0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif$ ^! W. m2 Q2 b& [$ I, Z: b8 Z
Why bank will sell 借據給第三者???* f+ E+ X2 G% L$ I' n
I was so confused.....

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講到尾都係賺錢  Z6 c& x+ f5 Q% q/ c3 e( o
so銀行可以不斷放款
) }7 A5 W/ W# W* `' M/ U美國的房貸問題散佈到全世界8 ~: ?) U1 `% \; K" f) v) V. \- M% ~
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mortgage loan " _/ y5 `' t& J
>conduit
( N% s1 b% z; H6 w2 O7 _>RMBS(Residential Mortgage Backed Securities)  S4 p4 m' J8 |; F; }" V
>arranger( l+ l5 l7 @, I
>CDO(Collateralized Debt Obligation)$ n# S; H/ p+ A! n& k
最後去到投資者

Kev

i thought it is the reason of rate of return.% F; `' X- x- a5 D1 f
CDs could have different ratings, AAA -> F,  x4 n. i! L' z0 R0 G' M: K3 z
more risky ones would have higher premium (interest rate) as a compensation for an investment.
4 ~9 k" x! U7 k8 N1 \* Imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( c' v5 [- z) \4 H6 Ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 U8 n7 P( ]/ `1 k3 b/ U2 w
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." x% N9 i' I, S' u* v* _: B: L
similar to bonds, CDs trading in the secondary market have different value at different times,
% G! X7 Z9 z0 y) n7 S) W6 ]normally the value is calculated by adding it's principle and interest. ' }* p+ i( |9 G
eg. the value of the mortgage+the interests to be recieved in the future.
% r: C- {1 M7 `3 w+ c" r! D# V/ n8 V. ubanks 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., ?* D- ~4 e0 h, d8 k
in stock market, it's the demand and supply pushing the price up/downwards.
0 v+ g1 D9 O( c* Y( pFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 z; k8 K4 R$ TA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 \3 h* Q9 q" a5 n. V0 lThe 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.
. y0 j! B: R; N' d! h5 t; s" hbut the value of their assets did really drop significantly.2 n! o5 {( Q" F

3 N# c! y" u9 l. Z/ ^+ N' Q9 A& H[ 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
' ]: o# b  k  b- T6 Z& fRefer to last example,
4 F5 Y) ~3 m: W, o2 e! qthat means bank A have no money because we borrow 10 dollars from bank A % J* `8 @  }* O
Because bank A doesnt have enough cash on hand
" |/ F9 k' g# T' Itherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E9 d1 \' j$ Y+ T
so does it mean if E failed to pay D, ; Y& \( g" z7 r, L
all the B,C,D,E have to go bankrupt?' S( F  ~  t3 E0 K, G
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the multiplier just tell how much money created in a whole economy,
! r6 M+ D, }" z$ `" Cin this case it doesnt really matter how much money is created, 6 N! L3 B6 U( P: J: ?4 U" b8 ]
it's the problem of the debt itself.
( V( x% _3 j) a" u) D/ nthe 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.gif7 f6 k; H- J+ ], H
小弟一直都唔明...4 a5 j$ o/ ]! G

) Y% h) s7 b# d5 X" v2 F- D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...
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/ n$ A0 b4 C4 w敬請各師兄解答( z* G6 G; I# g1 z4 g0 D
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Thanks

3 m! k  P2 |$ K% u+ |+ V那些根本係 紙上財富  
2 F/ z6 g; R# A( i. F/ k8 _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
' M3 z$ N( c3 S# Z) G7 q; M當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
0 q3 @2 P) W1 o( [  G3 k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
2 I1 r  l8 I4 r$ @$ T個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
5 k/ a# G1 M0 F! M% A8 o扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊," F9 |# A5 |* B4 e& [
計番回報率就已經係50%,所以可以好好賺- Z1 s* ~; `, Q7 A5 a% a
前提係銀行之間要互相信任先可以咁樣借法, Z$ z( o& P% d9 f! y/ |0 E4 ~
同埋個市場既前境要係好先得
) d7 g' a0 u; v但當經濟一差,公司估值趺了,物價不升反趺. G" A. ~: ~" V6 Z7 c% g. Z
例如剛才說10蚊的, 趺到得番9蚊,
& x5 n" I& H2 l/ `咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
* S# l- O  E+ J4 C3 _所以你就會覺得D錢好似蒸發哂咁4 i: U5 l9 a0 d; n* F

. W) w9 L' l5 \% h1 Z& s  W你都可以當標野咁諗, 個樣野多人可以狂升值, % h8 N  o2 X& v
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, " k5 ?4 i0 ]; _2 f2 X
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 q+ c$ O0 ~, A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
$ P" t; S; E. M) 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
( I. t( u- o: g! x唔係d錢蒸發, 而係比美國佬洗晒未來錢,
  q( z/ @9 E# h9 L9 ~2 N淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! k4 c; N* z. G
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. c. f7 p# y* ~
咁你話d錢蒸發左去邊? ...

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正係咁樣
# ]9 N4 R% t8 g% F' t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8 N! L9 T1 [+ j  |
分分鐘佢地唔使還錢
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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,6 T' E; o$ f$ [; s0 n1 Q
連國家都係問人借, 不停發債券, 印鈔票3 A% m- W0 n$ R; x2 q- z1 \
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
6 z% P2 \) D7 L  i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- v: ~: A: q7 B3 b% W
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
7 m# L% {; U. E2 v5 X* I: ^! y因為以前未生產, 先消費8 z8 c( j: N" s# f6 k! V4 d
而家就要多生產, 少消費