0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
& [5 L1 A- m6 F7 u& kWhy bank will sell 借據給第三者???7 F* B) ~, \  ~' {5 C& ?: R, [
I was so confused.....

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$ g  n: R+ [( W* t  S& V講到尾都係賺錢1 `7 \! R+ b5 v( C
so銀行可以不斷放款3 O4 ^0 F+ ?  S* ?# Q5 T
美國的房貸問題散佈到全世界
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mortgage loan
- W, k5 ~1 ~) G$ m% ~6 U>conduit' k* L5 t- e8 W0 f9 B! t# o# X9 s
>RMBS(Residential Mortgage Backed Securities)
* S5 f0 X  ?) t0 A>arranger
* z: u1 L! W3 b9 B>CDO(Collateralized Debt Obligation)
5 |- c$ b- G" ?# {& _* R+ y最後去到投資者

Kev

i thought it is the reason of rate of return.
* ~# H; X& \) c$ eCDs could have different ratings, AAA -> F,8 ]; L$ f8 ^  ^! e# A, h  w4 v
more risky ones would have higher premium (interest rate) as a compensation for an investment.8 n6 S# p/ ]1 M$ p. l5 v% }9 I
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( \7 l. Z: z) `6 z7 a2 ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& y# K) h4 B* `  D
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* g; C$ i. x/ ^5 v- P; Z. x
similar to bonds, CDs trading in the secondary market have different value at different times,3 ]% _4 F; C3 |* U) }/ @
normally the value is calculated by adding it's principle and interest. % T2 d" E+ w1 U3 W8 X9 a3 L& D1 K- B: ]
eg. the value of the mortgage+the interests to be recieved in the future. * r! ^3 o& g. 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.
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6 i1 B9 p" x% z  i6 S! Nim not quite sure if the multiplier effect does really matter in this case.) r5 k/ [, c) |& O
in stock market, it's the demand and supply pushing the price up/downwards.
" `+ u+ d) I6 U" k# iFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 E5 _- I; ?( \& W3 ?9 pA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 C/ W4 o' i$ D% b, w/ E2 D7 @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. 2 Y  c; A: t+ f6 t2 l* r1 h8 A
but the value of their assets did really drop significantly.: F$ s1 L5 s2 y& y7 I$ l6 R, |# H

$ ?" _8 ^! z4 r  |[ 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.gif3 ?8 b+ H, K) y, s0 M. p" Z7 w+ Z
Refer to last example,
7 f. ~( k0 h- C! B2 Z  Zthat means bank A have no money because we borrow 10 dollars from bank A + \& ]  V  w8 F& H3 _
Because bank A doesnt have enough cash on hand
! l9 Y, H2 m: w+ A" K6 z& Ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E# A9 c) q1 M$ N/ t- i0 _. `# \
so does it mean if E failed to pay D,
* X9 d4 `8 c4 jall the B,C,D,E have to go bankrupt?
" A$ a6 _$ @5 h" l( h/ T* k4 N1 p+ ~) @/ G8 E

" r1 {; p1 ^- _the multiplier just tell how much money created in a whole economy, & A; H  Q4 ^* E; b
in this case it doesnt really matter how much money is created,
0 z5 {# g+ k, I- l5 O! A; ~9 ?/ qit's the problem of the debt itself.9 x* Z8 F8 {) ]% G0 Y3 q
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  _, J& d* v0 E# x
小弟一直都唔明...; X6 k9 i, j3 [, G

1 b  _: p7 W' I( L1 r全世界都蝕錢，咁邊個賺緊錢呢?
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( f: Y- h& Q6 g2 n: I' s1 {5 E無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答: H8 _% Y( n. n4 Q
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Thanks

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那些根本係 紙上財富  
- n+ x$ t- E8 b3 h% J6 z8 _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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' s! L' M2 x! |. l# w5 ]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# N# h+ H( P+ x2 U; l0 S
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
( F! N6 Q9 ?' r4 d. m7 a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5 v* W2 Z6 G- \$ X7 b
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦& `! q! E! \$ O* f0 Z' v  i
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊," P7 B& N. Z8 ~/ ?5 x) F' _
計番回報率就已經係50%,所以可以好好賺2 H' q: H2 k: f+ V% R) f+ W4 W
前提係銀行之間要互相信任先可以咁樣借法
! B# J* L  h5 [  V' p同埋個市場既前境要係好先得
) h' o1 V4 I6 Z0 b" e! {& M但當經濟一差,公司估值趺了,物價不升反趺0 ]* [$ Z1 k: \' a$ }" j
例如剛才說10蚊的, 趺到得番9蚊,
7 j) i# f" B0 g咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
. n! p3 V! n, j" e所以你就會覺得D錢好似蒸發哂咁
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3 L* y" y" e! X" `* J( `; C你都可以當標野咁諗, 個樣野多人可以狂升值,
; r6 T, e- R9 T1 Y* M  B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,
+ ?- p0 f+ ~* ~0 y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* U2 r- k/ L! {4 I' ^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 f$ s  g% I& _2 S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.gif3 ?$ c) s1 m4 o5 g
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" ^; x8 u0 v( ^2 l: \  U, U淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ N- K6 d8 h! k; ?  p! u: ?) t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 c# q5 X: }1 a4 w% g1 h, d
咁你話d錢蒸發左去邊? ...

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' g$ [1 W4 h0 G) P6 Y9 P0 o正係咁樣+ C  `& K! L$ t  S/ }, Z, k
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
6 Y3 a' _& Y( y  a, C分分鐘佢地唔使還錢, V- A6 ]+ P4 C* P  ^! i( l) r; @
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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,/ j- h( X" Z, F0 [/ O+ a
連國家都係問人借, 不停發債券, 印鈔票
$ u3 h: t( i" Y* k! `7 W一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 M; R- j$ K% M5 P( L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.gif6 w( y' y/ d* G% v  r1 \. ?( ]
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...2 ~" x( w2 v. g4 a  c
因為以前未生產, 先消費
% g: ^6 U5 K3 Y3 g而家就要多生產, 少消費