0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( V7 Y) O% \$ V  x" L
Why bank will sell 借據給第三者???% s2 W; B6 V* @; [: P  S
I was so confused.....

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講到尾都係賺錢
. j6 z! i: o( b/ E: a/ I% _so銀行可以不斷放款
  d8 }3 k/ l3 Z$ X0 B( d& l6 O美國的房貸問題散佈到全世界, {3 C# X6 H$ X; j0 ?$ I& e5 c

. G5 a8 A7 t6 @) S4 E. L' dmortgage loan % M; W/ I  o9 R! i
>conduit
+ x1 b2 |- D$ a$ `>RMBS(Residential Mortgage Backed Securities)! \: Q8 S8 ]% E! ^
>arranger
  s, b" g( Y: `* @! C* K% g+ s* |>CDO(Collateralized Debt Obligation)6 m, x; \0 T9 e9 f
最後去到投資者

Kev

i thought it is the reason of rate of return.
& N- c6 h# g6 HCDs could have different ratings, AAA -> F,/ P  k. @# `. r) W; F4 [
more risky ones would have higher premium (interest rate) as a compensation for an investment.
% D! T- P# I6 c1 a3 \. Amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 q* |( I- O. f
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. o0 v1 F. b! H! M4 C) d% RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" R7 E+ W, d: o) Ssimilar to bonds, CDs trading in the secondary market have different value at different times,
% {1 W8 k. I# L* d3 jnormally the value is calculated by adding it's principle and interest.
( R  `0 k0 R: S* _1 H( H" ceg. the value of the mortgage+the interests to be recieved in the future.
2 Y* q! E" R* l4 bbanks 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.
& q8 q' {7 }- [8 O/ G8 _; @in stock market, it's the demand and supply pushing the price up/downwards.
4 B- `4 D# Q8 F5 N& z% u' o1 SFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. S  H- ^4 e4 H2 p0 \A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ F) [+ s$ t+ n
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. , b% s* e1 S% K' q' e# Y
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. y4 [6 P) J- W1 I3 W4 [  U/ H
Refer to last example,8 Z! [6 Q. t9 G. k, v5 ^
that means bank A have no money because we borrow 10 dollars from bank A 0 }1 C4 _+ o( p4 Z% \! o
Because bank A doesnt have enough cash on hand
+ g! W' A! D2 z3 Ftherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E5 w1 _: k6 C( }5 C) M
so does it mean if E failed to pay D, ' t1 c; Z# t4 ]8 k
all the B,C,D,E have to go bankrupt?
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7 [7 t* X; b: A( [the multiplier just tell how much money created in a whole economy, $ R4 ?6 h' V/ k- L* ]$ ^. `4 }
in this case it doesnt really matter how much money is created,
! G# Z' {1 y  h  S7 H2 a4 Lit's the problem of the debt itself.
/ G: e9 k' ^+ _( Y+ q( @, cthe 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
+ C  k. o1 q; I8 L* @小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?; M( e2 N4 h, H1 o
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無可能淨係有人蝕錢無人賺架嘛...1 O8 ~6 w$ q4 J! k
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敬請各師兄解答
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' V2 t, E- R! ?4 P3 {' wThanks

& _4 Y) Q5 }* w  J那些根本係 紙上財富  ! P2 X: L' R' S
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 graphic6 n/ n8 `! S* V/ F' a
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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 ?4 U1 m, s! C9 k3 Y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高* _' ]  J/ B- G
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
& f6 O4 Z+ o+ D  Q個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
1 ^3 M* U( s5 F  a扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
: W) _; \$ G2 {1 ^$ V( {計番回報率就已經係50%,所以可以好好賺1 v, L6 g( e; L3 j
前提係銀行之間要互相信任先可以咁樣借法
) ~( D% @; l3 e% k1 }同埋個市場既前境要係好先得
: q) ]+ Y3 e& ~; L9 [9 F但當經濟一差,公司估值趺了,物價不升反趺4 Q" h1 Y1 E' q# d. C! A: v0 H
例如剛才說10蚊的, 趺到得番9蚊, . u: I! [2 {% q9 @
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) ^, a/ c2 K* \/ n2 x$ r
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, ' D3 a" d0 u0 ?% D2 q8 q
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,
6 u5 z# ?! e" T淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 Z# f" }6 T) d: e
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
+ A7 d/ u7 C- ?" R8 d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
: H/ u# d! p( ]唔係d錢蒸發, 而係比美國佬洗晒未來錢, ! W0 `9 O9 e- R5 @3 H! T& |7 x
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( w  M0 L, u4 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; [* Y; m  c% p( o# }
咁你話d錢蒸發左去邊? ...

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正係咁樣
) y5 s9 o# C2 Q& Y" y) v5 U- H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+ `% ?& x. l8 c8 _
分分鐘佢地唔使還錢6 S6 Z) o( D  r' h
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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,; b% \2 i% ]6 C4 v
連國家都係問人借, 不停發債券, 印鈔票
# Z( x9 k0 L* X  O6 _* h一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 ~# u+ G; M3 Q! U# `
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; i, `2 z$ i, y8 W2 [- I8 o
咁而家"爆哂煲"算唔算先至係變番"正常"???

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2 H% i3 v3 U3 [其實係...
: v  }8 ^8 ]5 _1 Y3 s# D因為以前未生產, 先消費
* \- |" Q7 G& V+ G7 k7 s3 n+ {/ d) U' w而家就要多生產, 少消費