~+ o! U
that means bank A have no money because we borrow 10 dollars from bank A ! }1 q" R3 g- @% {2 v
Because bank A doesnt have enough cash on hand & T% Z8 n: ?" [5 r  r& l6 M9 o0 F
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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9 H  B! L5 x( QA->B->C->D->E
8 D, j) S. ?* \7 {; n# I% Uso does it mean if E failed to pay D, ( V$ T& _& }3 P" g; w2 C8 E
all the B,C,D,E have to go bankrupt?' l8 k% q( |4 m$ G
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the multiplier just tell how much money created in a whole economy,
9 S" x/ \$ Y9 E0 f% \  O3 qin this case it doesnt really matter how much money is created,
% g) W1 Y% L: ?) Fit's the problem of the debt itself.6 v4 I$ W: w& l. l$ b. i
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
! |) i( v' o% M  }  V小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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. B+ k; t. s- b, b無可能淨係有人蝕錢無人賺架嘛...& O. n* L- b8 D! n0 K6 z: X: S: ~& E

: x3 S, X8 A, h# g& m0 T敬請各師兄解答: M* A. s. v, s/ Z6 X2 r' D

& g& e  V: T2 b% o* {1 ]Thanks

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那些根本係 紙上財富  ' S  W! [2 p3 p8 C8 G
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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3 f- r  ]4 |0 n. V. }9 Yhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產0 x) W$ b) |! K, F" u! r
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
& X; p/ j1 ?7 l9 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
, k1 z9 [* N2 G5 z) e5 X, T個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
  o5 `7 N# i, T/ ]* L0 f! `扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,' ~- |6 N5 p/ }8 C- R  P
計番回報率就已經係50%,所以可以好好賺
( w& `1 E  o) G' l前提係銀行之間要互相信任先可以咁樣借法
8 F: x7 _4 X0 a. R1 B* z9 Z( y" T同埋個市場既前境要係好先得" p4 F4 o, g# V9 e
但當經濟一差,公司估值趺了,物價不升反趺
+ W  U  ]- D7 Y例如剛才說10蚊的, 趺到得番9蚊, 5 G: L4 z# T6 L9 Q0 T6 q
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 H( s7 |' w' A& e所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, # H5 M3 v3 X! V5 @* K+ ~
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, " ~; c5 r, |2 v
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   C$ t2 W+ y9 S" v/ K! n: P3 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7 [/ _% `3 V4 O3 l
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! i( W1 H' _9 U* T# O  X' m2 \
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 Y. L5 z7 h6 ]$ t/ \7 k4 J4 [. I
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) s3 i9 N& A0 P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% s1 x# Y( P4 E
咁你話d錢蒸發左去邊? ...

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正係咁樣
2 U5 }& P5 t; i) [/ r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2 S& a# R" }! W8 }3 ]
分分鐘佢地唔使還錢. R3 t* X& \6 I( r

/ h+ D4 f( l: N2 Y, r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,/ p  `6 b2 h# d8 P
連國家都係問人借, 不停發債券, 印鈔票( m: D+ i( W) z& Z: x
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 [& A( F& X$ X8 }7 U  h
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
4 ]/ ^% h# B0 v% t& j( R; }咁而家"爆哂煲"算唔算先至係變番"正常"???

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1 f' P7 I/ J- d1 L. m其實係...
5 T- Z& ?& P* r% Z( Y& q3 {因為以前未生產, 先消費
$ Z) Z% Z8 y9 Q; n( j而家就要多生產, 少消費