0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif! v2 J7 l1 t! c/ R. ^
Why bank will sell 借據給第三者???8 |$ |4 Y- `! r' p' M: z6 t+ r
I was so confused.....

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& G6 W% Z4 Y$ E' A0 L講到尾都係賺錢& p( C! v5 A5 t3 G( p
so銀行可以不斷放款1 J( s& e6 Z4 i& \  |! f( ?
美國的房貸問題散佈到全世界8 }" M: F: l0 L8 {
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mortgage loan 1 G5 O9 y2 s* s  ~
>conduit
7 V3 R( i: [6 A2 c4 W>RMBS(Residential Mortgage Backed Securities)
7 J( m2 `% J* A* i- r! F>arranger
! }- y/ I+ s: b* }) O+ A7 O>CDO(Collateralized Debt Obligation)$ M- S$ S- K/ t
最後去到投資者

Kev

i thought it is the reason of rate of return.
# q* P4 u& f4 V5 V7 n, ^CDs could have different ratings, AAA -> F,4 p2 Q& s6 Y+ f# E! M4 F
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 |1 I4 m1 ~* O' y+ m. ?2 D/ e3 m$ p% f
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ W5 T% f! y: M+ I
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 r+ \  b: i# a6 L( g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% h2 Z1 g6 f# X/ o2 [/ ~
similar to bonds, CDs trading in the secondary market have different value at different times,9 L! \' L8 x& X3 t
normally the value is calculated by adding it's principle and interest.
' E7 ?; a. d7 d$ f* b9 Reg. the value of the mortgage+the interests to be recieved in the future.
/ W4 {; h3 ?; ]3 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.) N) j" ~2 B: G; I: o( D8 @

4 J+ ]$ _4 K7 n5 ~im not quite sure if the multiplier effect does really matter in this case.
) ]& X6 ~! P) d* hin stock market, it's the demand and supply pushing the price up/downwards.* |4 s( C/ _2 T: N
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ f7 b0 m4 f0 X- AA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  a  j, ~. Y; |! zThe 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.
- a) @3 \. I  e( bbut the value of their assets did really drop significantly.: a4 V' @* A- F4 S  h4 }& _2 u

3 A+ F' K: G: q! z[ 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
( a) D  @9 d; o. c' s3 B" oRefer to last example,
& L8 i+ f( |8 zthat means bank A have no money because we borrow 10 dollars from bank A
6 v7 Y, L* j# `2 IBecause bank A doesnt have enough cash on hand
2 @2 i3 e7 ]# m3 V* gtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E: h: v7 R1 H4 N4 V# s" c( A8 ~/ d0 |
so does it mean if E failed to pay D,
; i+ \/ R- x  B0 ^1 H1 Iall the B,C,D,E have to go bankrupt?
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9 E/ r( F9 g4 `; [the multiplier just tell how much money created in a whole economy,
; d% C- j  M; f* Zin this case it doesnt really matter how much money is created,
! k' M7 y, i# `2 V8 T# xit's the problem of the debt itself.
0 d+ ^' H3 m" U* t8 lthe 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.gif2 h- D# E- ]) G# l
小弟一直都唔明...
9 A' k4 i! M" x( y5 t1 D- a  L* U  c- ~6 d7 ^/ ~9 M# u
全世界都蝕錢，咁邊個賺緊錢呢?
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$ u: A+ b0 p2 \$ q無可能淨係有人蝕錢無人賺架嘛...0 l, y, F  K3 Y% L/ c

0 Q7 v; Y; G% n( c& b# D+ S. ~敬請各師兄解答
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  b. B& n( k  `Thanks

& a0 j5 |$ p( \  _& p/ r0 @那些根本係 紙上財富  6 _7 t! d, B5 @% |$ U
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* i( y3 k; r1 T8 N% k( P3 }

0 v! J6 H/ V  D2 dhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
" ]+ M. T, q+ N# P當經濟好,投資銀行相信會賺錢, 物價既估值相對較高; k8 g. a3 G( m  V
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
% }+ f  k) w, Z個件物價係市場好既時候升, 例如15%先算,變左12蚊啦& Y4 V. I! W6 h7 B0 ]8 H5 W1 h1 i
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
; ?0 k; M* v( J: V' u4 \計番回報率就已經係50%,所以可以好好賺5 `  D, z! I  C7 |+ g
前提係銀行之間要互相信任先可以咁樣借法
7 R( I" p! `% l1 Z" K0 e同埋個市場既前境要係好先得
% R- O: M% Q' R# N+ z但當經濟一差,公司估值趺了,物價不升反趺2 S1 R0 s% D, ?6 F; {& |) G6 X
例如剛才說10蚊的, 趺到得番9蚊, " E7 t8 _3 s/ _1 b# m' Q
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
1 O" |4 y$ e4 R3 \: H所以你就會覺得D錢好似蒸發哂咁
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, q4 s+ r/ R+ W; x. _( z6 E: o你都可以當標野咁諗, 個樣野多人可以狂升值,
+ v0 G6 b8 D! x/ o* 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, + F# z7 g" S: i! l" \
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ p; M& e4 K* ^5 {. 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% v* v  z( b0 K* C+ X
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/ g0 B1 J- f, n! M- y. \) O2 j9 k( |
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 S1 Q- g( \& Z2 K
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% r2 ~! h% c1 f  p# ]$ w% \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' U. y- j. Y7 n! @; Z! n
咁你話d錢蒸發左去邊? ...

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; ]. ~/ {7 t" X% N正係咁樣
" m9 {, U8 o3 B6 G5 C; l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& m* @6 f+ r) e& x8 a' _8 h
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,
/ B, n  S( Q) g3 W連國家都係問人借, 不停發債券, 印鈔票3 c% u9 J/ g' a1 l8 K
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產+ N. j9 t: [3 X/ n. Y1 _
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.gif3 t! u2 N1 h8 _
咁而家"爆哂煲"算唔算先至係變番"正常"???

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$ ?, ]! m+ w* w! S其實係...
. F$ M4 C/ p4 X( Z1 F' K因為以前未生產, 先消費
+ @! q5 u2 v. U5 w: F% v3 m而家就要多生產, 少消費