0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif4 Y* Y0 p/ }0 C0 Y, s* u0 H
Why bank will sell 借據給第三者???
: i  O" @8 f& I* Q1 WI was so confused.....

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: n: _' \0 v5 w講到尾都係賺錢$ j2 Z6 c( d* `
so銀行可以不斷放款8 U. T( ^' A4 x0 W% [$ y
美國的房貸問題散佈到全世界% e, Q2 t7 b1 C. c. D

2 V* L% L$ g: E, Y+ d7 _# J6 cmortgage loan
% f' Z- y2 o: H) m5 h- _9 `>conduit
' ~& D0 x4 m# D( a+ @>RMBS(Residential Mortgage Backed Securities)
( |5 \. D, G! P# ]' R>arranger/ e& ]% e* b3 ?' L  v" p
>CDO(Collateralized Debt Obligation)/ m5 s1 k+ F* A2 _5 j
最後去到投資者

Kev

i thought it is the reason of rate of return.
& Q9 M, C" S  Y: Z$ M6 }% TCDs could have different ratings, AAA -> F,2 R3 K+ W- w% l+ C' t- i; C& K
more risky ones would have higher premium (interest rate) as a compensation for an investment.  j! q# X& }, t6 c
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( {. D- s; W. n# M
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- [* k6 r$ j" ?2 a
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ p) E: Z+ j8 u
similar to bonds, CDs trading in the secondary market have different value at different times,
7 \0 F' R+ k; L3 c: w) r* hnormally the value is calculated by adding it's principle and interest.
9 ?7 {8 }9 @" P7 r, geg. the value of the mortgage+the interests to be recieved in the future.
8 y/ G2 E* w3 Q2 s/ 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., P7 t) U  s: o$ W. P6 L
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im not quite sure if the multiplier effect does really matter in this case.8 I' t3 \. B8 R) O2 ~$ y6 H
in stock market, it's the demand and supply pushing the price up/downwards.
% {- d8 ~9 ]7 I- W6 r0 SFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
9 S' C4 n7 w) V6 z  q  lA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! K8 A, P, T8 ~# 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.
4 a% w5 K8 m- r+ @but the value of their assets did really drop significantly.4 D# T# {* b; e% C& h
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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
* w/ W) {& P" h4 B6 X& \Refer to last example,
# W4 r3 i* B) l  I; |' e# ?3 n' ^that means bank A have no money because we borrow 10 dollars from bank A
3 I8 y1 K* @8 R- `* r2 _! }! F& ?Because bank A doesnt have enough cash on hand
3 \# K5 r% n7 h; z0 o. btherefore bank A need to be bankrrupt ??? Am I right ?? ...

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5 l* h9 c+ U  k9 y, r$ o* ]& @A->B->C->D->E
$ d) @- i8 [* ?9 d. `3 kso does it mean if E failed to pay D, / i4 z4 a0 W5 k, v) n# N
all the B,C,D,E have to go bankrupt?
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) c0 h+ W* f/ l8 E& E1 a/ h0 h2 ithe multiplier just tell how much money created in a whole economy,
7 T2 a  _1 {6 Ein this case it doesnt really matter how much money is created,
! ?( C. G& p4 ^+ Yit's the problem of the debt itself.7 }7 n, N- q8 U" ^' z8 Z
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.gif0 n/ Z4 h. v; K$ V+ U2 c3 @
小弟一直都唔明...; E9 T" U7 N4 h* `
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全世界都蝕錢，咁邊個賺緊錢呢?/ T' ^' k1 u5 A& {. ?- i2 n

' V; h9 [* f* Q5 S8 t7 X1 N* S/ V6 ]無可能淨係有人蝕錢無人賺架嘛...1 h# `6 p2 B* V! _$ S% p

+ L3 _4 I1 Y' s敬請各師兄解答
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, O5 J9 m4 y) I7 o$ i  S1 j5 j& zThanks

7 s7 J" [0 Z! p那些根本係 紙上財富  
" Z9 Q- t. y3 m" \2 w$ B( ~9 `6 H  Q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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! C  G9 i. l; B  U; [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- o2 p. F. D) M: `1 {' Z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ C. w6 n9 r; Z
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
! j5 D4 d- a9 [+ d# u個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ p; I: k' h" P3 P/ f扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ V! W! y+ u. ]9 _/ S9 }" |
計番回報率就已經係50%,所以可以好好賺
) K9 B: I0 L( o; s6 z$ R4 q: f前提係銀行之間要互相信任先可以咁樣借法( k7 ~( g0 t" k1 f
同埋個市場既前境要係好先得
# X) A  K8 z$ @- ~2 k但當經濟一差,公司估值趺了,物價不升反趺* x! q0 k$ h( L+ H6 H4 F
例如剛才說10蚊的, 趺到得番9蚊,
6 E$ @& A+ O$ d$ g咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ {+ a, h. ~8 u/ j1 a$ x
所以你就會覺得D錢好似蒸發哂咁0 S9 S- r! w- C6 g& v# _5 E

  i& G0 ]" U' ?你都可以當標野咁諗, 個樣野多人可以狂升值, $ o* Q# F& f0 g4 ^+ K0 z
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, + e4 ]8 e9 Z4 H7 ~
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 s! ^- I9 l' f& e* d% k6 [: ]8 P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
$ X7 e2 x- K" z) d/ |' {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
6 U: F& W& p* g$ }% D$ ?: i) t$ ?唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 Q0 ^* _' e& W. A0 X淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' k' H6 @+ q( Q$ Y+ D7 q( u
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: w1 y+ s' m! g: ~, J( ^
咁你話d錢蒸發左去邊? ...

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正係咁樣; G6 _$ D& G4 {
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  k. ]3 L$ U( R* a- s7 \% c$ K( i5 O
分分鐘佢地唔使還錢9 ^# r- L, j6 e2 D

) e8 [9 t  t0 S  ~! S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,, ~( x/ y6 ^' F& D9 P( I2 S
連國家都係問人借, 不停發債券, 印鈔票
' P3 F  `/ k) q2 j0 f' I& B! f一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: a) z5 W3 [5 ]8 Q/ A+ S7 ^+ @$ L7 f
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
0 v2 {$ [5 f& x0 M' R/ A1 g咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
; Z2 u+ F5 r! R2 }1 {* I  I* J# R因為以前未生產, 先消費
. X, S$ u& _4 _+ u# e而家就要多生產, 少消費