0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif5 s  P- [( L" I, i8 E+ L# n
Why bank will sell 借據給第三者???
' z4 z9 r+ ~% j. z* N' B/ T1 M( jI was so confused.....

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講到尾都係賺錢
' _5 q; [3 k1 \' y/ sso銀行可以不斷放款2 ?3 B8 j7 C2 t6 z, r7 w
美國的房貸問題散佈到全世界9 G0 J5 L' q" B6 a# V1 [
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mortgage loan
2 X0 I' p& Y, U+ R# E7 \>conduit
3 D- ^5 ~  C1 U' e; d, Q>RMBS(Residential Mortgage Backed Securities)
$ d3 A9 i, y# O! ^) |. ]>arranger0 T9 V5 X" M4 g1 n8 B- }5 ?
>CDO(Collateralized Debt Obligation)
: J1 k* I/ e  l1 @5 |* c最後去到投資者

Kev

i thought it is the reason of rate of return.
% {+ ~9 j* m5 p! u$ O. K6 ~! BCDs could have different ratings, AAA -> F,
3 l5 Z) ]# P8 C; F" j+ H; gmore risky ones would have higher premium (interest rate) as a compensation for an investment.
) t* Q+ V8 u+ U, ]main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ ?6 I) Z1 w/ n' Lin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ a' t/ K" g! m6 k' B& F) P
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ f, [) o) t0 D9 R+ J6 Y/ E3 x
similar to bonds, CDs trading in the secondary market have different value at different times,. n$ I9 [& Z4 x4 C9 \
normally the value is calculated by adding it's principle and interest. ! Y: u4 P* ]" k  x9 @7 q" ]: |
eg. the value of the mortgage+the interests to be recieved in the future. # l9 `0 \7 @7 g& e* V0 i1 i
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.# S7 L- P7 R; c4 \& R

2 I- N2 U4 ~, U9 O" t5 Z; x4 a! Mim not quite sure if the multiplier effect does really matter in this case.( c; \6 Q! H( G1 @7 s* W
in stock market, it's the demand and supply pushing the price up/downwards., p+ c% c" v; E- r6 ]. L
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! `: E+ _3 J) R! L+ q0 e6 j
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; [+ E& q6 Y, _3 p7 J; FThe 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. ) Z3 t# N6 \# o# \- G+ J- F' s
but the value of their assets did really drop significantly.+ p* Y* F3 z, [# ^9 Y6 E& e8 s
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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
! t  Q/ i$ t4 o% H( b, j9 v' ERefer to last example,
2 [+ {; E" n: T5 Ethat means bank A have no money because we borrow 10 dollars from bank A
3 e1 W) B) T/ C  BBecause bank A doesnt have enough cash on hand - x1 c% T$ K9 r7 I
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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1 K0 p& j8 |  @4 \2 bA->B->C->D->E
5 m, S7 {1 f# r" M3 O( Fso does it mean if E failed to pay D,
  x* p' R/ n( k6 y: D0 S9 zall the B,C,D,E have to go bankrupt?6 t$ c% a; D1 T& a. s6 \3 u

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, a6 l3 y: h" ?5 y9 t6 Y. fthe multiplier just tell how much money created in a whole economy, % ~. F' p% J8 o9 _# P
in this case it doesnt really matter how much money is created, : ?/ A4 p: p6 p3 y$ b8 D* ~
it's the problem of the debt itself.2 Z; S) T! g; c
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.gif4 v: \: H" }  z3 @* O: @
小弟一直都唔明...' B/ r5 j) E' M) @7 l; ~, e* \
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全世界都蝕錢，咁邊個賺緊錢呢?: b- w; h  Y- L9 x; t& t. C
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無可能淨係有人蝕錢無人賺架嘛...2 M$ w- Z2 U- D  P; E7 A

! Q* T4 x, s- r2 Q9 y敬請各師兄解答+ U5 H# W% ^. `, v- v' v/ p- v" k
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Thanks

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那些根本係 紙上財富  & i- i/ P/ _4 |- q2 X
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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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' U$ v' e1 \& B( i- l$ G" }2 P
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' e1 U' e' Y3 h% @, Q( u+ ^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
. i0 z! g" F! K! z* w0 i3 N個件物價係市場好既時候升, 例如15%先算,變左12蚊啦/ j% @5 h: [( ]1 M7 r2 f9 N
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
" n; p, a0 i4 c/ n6 v計番回報率就已經係50%,所以可以好好賺, \/ P7 I$ [9 ]9 y: N' q
前提係銀行之間要互相信任先可以咁樣借法
  B! y! V3 z# K同埋個市場既前境要係好先得; L8 a8 d* r! ]9 R# \1 ^
但當經濟一差,公司估值趺了,物價不升反趺- T- l. E' P6 G4 V' i1 P
例如剛才說10蚊的, 趺到得番9蚊,   l* d2 E% @1 x. \
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 i5 u0 d% x  M$ ]  t2 l. [  X所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, ' |6 w& m1 D4 o! c' @1 r
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, # i  p, s' T; b8 C) |7 D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* h( T- H/ x8 x, K/ A' p, B9 B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) y8 ~' p4 m+ e3 {. _/ I
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
! z- o* _; g: t. n6 k' s唔係d錢蒸發, 而係比美國佬洗晒未來錢,
/ r/ S7 G9 c! C淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ V4 w# Z0 q  E/ c3 ]; h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
- a4 _1 b" G) i8 q7 j6 c咁你話d錢蒸發左去邊? ...

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- p4 p% C& ^" d0 Q正係咁樣9 U8 |( K% `8 v, Z
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2 f" w1 h  `' F/ w; u: X
分分鐘佢地唔使還錢$ B. q1 p( ]7 k; `1 F3 l( k
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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,
1 N2 _2 v" _5 H0 w) d% }/ ?& P0 W連國家都係問人借, 不停發債券, 印鈔票
9 g+ A" s$ `/ J一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 S8 o+ E: E2 j3 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* ^( N8 j- n" }9 X" v
咁而家"爆哂煲"算唔算先至係變番"正常"???

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. D& {9 f* Y" k: t8 w; P其實係...
& Q! Z7 @$ ^2 f  r# h, W4 o因為以前未生產, 先消費
2 Q7 ^; W' v0 ?- U1 V而家就要多生產, 少消費