0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif: g4 X- c) y9 d4 U2 v9 d4 s
Why bank will sell 借據給第三者???
" h6 J; P5 k* PI was so confused.....

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7 a6 H7 |( |! z( b; }講到尾都係賺錢
8 |& L7 G5 O4 Y1 oso銀行可以不斷放款
+ N3 P" H; [  R美國的房貸問題散佈到全世界
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mortgage loan
* D) ]5 \! G2 o0 _; G( S( v" O  a>conduit
- `9 h: d* W, l+ Q>RMBS(Residential Mortgage Backed Securities)
$ @1 M+ M8 U0 x: X' Q+ E2 r5 |>arranger
. K, d. |6 H) G( @+ L3 O- `9 [: h>CDO(Collateralized Debt Obligation)
2 s. t7 [2 i  I/ W最後去到投資者

Kev

i thought it is the reason of rate of return.5 }+ a+ J% g! {0 {* q: R
CDs could have different ratings, AAA -> F,
  B  o1 O5 w( O$ Emore risky ones would have higher premium (interest rate) as a compensation for an investment.
: u, |- ]8 j  H, ?main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" T$ u# [' ?# C- F* g5 G% A/ b" \& ?in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. k9 @" Q+ X9 X( a9 F. i1 e8 ?! a" F# yAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- @# V% F( d' L( l- M( D% osimilar to bonds, CDs trading in the secondary market have different value at different times,
& u6 t2 P5 B7 P7 Q1 Y4 ^1 snormally the value is calculated by adding it's principle and interest.
* |, K" {- ^, D. `0 C( [- |( feg. the value of the mortgage+the interests to be recieved in the future.
/ R0 @) u& v5 nbanks 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.% R9 F- Z6 i( n/ {4 `0 b9 N
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im not quite sure if the multiplier effect does really matter in this case.
& `7 i0 x/ y" oin stock market, it's the demand and supply pushing the price up/downwards.
2 A" Q0 \8 {, H) bFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 F! b8 e2 ?& a! ?+ n; R
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 x8 y0 O+ c6 y
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. ) S; w2 i& Y0 }" K5 Q8 [: r; _9 j
but 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.gif
0 e/ n7 b) ?  kRefer to last example,
# G. E; i% t( j% I1 L6 ?that means bank A have no money because we borrow 10 dollars from bank A % W; G  I2 C2 `: t3 H+ E, |
Because bank A doesnt have enough cash on hand
3 g5 c/ e+ P3 w( y+ qtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
! ?% G7 b$ z- f9 M- K9 v# Z& qso does it mean if E failed to pay D,
, u, F0 {1 o  ?& x5 ~7 e: j1 K1 v. Xall the B,C,D,E have to go bankrupt?. g  K: _1 Z/ q0 n3 p, Z8 L

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the multiplier just tell how much money created in a whole economy, $ y) X% v6 j2 X
in this case it doesnt really matter how much money is created, ( @0 t/ Y, \. T& Y" H
it's the problem of the debt itself.6 N( H6 D4 n9 q$ Q! s
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.gif0 c+ y) l# M% k* w! b% J# {5 C
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?- H! a5 P' o* a

1 T# ?6 z; U6 k9 K無可能淨係有人蝕錢無人賺架嘛...7 b9 M7 v$ {8 x

: {' `2 [! k& q% z敬請各師兄解答
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Thanks

. n+ U) N6 ?  v8 h7 l% J那些根本係 紙上財富  
9 b6 g) k5 z$ G& |: g5 Z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 graphic5 _; g3 J( ~) R

0 x# Q4 n+ V$ T: l5 ?  @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; c' _6 z; v# U7 L) w) T" G
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高; f' l1 k7 Q/ y  Z, _% \1 ~
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3 ~3 m4 r: W) h0 p3 `3 O" C( x5 e
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦0 K: y, J+ C0 S& R" D
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ l8 ?! ^, [9 ]* d# G  f. T
計番回報率就已經係50%,所以可以好好賺
) c7 O8 h9 w1 t1 Z1 F) B4 U前提係銀行之間要互相信任先可以咁樣借法3 s) x6 R) P6 k8 t2 M- F
同埋個市場既前境要係好先得$ B  a. T; ^' q; |# s8 }
但當經濟一差,公司估值趺了,物價不升反趺& ]; V, Y. t! V- T
例如剛才說10蚊的, 趺到得番9蚊, 9 W. C6 Q: E, Q
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% g9 z; T: g3 f7 I/ l& Q5 z. B3 w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,
" F4 f5 M# _- }0 v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, 1 m+ _* [- f# Z; O+ K
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 ?  w( Q5 X8 h
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% ?. B; b: q, {7 U
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+ u# Z- p7 s* q2 Y0 u' S7 I" `: i- W
唔係d錢蒸發, 而係比美國佬洗晒未來錢, , Y, J8 d" x& U3 ^5 q7 W- _- E' ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, M2 Q- Y$ v9 w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 n0 `% |0 j# C; [" {
咁你話d錢蒸發左去邊? ...

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8 m+ X7 s' t' V! n正係咁樣& b. s  ]/ e3 ^, Q
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3 }8 B4 V7 T$ `- }. P; e; z5 W" E
分分鐘佢地唔使還錢& d3 `' x9 u) f% \( X4 M& o2 f
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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,
8 A1 r( F  D- o, [3 y* {# y9 A連國家都係問人借, 不停發債券, 印鈔票4 _  F8 |/ t: c9 R
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
) ^, e1 f0 {4 Q) n& F: C8 x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
# d- c! X/ I7 E7 u4 }咁而家"爆哂煲"算唔算先至係變番"正常"???

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- r4 h: w- ]7 |- P8 d其實係...
9 q7 Z. d  y0 u因為以前未生產, 先消費3 w2 S6 w7 x( Y. H$ {- |" e
而家就要多生產, 少消費