0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif* w" \  s5 _; J" @; B8 a4 N5 p
Why bank will sell 借據給第三者???0 c3 {# C& B: U+ u$ H
I was so confused.....

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3 y* Q1 v' I; g' i- T+ R講到尾都係賺錢
1 C. u& a% I2 c; U- p. Zso銀行可以不斷放款
9 x9 J2 E. f* d6 u美國的房貸問題散佈到全世界- S9 b8 a6 |) F+ a
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mortgage loan   \4 ^$ k' M. z1 Y
>conduit
! G- o# Z4 X$ Y( ^>RMBS(Residential Mortgage Backed Securities)
! K2 H& w9 c- L' H5 w>arranger
0 R0 x  `) C8 i1 I# {>CDO(Collateralized Debt Obligation)2 }2 A& C" }6 K1 ~+ O$ w4 u. e
最後去到投資者

Kev

i thought it is the reason of rate of return.
4 }( t# k3 Y) z' Z* g( Z& M8 \CDs could have different ratings, AAA -> F,
& P1 g. w7 H* Y' Y% qmore risky ones would have higher premium (interest rate) as a compensation for an investment.
& W' E& s5 A( qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,  U4 y1 t& E4 s- p; o$ M3 Q/ |* T
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ d8 e+ ^! c( s* x  h
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ F" s& l  }+ R$ `! usimilar to bonds, CDs trading in the secondary market have different value at different times,
1 U  z& N0 E: Ynormally the value is calculated by adding it's principle and interest. 1 N6 s& D% R( Y' B& J# }+ V
eg. the value of the mortgage+the interests to be recieved in the future.
9 s) C+ Y3 ^& A  B7 @4 rbanks 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.# `2 r4 c9 B. s
in stock market, it's the demand and supply pushing the price up/downwards.0 i& T8 B1 I/ H2 B9 A
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! b9 [# w  Y0 I8 z9 O% E5 y  rA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 L3 |  u( [3 G7 w) 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. ) f4 C4 m- c5 J# G+ h
but the value of their assets did really drop significantly.5 \4 t9 _) Q) q: [7 Z$ L; k8 f- |
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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) B) ]) [8 O1 V! R- h, O
Refer to last example,
( Z% e6 D  ^0 x% ?, ythat means bank A have no money because we borrow 10 dollars from bank A
1 n$ k: A7 I+ b6 mBecause bank A doesnt have enough cash on hand / r* O# D( I! e" X; X, q1 e
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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" L) D; L; `6 j% k# p2 pA->B->C->D->E- n: q( Y' O+ _9 O" i5 s
so does it mean if E failed to pay D, - B3 C3 L( H& h3 b
all the B,C,D,E have to go bankrupt?1 }% W3 {& B6 P5 P8 ?2 ~

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the multiplier just tell how much money created in a whole economy, ! V, d: p/ L, F
in this case it doesnt really matter how much money is created, 5 E! g. T# e1 [' L: H3 s' G
it's the problem of the debt itself.. N' r* b5 r) }2 B  I) y
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.gif2 k- G6 J1 c$ o6 K% P
小弟一直都唔明...3 U; l3 {+ h1 y2 f

2 w- I) h) Z, N$ ~; p全世界都蝕錢，咁邊個賺緊錢呢?% k# r! \8 @- [6 _
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無可能淨係有人蝕錢無人賺架嘛...
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* p0 x4 M* R% `- R; O  x, u敬請各師兄解答
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$ A; t/ a# J' o2 sThanks

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那些根本係 紙上財富  
2 u( H" e2 K" `; ]0 e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0 L8 U" q! Y& n0 o! X, H, W* Z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高4 P$ V* L0 N/ I' |0 l
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
  S$ A% v, }2 E8 O! K0 T% L4 j/ n個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% P  y& v0 B  r8 n
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ z  p; R% A$ a# Q6 H  {+ Z) X8 j2 z
計番回報率就已經係50%,所以可以好好賺
" p1 b* L1 c. p2 H$ @" V9 n前提係銀行之間要互相信任先可以咁樣借法
2 F- h) d) B2 E6 e同埋個市場既前境要係好先得  n4 p, ?0 E- H% U! m
但當經濟一差,公司估值趺了,物價不升反趺/ |% B* q- a/ a2 D7 |
例如剛才說10蚊的, 趺到得番9蚊, 2 o, _$ l" J. E, V8 K! Q0 N0 v
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%; o0 _) V6 _: P* s% t
所以你就會覺得D錢好似蒸發哂咁4 u1 d* O! v# w3 [5 O2 `& L: e6 Z
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你都可以當標野咁諗, 個樣野多人可以狂升值, 5 C5 r- n: Y6 z' c
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, / c! _1 f& ]) `) g$ J7 ]
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 O  _! Q1 K3 u  @- R" d8 |' 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
. g! ^  c  X3 ?' k, N  p' R, Y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
; f2 h+ ~# J6 e6 a9 [唔係d錢蒸發, 而係比美國佬洗晒未來錢,
- D& d! t: I$ E! Y% C" C: z' b淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 {+ X- `6 [& k2 Y: m( p& t
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
, ?( C' S) t. R咁你話d錢蒸發左去邊? ...

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/ R  t0 M% `: A  R正係咁樣
) z! p4 S  v: Z$ u2 h+ \8 c( a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: Z/ y6 m- w1 ?) {; p/ r3 i9 J
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,
, r$ M8 q; T" ?, C8 H% ~! ]連國家都係問人借, 不停發債券, 印鈔票# g% J5 T9 W1 a! C/ t' f+ l& Y
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
" |' p( _* J, s9 N$ b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$ `( |5 q) J* m
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...! ?! e4 p4 y5 ^- ^" ~* I$ w* H# }
因為以前未生產, 先消費
2 ^  M5 _1 g- U' F/ ]3 B: u8 @+ `而家就要多生產, 少消費