0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif4 v  R9 ?, z8 W
Why bank will sell 借據給第三者???
4 S1 L! w! i' BI was so confused.....

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講到尾都係賺錢- K" \: f: W) Z5 ~# r9 T
so銀行可以不斷放款. t$ F+ Q; S# d# X: N
美國的房貸問題散佈到全世界& q; C4 p8 a# F" X4 G; v8 d

# r: F7 D8 ?$ `mortgage loan
) {2 c: p* D. r, ^! B7 y9 i>conduit
+ i, b. D. H- i6 K& D1 L>RMBS(Residential Mortgage Backed Securities)
7 D( u, o' |( h0 N( x* m9 n  P>arranger# N! ^# V( \) L1 x6 _( _/ R) O+ n" C
>CDO(Collateralized Debt Obligation)
% P& A# I7 J: N4 D# t最後去到投資者

Kev

i thought it is the reason of rate of return.
+ o: o2 F0 I5 p& s, x/ GCDs could have different ratings, AAA -> F,
: H: \7 U1 ]7 r& Cmore risky ones would have higher premium (interest rate) as a compensation for an investment.
* O- h! J$ r6 c  g- m% Z6 j1 q- Umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) `& j( N7 ?1 z6 X6 F9 X" O
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 i7 T% l1 s: B% k2 G( a
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 G" g! X" y& m: ]similar to bonds, CDs trading in the secondary market have different value at different times,
. k7 y- f6 t5 R1 j7 _4 Y4 Hnormally the value is calculated by adding it's principle and interest.
# m  ~0 ~  u; d/ x: ~: Jeg. the value of the mortgage+the interests to be recieved in the future. 0 n8 `% ^9 |3 D% u7 }7 h5 _
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.
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; [9 m* Z1 N. A' x$ @# d6 Pim not quite sure if the multiplier effect does really matter in this case.
! F" q& `6 Q0 nin stock market, it's the demand and supply pushing the price up/downwards.+ ]$ n% C$ Q: ?: F5 h8 z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 F- [' L' K8 R/ W# \, YA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* P7 _- x0 x. e9 f* g2 wThe 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.   b( S- A; a5 L- v5 d# U( z
but the value of their assets did really drop significantly.5 |0 m+ Q6 K# i. \! _
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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
- w- M6 R/ r8 ]: l8 }Refer to last example,) }. m) w8 Q$ Z/ c6 z& N
that means bank A have no money because we borrow 10 dollars from bank A , b7 `9 z2 r3 I
Because bank A doesnt have enough cash on hand
& q' {( b: W# [" D* }8 ytherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
  e' T4 N0 m7 fso does it mean if E failed to pay D,
- a9 R4 x4 R" \, K8 z. X& Lall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
) `$ ?: [5 Y, nin this case it doesnt really matter how much money is created, * [" s* e# {+ ]+ T1 D  q9 w6 d! p
it's the problem of the debt itself.
) q. Y: o  j  y& b. s' P$ w6 K3 @% jthe 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& E% u! m$ y8 @
小弟一直都唔明...* O& [' j) ]! q* P) j* j$ t* U. U; T- d

/ q+ Z" B! Y. s7 s, n全世界都蝕錢，咁邊個賺緊錢呢?" h: p; ^+ Q9 @/ b/ @
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無可能淨係有人蝕錢無人賺架嘛..." x; r3 @5 [% }# C) n' r% g5 N
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敬請各師兄解答
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Thanks

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那些根本係 紙上財富  
5 T/ p6 D: U" X: Z) S2 k( m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# ~: _# `6 L$ _# S% [; o- T8 ^
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高5 D: V1 Y' S6 m, R5 V
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& r3 W- ]9 p7 m) D( l  g
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% s4 o: y  D: N2 A( O# m3 a扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,3 v( p0 U. F' G
計番回報率就已經係50%,所以可以好好賺
* Y$ m! v5 r2 m2 r0 P前提係銀行之間要互相信任先可以咁樣借法
4 |. w9 C8 V0 i) u+ I同埋個市場既前境要係好先得& Y0 V; @& j$ ~1 T1 f' f
但當經濟一差,公司估值趺了,物價不升反趺5 W* E7 \: M4 t; ]) \
例如剛才說10蚊的, 趺到得番9蚊,   d0 e9 k5 \& ^5 o2 G
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 ?; n2 i& [% o9 y. m% Y所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,   k8 B/ |) M, D( P1 C
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, 2 T2 ^9 }0 j7 |" w) Q1 L* v6 ]
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. u  W9 E1 G* c/ 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
9 N# @+ w5 b. o& c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
, t" \$ G7 J2 N! T2 ?! T唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; s) [) B( J& O, v
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % l/ m$ z7 M) t# ^9 p
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
. z* Z0 s7 l. w咁你話d錢蒸發左去邊? ...

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! L4 _$ h1 M  T正係咁樣9 b: T3 D  W4 k
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: y0 P! ?! o6 e4 h* {$ _2 `9 V
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,6 r0 H! B- I+ [) }$ q7 C% M& n
連國家都係問人借, 不停發債券, 印鈔票) X% p) i) W% \% o4 l. q
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產+ r. z& i! s' m6 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.gif7 x- _0 `) U& X# z) z2 B$ Q1 t, @
咁而家"爆哂煲"算唔算先至係變番"正常"???

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! a1 m. X$ {4 {5 A. B  ?4 P其實係...( @8 ~7 w( i. M* {
因為以前未生產, 先消費
& G0 W3 [& \# E; ?* Y6 D/ H而家就要多生產, 少消費