0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif1 G' {" v7 K- `
Why bank will sell 借據給第三者???7 [4 z7 ^; m* s/ O# h9 N3 Z  z: |
I was so confused.....

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1 h- i; W+ N' G4 L講到尾都係賺錢
* {- S& V, R8 t6 h, a* Q$ I4 K) tso銀行可以不斷放款) P, s9 {: P7 d" H
美國的房貸問題散佈到全世界2 y% F4 k. O0 @/ f' v$ l* H
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mortgage loan + ^: N: J  t- H. f
>conduit! k8 d9 S# X5 D) M* G
>RMBS(Residential Mortgage Backed Securities)8 h; f5 F3 M2 E1 A5 h+ j
>arranger
5 o/ G7 p7 G2 v6 ~0 }/ {>CDO(Collateralized Debt Obligation)
  ~. X8 u! B, j; R# ?; O( ~" |最後去到投資者

Kev

i thought it is the reason of rate of return.
! u' U; _: `7 v6 Q8 R. g9 r) FCDs could have different ratings, AAA -> F,8 S- u0 q: N" x& o& W3 o9 S1 C7 \1 _
more risky ones would have higher premium (interest rate) as a compensation for an investment.
: }. R5 Q$ I( B+ kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. w) y9 D" e0 I
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.  z" i( B' Z. T
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 t5 D3 K2 n, N- g( a6 }
similar to bonds, CDs trading in the secondary market have different value at different times,
1 D6 j# K3 w, ^4 X& F' {normally the value is calculated by adding it's principle and interest.
2 f& M+ t; h- Weg. the value of the mortgage+the interests to be recieved in the future. 2 S# `1 B1 f4 }
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.. F& z1 N$ c% t3 m. r: U

9 M3 a' l4 U+ Z+ n) Uim not quite sure if the multiplier effect does really matter in this case.# S; ?, f1 E; \! o6 O
in stock market, it's the demand and supply pushing the price up/downwards.7 a  p$ F: T  n$ P& }: g) G, j
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! m0 L8 l( }9 I$ k  w
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. A  ~$ b4 O% v
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.
& I  f# E% @. }but the value of their assets did really drop significantly.0 }* j# b7 `  \% l$ ^! k" f8 T
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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
5 v0 @& U0 G, J' f7 b/ I  BRefer to last example,
, k: c4 }/ x& [% [that means bank A have no money because we borrow 10 dollars from bank A
0 N6 ~3 O! x; G$ ~: j; rBecause bank A doesnt have enough cash on hand ' @9 p4 x! y1 C. I/ k; ^3 r
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
0 U9 }8 Y; L4 Y/ _- w$ ?$ u/ K3 Bso does it mean if E failed to pay D, ( b  y  ^1 K9 O! l1 n/ c3 m# A
all the B,C,D,E have to go bankrupt?2 u& Z* B( k. J8 x+ O: ~- p

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the multiplier just tell how much money created in a whole economy, * o! ?9 \% |" i5 F
in this case it doesnt really matter how much money is created, 1 Y' j& U4 Q( N7 I
it's the problem of the debt itself.8 T6 Q* [; O7 [5 I: @" }# p5 I/ l. j
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  r# M" L5 x- x" B  z
小弟一直都唔明...- ?: p" `$ i0 K% f$ S' H5 V
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全世界都蝕錢，咁邊個賺緊錢呢?* T6 u% n) p) @4 e

" W, G) ]% V# T無可能淨係有人蝕錢無人賺架嘛.... p% d/ ~" ~' C) z1 T9 D

/ r7 e; G4 E! G: b敬請各師兄解答
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' e$ q' J4 i! a' U3 z) U- kThanks

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那些根本係 紙上財富  7 A. E: s$ w1 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
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0 v  Y* `5 z+ L+ m* T/ 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
& y) F$ |) {1 ]! M當經濟好,投資銀行相信會賺錢, 物價既估值相對較高- k$ r& t! E1 j6 g! ]& O' _
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9 Y) U, T- @) a) ]9 b2 R! c: V2 }
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 y/ I) Y5 \" A+ z6 c* `扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 ~' ?: {) E% a* K8 @6 Y: a計番回報率就已經係50%,所以可以好好賺, u. H/ e7 K$ U5 n/ O. \; w7 L' A
前提係銀行之間要互相信任先可以咁樣借法
* k, b# C/ m& t同埋個市場既前境要係好先得; H, I: i$ @. G, ?4 [  E0 v, O( C2 \
但當經濟一差,公司估值趺了,物價不升反趺* K) ?; }' G0 e4 _% @
例如剛才說10蚊的, 趺到得番9蚊, ! O2 l. C1 T) B1 Q$ [. @
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%' u; M' Z9 ]5 D8 _- t) U$ j( b
所以你就會覺得D錢好似蒸發哂咁! b3 ?- o4 j/ C- _

0 J  r5 u8 h: j! s% R2 P% y你都可以當標野咁諗, 個樣野多人可以狂升值,
& d6 X7 O' E5 F9 y* |& 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,
. j: Q" k2 Q) r+ }2 U7 w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  N, g+ c2 S  {( a; p. Q; J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; ]2 \* E; G8 K: L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
2 U5 x& x7 R) ^唔係d錢蒸發, 而係比美國佬洗晒未來錢,
- h( r" x. |0 T( H# a淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ E+ A- t6 U, }% d: L0 g+ A
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
8 ]4 d" Y' B6 j/ r8 S7 I咁你話d錢蒸發左去邊? ...

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$ j( C) `' @$ g& Y% }' B- f9 ]正係咁樣
" v: a' l6 ?# L- Q( G4 T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: w% W) f9 g: c
分分鐘佢地唔使還錢1 o& l2 W  {: ]

" H$ Q( \* w$ _1 o. o6 z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,
9 \: u6 v1 K: w( ?連國家都係問人借, 不停發債券, 印鈔票
% f& |3 z' s; j. `" L  y7 F% |一個國家好少出口, 而又大量入口 ,反映到佢唔多生產9 l8 q: R' n: m, T+ k7 X' C
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
# J% N6 l( x$ q8 A  I$ T咁而家"爆哂煲"算唔算先至係變番"正常"???

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0 j0 Y3 i4 \5 A1 T1 W其實係..., U1 W. p( \. Z, s7 ~  A- ^+ J
因為以前未生產, 先消費- G2 V; t) w  |
而家就要多生產, 少消費