0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif) Q: ~1 e# d5 L
Why bank will sell 借據給第三者???7 T. t. p" J" _
I was so confused.....

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講到尾都係賺錢
7 I' ?/ i6 q9 |/ nso銀行可以不斷放款' X: b) D* g" E7 w
美國的房貸問題散佈到全世界* f6 j/ C+ t) z& c. n; g1 Y. T
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mortgage loan ; z- j" Q* B- ]. T( R8 m
>conduit7 u* i: k1 D9 Q/ ]
>RMBS(Residential Mortgage Backed Securities)
: K. I; W' k; v>arranger
  b+ B" h5 ], V>CDO(Collateralized Debt Obligation)
. t! X% W* j" H最後去到投資者

Kev

i thought it is the reason of rate of return.
( d1 |- C! F9 g- S1 B/ x$ KCDs could have different ratings, AAA -> F,1 e) g) B% F4 m1 Q( u
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ b8 m8 I2 i6 n. q! ], \main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,  M: {9 ]6 f/ t, B, V9 e
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; m" v9 R! r4 \Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( f5 h; x. `  n' k& `) X
similar to bonds, CDs trading in the secondary market have different value at different times,
7 s2 t- b1 |" P+ V" X' B5 Z" Tnormally the value is calculated by adding it's principle and interest. ; ^$ f) ~& z; O) @/ y, O/ u2 w
eg. the value of the mortgage+the interests to be recieved in the future.   P0 E1 f( n; ]9 w3 x% C. O
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.0 r# R* N- `/ o# p8 Q% B  W
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im not quite sure if the multiplier effect does really matter in this case.; Y8 l& M$ x6 q1 O4 f
in stock market, it's the demand and supply pushing the price up/downwards.
3 Z9 t% R$ S6 XFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. H& P# G- a, `9 v5 tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 M: i) V4 S2 r* w7 d, R# h+ j
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.
% s. j* p' U3 Q) y  k* L6 Ebut the value of their assets did really drop significantly.
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4 H5 T# a4 m+ G6 c6 h  m6 I$ z5 k: L+ {[ 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# A, M9 m2 \5 [7 ]! B7 c' b, P
Refer to last example,
: {3 s, c) S* F, Y/ Q! Fthat means bank A have no money because we borrow 10 dollars from bank A
5 H: n, x; o7 o1 @Because bank A doesnt have enough cash on hand
' e$ {' q1 u( G5 W3 E+ Y. E& m- Ptherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
. Y8 t. B0 Z/ f; _9 T3 u7 h2 oso does it mean if E failed to pay D,
3 D9 Z: f& ]1 E6 Qall the B,C,D,E have to go bankrupt?
2 m$ j/ X& X( B; d( Y- _( f0 t5 ?  \# D1 t

- F. M2 V' F: G' L8 Sthe multiplier just tell how much money created in a whole economy,
6 S# s7 z- v, V4 N( bin this case it doesnt really matter how much money is created,
/ |" N, h9 m1 _% E" F: k& V1 i9 jit's the problem of the debt itself.6 S7 _, u; r6 f# F4 X) j
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: d- }7 D; {2 y: [
小弟一直都唔明...  N9 Z, L! e# E; P
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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...$ C9 u& _% I( R. O0 \6 u: `- p
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敬請各師兄解答
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5 k# O* Q. ^5 {( s$ PThanks

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那些根本係 紙上財富  ! \& P$ S8 q) {! z( J% `
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 graphic1 V, K" N$ d  |, t

% Q) B* v1 w. `* uhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產1 a& n  a9 v3 c/ F8 `/ S
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) q# P, Z3 |, ?1 ?7 j  a0 s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 X+ F7 ?" Z2 p& x# j* T' Q0 Z0 i% Z: F個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
. T. m" y& H- ?/ [. R4 [扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,) T) ]0 {* [9 L: b1 Y4 I
計番回報率就已經係50%,所以可以好好賺( U- P. w  ~# n' n, M$ q  F
前提係銀行之間要互相信任先可以咁樣借法7 ?, H# n* G3 a' Q0 V
同埋個市場既前境要係好先得& d7 Z& L2 B( \, Z" U) [9 A1 P
但當經濟一差,公司估值趺了,物價不升反趺& M( t) [( `: l. D. ?3 G- y
例如剛才說10蚊的, 趺到得番9蚊,
1 s5 |. o% i2 n/ Y5 J& ]" J咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
# T$ q, O6 g: d1 Z! H7 B所以你就會覺得D錢好似蒸發哂咁- d1 h/ C4 P0 |( b% C
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你都可以當標野咁諗, 個樣野多人可以狂升值, ) d6 j9 i' `2 Q* X1 U; l
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,
. G& K; f# t( K9 U& i5 E* `6 K2 }淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % y* Y/ i" f' w1 w* [7 [
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( L! m6 O9 ^8 E( ]+ E7 A  ]
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
5 V# P9 \' k. D3 Z1 g, V5 j+ U2 V唔係d錢蒸發, 而係比美國佬洗晒未來錢, 4 f" Q8 {8 X) |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 k- T6 Y# H# U5 {+ 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- r, O/ m/ T' t/ _+ e# V
咁你話d錢蒸發左去邊? ...

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正係咁樣
7 Z9 _, V4 b; n) H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$ E/ C# h* s, {
分分鐘佢地唔使還錢0 B7 F1 ]/ l9 |% g7 P, v

+ ~; e4 c: K; `' ]" ^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,
) ^) z) y1 D& k1 M' n連國家都係問人借, 不停發債券, 印鈔票8 X9 `' I  t$ G  n  b
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
, G, Z- z/ [4 k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# n- a+ N: J* ]5 L0 }( ~$ O
咁而家"爆哂煲"算唔算先至係變番"正常"???

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# I5 {! a7 l& n. K其實係...3 v, Y9 R2 D! O8 @8 N
因為以前未生產, 先消費
" @/ A" z* O* m3 u5 U而家就要多生產, 少消費