0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif+ S/ M8 n1 o3 {0 _& s; l/ f8 z
Why bank will sell 借據給第三者???
& o7 g* i6 b0 u" l& f4 T9 s' S% cI was so confused.....

7 y% n0 Y% z1 g  Z' Z, @5 G- t  r& S' T" W9 i' X0 w  M9 A+ V
講到尾都係賺錢9 Y+ A# \" {$ j( x
so銀行可以不斷放款
! E4 }' S0 S% A3 {% e美國的房貸問題散佈到全世界9 D3 ?& W3 w% v7 O& ~

8 k1 t( e# c5 Vmortgage loan 7 Y5 h+ V; L! z  Y, V
>conduit0 i% g/ M' d8 Z8 J0 g& [: s
>RMBS(Residential Mortgage Backed Securities)' D1 W  ]" p5 X) e; b
>arranger
2 R" G! `; `# W) p>CDO(Collateralized Debt Obligation)" H. x* j4 [. K" Z% i
最後去到投資者

Kev

i thought it is the reason of rate of return.
- e& {; [; E3 R6 T' I. P4 vCDs could have different ratings, AAA -> F,+ W8 Q& p+ D! i& i
more risky ones would have higher premium (interest rate) as a compensation for an investment.
/ M" m9 J5 x$ T! u7 G$ Y3 imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 V5 t* Y# _# p  u. |+ s8 Din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( u$ \# k+ M8 Q: c4 U9 zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 x, ^+ F. M9 j( u& M# n1 j
similar to bonds, CDs trading in the secondary market have different value at different times,
& b* n( P* b  C+ d1 ~9 k) W/ D7 enormally the value is calculated by adding it's principle and interest. 1 G: c7 F! Y% k
eg. the value of the mortgage+the interests to be recieved in the future.
" ~! i5 r2 y9 i) g6 r5 T% ebanks 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.
- v. {0 T/ _' W! s3 i; ]
2 U% J6 C* ]. E. N' V, O# gim not quite sure if the multiplier effect does really matter in this case.5 g* W/ J8 B* _' W
in stock market, it's the demand and supply pushing the price up/downwards.
! |1 @, A2 m7 ^4 AFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( m" e2 S6 @( h3 `
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* ]* G8 }6 A7 |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. - U* N+ Z' \- r1 \; q( D) u8 h
but the value of their assets did really drop significantly.* ]+ J4 }( A# o' I2 U9 e

/ `: ~/ d" z; K! r3 j0 n[ 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
* v* i. X4 j" `7 d! QRefer to last example,. ?2 Z) y# F/ L2 l. H! L4 H
that means bank A have no money because we borrow 10 dollars from bank A 4 u+ n1 G* f& z7 ^) Y
Because bank A doesnt have enough cash on hand # f; s# I4 G1 J& k- D- ?  {  R
therefore bank A need to be bankrrupt ??? Am I right ?? ...

: p& F8 ?' w% x3 i
) Q  K8 @/ w, U7 J  {8 c3 i' }5 q# I3 M0 d- c/ u
A->B->C->D->E! ~0 _6 O$ r$ t
so does it mean if E failed to pay D,
0 Z1 }  h' U% s0 E3 wall the B,C,D,E have to go bankrupt?
4 P4 |, l( w% ]) |5 K0 h) o- T" A% L
0 h2 |/ X. @0 }' Z: c1 A
+ s: \4 Y( K+ n. O4 k; `the multiplier just tell how much money created in a whole economy, . d% r& T! a6 e+ s! c* L
in this case it doesnt really matter how much money is created, " I  D4 S  |0 B: v( f! |8 h+ Y; Q
it's the problem of the debt itself.+ c( I; l" l/ B+ Y7 f
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
- Y! X' E5 E) r) y1 m' J小弟一直都唔明...
  }9 S+ \# G- o0 \4 E. F) G
! Y) h; v3 \. r8 X9 Z# j& \全世界都蝕錢，咁邊個賺緊錢呢?
; \+ _+ w+ }0 B5 Z' w+ b+ F9 @! ^* ]) ~
無可能淨係有人蝕錢無人賺架嘛...
* j) s" l" @" r- c% W4 i
, S6 P: W. _4 U  d& i( u1 e敬請各師兄解答  e% Z/ [& ~1 q6 m7 l1 R
4 X5 X( x: v" c5 f, L& Y
Thanks

: u% A% l$ ?. O6 ~
那些根本係 紙上財富  $ B! H+ m& J9 A; T
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# b! f" _& m  }" W
, H% ]" ~# U! W3 p
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* l3 x1 F" K6 h7 c1 @' D0 J當經濟好,投資銀行相信會賺錢, 物價既估值相對較高/ \! P9 r& M; @  @6 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
' r+ K, Q% |* ^/ `個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" U: c9 @' T+ m6 n# }' R8 f扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ s! [* J0 k6 m0 E% b0 U. ~
計番回報率就已經係50%,所以可以好好賺7 X; k. T" |+ l/ p
前提係銀行之間要互相信任先可以咁樣借法- R/ J2 g, i! {9 [( n; R3 a. H
同埋個市場既前境要係好先得) y) S/ o) T; b, ?) B; Z! }3 X
但當經濟一差,公司估值趺了,物價不升反趺$ V8 X2 I# v- _% Q
例如剛才說10蚊的, 趺到得番9蚊, ' [% w9 c5 X) M7 z. G5 D' B
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 ^7 P7 f7 E$ s$ i4 n所以你就會覺得D錢好似蒸發哂咁
0 N0 ]. \; b+ n
! S- D$ f; x, B) m6 G) u你都可以當標野咁諗, 個樣野多人可以狂升值,
8 }9 K9 o, `5 G8 V% _1 z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,
8 R  w6 f4 X; o. c3 k- O; w( ]) v淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* b  e: r" l' q9 e" \  s7 B$ K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
9 B/ J5 y* 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: W( ^" z, g$ h, _/ z* A3 M0 _
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
0 ~- Y& s" n& [2 x6 a1 z  N淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; }4 u4 I% Q# `9 h5 k7 q
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 Z5 |9 e% F% I2 E: f
咁你話d錢蒸發左去邊? ...

. y- p- C* f; X& X# j3 g6 K9 k/ g9 a9 I8 p: R
正係咁樣
, l. ^$ _& B8 k  G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
0 R% D4 e( F& w, W/ L分分鐘佢地唔使還錢
0 I% O$ ^- i1 R4 W* k4 Z+ }% |
! G3 j* j6 n0 Y- V2 f0 C. b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,
; M, @- L7 j5 H6 V連國家都係問人借, 不停發債券, 印鈔票
  A6 @% b/ O: B$ ]0 {% o8 s" m. U( Y一個國家好少出口, 而又大量入口 ,反映到佢唔多生產- G/ ^7 d$ ^2 Y8 l
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
3 L0 @- `' x" N6 Q- Y. A( X, C  i咁而家"爆哂煲"算唔算先至係變番"正常"???

" T7 S8 f; G6 `  w! j
1 d+ r+ p0 m  s" b. ^8 F其實係...6 y# y& j7 R( v% p
因為以前未生產, 先消費* O# E" |2 G. J
而家就要多生產, 少消費