0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif% r9 E' D; y5 F" z- i& f# i) _
Why bank will sell 借據給第三者???/ Z7 G* p1 g5 T
I was so confused.....

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講到尾都係賺錢8 `3 r- Y# m7 P# Q, c
so銀行可以不斷放款# I6 ]0 n0 ?. m. `! p' ^: A1 R9 E
美國的房貸問題散佈到全世界  ~* d  U" E- }% y3 W; p( v& {

  ^. B: q  J' Q" |( [+ cmortgage loan 7 w, `- |, j4 j) V  Q6 Z
>conduit
, o6 b- I- d, d$ G" c  }6 Q>RMBS(Residential Mortgage Backed Securities)
3 _4 {" v1 b0 Q1 X>arranger: P. c; h7 K3 j; q& v& F
>CDO(Collateralized Debt Obligation)
8 |/ X- X& u" R( Y/ o最後去到投資者

Kev

i thought it is the reason of rate of return.
' o4 r- }! p$ S# b' \CDs could have different ratings, AAA -> F,
" K& [6 N" k+ U/ }  V$ nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
" L/ w# d' Y, z3 m- d( a4 ^4 e5 xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) [% q+ c) e! C" C: g" Cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
/ P4 X. _1 \3 b; NAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* K8 l+ z0 O$ I: r
similar to bonds, CDs trading in the secondary market have different value at different times,
# v; J4 S; E2 y& b! Wnormally the value is calculated by adding it's principle and interest. 2 {6 [! R3 K: i& a7 N
eg. the value of the mortgage+the interests to be recieved in the future.
' j# Q* S- q) h( F. b# j6 a8 \  Nbanks 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 n8 `# `- T; S+ l0 }8 R* l
in stock market, it's the demand and supply pushing the price up/downwards.+ {6 I5 L" Y6 L/ s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 C- y' i7 J) \! O; c# G1 @' s. B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 _7 Y5 c4 w$ m: {$ h
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.
2 P6 Y  y3 g4 d9 Wbut the value of their assets did really drop significantly.; f- R9 ?# y) Y* {7 {$ T
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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
7 l' F6 R, [) e  r& ]1 G9 C0 `Refer to last example,
4 \; c3 k. _& ]+ n3 Y: R' A: cthat means bank A have no money because we borrow 10 dollars from bank A
8 Z, Z3 h/ U0 z5 e& eBecause bank A doesnt have enough cash on hand
% g* |6 r( S( btherefore bank A need to be bankrrupt ??? Am I right ?? ...

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3 W9 j( W. ~7 L* B8 E) dA->B->C->D->E3 ~! V" l. Y, o
so does it mean if E failed to pay D,
- f. w) X* R0 a& Uall the B,C,D,E have to go bankrupt?
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$ D4 j& s9 v6 Jthe multiplier just tell how much money created in a whole economy,
; q2 @6 G/ M& ^6 f: G" V. qin this case it doesnt really matter how much money is created,
6 |& k5 ~  u5 q; ?' |it's the problem of the debt itself.
; r7 t* P+ C' I9 Ythe 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
8 g/ J5 b% k/ U0 b( Z$ g小弟一直都唔明...0 t. \8 O" [/ `7 Y& s

6 e9 q* `# G" w# r% e全世界都蝕錢，咁邊個賺緊錢呢?0 O/ |5 Q& P# P: d1 q9 V0 k$ ^

0 ^( R7 a; S  D& m" j' o' f' j無可能淨係有人蝕錢無人賺架嘛...
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! U3 [, U( s3 A+ G, r敬請各師兄解答( }2 g' K. M  E; `7 b6 ?

  _4 b$ e% n& I# Q5 c8 t# FThanks

. _- h6 T0 ]9 A. s( i那些根本係 紙上財富  3 L* ~& x4 p  F* J* D7 a4 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
* \! q3 Y. Z; c& f; f當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' n& ?4 ~$ W; K$ m
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
( X( L0 u+ w) W5 t" c個件物價係市場好既時候升, 例如15%先算,變左12蚊啦; T3 r* U/ d) s7 K/ v/ c
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
. C: t% c7 }4 h1 _# I計番回報率就已經係50%,所以可以好好賺
5 g( O/ K0 s5 w; u7 U( T0 K* e9 L9 ^3 e前提係銀行之間要互相信任先可以咁樣借法
9 t- J$ |2 O" k7 x同埋個市場既前境要係好先得
- O9 j& w/ p& f! Z3 r' ?- k) t0 n9 D5 p但當經濟一差,公司估值趺了,物價不升反趺' g% h- s5 v- X# T" K
例如剛才說10蚊的, 趺到得番9蚊,
" _# _9 J2 [- e* l. r: L1 {# @咁投資銀行一下子就要還11蚊, 一來一回變左虧200%- M3 N  u' Y5 Z
所以你就會覺得D錢好似蒸發哂咁) @* w% A" }  J2 {

' Y+ L; l% h: @/ ?, b: q你都可以當標野咁諗, 個樣野多人可以狂升值, , t: h- P) G4 ?
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,
5 L& }. x5 s6 q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 p  [7 F- S* z, d* Q& n/ o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, `6 S- B5 m& k: |$ ?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
, O6 c  `# w) i/ t2 V+ N唔係d錢蒸發, 而係比美國佬洗晒未來錢, " I3 [4 X( y- R7 z* @
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 {  }6 H7 p8 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( {5 [) C; r3 R4 S" q5 B$ b. c( e
咁你話d錢蒸發左去邊? ...

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: v  ^4 W' m7 K% s2 l" _正係咁樣' V: j' z2 p5 u' ^+ _
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
+ u# y! m* S# e# r8 ]分分鐘佢地唔使還錢& W: a& M, u/ i+ N0 }! K  V2 C
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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,
7 C$ p, o1 [( @4 J( f7 H連國家都係問人借, 不停發債券, 印鈔票5 x& E8 F0 l/ o7 X
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
) G4 B/ i9 d4 C5 K$ ~: |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
: m7 {# E% k+ z咁而家"爆哂煲"算唔算先至係變番"正常"???

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6 v& r* q) B* g9 C# @" q" O其實係...
* M; _9 c' B1 z! N' [( W, S# ?因為以前未生產, 先消費5 s& b5 ~! d1 j  S$ X# z  `4 V
而家就要多生產, 少消費