0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif3 T3 I5 Z  G% P# m
Why bank will sell 借據給第三者???
  u2 r& L9 c1 W0 g0 b  i1 DI was so confused.....

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講到尾都係賺錢
; x: u4 y, k; z3 wso銀行可以不斷放款
, {* @. G0 x' d; T美國的房貸問題散佈到全世界) l- p- g7 e+ |/ `4 q/ v, }) f
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mortgage loan ; Q8 c7 v8 U# ~- D- {1 {0 I
>conduit
0 a. t5 r6 X- b- Z1 D$ b>RMBS(Residential Mortgage Backed Securities)) `& h5 m" A1 F
>arranger
+ u% Z6 O# `3 j! T* |>CDO(Collateralized Debt Obligation)
; _( s) g' j0 j0 L7 b' C最後去到投資者

Kev

i thought it is the reason of rate of return.% d, @+ N: `7 s- M% F
CDs could have different ratings, AAA -> F,/ E1 r( m" ]. f/ R. k, u
more risky ones would have higher premium (interest rate) as a compensation for an investment.% T0 A7 I, ?& J0 ?  U- _  Y9 S
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% z9 z$ C' }6 a, G4 e1 zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& k3 x5 D/ D  T" H
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 C3 k; }# d( T  |/ p2 P3 w" m* s
similar to bonds, CDs trading in the secondary market have different value at different times,
3 g: C3 X' R9 y8 P" s2 ^5 {normally the value is calculated by adding it's principle and interest. $ s& {" S& k& o! }, l6 V+ X$ q& D' b
eg. the value of the mortgage+the interests to be recieved in the future.
. f6 G* T6 c  R5 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.
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3 Z) D7 L- y# @: w* ^im not quite sure if the multiplier effect does really matter in this case.
1 ~0 y! g6 t. _1 F/ J# kin stock market, it's the demand and supply pushing the price up/downwards.
8 v! a6 L1 F# P6 y7 ^3 q2 xFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, N4 q9 Q; b( b
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  r& T: O. @$ ^
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.
9 ]- w& M9 o. V4 obut the value of their assets did really drop significantly.
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. i0 y& v# d4 P' ~2 H) i! v1 r[ 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/ i+ @. Y" ?- X  W& ~
Refer to last example,% G& U5 T$ O( H, k3 d2 y+ {  ]
that means bank A have no money because we borrow 10 dollars from bank A 8 y/ ?& ]) Z0 I' x. i3 ?( P* q
Because bank A doesnt have enough cash on hand " T/ o' f( x1 G7 x: O4 ^6 y8 o
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
& Y; T; T; o: nso does it mean if E failed to pay D, 4 l/ q( a+ c1 m1 A, _
all the B,C,D,E have to go bankrupt?: W+ z( v% o7 n
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the multiplier just tell how much money created in a whole economy,
# @1 w! [; t" h; Iin this case it doesnt really matter how much money is created,
$ `; I! l3 N1 M! k9 P- x6 sit's the problem of the debt itself., S8 J' c/ D* H
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.gif2 z3 D2 K* o1 Q, j' s0 d4 v0 R! q
小弟一直都唔明...9 R) T) Z+ L+ N# o" r
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全世界都蝕錢，咁邊個賺緊錢呢?
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" e; g6 n) ]5 H3 S9 Y% V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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& [& i4 P! d% ]9 s- H. U' |, sThanks

5 m0 @5 ?0 h# v7 {0 [+ P4 f那些根本係 紙上財富  
) @, S! h# Q! s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 graphic1 I9 c3 h: }. f  j( m" G

; Y7 U8 }; d3 zhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產7 z2 k+ e2 t* J1 v# g1 c
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高7 M. T% m0 y  y2 w9 L4 A
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- C1 N- D* `: ~8 F# g! Z0 ]+ K
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
. @, Z9 @5 i( V扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- ~3 u( u0 N+ N& S5 s& p
計番回報率就已經係50%,所以可以好好賺% E5 }6 K% O+ Z+ p% h+ F
前提係銀行之間要互相信任先可以咁樣借法
5 G" [+ j& d) ~! y) ^2 L- G- X同埋個市場既前境要係好先得0 H0 {6 x7 V+ d4 S, J/ Z7 o
但當經濟一差,公司估值趺了,物價不升反趺
; Z0 ^3 o8 o9 _, d- ?, F例如剛才說10蚊的, 趺到得番9蚊,
/ [" r! a0 e  Z5 {8 E咁投資銀行一下子就要還11蚊, 一來一回變左虧200%, o  ^9 {; I# U, K  [3 {4 g$ {  b
所以你就會覺得D錢好似蒸發哂咁
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1 g$ ?* s2 c8 ^$ B. w+ I( O( Y你都可以當標野咁諗, 個樣野多人可以狂升值, . g6 e+ U4 ?/ L2 ]# Q( V8 `+ \
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 l2 K: n1 E! Y0 s, S淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 z! N/ l* |" u. 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8 @8 D7 |4 Z# ~# E6 r
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
2 m3 n* W. D3 R: _+ F1 G唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 m& `$ n& ], u: M8 u& e# W
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( y" y+ ^; E7 _5 ?2 {9 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
! x' p$ z# }- N/ ?, z0 v1 y咁你話d錢蒸發左去邊? ...

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1 r& u6 q5 l$ H* l- o# `正係咁樣
7 i: L9 M8 q+ k, A/ L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 C* h8 W* N7 I9 F% g0 _: n分分鐘佢地唔使還錢
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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,/ v1 o. b2 A1 ~) Q2 X5 a: a: U
連國家都係問人借, 不停發債券, 印鈔票
7 z# v8 e: p  b/ J: \% s2 O! k一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
$ A0 w* Y! b4 m9 x8 l9 [* C, w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
: }& R% d) M2 ?! ~3 M0 ~咁而家"爆哂煲"算唔算先至係變番"正常"???

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/ R  [  b1 H1 v$ \7 f/ o% a3 R其實係...
+ a, G$ ^, F5 a6 g0 |% r因為以前未生產, 先消費' x1 B  N; R% F4 }, ?9 X" t
而家就要多生產, 少消費