0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, R) T6 G0 R5 P% V3 d
Why bank will sell 借據給第三者???( k! D8 v7 ?% u7 C* R) i
I was so confused.....

/ P" l( z* N& S$ \' C* k, s3 X4 f9 [+ O- M  g
講到尾都係賺錢/ j  V4 ^) b0 ?/ a+ t
so銀行可以不斷放款/ h, @9 I4 Q0 {9 T! n* y8 \1 ?
美國的房貸問題散佈到全世界
. y; X" J; e( c0 `1 H3 m! V. @9 n. P
mortgage loan 9 B' b" n6 c( K5 \# l
>conduit
% N* v* p) u' L+ s. T% z>RMBS(Residential Mortgage Backed Securities)7 w/ k" W+ d0 T( u/ V6 ]' ~% L
>arranger# D5 D) `# m1 w/ p0 D6 g
>CDO(Collateralized Debt Obligation)
. m3 {3 ^( C* |% T2 j" ]" P最後去到投資者

Kev

i thought it is the reason of rate of return.
' b$ F1 I8 x5 i- e1 R& jCDs could have different ratings, AAA -> F,9 A5 p- X4 d9 T: w4 T1 M' T, ~$ X2 B) b
more risky ones would have higher premium (interest rate) as a compensation for an investment.
  f" z9 S/ }* g" U; i. o4 H1 ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 z* z/ o0 F' `7 ~; yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." I4 S6 z4 m' x. K, x
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- ]! ?' M0 X' ~, o
similar to bonds, CDs trading in the secondary market have different value at different times,+ f: Z1 H# @, P- A1 _$ G
normally the value is calculated by adding it's principle and interest.
" A0 d8 W" m9 C) teg. the value of the mortgage+the interests to be recieved in the future.
( Z$ ]& j+ d1 A1 L" v; I" abanks 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.0 g1 f. _6 Y6 r9 w8 l- g4 K* W9 x: p

' k6 L) \) V# O1 s" X1 i& R2 wim not quite sure if the multiplier effect does really matter in this case.+ D4 a" s& ]. Q( Z. U
in stock market, it's the demand and supply pushing the price up/downwards.
7 }4 ^' o2 l1 c) @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
4 B8 {6 S, U8 k0 J, b! A# m: GA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, j- ^3 _1 Q9 Q" ]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. 2 f2 a& M" J' {  F
but the value of their assets did really drop significantly.
* X9 ^6 D/ D$ U4 S9 o7 C( S& t* s* m; o" u2 I
[ 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
1 h7 @% ^& [7 @1 p) y# e/ wRefer to last example,
; ]/ e  Q' h* @! Z+ B! ^: Uthat means bank A have no money because we borrow 10 dollars from bank A , h$ ]. F5 T4 u8 r$ d0 ^
Because bank A doesnt have enough cash on hand # n" K$ b9 |' x% _0 D7 `
therefore bank A need to be bankrrupt ??? Am I right ?? ...

2 p# y6 E9 R0 G( W- ^8 z1 k4 o
- |. n5 ^) I2 x5 J
0 |# q8 k% M% W1 V, d2 I0 \2 D& r2 TA->B->C->D->E
9 T' \) A3 z5 D5 \) Rso does it mean if E failed to pay D, 4 N! z, z% o) p8 k9 J; e9 V
all the B,C,D,E have to go bankrupt?, A% j" F7 s* X1 w! B$ J

( R! k" S# H" k. H* V* V, `/ I$ K8 J7 y
the multiplier just tell how much money created in a whole economy,
& j& O: F2 c3 L% c9 ain this case it doesnt really matter how much money is created, $ |6 d, Y2 w, [$ b9 M
it's the problem of the debt itself.$ l) E. B! a2 S* f, z$ D( D' u
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" g1 P: h' P  k( K, H' Y* s9 z4 K
小弟一直都唔明...+ `) |+ y1 @! c" ~' W2 `5 P

1 x' k/ s9 Y2 |( l全世界都蝕錢，咁邊個賺緊錢呢?
! ?8 |8 z# }6 T& Z. Q: i$ D
- X, _2 U: n& t無可能淨係有人蝕錢無人賺架嘛...
  `! K; {5 ^# C  p* f( n  I) X
/ \0 _2 d/ J# S' b7 y敬請各師兄解答
3 v% W$ ^. B9 r& J: `" i+ u
" j9 x& q& Y  GThanks

2 d; |3 h; y% e$ R
那些根本係 紙上財富    i: s& i' T; A+ D; ^
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
' {4 j0 F0 m" g: {+ A. r8 h6 Z9 [7 G$ k5 y" p9 F/ q  o
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
/ R3 C, O# Z1 L. m  T0 S當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) ^2 G' _5 i1 L- b  A, U- G
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
+ _5 i: H6 S9 |6 K個件物價係市場好既時候升, 例如15%先算,變左12蚊啦0 V* b: P# b5 W5 s8 T
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
1 J; ]1 U+ O: f0 g; d1 j計番回報率就已經係50%,所以可以好好賺+ i/ J6 G, t: c0 D! e
前提係銀行之間要互相信任先可以咁樣借法
3 `3 A- F* s8 U, Y同埋個市場既前境要係好先得# x6 }5 P, H' e& z) y# Q. Y8 n$ h
但當經濟一差,公司估值趺了,物價不升反趺+ ~9 s! P. n7 D  S
例如剛才說10蚊的, 趺到得番9蚊,
6 Q" k1 k9 m( N  O- N咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
/ j) z$ I& v3 C$ i4 k: g所以你就會覺得D錢好似蒸發哂咁
; I+ r% S. K2 j/ b/ U% Y5 l& D: T  \; l2 g9 D3 v
你都可以當標野咁諗, 個樣野多人可以狂升值, ( @1 ]5 E+ a4 ~' Z; 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, . q8 \! W" e( J  C: n- v, N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) F; D  }3 D2 Y1 o  V$ 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
  u* A/ A: U" s5 }: L9 X) {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( t- b8 Y  N) a, |* l
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 z! c+ @$ K1 ]' S( G淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 M$ Q5 Q6 v6 c; `2 p
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
! `9 P. j7 b1 A" O' G! j7 T5 m咁你話d錢蒸發左去邊? ...

. L* ~6 F& {3 u- ?5 o3 a- A' g( B$ ]
正係咁樣
9 [" N7 v" b+ Y) p0 V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
7 _' [5 c% a! y. O5 A# V分分鐘佢地唔使還錢' }$ a1 B/ E' c

3 G3 Y) o! |; _8 _- n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,
( v, `1 N8 N5 m% f- h* l連國家都係問人借, 不停發債券, 印鈔票! [* ~% r8 w: O8 T
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
; D5 _: L/ ~7 U2 P  T9 k+ }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.gif2 {7 y6 ~7 |3 g3 U' F7 g* t5 B
咁而家"爆哂煲"算唔算先至係變番"正常"???

' @2 y9 J0 v- D% u7 Z
" @4 X7 l; u( q1 W& A, X其實係...
0 I- G6 }' |+ L9 ^, E1 }' I+ X因為以前未生產, 先消費
( q1 f3 ]/ y6 F8 |) J/ Z而家就要多生產, 少消費