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原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif& l! t  r6 ?5 O) Z4 k
Why bank will sell 借據給第三者???
( j9 u' @6 d. O' U5 AI was so confused.....

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, C( L, P6 V9 L! B講到尾都係賺錢5 t- s- J8 D$ U( h
so銀行可以不斷放款6 x5 s7 [8 l- s3 k
美國的房貸問題散佈到全世界, ]# o1 Z; y# Y

- z& s3 b6 _0 Z" o* s' `8 y  ?mortgage loan & v3 E7 T& s% a3 Q# p
>conduit4 N3 t1 l2 P" |" i9 U3 ^7 e, q
>RMBS(Residential Mortgage Backed Securities)1 D- x4 K2 D7 h3 V( l& C  Y* g
>arranger1 ~  M, m" `& w3 p/ E$ ^4 `
>CDO(Collateralized Debt Obligation)/ L3 n4 e0 A8 ]
最後去到投資者

Kev

i thought it is the reason of rate of return.
8 }1 A" w* B$ U: ~9 X( a/ KCDs could have different ratings, AAA -> F,
1 N1 D$ v3 {+ V' W4 U: `- fmore risky ones would have higher premium (interest rate) as a compensation for an investment.
: \% K* T* E8 R) p8 P, @: X. n1 |- Xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ V! C0 w0 v. i3 w6 c  c! ^
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." r* z% e9 o  Z! r( e/ t8 i
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 U+ L! O. |' S6 M7 H
similar to bonds, CDs trading in the secondary market have different value at different times,
$ e7 W3 I0 D5 X+ Q7 y$ L  R" Knormally the value is calculated by adding it's principle and interest. ) @$ \8 g) b3 _' k
eg. the value of the mortgage+the interests to be recieved in the future. / m' M5 }5 Z8 T) Z2 X! x
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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im not quite sure if the multiplier effect does really matter in this case.
' [6 x% g5 T: [& a8 v7 Uin stock market, it's the demand and supply pushing the price up/downwards.; l4 K! l! c# z; _
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 \! H: ]# O# Z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% f3 y1 A+ B4 B: QThe 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. 9 a" y- n( j5 A/ W1 u; ^1 |
but the value of their assets did really drop significantly.
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, W) j. I) ]$ Z' _5 _1 p4 c[ 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  P: f- }, U1 w; p+ s' v7 N
Refer to last example,% I$ c. I! V' W- |, l+ a
that means bank A have no money because we borrow 10 dollars from bank A
9 e- `8 }, q8 dBecause bank A doesnt have enough cash on hand
9 j) F' k) M8 _  c% c& ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E- J6 G! g# j3 y
so does it mean if E failed to pay D,
( G: @9 j2 C9 A5 u& nall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
* W/ F  w5 x% i2 `8 [: n) o5 jin this case it doesnt really matter how much money is created, # A( A0 s6 _3 k1 x! u& S: L+ C' V
it's the problem of the debt itself.! L. w7 c1 j, b8 b& u; m
the 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; q( Z0 Z% j; q9 ?4 w8 q1 X- w
小弟一直都唔明...
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4 U' }, E: i8 b全世界都蝕錢，咁邊個賺緊錢呢?4 B- {" `) [0 d2 o5 R
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無可能淨係有人蝕錢無人賺架嘛...1 s% Q- ]( H: t# J; v

! N# W8 h# |- H0 L* I$ u2 u敬請各師兄解答" z; i% u: t. T5 r. r
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Thanks

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那些根本係 紙上財富  
1 O, F- f! @5 F$ H0 O/ E; ]5 t4 C. W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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/ x0 T0 e& u/ u' Q6 Bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產' H- K6 i1 L7 e' _8 b% }
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' S* i7 s1 Z+ ^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  ]8 s$ t  i$ W7 v& b- A7 s
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
' ]9 I( J" b- x+ ]: c8 T8 ?扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
2 B" o, u9 ^! k  {' q; l2 [4 o計番回報率就已經係50%,所以可以好好賺
9 O+ W7 [. q6 n! U' E/ d. V$ X前提係銀行之間要互相信任先可以咁樣借法
, J2 M, B: F6 f同埋個市場既前境要係好先得, J9 f* A$ x! P5 I: h
但當經濟一差,公司估值趺了,物價不升反趺7 l7 A& s" d1 n7 ^2 J' L
例如剛才說10蚊的, 趺到得番9蚊, ; J; [. b7 _/ G+ h2 |) D+ H* j! B
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%. N3 M5 l# Y" ~0 }8 M
所以你就會覺得D錢好似蒸發哂咁% C  k/ }/ A( s+ [; r

0 E! g8 L% n9 b* U你都可以當標野咁諗, 個樣野多人可以狂升值,
$ g) n2 S5 v" t- L/ e" A4 o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, + }0 Z; E0 ?) }! B8 A
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " Z* U9 e% {4 [1 U" R
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! J4 X: d, G% R  j9 R9 a" 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; R( t2 f) D5 K8 q
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
& f2 L. n0 j$ ^+ A淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 ^$ s: _7 |$ m( s. r5 n
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/ o/ O6 D/ |* g! I- Z
咁你話d錢蒸發左去邊? ...

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正係咁樣
$ [6 U) T  i( P# {4 [  S6 Q# Y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% O8 @0 e1 H1 Z) B: k
分分鐘佢地唔使還錢  z3 d, K$ _: h* p, A: r3 f/ |2 t
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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," H( k5 M# A2 C3 ?: D  m
連國家都係問人借, 不停發債券, 印鈔票
! \: J' l+ q* Q- ^一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
2 F3 t, M# k) j- 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
9 U1 d$ j) a( K' R% ]! ]咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...3 s( j1 k- R7 }+ h1 a6 w5 `1 A) |
因為以前未生產, 先消費
/ m/ Z( b5 I8 ~而家就要多生產, 少消費