0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( c: d. X% D5 K1 Q
Why bank will sell 借據給第三者???& T. H/ h( Y- r- F/ G8 ~$ m
I was so confused.....

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講到尾都係賺錢
; U$ p' A' S; Y7 X* e6 Aso銀行可以不斷放款7 \, H- I" P6 t$ f5 Q
美國的房貸問題散佈到全世界
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) y) S* O3 Q5 u; {! g  Omortgage loan 1 _7 A  n4 L; y8 T$ y% T* I! j5 N
>conduit0 s. e/ m$ d) r) y5 P
>RMBS(Residential Mortgage Backed Securities)6 `/ u8 x, r4 f$ R7 [+ z: [
>arranger# j% i1 o4 n+ v" a$ X/ o3 |
>CDO(Collateralized Debt Obligation)
, q% W$ U& \4 H最後去到投資者

Kev

i thought it is the reason of rate of return.
" o0 A9 M' {; [4 O3 ?& S" rCDs could have different ratings, AAA -> F,
( S) l+ l: C. b1 r* J$ Z0 Dmore risky ones would have higher premium (interest rate) as a compensation for an investment.- V; M5 @' t0 P( s2 x8 ~0 e. f/ Z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, ]/ o8 c3 ^3 [/ W" z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 Y# l. Q1 T& H5 I/ m( s- e$ UAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' \- m6 @/ |* P7 u$ ^( H: ~similar to bonds, CDs trading in the secondary market have different value at different times,
% O% J  J$ j& H! `& W! Vnormally the value is calculated by adding it's principle and interest. ' {% L8 Q& a( }1 k1 n
eg. the value of the mortgage+the interests to be recieved in the future.
9 v; X/ w( u; j. y. l5 s( |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.! l! V# s5 ^' t  c; }
  N; I, C8 o+ J3 ]
im not quite sure if the multiplier effect does really matter in this case.! b" A) o( C3 p/ J: o4 F
in stock market, it's the demand and supply pushing the price up/downwards.  _$ S6 L& B$ i
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( C; I5 n% |  L6 MA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 X9 ~2 q7 B  b6 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.
4 o" h  b  }$ c- m2 v9 A/ U! fbut the value of their assets did really drop significantly.
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8 J5 z# p" e* N. Q# c[ 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
+ t/ k# D  V$ S( p6 o1 Z7 W1 j( n7 pRefer to last example,
  u3 @: \2 D# g3 e: W4 R% zthat means bank A have no money because we borrow 10 dollars from bank A 7 p+ l: J3 |9 E; t
Because bank A doesnt have enough cash on hand / m! Q# o( x3 D" X) E* Q
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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. |- x* j3 E5 d" NA->B->C->D->E' k1 H4 s! N5 r% S
so does it mean if E failed to pay D, ' }% t; T# n( I8 ?! Q
all the B,C,D,E have to go bankrupt?* f& b+ D$ c! h

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( o& f, h6 ~2 G3 n, r/ D. m! Dthe multiplier just tell how much money created in a whole economy,
8 \* E, ?9 \( A& D& [in this case it doesnt really matter how much money is created,
+ a( w6 l0 I+ _+ Q8 cit's the problem of the debt itself./ I" e: n; B+ s$ K! \6 \% T+ S8 }# [9 `
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.gif9 v6 X( h& E$ j0 e
小弟一直都唔明...1 i8 \" }; e6 f5 A
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全世界都蝕錢，咁邊個賺緊錢呢?
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" e: y4 D7 j* }7 j6 E# ~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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Thanks

1 ]! M% \% M1 y7 a; W0 V那些根本係 紙上財富  ) ~$ A  x5 y7 V6 g5 m
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" `- r/ Q( c9 j2 I2 g' a% O/ O4 N

9 P( d  G/ r, o0 x" {7 ?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: V+ {+ i) x* ]  U
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. x1 [* B4 J2 o1 T
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
! n2 S6 B. f$ B個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
2 P4 C  Z: |' f5 s9 h2 A' o扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ S4 X, W3 d8 z
計番回報率就已經係50%,所以可以好好賺
, @% K" j& q: D! z前提係銀行之間要互相信任先可以咁樣借法
: j2 F1 P$ v) ?1 I& J' _同埋個市場既前境要係好先得
9 s- V1 n( e" h但當經濟一差,公司估值趺了,物價不升反趺% }1 ?$ L; @- A, ^4 d6 z7 Q$ p  y
例如剛才說10蚊的, 趺到得番9蚊,
4 U- v. j5 |. N" Z& A1 G咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
5 ~# ]- h7 o$ j9 u所以你就會覺得D錢好似蒸發哂咁. o$ r0 L& L! s. `  E8 e
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你都可以當標野咁諗, 個樣野多人可以狂升值,
0 I: ]- a* ?) j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, 0 D9 V# b7 _5 d/ Q; _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * [- U- o" w: e7 B8 ^
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
+ O- d/ z2 v1 ?- o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( W, y0 o; ^+ e+ a% b
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
  p) D) E9 i9 W- q; |) u$ q$ `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 ]5 T9 W9 q3 S: s7 g6 L6 s0 V- _! ^8 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7 m) D0 ^0 _6 b' h( f/ V1 O
咁你話d錢蒸發左去邊? ...

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$ e9 ~4 N; u3 {' D& Q2 n- S8 J正係咁樣
; _  v  {7 m3 {' \/ w$ f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
( X8 G8 r% J. {1 p. x分分鐘佢地唔使還錢
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6 R/ e, j- A6 l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,3 Y" G8 Q$ Y# e- ?" ?: e% ~
連國家都係問人借, 不停發債券, 印鈔票0 j0 q" Z: E, G; j& Z+ e& a1 W( ]2 i
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產, J0 E/ [( B! `! K, Z
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
$ |3 q- {0 U, i5 V咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
, c2 J6 B, v- f+ |# M, ?因為以前未生產, 先消費
. U( f4 f+ W9 f$ Y* X而家就要多生產, 少消費