0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' Z9 @- Q& K- [0 j/ q# r5 `Why bank will sell 借據給第三者???
. G6 c$ {1 a+ D& [& b, ~I was so confused.....

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$ \/ h! y/ ^/ D& j, e7 V$ v) ~講到尾都係賺錢3 `! z# ~! f7 s' n& c4 O! b
so銀行可以不斷放款
# y$ V' M3 P0 M3 ]5 |" F美國的房貸問題散佈到全世界! j: ^- y7 j& e7 c9 y8 Z7 V0 g. Q$ q
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mortgage loan
1 J# ]4 F9 I% j>conduit
( q1 `2 b/ A- [4 j2 i, T>RMBS(Residential Mortgage Backed Securities)
+ }: ?* m( l6 {2 V. S>arranger" D, M) E- b6 M0 V
>CDO(Collateralized Debt Obligation)
6 e2 R8 {/ J; u. y, Y最後去到投資者

Kev

i thought it is the reason of rate of return.
* G2 Q( g# m# k; ]6 r$ aCDs could have different ratings, AAA -> F,5 A0 I- p( r1 j2 f& l; {: G
more risky ones would have higher premium (interest rate) as a compensation for an investment./ }, x! V! _$ K% p4 k) s
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; }# G' Q5 N8 W  V* ~8 e
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 _8 W( ^( d* |& u- TAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 p- |3 d( ]! S6 U+ h( G2 Nsimilar to bonds, CDs trading in the secondary market have different value at different times,
9 K- N  y2 i+ ~$ Y. n) n# Lnormally the value is calculated by adding it's principle and interest. 9 o4 F5 d+ W+ P( G3 _  ?# H
eg. the value of the mortgage+the interests to be recieved in the future.
7 m% F( {* Z/ _! d. @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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im not quite sure if the multiplier effect does really matter in this case.
: ~$ V6 x* [0 s; Z8 k8 win stock market, it's the demand and supply pushing the price up/downwards.
1 W7 p6 D) `1 f" e5 gFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: B7 S- p: p* m# {3 l- c3 `
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
/ E- V3 T; q/ z  _7 i7 h3 o5 SThe 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. . H) ?( a& c+ q2 j, ]/ E# r* V+ t; y
but the value of their assets did really drop significantly.3 @( t7 T. a: `8 T0 r/ j' B

- M2 k  X3 o. H6 F1 e) N[ 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
8 l  G' P' U& wRefer to last example,
+ {3 ?5 P6 P. Y1 F( {$ j7 ithat means bank A have no money because we borrow 10 dollars from bank A   M  ^  I: R3 B7 {7 Q& S$ W
Because bank A doesnt have enough cash on hand 3 n+ R+ {: T3 u1 J
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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. P) i& X3 ~4 o$ T2 Z# _A->B->C->D->E; b7 U( y4 C! x1 [8 i, n2 U
so does it mean if E failed to pay D, , Y1 Q) S* D  ]6 b5 x) Q) x
all the B,C,D,E have to go bankrupt?, n2 w) w5 ~1 v/ y
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the multiplier just tell how much money created in a whole economy,
4 q. N$ v, N' v2 Q, @in this case it doesnt really matter how much money is created, - u' t8 j7 L# W# w
it's the problem of the debt itself.
6 c3 z& X# |% S* k: ?2 N8 lthe 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
0 h* ?/ c5 X% s8 y0 h2 q9 [7 b小弟一直都唔明...* }3 {  O% x3 c7 D7 c7 J
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全世界都蝕錢，咁邊個賺緊錢呢?) N; I/ n/ y0 W, |: V7 q( @6 c

% }- E) T% ]9 o6 a/ B無可能淨係有人蝕錢無人賺架嘛...$ L( w9 x; K  b8 z, W& u
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敬請各師兄解答
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Thanks

  w( V3 x$ q; m3 \8 v那些根本係 紙上財富  
1 [7 p7 b: U4 q; S+ e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# U. ?8 ~0 S: b8 w

- Y0 |; e( I/ \, E' K% P8 [2 W% Hhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產) U$ Z7 T# ~. N4 d/ v; L* F2 v6 g
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% g* I0 ~; h* ~9 X
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( C& W, C5 S( C& Y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦/ c* B% D% p: L
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
! L' G! |+ Z# [& V計番回報率就已經係50%,所以可以好好賺
# x3 c1 T/ j: y; P# M前提係銀行之間要互相信任先可以咁樣借法: S" i0 p; _( s" ~
同埋個市場既前境要係好先得( f, ~4 ~4 P( Y
但當經濟一差,公司估值趺了,物價不升反趺
& ~  k# o# R& ]2 C7 ]8 t9 P, k例如剛才說10蚊的, 趺到得番9蚊,
, @. e$ w5 ]: a9 d- m咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% G+ \" N+ {0 e/ k2 j所以你就會覺得D錢好似蒸發哂咁& n8 s& o3 W# \

& z# N- l; A8 U6 ]3 Y. S) p7 U你都可以當標野咁諗, 個樣野多人可以狂升值,
9 r/ c* l% o8 t4 g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, ) f( ?+ N: H* }" H) {. P1 u; x
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( T6 Z6 O# ]# Y# W, t" V2 `( f
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6 M4 n0 v) I, a
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
6 G8 R  d  ?8 o% Q  E唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ z: _8 p, b. N淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! T; N6 {# V$ a
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
' e$ f6 s% y  T7 |) P2 \$ g咁你話d錢蒸發左去邊? ...

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! K0 d0 r# ^- S$ k正係咁樣
6 O, x' u  u1 x# m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 ]7 r* U, f3 w& X
分分鐘佢地唔使還錢0 R; Q$ n$ D$ h* J/ D8 A, ~3 W( {

; Q1 h8 t8 Z: i' o3 h% K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,
# G+ p5 l6 W9 `# L連國家都係問人借, 不停發債券, 印鈔票$ k# ?6 u7 j6 T5 S
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產) S7 h3 v# |, T
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( N8 l9 ~3 u0 d1 Y
咁而家"爆哂煲"算唔算先至係變番"正常"???

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/ @: M- ~( t3 T1 i( f% L其實係...6 ~- L& L) b6 Z% m. w
因為以前未生產, 先消費
/ I$ N0 r1 }; T. w) v! k3 q  z7 R而家就要多生產, 少消費