0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif) R# u( Y* Y" T* u. I( L6 j6 j
Why bank will sell 借據給第三者???
% J: J9 m* O' |) N3 t1 aI was so confused.....

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講到尾都係賺錢6 h2 l7 R/ H% _) J' F$ v
so銀行可以不斷放款
) u7 f/ @4 A$ ]2 C9 X7 K% p美國的房貸問題散佈到全世界0 L! x1 k" t% N- D  O
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mortgage loan " E! r) G  Q) ]  ]
>conduit( f( g) m( ~. ]/ ^$ J+ W; o8 `
>RMBS(Residential Mortgage Backed Securities)
% D* r$ W: [- Z% }4 B% C>arranger
5 d6 `" [7 v- Q9 B: x>CDO(Collateralized Debt Obligation)1 a& q9 w) K6 F1 d# o& R
最後去到投資者

Kev

i thought it is the reason of rate of return.
7 G2 ^6 Y% \$ K# ~+ D1 ECDs could have different ratings, AAA -> F,: w+ |1 f0 ?8 B- C/ Y9 F& e
more risky ones would have higher premium (interest rate) as a compensation for an investment." q/ X/ v5 B1 F/ N3 {+ p
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 U  u2 x& f+ |/ K* \8 s: bin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
3 y$ J8 u$ C& Y6 ]! kAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 e# T$ y: l/ P
similar to bonds, CDs trading in the secondary market have different value at different times,- K* N8 x: c6 R6 F6 I
normally the value is calculated by adding it's principle and interest. 4 i# L! X% z" Y3 e. @' C- Z  M
eg. the value of the mortgage+the interests to be recieved in the future.   E" \* _2 @) U( q; r
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.  `* [- Y, r. _5 i- i) b6 z

# Z1 l4 T" J0 R; h3 r! d, \im not quite sure if the multiplier effect does really matter in this case.
; x' e: j- I! Yin stock market, it's the demand and supply pushing the price up/downwards.
$ C0 l8 }. t+ V, l) }, Q9 T0 W3 c( XFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 X% y7 a  j( [: w7 }% r% U
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ `! l, c/ n8 g* CThe 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. % ^1 d" L$ @6 }+ H: ^2 r  t) ]; T3 r3 V
but the value of their assets did really drop significantly.
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: t: L- o, j% x[ 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.gif9 b! C1 {% ]. w% o6 m
Refer to last example,6 z/ V/ ~" s  Q  A0 ]6 ]% O
that means bank A have no money because we borrow 10 dollars from bank A
# X# O! a4 f+ q" X6 W* j- eBecause bank A doesnt have enough cash on hand 7 J6 m# ?$ c( w
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
" Q5 ?* M$ d6 qso does it mean if E failed to pay D,
' {- Z' ^0 L# v/ qall the B,C,D,E have to go bankrupt?) E$ A6 A5 g# m8 f

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; d1 b  @+ ]+ M- \- fthe multiplier just tell how much money created in a whole economy,
6 l4 a  t' r: T& \9 H5 Tin this case it doesnt really matter how much money is created, 4 M" l0 x4 c9 Z4 x( g$ Y
it's the problem of the debt itself.+ }2 N6 t; G- r
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, T* i* ^' L% G3 O% t
小弟一直都唔明...
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& ?9 f, M" n- a0 z9 F7 _4 P! @( |全世界都蝕錢，咁邊個賺緊錢呢?6 T# u, E6 y# y1 w( d4 M
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無可能淨係有人蝕錢無人賺架嘛...' S* X2 c' c( v, O( H( `5 {
+ J7 P' x& V: U2 e# P* R% ?
敬請各師兄解答+ F" k, n0 r0 |* j

# A; _- S) ^7 _# DThanks

2 d% v8 n5 g+ {- P) a- v
那些根本係 紙上財富  
& z8 y* ^- X* F8 }4 T5 p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& n' I7 `  ^6 e: v& V

5 ?' l" D* V2 x) @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& R6 p0 K1 u& K
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. d) A- a4 I8 B
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
& \0 e5 o. t& R: o! b個件物價係市場好既時候升, 例如15%先算,變左12蚊啦+ @4 ?! L' ^8 ]4 m6 J
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
6 T" e/ {& Y; u# n# N4 D0 C$ C計番回報率就已經係50%,所以可以好好賺
6 T! e% Q; ]* {* F& e0 D前提係銀行之間要互相信任先可以咁樣借法4 Q; c0 L" O0 D2 w6 R. T
同埋個市場既前境要係好先得3 H- F; A: z# ^
但當經濟一差,公司估值趺了,物價不升反趺  J5 J4 }4 {/ [5 Y/ n# O
例如剛才說10蚊的, 趺到得番9蚊,
9 r/ {( r" L- Z4 z, j  }咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 K* g7 l0 ^3 F2 L1 R+ Z# M所以你就會覺得D錢好似蒸發哂咁1 T7 A' ?  V1 _1 J- ]3 m

- `1 X: D# O/ R9 N9 y你都可以當標野咁諗, 個樣野多人可以狂升值,
: O: j2 s$ e/ V  W: x+ B& l1 Y$ R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, . L- [% {( N' L4 \% T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " r( X2 \+ j1 u& _* _
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
- p: [( a; M- ^$ i4 [9 u  s  M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
, q: _) }. i0 F/ t唔係d錢蒸發, 而係比美國佬洗晒未來錢, : Z  n- O3 h' D, @7 ]  C
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; D- ?9 g1 q! s2 I2 |- l
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/ z# H0 h' y" `
咁你話d錢蒸發左去邊? ...

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正係咁樣4 n, }# d  E3 ?6 s1 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. ]8 _1 N5 Y* E$ [. 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,& r) k* ?: ?5 |  @
連國家都係問人借, 不停發債券, 印鈔票3 Q) j8 b% I  }8 Y  o: I
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產1 B- E0 l+ W$ Q( t5 N$ 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
6 Q6 q4 e. b9 w0 a7 `' J咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...$ C  S% g* E, Z( X) T" z
因為以前未生產, 先消費- R) V: `* E' \- N  h9 S8 K9 X
而家就要多生產, 少消費