0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif" w1 V2 g0 ]  U" D+ c6 S' @3 _0 S
Why bank will sell 借據給第三者???, W7 k5 q! s/ [: y! L
I was so confused.....

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講到尾都係賺錢
& D& u' n/ l' A0 v$ h2 s! sso銀行可以不斷放款
8 F. Y: d. u# T- j1 |3 J( [美國的房貸問題散佈到全世界9 }6 R4 h6 x' J. S  m4 E# V

) r$ V2 P6 i# ?' Wmortgage loan
- I, u/ y, B% {2 {+ t>conduit
! R8 M4 k. F/ s6 x$ e# o>RMBS(Residential Mortgage Backed Securities)+ J9 K# M4 E8 Q! G* F  U* ~4 M: A
>arranger% P( O( J$ r. Z+ x! [0 [$ u: d
>CDO(Collateralized Debt Obligation)( R+ p) n/ P  K3 \3 z
最後去到投資者

Kev

i thought it is the reason of rate of return.
) D4 f3 v9 u$ vCDs could have different ratings, AAA -> F,5 [2 C8 \. d0 M  q
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& W- X$ D1 ?/ Z$ j: p5 c% Cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 Q/ x" r7 g/ @. I
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ k/ W6 C  k$ a) J
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! n$ O: h' D  csimilar to bonds, CDs trading in the secondary market have different value at different times,1 N4 ?4 U$ f' H. W$ o' Q
normally the value is calculated by adding it's principle and interest.
. k9 R2 M+ r: K9 F' r5 e( u: Qeg. the value of the mortgage+the interests to be recieved in the future. ! j7 u& Y8 `6 s7 ?
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.
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im not quite sure if the multiplier effect does really matter in this case.
# {6 t" i2 R( z' R, n! z4 r3 iin stock market, it's the demand and supply pushing the price up/downwards.0 w: D% J# q, B
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 W% v& Y4 _& P1 L5 r+ U- i! |A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 R* w2 C+ X/ G" h! E7 e# ^8 ]" fThe 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 |" G% E4 L5 \but the value of their assets did really drop significantly.: F; V/ [. ?- k9 `4 q- i, v
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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) S1 y: `6 ]! I% m1 J
Refer to last example,$ h/ c7 t7 r' {+ V* l
that means bank A have no money because we borrow 10 dollars from bank A 3 h7 i" B( F# a1 w$ I$ v
Because bank A doesnt have enough cash on hand
( L6 j- b* O6 H7 A1 |( v$ ^therefore bank A need to be bankrrupt ??? Am I right ?? ...

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+ c# W8 S7 O! V1 P! YA->B->C->D->E
: ?: J! l. I' Z  v0 ]8 oso does it mean if E failed to pay D, : Q! Z& @" L7 }3 X" X
all the B,C,D,E have to go bankrupt?
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% ~; B: \( X/ N& f/ H  z! wthe multiplier just tell how much money created in a whole economy, ) D) z& u$ Y7 T6 t- T
in this case it doesnt really matter how much money is created, / f# u& A) ^8 H6 J* F
it's the problem of the debt itself.. g  v: m& e8 H: ^) u9 M# j9 T
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.gif6 J8 Q: v1 N% f; |& ?
小弟一直都唔明...8 A. \3 }0 p2 E! s! T4 C

2 Y, z/ Q$ t' t, D9 Z' L( r! ^4 u全世界都蝕錢，咁邊個賺緊錢呢?9 |3 d* K' P* E( ]9 X1 ]2 A! C( ^
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無可能淨係有人蝕錢無人賺架嘛...
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" n& n# _: G8 g& X" D敬請各師兄解答  k) \& o  m# E3 P! n9 _. W) {1 B# F' M

! h% \; M/ s6 W3 E+ n% n. YThanks

/ b* e0 ]4 U5 q/ l" P( Q那些根本係 紙上財富  
! i- U+ W* u- S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 graphic1 x& W3 k: d  R9 I1 {
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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
3 o5 B& F3 `$ o1 m& A當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
6 e6 H7 n- R: [) m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% u) \8 h. P) x4 v2 {
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦: P1 y" z+ U/ z1 E2 I
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 b' m( O; F6 u7 T, Z! o0 X& L& A計番回報率就已經係50%,所以可以好好賺; Q8 f  ?8 O+ ~3 R2 ~9 U0 U6 U" z; ~
前提係銀行之間要互相信任先可以咁樣借法
+ N! y) N# \1 L$ I! s0 E. k2 R同埋個市場既前境要係好先得6 o- L. U( ?. t: W: @/ J  `
但當經濟一差,公司估值趺了,物價不升反趺* T2 O) V' L0 B$ [1 Q1 P
例如剛才說10蚊的, 趺到得番9蚊, 4 A* x5 l4 L* u/ k* Q! V  S
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! [' S, ^( W' H4 ]" r所以你就會覺得D錢好似蒸發哂咁
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$ \3 G9 P3 t. t6 p6 m. \你都可以當標野咁諗, 個樣野多人可以狂升值, $ i& t4 m, z5 N
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,
5 r' b* B$ e( N8 ^4 U- \淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( \  K8 d# d; T  A3 G& m
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
+ F; `" L" O) O2 `4 |+ H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
9 @9 Z/ S7 j$ c# c6 ]. r2 F' Z: M唔係d錢蒸發, 而係比美國佬洗晒未來錢, . K  F" s) t; w1 ]
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; \/ u! Y2 c. q9 J/ x9 R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
! L& u% M6 ^9 N) [咁你話d錢蒸發左去邊? ...

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正係咁樣( y. z& N, N, ?) {% E1 K) u9 {& S
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 ?9 ^3 B! c( ~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,4 T/ {' M4 B5 m+ x- b6 ?; C: Y
連國家都係問人借, 不停發債券, 印鈔票" I% M; o6 z! B! ~
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% h5 ]9 V: \! ]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" J+ |4 s6 k" R! }" D' h# J
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係.../ \0 Q3 T7 t) n; i# G: [
因為以前未生產, 先消費
9 g/ W9 [' U- \5 G! K而家就要多生產, 少消費