0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif* f6 S- j0 b3 H* M2 L$ P
Why bank will sell 借據給第三者???) o7 ^, U4 c! V
I was so confused.....

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( T7 E: c2 q. s5 w2 F講到尾都係賺錢
- Q7 l  C% |, {/ _  W7 J: Rso銀行可以不斷放款1 l; z( G" s3 ^3 R4 y
美國的房貸問題散佈到全世界, @# t7 A3 V8 C
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mortgage loan + G* \  T5 D/ a$ d
>conduit
" R' Y$ a  `8 l>RMBS(Residential Mortgage Backed Securities)
, A2 v: a: ]5 ^& @$ f>arranger
, G0 }- b. M3 \4 k7 h; ^: G" K>CDO(Collateralized Debt Obligation)
2 k8 n7 N- [3 [# R- q6 u6 Z; @最後去到投資者

Kev

i thought it is the reason of rate of return.
6 k  j3 [: ?. ~* Z1 ~CDs could have different ratings, AAA -> F,
( a, d) _: O4 `, n0 G4 |more risky ones would have higher premium (interest rate) as a compensation for an investment.6 t& R7 n5 w8 x% b- N% ]( b/ `' l) S
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) u  g1 d& D* ]* `
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 q6 e1 H: [5 L# Z" R
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 m; p" B# R3 B2 {similar to bonds, CDs trading in the secondary market have different value at different times,
9 R" g3 o% q9 @, |( S1 Cnormally the value is calculated by adding it's principle and interest.
9 G$ k# C7 V  ?: _" M0 a. G) ]% Neg. the value of the mortgage+the interests to be recieved in the future.
+ ^9 Z! e9 J2 r2 W! d# P  ~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.
( l* q7 ~3 D5 p, U1 r8 f8 uin stock market, it's the demand and supply pushing the price up/downwards.' T; i% X- S& m
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: e! m- O# g5 @" v
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 h: [# o- c: D8 }0 O3 C. DThe 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. ; x8 H% i: q) e
but the value of their assets did really drop significantly.
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" }, _- `$ U) e[ 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
0 }+ l  ^" e4 N& D5 eRefer to last example,  J) x" o4 I/ o( N  }5 T
that means bank A have no money because we borrow 10 dollars from bank A & r. u* Y" n( X; {
Because bank A doesnt have enough cash on hand - _+ O5 M4 x( V5 h' W& Z+ j
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E1 k2 S8 p8 @! a  y3 s# h! D
so does it mean if E failed to pay D,
5 Y& {$ q/ b# d' Y. I6 d! {all the B,C,D,E have to go bankrupt?
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7 b1 p: R% w# e2 p( h2 f6 Xthe multiplier just tell how much money created in a whole economy,
# n5 K; [% j& _& W9 s/ b6 V6 Min this case it doesnt really matter how much money is created, / ^5 c# v( f- ]4 K9 _% X0 N
it's the problem of the debt itself.6 X# A; \2 d; l4 \2 B' r
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' c) M* {' o4 n% P
小弟一直都唔明...' ]8 G+ J* S- q# F$ S1 ?

5 j9 m$ }8 ?2 H& c4 b. E全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...* n# t' X$ z  _) Z7 i3 a

% ^! _( D: u( c) `& U. O敬請各師兄解答
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7 \! K1 U8 T0 w) pThanks

" W+ Z# v1 N6 C1 r, F# B! n那些根本係 紙上財富  ( n5 W+ _9 {+ l) Y
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' l/ G/ o2 N  J. v' F
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; y6 h( l1 C$ m: S6 x( c3 w8 f2 q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
- t3 A* K7 F: q# y( Y2 ]個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" X" M6 s7 p8 j  g: V" ^扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 R9 M1 Y; b* s9 G5 ~- t計番回報率就已經係50%,所以可以好好賺4 ?/ c. }- ^  L" U1 {0 y) |
前提係銀行之間要互相信任先可以咁樣借法
7 f+ m" t1 I7 ?3 Q同埋個市場既前境要係好先得. k, l7 l/ f, ?6 I( C
但當經濟一差,公司估值趺了,物價不升反趺
' T/ s/ z+ X0 z6 }. A例如剛才說10蚊的, 趺到得番9蚊, ) Z- S( Y  n3 c: n0 i5 W/ [) d+ D
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 p" w" V: e7 Y* c5 V* x
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
6 C( R( I2 w) g/ l, b6 \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,
8 S: ?2 P  F7 w; U/ m0 M7 M淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 ]( X6 }0 H1 V! w0 }, R  l
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
# i) d% k: ^" N) x+ \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
, w& D& c+ @- Q" F  d. [! J唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ ]6 Q- }. |' U淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( g0 u6 m/ }% X7 D) W
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
6 l- W# p+ R# N0 E咁你話d錢蒸發左去邊? ...

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9 M5 m" L% e: W- u- x正係咁樣3 O* v% s5 {, D2 h0 g" x3 o$ e3 f
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
1 |8 H# q  p$ b分分鐘佢地唔使還錢3 m8 D7 X) d4 b* {: n3 j
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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,5 l$ w& [8 r2 i0 |, k& {
連國家都係問人借, 不停發債券, 印鈔票$ m, p! W5 `. Y% r2 O2 x' W: x" Q
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: Z" y2 v/ q. @# R9 n, P/ g
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% H* {& L4 H* h
咁而家"爆哂煲"算唔算先至係變番"正常"???

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6 l" C( Z5 a: Q其實係...
# U0 x9 e# P5 r因為以前未生產, 先消費
/ l1 d9 H- m$ o而家就要多生產, 少消費