0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif% b7 q8 [% M, j. Q$ z7 [" y" n% b
Why bank will sell 借據給第三者???3 o/ Y- H2 e/ j% B7 ?- c
I was so confused.....

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2 N# |4 \4 A2 q" l5 `3 @4 T7 `講到尾都係賺錢8 A# I) G; k$ ^  {5 j" ^
so銀行可以不斷放款8 c8 Y, g! r. |/ E5 b
美國的房貸問題散佈到全世界" N$ B& w, N8 O& o9 L! K  d/ L

8 p1 A3 h1 S: o# I" L: f8 Cmortgage loan
' X4 _& Q& d  o$ _2 u>conduit
% \3 N8 a, z; f! ?! {5 f>RMBS(Residential Mortgage Backed Securities)
* U: _) q" ^  E4 L3 a>arranger- U+ \5 b" _; z
>CDO(Collateralized Debt Obligation)
9 D# }) F2 e$ o( i9 f" |最後去到投資者

Kev

i thought it is the reason of rate of return.
- V, t3 [* u% ]0 H: l. tCDs could have different ratings, AAA -> F,
( U9 x  }4 U  [( y# F! v; |more risky ones would have higher premium (interest rate) as a compensation for an investment.
1 ^/ w: b+ J( f5 d2 q" Ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 g+ ~% w1 `. e2 r4 J# i
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* C5 o7 t! u6 q6 S, g3 D
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 }& X9 n9 Q2 D/ d& `. Bsimilar to bonds, CDs trading in the secondary market have different value at different times,
: n& |# r9 I  F3 @: ?1 `/ n7 b" Knormally the value is calculated by adding it's principle and interest. # l" d9 F: c" S  n
eg. the value of the mortgage+the interests to be recieved in the future.
. |: B! V) V1 l6 O+ F8 D3 v% Abanks 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.7 `8 u$ u6 I1 R+ Z: d2 o  P. W
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im not quite sure if the multiplier effect does really matter in this case.
6 d, u3 h5 u) A4 Min stock market, it's the demand and supply pushing the price up/downwards." e6 d( z& F7 Q' @
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; @3 z$ k5 j$ t- K9 DA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# d: s9 O! {8 d3 \- D  KThe 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. 6 N- y$ Q% G5 S1 y. ~$ m1 d7 C
but the value of their assets did really drop significantly.; g4 C7 A% q7 Y* q- J4 o1 W+ U- A, Y
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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.gif6 l! ^1 I6 B2 s% T7 i# n: c+ O
Refer to last example,& }8 N& q$ ]0 s7 P7 x& S
that means bank A have no money because we borrow 10 dollars from bank A
3 _- `9 N& I' UBecause bank A doesnt have enough cash on hand 4 y  Q8 w  u! T9 W: _5 m
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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7 U" |6 t. {* {9 JA->B->C->D->E6 x9 t  q& B2 F" j) M6 Z) V
so does it mean if E failed to pay D,
0 F, d# ?3 m) [/ q& Dall the B,C,D,E have to go bankrupt?) h# ?$ q. k  Z8 k; a7 M0 P

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the multiplier just tell how much money created in a whole economy, - {3 k& f& ~( N% n1 @( ~
in this case it doesnt really matter how much money is created,
3 y. Z; l* g; Z- U% }it's the problem of the debt itself.( _9 A' U9 _" N) l
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.gif" K( ^; h- U% L/ \3 a  G
小弟一直都唔明...+ V/ R* N5 }/ D: A' L
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全世界都蝕錢，咁邊個賺緊錢呢?1 N  N& {( D# ?& h9 M, h
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答; V5 H; n( P/ U4 r; C6 D0 V  X
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Thanks

+ @# C4 ~- ^% }% }那些根本係 紙上財富  
* P6 f9 B0 `( p5 |4 m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- x) M& L) Q; _
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ d+ X6 y% `% V$ o1 q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# T$ `5 ]( Z; d! R7 q# ?# x! d
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 G$ |& e/ S3 |" }5 H" }1 j0 R扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
" Q) Z1 B  Q6 t$ s計番回報率就已經係50%,所以可以好好賺8 v5 f/ q" O) R3 Z& m
前提係銀行之間要互相信任先可以咁樣借法
9 H2 w8 B+ O7 j同埋個市場既前境要係好先得
9 v$ i: y( R+ b4 {4 F但當經濟一差,公司估值趺了,物價不升反趺
9 E/ J7 d6 V1 D" [例如剛才說10蚊的, 趺到得番9蚊, * u' [  F: u( m1 d
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 J! T: P$ J! r  }1 Q3 i* @3 q; P
所以你就會覺得D錢好似蒸發哂咁1 C3 m7 j3 a' ^- ?# X

1 A$ p; n6 Q* d你都可以當標野咁諗, 個樣野多人可以狂升值,
$ w: C/ t) p1 K( B  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, 2 X7 [2 S  x: F4 b1 }# S
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 U2 Y) j5 D/ W7 S( Y  |: g
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# F! f- w) Y; s! p' V
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  Y% ?! D/ P) `) W! |0 x/ r6 O5 K
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 J1 w6 I5 S' _8 W" q3 u淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 k1 }$ h) d( 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
8 Q% t# p9 N4 L, V8 l咁你話d錢蒸發左去邊? ...

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# j" L) y9 |1 H6 j正係咁樣
! j$ r& Q, i0 I/ F5 Q2 P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8 ~* @/ W  `" x- L, s/ R$ ?8 x% n
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,. X$ T4 G' I* s7 x' g
連國家都係問人借, 不停發債券, 印鈔票
, d) ]' x6 q* {8 M# `一個國家好少出口, 而又大量入口 ,反映到佢唔多生產5 C( y, }  H5 j' i, C7 J" g
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.gif9 h4 _" _3 q; M6 ~+ P" t6 w
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...* Y) F, m4 _# j& B" e; x( t3 ^
因為以前未生產, 先消費
( h& J0 m! j; C/ p而家就要多生產, 少消費