0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif- v7 Q! U. U2 K' N* }- a
Why bank will sell 借據給第三者???4 c; Z4 R+ g' W  S
I was so confused.....

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講到尾都係賺錢8 v' C* ^1 i/ D+ g
so銀行可以不斷放款4 N+ ]; |+ v2 q) z- d4 h
美國的房貸問題散佈到全世界$ p$ ~# |$ M7 X+ J! }% j& V

$ I! ]1 J; {  `) |* f$ w) J& ^mortgage loan
, b, D1 E' H4 s2 Y: N>conduit' p# ~; x8 R( h8 L
>RMBS(Residential Mortgage Backed Securities)7 r4 J! m5 v4 `6 R1 [$ S" ]
>arranger% H' f* ^  c% t: `; {
>CDO(Collateralized Debt Obligation)
1 C, P3 M# A5 I6 D最後去到投資者

Kev

i thought it is the reason of rate of return.( w+ Q9 j) O9 U( L' E* _/ |
CDs could have different ratings, AAA -> F,) k( m$ k$ _: E8 f
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& O8 o  z2 X5 Q4 R: G* B, y$ n% Ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" m5 {4 k! Z' Ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" t9 v* F+ j' ~; q; V! N, g8 }Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 h  R0 Q7 w# _+ H8 wsimilar to bonds, CDs trading in the secondary market have different value at different times,
+ d; g+ B+ \8 i7 ?$ h* snormally the value is calculated by adding it's principle and interest.
6 W* W4 F$ k$ Z9 e* x6 leg. the value of the mortgage+the interests to be recieved in the future. 6 O$ U( ]4 j6 E" G
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.' _" M2 z$ A- E5 t2 y8 e! W
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im not quite sure if the multiplier effect does really matter in this case.
2 s) ~. A2 ^0 `! V/ V2 ]in stock market, it's the demand and supply pushing the price up/downwards.  Y# @+ i. ~7 U7 q! X/ l0 f  B* t1 F
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," N+ Q/ g; {: a: w4 _& W
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction." m2 O% L; Q" ^+ T
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. # K( _1 L! d# c* U; R9 L' y5 ?
but the value of their assets did really drop significantly.
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: t7 {! L" }1 r3 j- Q[ 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
" D# t4 q% d* y% U7 i4 i$ `Refer to last example,6 p* c: K9 n! i/ Y* o
that means bank A have no money because we borrow 10 dollars from bank A
1 a% t: V; V* H% o8 TBecause bank A doesnt have enough cash on hand
7 ?3 ]+ v! B5 L! wtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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9 g8 d4 O% h* e, @5 `0 V' LA->B->C->D->E
# c; [( E9 R( P( qso does it mean if E failed to pay D,
& F& C1 K& b* u  Wall the B,C,D,E have to go bankrupt?2 ]/ I3 C4 J! [3 `3 o( Y

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the multiplier just tell how much money created in a whole economy, $ S. R) h# S( S7 R* e2 h* ?; P- g6 t
in this case it doesnt really matter how much money is created, / u5 K/ B+ r! Z$ v& l
it's the problem of the debt itself.
' }. t- D9 `  b  q. hthe 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& \, V& @) W8 F% A+ @
小弟一直都唔明...# H9 c8 T0 v4 W6 e+ m, d0 j
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全世界都蝕錢，咁邊個賺緊錢呢?
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9 B! c, _- A0 _0 D; F+ `3 |( h3 ~" U無可能淨係有人蝕錢無人賺架嘛...+ J. ~% D5 t, V, ~! Z0 \$ y# }

* J' a' J6 i& `/ n( Q3 h; ]敬請各師兄解答+ g; ~: V9 i- g6 |. \+ V5 \  x! Q+ h8 G

; }0 q9 e' k* F3 LThanks

1 }4 a( J% p/ E  K% ?那些根本係 紙上財富  6 H' p6 _& _+ A: V
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* V" J- q5 ]* \8 U

( @/ l3 G% m7 Zhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
) |8 z9 A2 t! w+ A# d& N* ]1 X' w# Q當經濟好,投資銀行相信會賺錢, 物價既估值相對較高0 e+ o* m! M' x' B6 e
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
, \5 n) N$ v6 v1 u/ M個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
; J  `3 O+ \8 h1 g8 J" ^( _# ~; t0 a扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,; W: @  [  K) K0 r; L3 c$ a* A
計番回報率就已經係50%,所以可以好好賺
! v8 P/ u7 K! ^, c' S# X$ h. T前提係銀行之間要互相信任先可以咁樣借法9 ?( }+ K6 d3 `  U* c7 k0 l& \
同埋個市場既前境要係好先得4 s' j# P- {  e9 W9 d) N9 ]
但當經濟一差,公司估值趺了,物價不升反趺) k4 T! p  c& \4 |/ n' X6 k5 L
例如剛才說10蚊的, 趺到得番9蚊,
2 M) X. E! G5 @" W- o3 b$ N7 J咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! o! f( S4 e2 J9 n: K! M所以你就會覺得D錢好似蒸發哂咁- I" A& \4 ]% ^/ W* p
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你都可以當標野咁諗, 個樣野多人可以狂升值,
$ `6 e8 ^3 [( t6 P# L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,
; {% k; k) W9 j淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; {' Q/ o2 u; l1 t) r) J; r! a) a* 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' C: P$ h' |7 O  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.gif5 _' \* M, S/ w$ P4 c' y3 z
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
' V$ `4 t! m& n6 w& v& F7 Q4 y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % y% J/ L( ]. V5 ^* x; M. [1 [0 x8 ~
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$ W2 x4 m9 O% R9 ^
咁你話d錢蒸發左去邊? ...

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3 b% ^$ x. `% F. {; e+ {* \正係咁樣5 m3 W- ~: q, ?: j& q5 P7 I
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
/ j7 \+ O- g" ?) {1 J$ j分分鐘佢地唔使還錢
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6 }( Z8 ~' i0 y$ f. R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,6 _/ t9 n$ \( v% p
連國家都係問人借, 不停發債券, 印鈔票" u% `' U+ |9 N9 Z
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
; C5 S4 A1 p7 d% p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.gif7 A# s7 m( E  s* @/ Y6 L  W1 s
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
* @1 ~) B  ]- |5 w1 A+ f因為以前未生產, 先消費* z) ~  c9 l1 v6 G4 v. A+ B6 v
而家就要多生產, 少消費