0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif# H3 n$ k4 v7 F, R
Why bank will sell 借據給第三者???
! d! ?4 R& q& Y7 l* i1 TI was so confused.....

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9 @( `# O: G9 Z2 C6 w講到尾都係賺錢
% w& U1 L6 L' }! ]6 d+ H  E  `so銀行可以不斷放款' b1 W0 K! ^- X) h& J9 Z9 I) {
美國的房貸問題散佈到全世界
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. Z& W% c6 S  y$ N: ?2 e1 ymortgage loan " D5 y: y1 M- P' C: y
>conduit
2 E4 q1 I, S% o>RMBS(Residential Mortgage Backed Securities), i* K% v4 x% f6 Q
>arranger
; M- J6 r3 v! H>CDO(Collateralized Debt Obligation): m: Q& E4 L/ a- h. G+ z+ K
最後去到投資者

Kev

i thought it is the reason of rate of return.
& @+ s# ]. u0 w; Y( m  VCDs could have different ratings, AAA -> F,
  }  u$ O% z0 A8 zmore risky ones would have higher premium (interest rate) as a compensation for an investment.
9 j# Z' d( m0 J- pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 {7 G" D/ H. I% V9 M2 I$ s0 |in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; o: e1 o/ I( \
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( o9 N, o' [. G( u3 h) m
similar to bonds, CDs trading in the secondary market have different value at different times,
" f2 y8 Y! C, u+ }; P$ q3 nnormally the value is calculated by adding it's principle and interest.
5 d. R/ ]8 l" H: Geg. the value of the mortgage+the interests to be recieved in the future.
7 Z, B5 T7 \% d4 r+ y# H* bbanks 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.
/ o: t  T# P. t0 |1 T- i! U+ xin stock market, it's the demand and supply pushing the price up/downwards.
8 z3 b3 p5 ?) ]1 U0 M0 z1 EFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 `% ?2 l+ ?4 U# z" j6 [6 ]A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 L' U+ g+ x6 o* ~' d4 HThe 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.   @8 e/ H0 r. Y6 Q
but the value of their assets did really drop significantly.( f7 n! W& H( i$ f. ^- z" B
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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
) x  f* ~8 `+ ^% HRefer to last example,
, ^) y7 H9 I2 y! ~that means bank A have no money because we borrow 10 dollars from bank A , f  V" ~' n! s% W0 S1 g4 L
Because bank A doesnt have enough cash on hand 7 k/ g/ V$ p; H* s  O8 l4 W
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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' n; M3 o3 [8 a3 p6 VA->B->C->D->E  C8 l* `: j- k; f5 L0 I
so does it mean if E failed to pay D, , K2 d* F; x5 Y+ H% l# v* D
all the B,C,D,E have to go bankrupt?, f$ V# i) t( U! }
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* o! b8 Z  t3 Z1 D; f  m/ k) Tthe multiplier just tell how much money created in a whole economy, ) k+ a4 |5 d  n# a
in this case it doesnt really matter how much money is created,
# D1 ]; M$ O8 D! \+ U2 eit's the problem of the debt itself.0 K) Y3 z- \& w9 J
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
2 t/ Y6 p) }; L- X2 z$ o3 r小弟一直都唔明...& G% w/ _3 D! A1 x8 H" @

$ g' k6 @% ~8 d+ x5 ^0 Y全世界都蝕錢，咁邊個賺緊錢呢?
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0 a$ r( {& ~( G' h, Q% r# E: d9 O* f無可能淨係有人蝕錢無人賺架嘛...
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% D. G1 `" W8 j: g7 m, z$ p* g敬請各師兄解答
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! ^' K) B# r0 A6 l8 AThanks

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那些根本係 紙上財富  
8 T: x8 j' Q% x  y/ X, ]( ?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 graphic1 e7 k! Z2 Y3 d* j$ Q
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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
' R. J+ k9 H4 d8 y$ d& ~當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' _$ N2 ?- E4 ]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3 }- y3 W# M6 q; y$ N( W7 n
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 [2 ~3 F' i9 Y; U7 p! N
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
7 T2 p/ G: _+ F計番回報率就已經係50%,所以可以好好賺1 Y' `$ Y/ S" |: s
前提係銀行之間要互相信任先可以咁樣借法1 j& V# a/ p  m
同埋個市場既前境要係好先得5 u. B5 [' F) T: E4 s
但當經濟一差,公司估值趺了,物價不升反趺
- R! U+ L, A) S+ v+ h例如剛才說10蚊的, 趺到得番9蚊, 1 L* N9 R$ T+ K& g% y, C
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
* j  R  F, \. f所以你就會覺得D錢好似蒸發哂咁* }3 a0 F- X  l- a# X! D9 y
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你都可以當標野咁諗, 個樣野多人可以狂升值, / c- l* q4 l) m5 \
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, : J7 N3 @2 J1 @7 L' N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   [% i. S0 d5 d3 k# ~5 Y' ?5 A; 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4 F* l8 X: W$ i1 `
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# U, l  j: W2 B) F
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
! J8 a1 f; e' Q/ a淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) k8 g3 @. Q& Z" _) 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
+ x1 {8 _% j" \2 @+ W; p' U0 I咁你話d錢蒸發左去邊? ...

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正係咁樣. r- d  d+ t4 o% f# n& M' h8 H+ 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
+ d7 |/ O! J/ O4 U. s6 l  v" L分分鐘佢地唔使還錢- H5 ~; p# u/ _% I
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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,
2 ^  |: w  l3 s/ Y3 n* _+ S連國家都係問人借, 不停發債券, 印鈔票; m) P6 l/ S6 r6 ^; Y$ b1 m3 g
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產. N) c+ P0 V% |! L4 d1 p/ s
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
; u; ~% J/ G: Y' T咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
: C2 l) q4 [# r4 b3 u9 L因為以前未生產, 先消費
" R4 ~  O1 O' i而家就要多生產, 少消費