0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 c  @) p* e  n0 gWhy bank will sell 借據給第三者???
7 o0 A! r/ Z/ S. V4 ZI was so confused.....

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講到尾都係賺錢
' E  p% a3 u/ Hso銀行可以不斷放款, x, b7 C5 o7 ^' Y6 E/ Z
美國的房貸問題散佈到全世界( F; g5 ~* p: w2 |

% m; r  `. Z, d+ B6 z+ Umortgage loan ' x4 U' @, V! S. M
>conduit! ]) Q3 I) G2 @: Z, i4 {
>RMBS(Residential Mortgage Backed Securities)
+ M* v9 _- z1 {; C" L>arranger8 c6 ~4 G3 B% G( w1 W3 }7 I
>CDO(Collateralized Debt Obligation)
# j+ d& E9 L* ]最後去到投資者

Kev

i thought it is the reason of rate of return.
: S7 f3 s7 N; L" n$ V5 aCDs could have different ratings, AAA -> F,' f2 n! I. i. W; Q
more risky ones would have higher premium (interest rate) as a compensation for an investment.! g( X7 ?( S0 @- N; |
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' {2 d9 D7 V( w# m4 S! P4 c# Q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 ]* n  j5 a: L7 F
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' `* k6 d# u/ C4 G- W* {! rsimilar to bonds, CDs trading in the secondary market have different value at different times,* Z  s) n( e2 i' B
normally the value is calculated by adding it's principle and interest.
2 F1 b6 e+ ^/ l7 `1 Oeg. the value of the mortgage+the interests to be recieved in the future. 4 z+ m5 }3 ^$ I+ ]  }) P
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.7 [/ k; ^3 i7 D$ S; G) L
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im not quite sure if the multiplier effect does really matter in this case.* I8 w7 L( G7 T+ Y5 M1 W* O
in stock market, it's the demand and supply pushing the price up/downwards.
- u$ Y! o1 Y5 qFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! ~; q1 V! K0 s' w: T
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 Y* L$ X6 d# B0 E# c, w
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.
( K* C4 Z. l5 T0 zbut 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
& b/ l! Q( l5 s/ gRefer to last example,+ z1 C& E! b) A' q' x! `
that means bank A have no money because we borrow 10 dollars from bank A
% u& {1 o6 u% I- t2 @! }; ZBecause bank A doesnt have enough cash on hand
" p6 x/ S! k; g% [* L$ ^3 O0 Y4 ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ E" I+ g! Q" {A->B->C->D->E/ @  J/ H9 d' ]$ ^! u: Q$ E9 ]
so does it mean if E failed to pay D,
( l5 M# \( }' a: b3 S$ Gall the B,C,D,E have to go bankrupt?( J  w/ d" M2 x" O0 L9 n

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the multiplier just tell how much money created in a whole economy,
& V3 N4 k2 Z( v% T! v8 min this case it doesnt really matter how much money is created, ! M7 C. y0 \; ~
it's the problem of the debt itself., d: `4 t% j9 z; K
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
5 q1 ~- c1 q7 u" d小弟一直都唔明...( x" V% \1 |* F0 x/ E) Q# S
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全世界都蝕錢，咁邊個賺緊錢呢?+ w" m0 q, j$ u6 c/ {. M% G

, g( K/ s3 N& I# b* v4 W, O/ ?% M無可能淨係有人蝕錢無人賺架嘛.../ w% X6 G2 G) e" w. L
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敬請各師兄解答
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0 N9 {0 t) e- b7 ?# _& ]* aThanks

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那些根本係 紙上財富  - U5 V" z- `$ 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' i6 t- x7 a  Q

2 R; l1 V) O7 h/ I7 Zhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
2 I2 _$ s0 ]/ y3 I  x當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
4 T+ l; Q* o& d$ Z8 E2 V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+ Y/ s$ ]3 J" @7 r) Z
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦' m4 Z2 v- U  i6 }, Z: K. b
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# H' u+ W* [6 Z計番回報率就已經係50%,所以可以好好賺" ^* h+ Z$ K1 A$ b7 i, F
前提係銀行之間要互相信任先可以咁樣借法
4 R0 ^' D4 q: |5 M6 _同埋個市場既前境要係好先得4 s! H& d/ q! I7 N  }* q5 X0 K
但當經濟一差,公司估值趺了,物價不升反趺0 S# ^* P7 M5 ^! S& q$ M/ s
例如剛才說10蚊的, 趺到得番9蚊,
6 t$ c) G; }$ I- C9 _" q0 N咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
+ T3 b' F$ ?2 b) L- E8 ?8 T所以你就會覺得D錢好似蒸發哂咁
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" o( p3 A* o8 k你都可以當標野咁諗, 個樣野多人可以狂升值, 4 [2 I( a1 B! W
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, " `) g# r) X4 m2 j) B! v, h
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & j8 t, h/ G  u6 C) [' m. J' S
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
! Q9 @0 `6 u  T6 p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  f2 }8 W" B4 k
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
- A7 o$ d( g) A6 u2 }淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( r; ~5 P- l" N6 u# g" l5 _2 C
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 v  r6 z% L/ e/ D+ q/ Y咁你話d錢蒸發左去邊? ...

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正係咁樣5 D2 P" a* q. l% n
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
0 u% r0 c/ M- Z2 h) s. E3 z分分鐘佢地唔使還錢
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1 h: J! I3 S, I+ K% [+ Z# I1 W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,
4 B2 B- j6 C) T% P- p3 X連國家都係問人借, 不停發債券, 印鈔票+ s# @6 {+ N! o& h' Z( ^, p, ?
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產, }6 B, Y+ P. m+ J; l1 S' 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
5 V6 q& c: _" n6 `( y4 M, V3 t0 V咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
" m; x; r5 J7 _  X: @* o因為以前未生產, 先消費6 _' v1 G5 T2 t
而家就要多生產, 少消費