0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif8 \/ F7 T+ G% S  _2 k2 l/ [1 e
Why bank will sell 借據給第三者???$ j, M$ W& I/ Q9 P. F- ?
I was so confused.....

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講到尾都係賺錢( E7 S" ?& p% s' y
so銀行可以不斷放款
% M: w, P% M; s  ^/ P美國的房貸問題散佈到全世界
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; \! S( Q- I) I! e( b9 G* e, \8 Emortgage loan
' S, q* F, ^4 q1 T9 e% k3 j; X* q" b' b1 `>conduit
& i! ]! C7 c: q& {  l# K' O: a>RMBS(Residential Mortgage Backed Securities)
+ Q7 E6 b" S& w+ [; ^" s>arranger
  W2 m( ]+ Q) z>CDO(Collateralized Debt Obligation)
: K# {  ]! `4 G; h0 }最後去到投資者

Kev

i thought it is the reason of rate of return.
: E% M& l  l/ d9 ^0 M; Z/ i! qCDs could have different ratings, AAA -> F,
8 L' ~+ i5 P4 T: P& M6 T6 \3 nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
$ b# x7 u9 C9 h8 v; F1 mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- Z+ ?% }' h1 B, R* B6 nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! w/ p# X1 P! W# L' Y& GAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 e) ^0 |2 v* L( ]# K
similar to bonds, CDs trading in the secondary market have different value at different times,4 S' _- A4 G* E" Q5 _8 f: I# V
normally the value is calculated by adding it's principle and interest.
) u& h) A, q- `! B4 m2 V+ Reg. the value of the mortgage+the interests to be recieved in the future. " \& \9 x9 F1 l$ i. _( M, M( T3 D9 x
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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; `% N: R9 p6 ~$ d  Fim not quite sure if the multiplier effect does really matter in this case.
+ ~8 U" l2 J0 K: c. y6 w/ g+ uin stock market, it's the demand and supply pushing the price up/downwards.
& j7 W: q3 o! i% p7 IFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 F# p) s2 _8 d* U
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ d# _( [4 \; `* l5 y
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.
; g0 ~( m" ^* d6 H. ^8 ^5 kbut the value of their assets did really drop significantly., D* @! ]" {/ C/ h& b' n
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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 n6 ?2 y' e6 r
Refer to last example,' Z. c# c2 p% F, W3 z! V: n* p! |
that means bank A have no money because we borrow 10 dollars from bank A
" [% ^; @3 |. @3 U% \$ Q6 KBecause bank A doesnt have enough cash on hand ) U* c" v1 x/ g5 Q$ A0 S  y
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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  Y8 x7 {: f/ Y/ KA->B->C->D->E
  ]% @* |% I! T: {  V! `so does it mean if E failed to pay D, . i; J  R4 M( }. i. G
all the B,C,D,E have to go bankrupt?7 \, {+ v* o) ^) h4 S* R3 T
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) u7 U6 }) q4 |8 sthe multiplier just tell how much money created in a whole economy,
+ ?8 j4 Z( K, v! `, Gin this case it doesnt really matter how much money is created, " X, j7 H: F8 w  S" a% c: r3 A; i! b' x
it's the problem of the debt itself.
# ]3 V8 D. e- v# L6 G. O; x7 kthe 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. r2 g! b7 t+ o. }4 {. u$ D* _
小弟一直都唔明...
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, U" M9 y) w) U+ 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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敬請各師兄解答
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1 y. r" ~* Z/ @/ D/ B  N: dThanks

  Y1 c. E2 l" R那些根本係 紙上財富  + r8 _3 ?" H' D' \& |. Z+ g
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 graphic4 I8 K4 \$ l  Y% W* X, F' T
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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3 `5 @- Q% }8 [; B# Y' N* g
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高( I) J* |9 o7 g* @# Y
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
: C( d1 `* s9 o. F個件物價係市場好既時候升, 例如15%先算,變左12蚊啦1 |. W0 O( _9 Y3 c7 Z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ J6 x8 m9 Z4 \9 _$ p
計番回報率就已經係50%,所以可以好好賺9 j8 n5 U& |, i; C9 o6 p
前提係銀行之間要互相信任先可以咁樣借法
7 R! a* o7 W6 M7 c( Y同埋個市場既前境要係好先得
# @; w3 p9 `1 h* \6 P但當經濟一差,公司估值趺了,物價不升反趺' ^6 f" K8 u6 p/ Y
例如剛才說10蚊的, 趺到得番9蚊, 8 d% `/ U% B5 K" Y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 P' X' M, n% t" X7 ~, `: K: I
所以你就會覺得D錢好似蒸發哂咁5 {3 G  D* d* ^' e0 U/ e- `* t
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你都可以當標野咁諗, 個樣野多人可以狂升值,
% e9 E+ W- n3 p- v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, 3 k$ V9 N0 w; x+ B0 a7 s; H' w
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 B, ^5 ]9 d, S7 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& C. N' b1 [8 x$ 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( Z& W" |$ R6 i# B: F
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
% J. b% V/ W8 I$ f0 ~. M; S: F淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , F0 }+ a8 w7 p- y! I$ 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0 d, \% d0 T- p
咁你話d錢蒸發左去邊? ...

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% X2 G& d; }: D' M" @- B, m0 s% A0 [正係咁樣6 I' P0 Y# c; [" N
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/ |& z5 [3 t
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,/ |) I* g2 F' I. z! j/ i
連國家都係問人借, 不停發債券, 印鈔票" z' W: H0 I$ W- M
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( n  |* g0 a4 }& H4 N  d! o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.gif2 G; _  `- H( _! c6 e
咁而家"爆哂煲"算唔算先至係變番"正常"???

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% x  A! V( ^3 r: v其實係...' |' ~; G  O) n* h) S  s$ ?. J
因為以前未生產, 先消費3 U3 s2 ]1 _+ d3 R) X
而家就要多生產, 少消費