0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif& N* n& A# s! c/ b
Why bank will sell 借據給第三者???
! _8 L8 K! l- KI was so confused.....

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' S# ?5 {3 Z. g9 I# j. m) N) u講到尾都係賺錢1 R0 s5 ^/ I1 f8 I; a3 P- @; M
so銀行可以不斷放款( D* o. W+ k( h) i2 c) S1 [. B
美國的房貸問題散佈到全世界- k: d/ u# f( w5 d, n: Z
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mortgage loan
5 g. s; _' s* r4 b5 I>conduit
! w5 ?6 O" y6 N  V/ |( F>RMBS(Residential Mortgage Backed Securities)
; v% M3 g, l/ T! G& \>arranger0 [% j( F+ n% D  z3 D$ v( L
>CDO(Collateralized Debt Obligation); B# D  [* g' p. X' c' k
最後去到投資者

Kev

i thought it is the reason of rate of return.
2 f: A  j/ Z8 LCDs could have different ratings, AAA -> F,  ^1 e% e( c3 E" U2 F3 }
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 x2 S9 Y8 _6 G5 X5 P
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ F1 e) M+ L( O& C6 M+ Cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! M0 i! w& S; Q; Q3 j6 m3 U& t
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 Y6 J+ x- v8 Wsimilar to bonds, CDs trading in the secondary market have different value at different times,
3 m5 i% ~: ~$ R1 b% @6 L# Pnormally the value is calculated by adding it's principle and interest. # {  W1 j4 ]3 h5 R3 T- m
eg. the value of the mortgage+the interests to be recieved in the future.
2 b7 @1 q; |5 x0 q/ F/ M% Nbanks 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.7 P, Q) T, Q" Z- s$ s. y: U

  _: B9 L- U( ~5 k. o& |/ Eim not quite sure if the multiplier effect does really matter in this case.
- S% C9 H! J; y- z. }# t. C. h9 Lin stock market, it's the demand and supply pushing the price up/downwards.5 f6 N$ ~3 g$ ~" ^
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& q- i4 l, C( {5 B4 OA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) p/ Q* k4 B/ M! q. l! I4 e* PThe 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.
7 ^- j/ v4 s4 C5 vbut the value of their assets did really drop significantly.
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. ?: b6 m8 J( v7 v  `- U& w  U1 v[ 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, T8 s% T9 U5 c3 y4 ^! j7 t
Refer to last example,1 X$ C) N+ X# G+ j. f
that means bank A have no money because we borrow 10 dollars from bank A 1 X- X( K9 {& z4 s* `" N0 L
Because bank A doesnt have enough cash on hand 1 A$ \8 E' y5 Y1 K+ _/ R/ U
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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' j" P' i! w; L& zA->B->C->D->E
  b: v$ F$ D/ [) w  J6 G2 Mso does it mean if E failed to pay D, ! k4 a+ T: M! O( n( ^
all the B,C,D,E have to go bankrupt?
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3 B8 _: h5 ^5 S5 N1 ^; E0 |* g. E  o& j
the multiplier just tell how much money created in a whole economy,
+ K% P# Y" R& A# n$ x. F  [in this case it doesnt really matter how much money is created, / U) ~: S2 p  j7 s: S) Y: `- ~
it's the problem of the debt itself., {1 z: ?: `2 _2 `
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+ k3 h+ c: a) e8 d9 Q- y6 w
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?) r* Q6 X  h5 R& K$ Y+ i

) R  R" G8 T% {" Z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
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Thanks

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那些根本係 紙上財富  
; }  F4 w7 p& o% ^, E: Z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+ Z% w6 R2 k: P
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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
: H$ M3 r3 y5 x8 J2 T7 k, k9 k; ~當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ R& `" }" l# M: \4 ~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
) L: P6 v- M. d: G個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 v7 I: w: A9 E  F) J扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ I0 ^7 D- |9 U+ P
計番回報率就已經係50%,所以可以好好賺
5 g$ @' p% A# `# L& y前提係銀行之間要互相信任先可以咁樣借法: e' j2 y& O! {8 _: N
同埋個市場既前境要係好先得
# {9 y- a# d+ C! ^但當經濟一差,公司估值趺了,物價不升反趺
6 Z. e4 V2 q2 }0 g例如剛才說10蚊的, 趺到得番9蚊, : ^1 p* t1 A# l! a
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%# F5 U7 ^1 X: `0 j# M7 d' s
所以你就會覺得D錢好似蒸發哂咁/ s' {' m; F) }2 d/ e+ M
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你都可以當標野咁諗, 個樣野多人可以狂升值, ) y! ]6 R1 O6 u, f1 d' F
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,
. X' O+ i/ g4 [6 ]淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 H6 I0 \! p( j, r; q( ]" G% Y2 X
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
  j: C7 ~, M6 Q' q4 H6 k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
! n0 o% W  l8 Z% W唔係d錢蒸發, 而係比美國佬洗晒未來錢,
! N* Y6 L% p4 {+ \, E7 k淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" D. ]5 O( |$ d7 b& c( O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
/ A+ v) `) U8 ?$ ]7 ~4 \咁你話d錢蒸發左去邊? ...

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正係咁樣
; f. j. x4 ?4 s9 d7 H8 U; K; P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0 R# G+ T; v- i# z
分分鐘佢地唔使還錢& Z, B( L* [: H2 P7 d

: |. k* `- ^8 u, ?/ W2 ~: T4 T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,
1 Q& o9 O) L# k4 q連國家都係問人借, 不停發債券, 印鈔票
4 W/ K! b5 |7 q' g. G一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
; b% e- n; o$ C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
/ L0 n1 ~% B; l1 P咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
# [% B# Y) N  m6 ^因為以前未生產, 先消費6 q6 o4 Y0 f; m: ~$ c" E" Q. B
而家就要多生產, 少消費