0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ a  h; P" n' G  X; H! B8 s
Why bank will sell 借據給第三者???% }- b9 {: V1 E( }
I was so confused.....

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講到尾都係賺錢4 g0 E* h+ [* h% `* V
so銀行可以不斷放款
) P$ ^& N* I/ T; @1 I/ D美國的房貸問題散佈到全世界, z; r( Q8 [1 E1 H8 s5 E$ v+ _1 i& k

0 x. `) B: N0 Cmortgage loan
: V) ^! I4 c% I' A6 y>conduit
& q) a0 W% P) {! U5 C: d/ Z>RMBS(Residential Mortgage Backed Securities)
0 O, y8 t; L! h6 X" G# p>arranger$ c4 O' @: p! Y  {# Y
>CDO(Collateralized Debt Obligation)% p0 Y# t  M) _! ]
最後去到投資者

Kev

i thought it is the reason of rate of return.
. D5 |& @# T- A, n( x' U+ ^CDs could have different ratings, AAA -> F,
7 O( L& R5 f5 w# j% wmore risky ones would have higher premium (interest rate) as a compensation for an investment.
* c2 d: s' k9 F8 Emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 y4 U0 q0 ^2 D$ D& s4 }) sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 Z/ y' [. a5 j9 y* }. P
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) G* k( F' l9 O8 j
similar to bonds, CDs trading in the secondary market have different value at different times,
* u0 P& q. Y$ x2 ~* ]normally the value is calculated by adding it's principle and interest.
" e; I0 y, X  t- D/ `eg. the value of the mortgage+the interests to be recieved in the future. # |2 R! o) Z' k2 z
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.5 r) B' T$ L$ s
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im not quite sure if the multiplier effect does really matter in this case.; R" p" @) d- T) C% h. e
in stock market, it's the demand and supply pushing the price up/downwards.
! Z' x/ I- U% lFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* _' s( B5 `9 Q/ \% SA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction." y8 B6 f* @2 `) k# c
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. ' p* k/ z5 o4 c: n$ I
but the value of their assets did really drop significantly.
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1 J* G" r% t% X- Z6 O( ?- O1 {[ 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
0 K! L  J1 Z& ?6 |  [% JRefer to last example,
5 y# U  s3 k7 Q3 _6 Uthat means bank A have no money because we borrow 10 dollars from bank A : w+ W$ _, `2 a2 m
Because bank A doesnt have enough cash on hand
! f! d) Q. T5 `1 e% c# K( l( P6 Stherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
' d! \( t1 ?: u8 T6 d( M( Pso does it mean if E failed to pay D, * r' U$ M* t. y  r  {5 H8 c/ k
all the B,C,D,E have to go bankrupt?5 X( ]' G. r2 Y+ }) A- o* A
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6 q  {% B; u2 @4 N8 {7 p' _the multiplier just tell how much money created in a whole economy,
! e0 [, n7 P. s& ]/ J( win this case it doesnt really matter how much money is created, 7 ~  n% E, t% J' d
it's the problem of the debt itself.: M0 ?! E& x7 r; T+ H: v  Z$ ~' _
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.gif7 A5 m7 d- [) i, _3 t' B% A
小弟一直都唔明...8 ~% u  w; Y) A+ M9 a9 E9 Q

: X) ]& _, B" I9 h+ K全世界都蝕錢，咁邊個賺緊錢呢?2 f9 d6 q" ?1 B* L8 E8 p

1 W" P6 B) B; V5 h無可能淨係有人蝕錢無人賺架嘛...& a3 E* L7 z3 n* e+ |5 i

' Y' V2 a$ O) w; l1 n6 t敬請各師兄解答
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, K% X" {6 z$ Z8 OThanks

8 s" @& T5 P) y' w* N2 q
那些根本係 紙上財富  
* x, e4 M; O: v( {( T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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- |- {" w" n- |; e; p: _2 khttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
8 d7 F3 W! ~% t1 L當經濟好,投資銀行相信會賺錢, 物價既估值相對較高/ ]8 [' {2 z) I8 a
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 e  b4 J2 j0 C4 E% u; z0 m+ n) @( m
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦( d% H9 Q6 d. i8 [
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
( \9 _, }5 s1 I* [: J, u計番回報率就已經係50%,所以可以好好賺
1 k. ?% S0 A- w3 {0 k8 _前提係銀行之間要互相信任先可以咁樣借法
, R" T2 [4 s' ~$ p同埋個市場既前境要係好先得
, n4 h  `  }/ ]  F% ]# Y; O但當經濟一差,公司估值趺了,物價不升反趺
# v1 S$ }) O7 L3 P9 _例如剛才說10蚊的, 趺到得番9蚊, 6 n7 n+ R" {. S2 P; p
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% ?/ I8 r7 c9 v  z& s' t" _
所以你就會覺得D錢好似蒸發哂咁  O! P! j# j& \. g
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你都可以當標野咁諗, 個樣野多人可以狂升值, ) L7 Q9 J+ y4 |/ c2 J: v5 P
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 v! F: p* J3 m4 \4 M  C/ U0 n
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& [( Q3 J# c  f. u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) f9 L0 _: r# Z8 u! n7 c3 [
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
, P9 R. @; N0 `/ B! s; H  q: G唔係d錢蒸發, 而係比美國佬洗晒未來錢, & f. t' w& _2 |0 G9 x* Q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # T6 D6 ^6 T6 p7 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
6 @# F. {5 \% J! j* v! B% ?3 n咁你話d錢蒸發左去邊? ...

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正係咁樣
* V/ A: ^0 |) ^4 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  E" i( v4 V! {) H3 E, R( V
分分鐘佢地唔使還錢
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8 k/ g3 j4 j5 ^6 X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,- k! u2 d, Y& `0 x# W* _8 |
連國家都係問人借, 不停發債券, 印鈔票
7 r3 v$ x7 {" f* C1 D一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 s5 W) t; N5 {" Z+ 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
* R5 m  P6 M5 X咁而家"爆哂煲"算唔算先至係變番"正常"???

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因為以前未生產, 先消費
$ |- v  @: m/ \. [) ~8 M, Z2 b4 Y6 u& d+ T而家就要多生產, 少消費