0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif2 R: J: F7 n% g9 {
Why bank will sell 借據給第三者???1 D0 E, h( k1 T( _8 Y: H. w
I was so confused.....

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4 L/ N! b+ I, |6 x) |  U講到尾都係賺錢
) l8 J+ D% \; k$ ]% k, aso銀行可以不斷放款4 J8 t3 K' k4 u- y7 }
美國的房貸問題散佈到全世界0 P+ q% e1 `& @6 ?4 X5 A
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mortgage loan 3 J% t' D3 W) t1 X
>conduit
: [' {8 @( h* k* M# f& r>RMBS(Residential Mortgage Backed Securities)& {& x" p2 a1 F' x8 G
>arranger
8 h6 q, x/ ]  t7 v$ _9 U>CDO(Collateralized Debt Obligation)+ d! r( l3 G3 N* N) G' K
最後去到投資者

Kev

i thought it is the reason of rate of return.
* u3 j/ n- D* _+ a. B4 a+ B  ]8 `CDs could have different ratings, AAA -> F,  [* N9 ^5 W2 `# P1 p- |
more risky ones would have higher premium (interest rate) as a compensation for an investment.
; Z' ?- c- r6 J, b6 N0 D" `5 nmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 p0 r3 i; Y  i! L
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 E: o! \7 U, K7 \( F5 n4 cAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 q: B; S% Y! @; W2 {7 msimilar to bonds, CDs trading in the secondary market have different value at different times,; i+ I* _0 n  d
normally the value is calculated by adding it's principle and interest. ( o, _; u2 x+ s. D
eg. the value of the mortgage+the interests to be recieved in the future.
5 t" b" Q; ~$ c& E. z5 J, O/ T$ Fbanks 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.8 M" S, `/ o0 Q. t8 M+ @3 n2 A2 G  i, K$ d

( p7 Z" \# N/ U$ iim not quite sure if the multiplier effect does really matter in this case.5 [# W% Y6 S/ E: m
in stock market, it's the demand and supply pushing the price up/downwards.
2 I% R2 d8 u% b* j  u( _2 H& FFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
- H4 q- H2 q! l+ J, M, K. dA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 q$ k7 U. N$ \$ u, j4 g
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. # F' q* m- L1 G+ X7 T
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# C" p- I/ s8 |/ }( \
Refer to last example,
/ Y6 g' U8 T2 ethat means bank A have no money because we borrow 10 dollars from bank A
, P! [) E2 G- r3 P5 X" x3 RBecause bank A doesnt have enough cash on hand
  j- ~1 J2 t1 I" C: c  @3 k/ p) ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ Q" a+ `& r  M/ @' lA->B->C->D->E
" V/ ^) X- L. r& Nso does it mean if E failed to pay D,
+ }  s& n3 y+ Q3 A: Mall the B,C,D,E have to go bankrupt?
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9 c1 r8 H( l% |6 X- ]: qthe multiplier just tell how much money created in a whole economy, # D6 Z+ W6 [% y
in this case it doesnt really matter how much money is created, ! y. y' v, \, V3 T/ [
it's the problem of the debt itself.- M8 g" ~/ X1 ~* 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.gif6 o1 d. I/ v, S7 y3 r! C0 _
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?& K% G$ c. ]3 P% [6 o4 |7 V
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無可能淨係有人蝕錢無人賺架嘛...
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; L( P/ g- m4 z3 I敬請各師兄解答
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( l7 V& Q; f2 o/ X' o( \; `6 [& uThanks

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那些根本係 紙上財富  0 p, w, E1 E# {$ m; R* \
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* J% r/ A6 g8 g9 @6 D
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高3 C' J, _. g" {( 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 s! g* |" \$ @
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ f+ x/ q, Y4 t扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
/ X& s$ F: E0 y" b3 h計番回報率就已經係50%,所以可以好好賺/ r; \& R# b4 E/ h
前提係銀行之間要互相信任先可以咁樣借法
! r* o+ M  i$ `. B( y同埋個市場既前境要係好先得
( S/ `4 M/ W( f, X但當經濟一差,公司估值趺了,物價不升反趺
/ }( j' |7 w: R9 P例如剛才說10蚊的, 趺到得番9蚊, 7 o3 h1 V8 Y- y; ~# }: U
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' Z2 k+ J+ l" t' s; f5 W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,
$ s* R5 V' c- D6 N$ c7 T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- K! W* m5 I" _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( ?+ J. U' Z0 J9 t3 p! j* F
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4 b, b! K8 o0 W4 y1 r
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  P' M8 B+ D+ p1 c
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 0 d! w! p" D1 C& H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 b% `0 e) |, f) `1 w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- \& Q9 B. ]& v# }# x& _6 l
咁你話d錢蒸發左去邊? ...

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正係咁樣. }% h; Z) I' _. M: R0 B7 @' 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
' c' I2 K4 R$ o1 Q* S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,
+ ?4 i; F$ S# {7 L5 _' w1 v+ Y連國家都係問人借, 不停發債券, 印鈔票( ], p; k6 j" M1 ~
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
" u: C; `; x4 T/ g( V( c. r' j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.gif5 t! V- r& C/ Q7 `
咁而家"爆哂煲"算唔算先至係變番"正常"???

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8 L7 C6 e* ], A2 g! N其實係...
( `- \: h* z7 f2 h7 U4 ~6 e6 `因為以前未生產, 先消費
: U" D' M4 i. n4 g* v8 f8 \而家就要多生產, 少消費