0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif7 P; {: t' D6 ^) D4 z3 t) U
Why bank will sell 借據給第三者???
0 T# C0 C/ L7 qI was so confused.....

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講到尾都係賺錢6 r, _) T) W6 O2 w5 q$ B. t3 v
so銀行可以不斷放款" `: \8 A" \* Q0 ~( i9 H
美國的房貸問題散佈到全世界
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5 i# p, @7 R8 `" D6 R  |mortgage loan + M) {/ ?2 l# W
>conduit
, O. E8 N4 m' |: i( ]8 ^! n- u>RMBS(Residential Mortgage Backed Securities)
4 N7 [9 L# F/ @* q  S5 S>arranger
, ~% m: H/ G8 V! G3 o, \( C>CDO(Collateralized Debt Obligation)& i  h0 n: h( b; k3 ^' y: r
最後去到投資者

Kev

i thought it is the reason of rate of return.8 k- O$ n0 T; F
CDs could have different ratings, AAA -> F,! f3 D" u4 Z; c( y/ D, c
more risky ones would have higher premium (interest rate) as a compensation for an investment.
0 l3 R0 g/ Y2 a. i5 e' a; z$ _; cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ `3 r' m7 w$ f3 J- Q2 i
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ i( G) g2 I8 W% I2 U5 q  k. y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 X8 {7 [% T0 f, F9 C9 w5 O3 Msimilar to bonds, CDs trading in the secondary market have different value at different times,
; r6 o- T0 t1 inormally the value is calculated by adding it's principle and interest. 5 ?# Q  ?' v/ {3 X* [$ E
eg. the value of the mortgage+the interests to be recieved in the future. # I9 L6 G2 E* e8 ~% g1 m# {
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.2 ]( `! {& _9 w3 f( p* ]
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im not quite sure if the multiplier effect does really matter in this case.5 F* }+ y" q* j
in stock market, it's the demand and supply pushing the price up/downwards.
# T" U/ H* B, ~6 Q# PFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' m$ {6 |% h$ N
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 z$ F/ f& x4 d6 xThe 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.
+ k' ~" S4 E+ W" s  ~! j9 kbut the value of their assets did really drop significantly.
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. o$ Y# Y+ o5 _2 E: p- S[ 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
" \( M; v1 K5 p( o) DRefer to last example,' r* x4 a1 Q6 X1 `# ?
that means bank A have no money because we borrow 10 dollars from bank A 9 s( K5 y) _  V7 A+ v1 R5 P; ~# i$ G
Because bank A doesnt have enough cash on hand 8 R/ D9 E8 d8 `: Y: I
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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. R$ L5 L; `1 J7 l. c2 w  a# b1 _, H& wA->B->C->D->E
2 Q9 W1 ]3 i* h, s5 _  Pso does it mean if E failed to pay D, , {- r. |9 M/ i
all the B,C,D,E have to go bankrupt?! d! y: V2 P: B

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the multiplier just tell how much money created in a whole economy, $ Z7 i. W6 L" t" o; a
in this case it doesnt really matter how much money is created, $ |' p& p" I, ]4 `" P3 k9 C2 d
it's the problem of the debt itself.
: i( v" U  f8 c) R' @) k) k; jthe 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
' h0 P) e! c6 _/ s小弟一直都唔明...
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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...( t( z9 T! t  n( |' h2 P

, Y6 ]4 h  V, x  s. W) v敬請各師兄解答
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0 l6 N0 l- L, [! q2 j$ ~* J1 tThanks

0 _3 M1 ]9 Q# O, ]1 `0 {那些根本係 紙上財富  ; h" \( D" s  I  _  g
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+ q! C" ]  l4 N# U* F0 ^7 Q
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高, m' {# L2 q; o: Q3 {8 j9 Y
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 _3 I3 W/ h+ l2 P# G+ E/ U9 j個件物價係市場好既時候升, 例如15%先算,變左12蚊啦: u' w9 b' V$ Z/ T& B# K/ S
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
, z! J8 m5 S) f# u5 U4 `計番回報率就已經係50%,所以可以好好賺( B8 b3 {/ g# z( [+ R
前提係銀行之間要互相信任先可以咁樣借法" A+ t3 _# C, J9 `' a1 N
同埋個市場既前境要係好先得" H; ~5 _" `, t4 W. u4 H) o7 {
但當經濟一差,公司估值趺了,物價不升反趺: s+ B) t3 o" h1 {& p. N
例如剛才說10蚊的, 趺到得番9蚊,
& G1 O9 h1 f3 C  j咁投資銀行一下子就要還11蚊, 一來一回變左虧200%9 E4 i  ^5 B1 p2 c, p0 m+ U, t
所以你就會覺得D錢好似蒸發哂咁
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3 t, b+ p% z9 P' l* G4 U你都可以當標野咁諗, 個樣野多人可以狂升值, 3 F2 z6 \7 j; t6 w0 u$ f9 v! 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, + p: `  `/ _/ d& C' F
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' q% A/ [$ t6 h
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8 X: P, h1 H3 i, P9 M1 f2 y
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
9 b. w% f, ~" D$ h3 X唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 @! H3 U" [3 F" Y& `  ^% u5 B淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& y8 H& v! T/ G2 d7 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
& f& R6 _  l$ |7 w2 f5 l6 F* w咁你話d錢蒸發左去邊? ...

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" `3 o3 J( G2 X' C9 i' a& M正係咁樣# \! H/ c  `& B/ }* R
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
3 j% \. `3 h7 \* q8 f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,9 z. d, F5 B# b4 j* q! t0 t
連國家都係問人借, 不停發債券, 印鈔票/ ^0 K! q2 T8 @% p; r
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* D  F. f( P4 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  W" C' F6 d, x4 c5 g6 s
咁而家"爆哂煲"算唔算先至係變番"正常"???

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2 J  |* _; y/ ]5 }; y其實係...6 B9 N3 n/ d) `
因為以前未生產, 先消費' G( b% E  r8 c1 J& y* f4 ?
而家就要多生產, 少消費