0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
8 h" a8 Y( L8 ^& G0 h4 q% MWhy bank will sell 借據給第三者???
. R9 G0 b* Z$ @9 i3 g+ I$ [. [I was so confused.....

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講到尾都係賺錢
* j" |% P1 }6 z% m! C1 ~1 Mso銀行可以不斷放款
8 d& @% b1 B3 {! a0 _1 E* K* _美國的房貸問題散佈到全世界6 w% J# O2 q. o7 H, K4 s; r

( n$ t$ E; Y' K% }mortgage loan
- e8 O  a; S' F8 \; W/ K>conduit; E% Z- T% A+ l: k4 e( U
>RMBS(Residential Mortgage Backed Securities)
9 W- E# o* S4 q; x: R6 P>arranger
" W; h# A6 j: }/ w1 @9 ~>CDO(Collateralized Debt Obligation)
0 U: ]4 v. j; F最後去到投資者

Kev

i thought it is the reason of rate of return.
" e8 O* k9 J& M" a0 _$ r& TCDs could have different ratings, AAA -> F,# Y7 n; S. o2 L- {5 p6 {) V+ L
more risky ones would have higher premium (interest rate) as a compensation for an investment.
6 Z+ H% v/ f" B$ g$ D- lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 W5 X7 k  m, D, xin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ m' D# o1 f: u. `+ M
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 `3 e& i2 d! o: q9 g) dsimilar to bonds, CDs trading in the secondary market have different value at different times,
5 f' k2 `3 J4 r% @normally the value is calculated by adding it's principle and interest.
1 X& x: Z$ _6 z( K# Ceg. the value of the mortgage+the interests to be recieved in the future. " t( H4 n# S4 ?2 W. k
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.
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im not quite sure if the multiplier effect does really matter in this case.
- u/ Q1 {8 U) d1 ^. q: jin stock market, it's the demand and supply pushing the price up/downwards.
4 Y% @$ M' u* g7 ?1 W) qFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) p" m7 Z% b; R' M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ h5 ?$ v) v" L2 a' g0 L
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. - p8 [+ y' d! ~7 L5 T  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.gif6 `. w2 m: j. K# Z7 X( l
Refer to last example,
+ c+ m$ m+ M9 o" p3 {. r' Nthat means bank A have no money because we borrow 10 dollars from bank A
2 Q8 i. J  s# QBecause bank A doesnt have enough cash on hand & X4 j8 N/ K4 `& X
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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) S1 [% p  D$ R; ZA->B->C->D->E
6 z/ n# {& V$ t' Bso does it mean if E failed to pay D, 2 v" y; q: j6 d8 P7 o, F& K. j
all the B,C,D,E have to go bankrupt?- ?  K: U( d7 P4 Q6 t

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the multiplier just tell how much money created in a whole economy,
" V6 ?, ~% q( }9 \# a, @in this case it doesnt really matter how much money is created, & [/ X2 O& N- X* t3 _- ]  C
it's the problem of the debt itself.% |2 y4 I8 j+ N4 q% \$ n
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
( B& \+ s9 q/ l$ m小弟一直都唔明...0 M- n( b( [" q) q) \

% P& n- p  E& L0 W* M& s) Y全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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0 C7 B+ r# e! U- S0 h( T敬請各師兄解答
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; y2 W5 z# Q1 SThanks

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那些根本係 紙上財富  ( x; t8 K; B. p4 n
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: D( e9 V0 S2 x8 z/ E$ p" S3 D+ J
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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+ c" h% J/ e7 M% {% z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
5 i& G5 k3 M$ N  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' y/ S. m" Y- e( g+ Q2 P# w( q
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦- |( d& B+ P! q3 e1 w. ]2 z3 m
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,% H+ {4 r: Q) B/ E* ~9 \
計番回報率就已經係50%,所以可以好好賺! I4 W1 t7 _  M( e8 Y3 o7 A6 e0 L
前提係銀行之間要互相信任先可以咁樣借法
) e; p$ w3 y2 W) Y* D同埋個市場既前境要係好先得  q! P5 \, z; a1 ~+ B: o3 a
但當經濟一差,公司估值趺了,物價不升反趺6 {" Z9 j2 l7 v/ y; [$ X
例如剛才說10蚊的, 趺到得番9蚊,
5 y3 \) E6 I9 a9 V* w4 t2 \咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( k6 i% \0 }  k% C. E' `; b所以你就會覺得D錢好似蒸發哂咁6 H7 ~! x7 @* B. R$ ~$ ?
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你都可以當標野咁諗, 個樣野多人可以狂升值,
$ [6 m) b: B  J% ^& v4 D+ D- l1 S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, $ f1 k! l; o9 C  X2 H, }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) [5 v6 ]. O( [1 b: S: 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
6 a3 }# u* f- D" 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: T- P( j* Q% j7 G; |
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
  @+ Y0 t3 Q% t$ @( ?; ?0 D' a/ o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 c3 A+ E. O6 ^2 P) K2 b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 z' t( D9 y8 I% z- q( q# v" z咁你話d錢蒸發左去邊? ...

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. Q2 d5 _1 j+ i2 k正係咁樣$ t% C1 B, n; |1 H% q" g$ w
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1 ]$ X1 p9 p/ p' C7 ^9 `# w  e
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,, H( V$ h' L4 w2 L% i
連國家都係問人借, 不停發債券, 印鈔票$ Z4 j. N3 f" R9 H) Y. e$ B4 V
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
  ]3 S' ]& a/ P+ E1 J) i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! U0 L( @4 L  u# r; b) ]8 a* T
咁而家"爆哂煲"算唔算先至係變番"正常"???

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$ q6 d! M  V( j" K其實係...
0 [9 @, I& _- X: L- f4 a因為以前未生產, 先消費, i/ c. G9 x# j% j% M1 T
而家就要多生產, 少消費