0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif6 d5 j- w4 m  X' P! ]1 m. K: n* d
Why bank will sell 借據給第三者???7 u2 M- M6 |4 l; M# E1 d6 ^- h: t
I was so confused.....

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5 l6 f  I% k+ m& m: D講到尾都係賺錢0 Y- d5 A1 D( [% N) e; [' a1 X) A
so銀行可以不斷放款+ u7 P, b; o5 L6 y8 T& V0 b
美國的房貸問題散佈到全世界* R. f0 F7 W! `, u4 w

% I' N+ M# @6 W1 c: D; R( E7 lmortgage loan   L  {5 |4 p0 x: @# A
>conduit
; W1 @* s1 d* t2 j  T1 t/ f>RMBS(Residential Mortgage Backed Securities)' n. j, I4 Y( D
>arranger
9 b3 h( d! Z5 u! [>CDO(Collateralized Debt Obligation)
  s4 O2 L, q6 z- e" H2 y最後去到投資者

Kev

i thought it is the reason of rate of return.
$ t& e9 ]" A  y* ?0 pCDs could have different ratings, AAA -> F,
" C$ U$ C' N! [more risky ones would have higher premium (interest rate) as a compensation for an investment.+ z4 A- S3 k; U2 h& C
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 S9 b* O# m% A& x/ l  f5 v8 y* x
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 K/ z2 g  l6 g+ xAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 P: F6 e# W( n' l% o9 P1 J- N
similar to bonds, CDs trading in the secondary market have different value at different times,
* Q/ @8 [) b7 y7 Bnormally the value is calculated by adding it's principle and interest.
  p  @: f8 d2 F  c& d5 Teg. the value of the mortgage+the interests to be recieved in the future. 9 D7 D: E3 k1 s  }0 d' @
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.3 m  b3 I- C) G- Z
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im not quite sure if the multiplier effect does really matter in this case.% J5 p1 ~4 Z; @: x2 d
in stock market, it's the demand and supply pushing the price up/downwards.# O9 B" j7 A3 F% X2 f$ ]' e* D
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# O: _# U& c: z4 o' |$ d
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ F$ e* C/ i+ i: Z6 M2 f
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. * h% s3 o" b: W+ f- v
but the value of their assets did really drop significantly.
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[ 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.gif9 x( f% I% I* x9 {5 L" P
Refer to last example,1 f2 F2 c: P( ]1 S
that means bank A have no money because we borrow 10 dollars from bank A
* G! I9 j0 t# W! W6 t/ v7 BBecause bank A doesnt have enough cash on hand
- E4 e2 x& ?' E' t% M& ptherefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ A$ ?4 p. g- d8 r3 ?A->B->C->D->E
/ Z, X2 j0 S0 f5 e; ~so does it mean if E failed to pay D, 7 p0 X' A8 t  f" @  Y
all the B,C,D,E have to go bankrupt?
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" E) w1 H3 B& A9 ]% @; s+ othe multiplier just tell how much money created in a whole economy, ( I7 n, h% `7 \5 e8 S) {
in this case it doesnt really matter how much money is created,
9 N6 ^# a) [! n5 L) Sit's the problem of the debt itself.
/ B0 G6 g6 c  Gthe 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
' c8 i4 o1 L; e' I2 h8 @9 c小弟一直都唔明...% w" s0 L$ t1 _
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全世界都蝕錢，咁邊個賺緊錢呢?4 J4 V6 N0 [9 f' ^' k

, P9 t% K' O5 B% e$ O( e. w4 @' l無可能淨係有人蝕錢無人賺架嘛...% |0 |2 p+ B1 r& B7 a% `

& |5 |/ \5 w: f7 `0 K! Q4 C, N1 ?敬請各師兄解答
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Thanks

. p# K  H6 g5 a' |# g6 `+ G3 M那些根本係 紙上財富  
% q  B& H/ m' `- E0 a* c# V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 graphic0 o+ w, Y$ }' D" C, i

( l& s0 E; t! M& \. K! Hhttp://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 `: n' ?4 @2 C' V
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: ?* M* U( l. M2 a1 G0 n. U
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. ^$ f5 ^. {2 N6 p; y3 a: H: O" |
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
2 R9 y  \$ o, B0 P; z扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,  f! ^) D: r+ b% ?; S
計番回報率就已經係50%,所以可以好好賺5 A* {: D# W' d2 n
前提係銀行之間要互相信任先可以咁樣借法7 ?. d0 Q/ M/ Q- o/ o$ x
同埋個市場既前境要係好先得
9 t1 f( B- O+ h( d但當經濟一差,公司估值趺了,物價不升反趺/ a/ W4 j( [8 G
例如剛才說10蚊的, 趺到得番9蚊, ) j2 |9 q( @: ^) G5 q3 i# e1 R
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
. y. X8 S0 R7 r9 Y$ r所以你就會覺得D錢好似蒸發哂咁- d# a6 x- i; B$ ]" x- V

& e& ~1 x9 g6 d, _你都可以當標野咁諗, 個樣野多人可以狂升值,
' q  k& C) k" q1 I- B- c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,
' a3 z6 D% m; O5 [' q# E) B1 W$ h) A淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 J8 U+ h1 ?5 j6 F* E
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
$ |- J2 p' M0 d' w0 D9 t7 H/ N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* Q/ D* E0 y( j5 {
唔係d錢蒸發, 而係比美國佬洗晒未來錢, " k1 ]% R3 K( \) |3 D, V
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + I; F- i: J; m) x- p& |0 r  ^% 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
4 `& M2 w2 N: {# {- @咁你話d錢蒸發左去邊? ...

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1 ^8 u# q7 V' Z/ A正係咁樣3 A8 X- E8 f: \% R7 f
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 \5 e9 G* s4 k- K. I9 l; {分分鐘佢地唔使還錢- n/ z/ c, _! q) j1 E& |3 ~: A% a

. X( H: @6 }* x4 x6 L$ M# O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,7 _) x: c; }3 P, ?/ ]+ V. ^% x& \
連國家都係問人借, 不停發債券, 印鈔票3 ], x1 C2 t6 h+ D5 R# `
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產7 j% H% ^" X) c2 f) h# f; @/ g: o
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, c; h8 J  \4 F5 A( v
咁而家"爆哂煲"算唔算先至係變番"正常"???

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, r* R1 d  R6 Q# p, H其實係...
& X3 y" Q: i* k9 J! O因為以前未生產, 先消費
: V# L% {6 j, d% |. P* W; b而家就要多生產, 少消費