0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif9 y- f3 G* k) m/ Q& p8 @8 N6 N
Why bank will sell 借據給第三者???
  p7 ~. m" x! E: {& z* J1 EI was so confused.....

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/ ?+ Y( Y/ ^7 b4 e6 |講到尾都係賺錢
' G; a$ t9 f) v# aso銀行可以不斷放款- M" L- v5 Z2 U8 J4 h% T
美國的房貸問題散佈到全世界
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mortgage loan
& R6 _. o9 y4 S& ?>conduit
% U: y! ~1 ^) _9 s8 @  y( D>RMBS(Residential Mortgage Backed Securities)
* x6 L7 I6 b5 _+ x6 _  ^+ Y>arranger
+ N& ^, c" Y  q% z: q>CDO(Collateralized Debt Obligation); [# v# J  D3 b* T% C) I# |$ J/ s
最後去到投資者

Kev

i thought it is the reason of rate of return.& Z9 F7 T) G* G# K
CDs could have different ratings, AAA -> F,
. p) N8 m+ s& u, |more risky ones would have higher premium (interest rate) as a compensation for an investment.
" b# b, G$ Q5 L. \% mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ ]) C. M, j. v8 Zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! n3 l8 l0 A( t0 i, G2 m% e
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( a/ v6 ^% ~" [4 [! Lsimilar to bonds, CDs trading in the secondary market have different value at different times,. p1 e0 D  _  m2 m9 C0 G) y
normally the value is calculated by adding it's principle and interest.
$ K5 @% @" Y/ [+ H* eeg. the value of the mortgage+the interests to be recieved in the future.
3 g( l" Q/ U5 F9 x6 W4 sbanks 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.% S9 |) y8 J9 z" z: f+ V( n& c
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im not quite sure if the multiplier effect does really matter in this case.
* }/ l' k1 Y  r4 Y" s- o7 G; X- |in stock market, it's the demand and supply pushing the price up/downwards.
7 R( G0 |' T& W1 ~# eFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' g8 I) {( q+ k3 \# h2 K
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 G/ Y. H$ c! x( ?
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. 5 `& A1 s4 \2 g' v  J3 Q. n
but the value of their assets did really drop significantly.+ ?5 ?, G- `& I

: t. z+ P+ \, M( B  B[ 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
% s8 [: }* ?% A, {5 d8 b+ s: P! S; [3 J3 hRefer to last example,
# z# }) w6 ?( ?  h. ], Uthat means bank A have no money because we borrow 10 dollars from bank A
: |0 u8 D  J0 c, I  d3 R  FBecause bank A doesnt have enough cash on hand % V6 L2 {5 O& G* `
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E2 C9 F; {9 o. i* T  Q. b- }2 C
so does it mean if E failed to pay D,
0 {' x8 o6 O; ^& M3 z1 @' |all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, , k7 f/ x, i- m; |! k) x3 m
in this case it doesnt really matter how much money is created,
' v5 j/ a! r$ q, b4 H, v; kit's the problem of the debt itself.. b% M% ]: x3 [1 `9 f" s: b  t/ y9 M* M
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
3 Z! H+ {: {9 @小弟一直都唔明...: ]6 z1 P; ?; E2 l

$ d3 z+ v3 [! l( L% |全世界都蝕錢，咁邊個賺緊錢呢?
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; c$ {1 |% Q; w3 Y1 E無可能淨係有人蝕錢無人賺架嘛...
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8 t2 a; M- S& h: V  c0 m敬請各師兄解答$ V5 O, e" k# b) l6 h. S
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Thanks

* P6 v# h/ i3 e& V那些根本係 紙上財富  & w% h8 o# @5 G
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
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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4 V1 O, y- a2 Y. m) K
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) {- r5 t6 y" p7 v. {$ K) 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' y8 r$ r6 g* W0 D4 F$ o4 W' E
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 @1 n5 Q8 O  R3 n
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
( c) X5 q: t: S5 I計番回報率就已經係50%,所以可以好好賺/ T3 A7 U/ g! v/ [; ?
前提係銀行之間要互相信任先可以咁樣借法2 l: ~. q! {0 t& O' B' g
同埋個市場既前境要係好先得/ x) S4 g% Q3 k; _) S9 a& K8 D. L6 |
但當經濟一差,公司估值趺了,物價不升反趺3 ?$ i( ?3 ]2 @
例如剛才說10蚊的, 趺到得番9蚊,
  x: e: [3 n: z! F( ^5 G咁投資銀行一下子就要還11蚊, 一來一回變左虧200%7 ^/ R* @3 g* w
所以你就會覺得D錢好似蒸發哂咁' z' H' N# Z0 P- H+ _& l
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你都可以當標野咁諗, 個樣野多人可以狂升值, ; n' w0 E8 p3 g1 `& E/ D! c
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, 2 F$ L( \! O  _8 F5 W( ~/ K+ z. z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  N) y% F3 k. E6 |' 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
3 [( v& O) m/ ?' Q' @8 r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* Y# y7 V$ Q8 L  O
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
# G# ^1 W1 e" t; ]5 T3 D淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " c6 F8 V' B: I+ I( s5 q# x
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 {9 ]2 L) W# J1 z
咁你話d錢蒸發左去邊? ...

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正係咁樣0 L. o5 a8 w" N& X1 B2 o
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
4 N+ ?% U1 R3 w分分鐘佢地唔使還錢
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: n6 ?4 C- k0 ~" x. ?) }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 G) t0 C" V. j" i% E, O連國家都係問人借, 不停發債券, 印鈔票
; A: x/ }1 K  V* h$ ~" v) b一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 y+ ?, B( ~7 e3 s3 d( G! 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( I! Y6 E* c9 ^
咁而家"爆哂煲"算唔算先至係變番"正常"???

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5 n. f4 ]( l' j2 F) H9 g- j其實係...9 z1 a% J; L# k
因為以前未生產, 先消費
) c: u; R4 \/ E+ n; A而家就要多生產, 少消費