0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif" j1 S' Q. y  j& S! _/ Y
Why bank will sell 借據給第三者???! s8 S$ Z/ ~; n8 b- \6 F4 K
I was so confused.....

9 W5 R" @; p. Y* |+ X/ }

0 V& r: j+ Y2 |3 [9 M講到尾都係賺錢
; Y/ K( b7 \2 J: xso銀行可以不斷放款
; A5 \# N& c6 p美國的房貸問題散佈到全世界
% _  v1 i; z, d  a, D" Y
9 ~% B8 z7 F) q4 b/ Y& Amortgage loan   r7 Q; b- y: u9 Y$ k0 E$ D
>conduit
. l$ h8 U0 i4 z3 ^' D1 D>RMBS(Residential Mortgage Backed Securities)
+ p0 E- _7 ^7 Q: v- ^! k* c# T>arranger
* r8 u  X/ F7 ]5 K>CDO(Collateralized Debt Obligation)
8 z5 Z% O; C. E9 _# {$ `最後去到投資者

Kev

i thought it is the reason of rate of return." W2 @2 l; ~* S) q2 o7 [
CDs could have different ratings, AAA -> F,% x/ F# Z" Q  O: Y1 k
more risky ones would have higher premium (interest rate) as a compensation for an investment.
, P( D9 C" E/ F' |5 Y6 Fmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; t" I: b  _3 I( N+ L2 b. m* ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" E* F; g( a9 P0 v* P  z( d, u4 TAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. V- _* ^) ^! i3 z5 v& isimilar to bonds, CDs trading in the secondary market have different value at different times,( R+ \0 @7 h# w& g0 |1 ]
normally the value is calculated by adding it's principle and interest. 5 b3 Y+ y/ I  N1 t4 z: {
eg. the value of the mortgage+the interests to be recieved in the future. 2 Z) U, Q+ q7 _6 H$ f
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.
1 I" y& Q" E/ ?" [% Z) U/ X3 Y) f& L* G* c# H+ L
im not quite sure if the multiplier effect does really matter in this case.+ m& I- h% W+ Y8 r
in stock market, it's the demand and supply pushing the price up/downwards.4 g8 g/ t2 N! {# _1 N0 X1 a
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( i/ R" N  O+ i. j: l" X* G# W
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 |) l2 z# O: P  J- oThe 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. 9 {- |+ c( e  K# v: u
but the value of their assets did really drop significantly.  Y) @, ?7 |& w5 ?+ S6 W& Y" g
* v3 r! h9 ~  i$ L3 ?! R' d/ 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- g* P# _6 c- Y9 E4 L7 W) l
Refer to last example,
, V6 O1 a# Q7 t( r4 ~9 Q' Z8 u& Athat means bank A have no money because we borrow 10 dollars from bank A
2 z. t7 I4 b, w, f. q# UBecause bank A doesnt have enough cash on hand
% }( I* a- U4 w; M+ R6 ]therefore bank A need to be bankrrupt ??? Am I right ?? ...

" R) q: U& l. x1 h
/ V* B  b3 ?6 ]
1 A  j! ]5 g0 V; v' p' h: y
A->B->C->D->E: J) n# R  ]; g; p8 @6 {4 y
so does it mean if E failed to pay D, 6 s/ t+ W8 D$ m% K9 T4 `
all the B,C,D,E have to go bankrupt?
4 g$ ^; h2 ~$ E# c* p% A
( P5 a7 `8 M) X/ J4 B
. m" C3 V9 M( G! d: vthe multiplier just tell how much money created in a whole economy, ) B  A! L/ `& W+ O' v* K
in this case it doesnt really matter how much money is created, + K0 A$ u6 V) D( V# \8 Z/ h
it's the problem of the debt itself.
$ @. Y1 }  u& j8 Q! @: H% E/ Pthe 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
$ h5 i  @' q. \5 S4 j, P/ l小弟一直都唔明...9 |# B" u& m' }! F. K+ ^0 w, C, q: h

0 |' L6 @" H. }& y6 A5 g全世界都蝕錢，咁邊個賺緊錢呢?
2 N- W- _" K8 c; `+ v. z: ?- r5 b
4 h, C" b$ R% C無可能淨係有人蝕錢無人賺架嘛...
+ C: U0 w4 l9 n. M3 @: x, e; v% x6 s" n2 z6 Q+ |' H( D, Y
敬請各師兄解答
$ [3 H8 p, D+ O) ?4 q% p6 e1 v- S3 E. @2 X8 l# s) n8 ]( \
Thanks

: t" W0 z/ a8 y那些根本係 紙上財富  ) X% v4 W3 _% A+ y3 \: 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 graphic3 h+ v& p' T7 n3 ^

% V7 L. {$ D" vhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
; \5 \5 B" a- I+ X! t當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" w, d5 \  R3 V' Z0 Y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+ `6 d, t7 |; i5 y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 f" D2 k4 I/ q& T& k: z扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,; `8 p0 |. u+ i8 Q2 Z1 r4 y# }
計番回報率就已經係50%,所以可以好好賺/ |+ ]1 b0 e4 d3 Y; A. z
前提係銀行之間要互相信任先可以咁樣借法
/ F3 t; v' p2 R' m0 w, H同埋個市場既前境要係好先得# c; f- y4 d5 a+ E: H7 X0 L3 J+ j% K
但當經濟一差,公司估值趺了,物價不升反趺
5 ~! }8 N# l: U) f( k* _. L例如剛才說10蚊的, 趺到得番9蚊,
0 y" \6 m+ F( A: k) A咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ S/ L$ e4 G8 c" d$ R
所以你就會覺得D錢好似蒸發哂咁
/ B7 U! j7 |. a* ~5 [
4 p; t! q  Q' @3 {你都可以當標野咁諗, 個樣野多人可以狂升值,
1 b; k' ?$ o5 g/ I+ M- I8 t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, 6 n8 S* {, o* p: E' D8 O
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 A2 c" e# ]# i& O0 B; E7 K4 ^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
' }0 q. ~9 L; |* f6 n! E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  N3 ]' _' ^, z7 a
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, U. L7 J$ W. K' i# {淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' a( r! A& P, N2 `
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
; n' J5 C1 ^2 O8 ?# ^0 B$ E咁你話d錢蒸發左去邊? ...

0 i9 q, G# G/ v+ g

  R, z6 H9 j0 c正係咁樣3 c% O2 z# f6 c$ J/ B* a
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
5 G7 S' R" D3 @( r/ G分分鐘佢地唔使還錢5 W* L( O, p1 e

. g  c" a' g  O% e5 T9 O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,
" g6 M; z: j# {/ r) q連國家都係問人借, 不停發債券, 印鈔票
! H9 y) r& T/ }一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! v3 Z: k& ~6 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
  D% g' U9 K! \: Y& ?) b  S咁而家"爆哂煲"算唔算先至係變番"正常"???

! G4 F* D/ H1 _$ S9 R! E# w
3 w5 d5 l8 h1 T7 V' R
其實係...
# }, ^3 B$ i8 J$ ?3 n. f2 y因為以前未生產, 先消費
4 Y) v9 p, t1 H* L6 [而家就要多生產, 少消費