0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif" }+ C. l, u! P' f" a' u
Why bank will sell 借據給第三者???
5 z6 B" N0 |# {* t0 N1 R* M3 |I was so confused.....

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講到尾都係賺錢
4 d0 V) w, e, b% q7 W. qso銀行可以不斷放款5 }) }* e% E7 J" `
美國的房貸問題散佈到全世界" [. M. [0 b3 V
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mortgage loan 1 N+ y, O! h; W8 L
>conduit
  {7 I- M$ }/ S9 l; A>RMBS(Residential Mortgage Backed Securities)- s& p+ O4 b5 t  c, x
>arranger
( @. B, D9 u3 l/ H>CDO(Collateralized Debt Obligation). S# E" \+ d  p  B! I" I
最後去到投資者

Kev

i thought it is the reason of rate of return.
+ h/ }( j4 I4 T$ b1 ~' PCDs could have different ratings, AAA -> F,  }6 K4 @* \3 p$ {& B
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 m! i; s5 ~0 f7 p5 M# ?
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( @. h, ?+ y4 z+ ?
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 T. e- Q9 z' h. \# d7 C6 G
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 E& x7 w# `1 o1 b* @" _8 x7 R+ z
similar to bonds, CDs trading in the secondary market have different value at different times,
4 v7 I) E$ q/ |normally the value is calculated by adding it's principle and interest. * X" O9 R  ~! k( x& p  Y9 A" e
eg. the value of the mortgage+the interests to be recieved in the future. ' ]  }# ]) U6 C+ A6 V2 p& h- k! o" \
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.7 o  @+ ]$ N+ s  n; Q
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im not quite sure if the multiplier effect does really matter in this case.1 Z2 \3 X. @: d' |: C# [
in stock market, it's the demand and supply pushing the price up/downwards.4 x! n/ ^1 }% q: @  Z# B0 o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# E3 g- q" k# i7 t$ B8 oA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 D  s' {+ ]* h& DThe 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.
% i( h5 d; K; r% qbut the value of their assets did really drop significantly.0 h2 ?; i& p5 f/ I3 ^3 H7 h  `+ 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.gif5 p4 y" k% z( ?5 k, f' r
Refer to last example,6 C* _' j, l* M  G+ T
that means bank A have no money because we borrow 10 dollars from bank A
2 n8 O: b& t: m. Z  B1 vBecause bank A doesnt have enough cash on hand
( B2 s9 A( p' S7 L( Jtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
5 l5 n. U' u; B9 s: _so does it mean if E failed to pay D,
% f. |8 s5 J8 mall the B,C,D,E have to go bankrupt?
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+ R- \% O! u% R& e& C  wthe multiplier just tell how much money created in a whole economy, - G) S' U; c7 N# q( ?: B) o7 P
in this case it doesnt really matter how much money is created,
2 T! P8 w' v& e/ ^6 @7 zit's the problem of the debt itself.+ g: {1 }' Q6 t9 E$ p% x: q3 }
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
. |5 K: C8 f( h' T  z, _小弟一直都唔明...( F+ O: {# E. I" r$ D
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全世界都蝕錢，咁邊個賺緊錢呢?% \  p/ F% q+ u1 x4 |

' o& c. e9 ]6 b$ A無可能淨係有人蝕錢無人賺架嘛...8 E1 s$ [  m+ ?, p! f

8 T7 X8 s0 M9 C% N  o! h敬請各師兄解答
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0 Z7 R/ s8 K; v" `! v" jThanks

7 t: }0 I) w$ l6 ]% j1 E那些根本係 紙上財富  
' M3 o/ T5 Z# t+ h& P( i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
. R9 ~; W' R  ?/ g當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. M4 q$ V5 K: Z# r7 b
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( y6 j8 W4 ^( t5 U
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 i+ t' C2 V% X4 w. O2 N, I扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,' s* n9 a3 D+ P* q% n4 u
計番回報率就已經係50%,所以可以好好賺
5 l9 L! T# c: D  h7 z前提係銀行之間要互相信任先可以咁樣借法
( }$ H% v) E8 ]同埋個市場既前境要係好先得7 D! j! ^6 p1 V" T: A
但當經濟一差,公司估值趺了,物價不升反趺+ L1 z6 y. c! `% B: e- [( g
例如剛才說10蚊的, 趺到得番9蚊,
9 N9 e, X+ N! G, u, M( q+ x# Z& l5 W咁投資銀行一下子就要還11蚊, 一來一回變左虧200%* G6 Z3 N- r* R1 J  k# J
所以你就會覺得D錢好似蒸發哂咁
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" |+ |: `+ H6 `# \) i, n6 s你都可以當標野咁諗, 個樣野多人可以狂升值,
& ~6 X/ t# f! R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,
4 N( B3 S& ]7 Y# ?$ C$ h) Q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, k$ r9 ?9 R% X! ]1 r: F% f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
2 V2 X# g* m( ~: \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.gif7 A- u" b% w* k: p7 j# U  b
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
# S5 _* e4 p1 V5 S淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . Q" a% L6 v6 }/ d5 D+ T
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
" D) a7 T6 ]' N2 l0 S3 b咁你話d錢蒸發左去邊? ...

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% b& J/ D: J9 M0 k0 W正係咁樣. g. I$ n5 V; p  I% [+ ~" {; z3 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
. C5 d' z& R, u% y  V+ C0 i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,, U% H+ |7 i/ a! i* N; O+ x% q- Y
連國家都係問人借, 不停發債券, 印鈔票: S0 c: t! C$ Y, d3 f+ w
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
5 o' L. G+ v# d7 o: Y; `* I' ~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
1 b* H2 e+ \% Y5 C1 P1 Y咁而家"爆哂煲"算唔算先至係變番"正常"???

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& J& v* S$ s3 C) C  `" ]其實係...# b7 L! O/ c; I6 U0 ?$ h
因為以前未生產, 先消費
  E8 K1 B6 d) L* v- ]而家就要多生產, 少消費