0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
$ i' B) @$ O) M8 Q. O8 O/ ]Why bank will sell 借據給第三者???
) Z$ G- L$ `4 n" y# |I was so confused.....

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1 O7 b) O# `$ n1 s, n) _講到尾都係賺錢( x# I0 e8 o$ ?$ i9 ~' D& F
so銀行可以不斷放款5 ?0 t2 G4 }- h
美國的房貸問題散佈到全世界' l$ i% q, N( W9 P; [8 N

7 Y7 |6 C) x' W* `# T! h2 }. kmortgage loan 1 T8 U8 _, E$ h' z# r: g9 }
>conduit) Y; [/ u, n! p( i' h
>RMBS(Residential Mortgage Backed Securities)1 t! h* e- c3 [7 i" U" r
>arranger4 Z5 ?% ^& z, D( g1 h0 ]" q* d
>CDO(Collateralized Debt Obligation)4 p! q# z0 q" t& ~* |. H2 Z$ y$ J( J
最後去到投資者

Kev

i thought it is the reason of rate of return.
' F1 n5 p6 u; I6 P! R3 s# B5 dCDs could have different ratings, AAA -> F,
9 s5 v/ N0 y$ m0 Wmore risky ones would have higher premium (interest rate) as a compensation for an investment.3 ^! ]- D$ ?7 x
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 b* p) c2 F; \* e8 P$ G; Q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 S& X6 `9 \, F3 U4 [Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ Y  K  R) v" Y5 O  O8 }; Ysimilar to bonds, CDs trading in the secondary market have different value at different times,
, w% q: |! D( A  O, S7 G; Q3 unormally the value is calculated by adding it's principle and interest.
8 i/ J2 P& w1 X+ Aeg. the value of the mortgage+the interests to be recieved in the future.
7 N" q6 b( l0 ]5 N- e, T1 Wbanks 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.* l4 x% U) R" W+ D' l& s

+ T/ s% p, R; j1 Qim not quite sure if the multiplier effect does really matter in this case.% e  Q8 {5 n, z; C+ ]2 g
in stock market, it's the demand and supply pushing the price up/downwards.9 R4 k1 G( w; x( |" C
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# {4 M4 t8 A: C
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, }4 {; D4 J* R% h; q0 _( U& zThe 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.
- Z& z5 H. Q1 s1 I# _but the value of their assets did really drop significantly.
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# Y0 W" D3 i, v$ w[ 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
& t7 d9 o( _0 NRefer to last example,/ C, F  N6 e3 C9 {% A: j( J
that means bank A have no money because we borrow 10 dollars from bank A
- v6 M4 S' I3 YBecause bank A doesnt have enough cash on hand 0 h9 M* }3 L# ~% S- q; g
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
2 P, A$ C* r; ~! Aso does it mean if E failed to pay D,
" F( r5 r9 ]4 g& d* ~( `5 gall the B,C,D,E have to go bankrupt?
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6 G, @/ N1 b& K/ @9 l% Mthe multiplier just tell how much money created in a whole economy,
" p( a+ |) x- j+ ~' d  `, R1 `in this case it doesnt really matter how much money is created, ) V8 r" j; y& `7 F1 X9 G: d7 |# \
it's the problem of the debt itself.# L+ G* f- H% H" h$ X
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
/ }" `* P# Q: l: f小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?9 Y" G' h9 T6 W( Z! J

. A4 x+ N/ o& V無可能淨係有人蝕錢無人賺架嘛...
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  S( H2 Z3 u7 Y- ~3 M敬請各師兄解答9 v) q2 f3 M  d9 v% W

) D' X2 R' V, M4 K+ T0 UThanks

; Q' q' c- g) E; J# r那些根本係 紙上財富  + u0 j2 J" o& U5 h* X; u4 o* c4 F4 T
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  Z. b/ i% c' ~" f- n% i
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
5 w$ e' |& L( a; [+ m* p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4 v6 g/ X) l. v- g6 C
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
, i( Y2 H5 m$ R扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
  ?* @5 u* _( z: l4 N計番回報率就已經係50%,所以可以好好賺' P: N& K; r0 l" X* O
前提係銀行之間要互相信任先可以咁樣借法
8 |6 @8 W2 R1 W) g0 ?7 ?5 z. _同埋個市場既前境要係好先得
5 D% c' m/ F, m# E; J但當經濟一差,公司估值趺了,物價不升反趺
$ {8 P  j' B! T+ j5 k; n例如剛才說10蚊的, 趺到得番9蚊,
/ E" a# y% [" l2 \; S咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ o: J# B" X/ `) g5 i
所以你就會覺得D錢好似蒸發哂咁4 q) }1 h/ t# M7 L& U

' c7 m1 F, [" S你都可以當標野咁諗, 個樣野多人可以狂升值,
: }3 n. n: L) P6 Y  M0 M! b5 ^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,   L6 _9 p# F# [4 e: @4 A2 M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 [. y3 L' @3 H- h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
/ [: y( L2 g6 i0 p' K5 m7 Y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.gif6 _& B# p+ H4 A
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
. p6 W; L5 q6 i; J! t淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 s; q% t* P6 B% ]$ Y0 L2 z" ~" k4 k
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
5 u4 P) t5 U7 W5 n1 U. M; @咁你話d錢蒸發左去邊? ...

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% H! E! s# i$ N- G- Y+ g  Z+ K4 q- H正係咁樣/ {, \, n& o6 F5 @- G9 F  T
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  C9 F  C. v$ J, }( z* t5 E4 n
分分鐘佢地唔使還錢
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% S5 K4 q0 x2 j/ K1 m( U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,
6 d4 n) \$ |2 v! @& a6 D! W; d2 V. `連國家都係問人借, 不停發債券, 印鈔票
0 o# R2 c3 Y/ B一個國家好少出口, 而又大量入口 ,反映到佢唔多生產3 S5 ]+ X) M4 r/ I9 P
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
6 u5 y6 t5 v1 |咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係.../ q+ i4 M7 O2 }1 z8 V1 q
因為以前未生產, 先消費
5 v" `2 P5 T7 P- g- f' {8 f8 K而家就要多生產, 少消費