0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ X0 z  }7 p- [  x+ Y, c
Why bank will sell 借據給第三者???8 N8 l  ^5 w. I6 x& K4 X. C' M
I was so confused.....

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講到尾都係賺錢4 E5 z$ ^% @1 H5 P+ _! Q# k) ]7 W
so銀行可以不斷放款
$ p( b0 k2 B& }8 M8 e- ]$ ^" e美國的房貸問題散佈到全世界
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' F- `, W% d5 X" pmortgage loan 4 n% z2 q9 ~8 Y" f3 P
>conduit
9 _6 n2 k; t* k8 ]! U% B>RMBS(Residential Mortgage Backed Securities)& v# w% ?0 b- t. r0 T0 v% V; N  u) q
>arranger# C. O1 A6 J9 {! Y
>CDO(Collateralized Debt Obligation)
! g3 {' @! `) [5 q4 G最後去到投資者

Kev

i thought it is the reason of rate of return.
7 B7 i' y( w! g+ k- ^CDs could have different ratings, AAA -> F,
4 W6 {& }' C) g% e" S/ Tmore risky ones would have higher premium (interest rate) as a compensation for an investment.
' `. c! V* m1 V8 g8 _" C( Xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! U( y8 s. G; {% f' T7 _8 I5 O! M
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 W. n$ F2 u) ^1 p* sAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 `: x' x6 C% X4 vsimilar to bonds, CDs trading in the secondary market have different value at different times,
3 C; F7 G: E6 k- A' S7 u' x) P; ~normally the value is calculated by adding it's principle and interest. 0 U% ^& g; T4 |/ `
eg. the value of the mortgage+the interests to be recieved in the future.
2 {4 ?4 z0 R$ abanks 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; \; e: ~4 O1 }  ^* x

# W6 _: X; r4 Q, K5 N6 dim not quite sure if the multiplier effect does really matter in this case.
* w$ P, i  d1 }+ uin stock market, it's the demand and supply pushing the price up/downwards.9 u5 K" C1 g) T& H$ s7 N: E" ?
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! u' g* r. C; g9 S5 i' P4 k4 P9 n& `8 FA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: [: }2 ^% c6 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. * M' x6 H' \5 L
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.gif
, Z4 h5 Y+ }6 f1 jRefer to last example,) B) M- H: J9 M: c: o
that means bank A have no money because we borrow 10 dollars from bank A ! L+ w! H: Z+ E
Because bank A doesnt have enough cash on hand
: t9 ]% t% H$ R- ftherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E3 |* C5 J( O" e* \3 o( D4 F" H
so does it mean if E failed to pay D, * v2 |0 ~0 F9 h8 {/ M1 v
all the B,C,D,E have to go bankrupt?
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. Q6 g; G6 ^" Z5 M; y7 B/ Wthe multiplier just tell how much money created in a whole economy, 6 H! P& o5 Y. `6 N. x5 _2 Q
in this case it doesnt really matter how much money is created, ' U) K, v) |2 s' H3 ^  j0 g
it's the problem of the debt itself.
1 Q; {6 w2 @' H7 y$ o3 Q) q6 H* bthe 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' F4 d) f9 z# R, I( e
小弟一直都唔明...& w5 o7 E' _5 d7 @: L5 u) }# X

4 r. j! @6 _6 f5 U+ l& Y: A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...( }8 X* l8 v  G  l6 U! z6 n
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敬請各師兄解答% U+ C3 g$ A0 {5 N6 J! S
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Thanks

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那些根本係 紙上財富  9 h* L, @/ V1 P+ C
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  J' T7 U, v  \! x
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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
. i2 D8 F0 b7 Y$ k1 T# c2 D當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% x4 T+ p, v3 U1 Q2 B4 `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
3 k& @6 C3 \4 \, u9 [* D( A個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( p; ~6 T7 k4 I. x& a扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,' t- X; `- [, }
計番回報率就已經係50%,所以可以好好賺3 L0 Z* a- J: J; I2 D
前提係銀行之間要互相信任先可以咁樣借法
) }- @  c. t' e; G同埋個市場既前境要係好先得
+ z# Q- r/ [! S1 Q; [但當經濟一差,公司估值趺了,物價不升反趺
2 j! \( V* Y9 l. q2 I例如剛才說10蚊的, 趺到得番9蚊,
8 d) ]+ n& m  y, D" {0 I咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
) w' k1 n, K1 z所以你就會覺得D錢好似蒸發哂咁* C4 C5 V. o% Z/ e

; L& G; k* o5 d! o你都可以當標野咁諗, 個樣野多人可以狂升值, ; o3 Q. x; ^4 K% }1 b  z  {
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, ; t, j: X  r) H$ o+ Y4 F' n' L  E
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ l9 t, m/ j% ~6 J5 @+ s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' j3 B/ O" k; }; D; G" T
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( q0 f4 v3 X# s* w- p
唔係d錢蒸發, 而係比美國佬洗晒未來錢, : t7 G) H1 d+ F" Z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 k8 G5 Q- Y- p+ F) W3 f& \3 P; 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9 t8 A4 d  R4 b
咁你話d錢蒸發左去邊? ...

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8 O2 \. n4 }" d# R. I# }' o正係咁樣% u( s0 Z1 p6 W9 |6 X3 g
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8 K/ c3 ?2 z+ T' S. U* g
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,8 Q8 }, r% x( Y& h$ r! j- t2 x
連國家都係問人借, 不停發債券, 印鈔票: r1 p* }1 y; f' S  c: \
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
& Z& |6 Y; [( M4 k3 K7 g& W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/ U1 C7 V0 I4 X3 ^
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...# U$ {+ L8 f! h
因為以前未生產, 先消費
& V4 @" d/ F- y- T而家就要多生產, 少消費