0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif3 ~- ~8 a* z4 d' \9 o8 v3 @
Why bank will sell 借據給第三者???
/ r! }7 P- s% s  q; I" ?: |9 ?I was so confused.....

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講到尾都係賺錢4 A: M! U$ _, W) o; B# K* O6 Z
so銀行可以不斷放款
" e- y4 N5 S6 V0 p6 C0 ~9 O$ M7 w' \美國的房貸問題散佈到全世界5 G1 P- ^' l- {7 z- k  w# W% h

  Y+ l' g  {) M* j" J; ]5 x6 Jmortgage loan   F4 \8 G6 \: a6 H9 s! `
>conduit5 K8 ~' `+ Y. h+ m
>RMBS(Residential Mortgage Backed Securities)
$ K) ?+ o/ d4 t5 C0 m3 |>arranger
. c+ x8 E& e0 X0 v  t2 E>CDO(Collateralized Debt Obligation), E9 F) m2 Y, y6 h# ^1 L
最後去到投資者

Kev

i thought it is the reason of rate of return.
# K9 V6 U& u# z9 M+ rCDs could have different ratings, AAA -> F,
- g4 [: X! a( s7 K" x( J% `more risky ones would have higher premium (interest rate) as a compensation for an investment.
% e: Q! o/ ]( [# e6 l  d- amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
: f& a3 C5 i7 o  Y, ~! rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
3 P! y' o5 }0 A( A! `3 M! D" hAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. \: e% Q: c( N; `9 q1 o9 ]: }similar to bonds, CDs trading in the secondary market have different value at different times,/ s& g% e1 i5 k
normally the value is calculated by adding it's principle and interest.
" T4 I+ o. s& t4 Meg. the value of the mortgage+the interests to be recieved in the future. / Y3 z4 c- x) v
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.
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, m; l; s- c$ ^# ]" m# W$ Wim not quite sure if the multiplier effect does really matter in this case.; O0 m; r& T' p1 C( U& F) u& [
in stock market, it's the demand and supply pushing the price up/downwards.% V9 {2 s( F7 _3 Y$ N; G
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ ^* i0 ~% {- D+ b  d
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; z( m: X  p  r$ J. T
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.
/ R% R3 b& w7 H6 l& f0 B* I, G9 ibut the value of their assets did really drop significantly.
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* H" k; G, s1 J% Q- _5 I4 d# |; d0 d[ 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.gif1 b6 u, U# G4 W. d* k/ [0 {. L
Refer to last example,
. m2 @7 D$ @7 A8 `! Vthat means bank A have no money because we borrow 10 dollars from bank A
- ^" t  Q+ v+ M7 o3 g' yBecause bank A doesnt have enough cash on hand
* f! f( q7 N5 W: z  L& N* N. ?therefore bank A need to be bankrrupt ??? Am I right ?? ...

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& Y& [5 t+ |5 g' `A->B->C->D->E
( t# G) v. t6 [, kso does it mean if E failed to pay D,
% @8 G1 c; z9 `* _$ _# R! T3 B: o' D! uall the B,C,D,E have to go bankrupt?4 Y- y" c9 w/ {+ V( X/ W

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the multiplier just tell how much money created in a whole economy, ; u  R  d. U: g7 H7 K9 ^
in this case it doesnt really matter how much money is created,
1 |- |* e( J/ ?/ h9 i/ kit's the problem of the debt itself.
$ k$ m. Y2 u! U. P1 f" 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* o& v% e2 a/ R) o* y+ q
小弟一直都唔明...
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4 d# A* t5 P) Y0 ~全世界都蝕錢，咁邊個賺緊錢呢?  A# I% r! H8 o
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無可能淨係有人蝕錢無人賺架嘛...# z# k' s! x% x' \: S8 k1 ]% i

$ T# u  T+ V' l' l# J敬請各師兄解答
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Thanks

3 \+ Z; _6 Y) X$ `那些根本係 紙上財富  0 `# E2 D# A% E) J/ o0 ?
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 graphic6 {' W2 C0 o( w% }5 q

. |, `8 c% n9 k, j/ @& x# Q1 ^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
; y% t: T0 {0 s" h! j, a當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
1 k: Z& i  @( o! q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/ h: }; _" ?. J, b
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦4 S* S8 T2 H  p" \3 Q
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,  |) x7 @+ d' W
計番回報率就已經係50%,所以可以好好賺; f1 x0 _3 a, A* ^" v- I
前提係銀行之間要互相信任先可以咁樣借法
  P- C: [# n- O. {6 z+ G同埋個市場既前境要係好先得; L6 X9 X3 V6 r& N5 L' a
但當經濟一差,公司估值趺了,物價不升反趺
# Z( j1 k* X/ |) f3 t  K例如剛才說10蚊的, 趺到得番9蚊, 5 O) ]7 q0 l# k3 N! @8 o9 F
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 R* }6 q1 ]8 u) F
所以你就會覺得D錢好似蒸發哂咁* f3 Y: }6 |7 p: N* U- y  F) P0 k

! Y, k4 s! e2 O  D你都可以當標野咁諗, 個樣野多人可以狂升值, + z! B; Z) a+ ~# ]8 I
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, * F. ]5 J( y$ f5 g! A# k( S+ G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , v: s: c$ |" o4 }- y
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  p2 w$ o& ]( F6 r
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
! P# |1 `. w4 G& F2 C' ~唔係d錢蒸發, 而係比美國佬洗晒未來錢, - v' p+ ]# I! v' Y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 N* N0 u) M- c. 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
$ w: h2 k! d. F( C咁你話d錢蒸發左去邊? ...

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正係咁樣
: `; c1 q6 v9 a- ]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
" I6 ~, r$ X' {7 o  \& @分分鐘佢地唔使還錢
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' _8 {- d: o2 X4 r$ C5 O: M0 q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,0 G( j6 h4 l3 I3 R1 v. B- `( w
連國家都係問人借, 不停發債券, 印鈔票# I+ G) i% T! D5 u& U
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產* M! }! j7 n( H9 j2 p& h
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% a6 O6 s5 Q: d3 k0 V
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
7 z3 s8 N& a8 U) O/ {因為以前未生產, 先消費6 x+ T* X/ D& i3 V6 P/ p6 J* C" c  r7 _
而家就要多生產, 少消費