0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif) _7 v) q. W8 Z, N
Why bank will sell 借據給第三者???: l/ ^0 y+ t* S7 g% @
I was so confused.....

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5 q4 N3 }( ]! z; c% n2 F講到尾都係賺錢
8 `5 @( N' Z; e- l* [! E, Eso銀行可以不斷放款0 A4 X! k1 Y4 T; r% z1 R' r. X
美國的房貸問題散佈到全世界) B" j+ K4 P! y) T2 Z

1 {. e2 [7 e2 Nmortgage loan
0 n) Z& h# A4 g+ f. C5 K, x>conduit$ [: G9 i. Q; z: r: K& u
>RMBS(Residential Mortgage Backed Securities). {- ^: q. v& e' b
>arranger( `/ S& Z9 `2 \& a1 d
>CDO(Collateralized Debt Obligation)  z" A- L6 ?( _7 I1 L$ @' c& a! d$ ?
最後去到投資者

Kev

i thought it is the reason of rate of return.
9 \# P; j' ]- h% o0 LCDs could have different ratings, AAA -> F,
; C) d5 ^9 W# G. v( @  qmore risky ones would have higher premium (interest rate) as a compensation for an investment.; K" F5 k3 t3 C
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ k' v" Z) \% I1 E3 V( V4 o
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# m6 U0 G- E9 s9 }* vAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( w4 L  Y; t2 e: u( {- `: n' p
similar to bonds, CDs trading in the secondary market have different value at different times,
  ]# ^' a; z2 I) ynormally the value is calculated by adding it's principle and interest.
/ `- d7 x' n2 T: o! B% Zeg. the value of the mortgage+the interests to be recieved in the future. 0 ]  W- x  g9 a) I( 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.* |* O( t6 a2 z3 Q$ j! q$ |
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im not quite sure if the multiplier effect does really matter in this case.
+ \1 y2 A" E+ cin stock market, it's the demand and supply pushing the price up/downwards.
( z9 l9 |8 s# g# e. w4 aFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 t) ^# m8 ~2 a* i( [- u: s6 AA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* Z  ~1 S( t8 @5 s! d8 A
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.
, W/ ]+ Z8 D* [3 r' t* ~9 D9 Zbut the value of their assets did really drop significantly.
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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
% q; f4 k. K. Q+ v" E' a! cRefer to last example,
! y! ]7 R# P% C4 ~" d9 l/ ]5 t1 d) ythat means bank A have no money because we borrow 10 dollars from bank A 3 D5 B0 K0 \/ e* H+ z2 S
Because bank A doesnt have enough cash on hand + {# ]. `) f# _0 C
therefore bank A need to be bankrrupt ??? Am I right ?? ...

  C# C- d% L) l* T8 L

1 ]  Y5 b0 J3 c+ ~4 ~! s& ?: ^  {1 N7 P; D; O: f
A->B->C->D->E2 N2 P/ ]$ u) z& v5 Q) [( T* H- a
so does it mean if E failed to pay D,
4 [2 q8 t! L  o1 Lall the B,C,D,E have to go bankrupt?3 c! c% o$ v1 ?( H

5 a. F$ u. q. D9 T
7 y/ U* i" V6 athe multiplier just tell how much money created in a whole economy,
- c1 n/ a8 p, J$ bin this case it doesnt really matter how much money is created, 3 H+ B% C3 Z# C; i2 F, d+ F( `
it's the problem of the debt itself.& W$ N* F' h/ Y7 f" i  ^6 D$ N6 q
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+ {3 E) j# o" Q5 q1 Y, k
小弟一直都唔明...
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) ~- r$ j: a% r0 i全世界都蝕錢，咁邊個賺緊錢呢?
/ {$ w" A1 n' H/ j7 h3 Z7 D% @, {1 u, r' T' b1 E, G( e9 ]( p
無可能淨係有人蝕錢無人賺架嘛...  X3 y$ B5 y# J3 i, G
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敬請各師兄解答& n) K4 o$ d* a: P$ t
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Thanks

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那些根本係 紙上財富  
, O$ u  g7 b- {9 W3 Y- j* l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* Z  I6 D6 }( T3 h2 B6 i; ?  D

8 \6 d& Q) I2 i' l, I& Uhttp://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  `" j  q% p
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
. m, U+ |- d$ n1 y/ o0 C( C# |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  p! ]% v1 S! k4 f
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦3 M2 ^1 s9 {0 X2 H6 |
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,% V" W' v* k" u8 p
計番回報率就已經係50%,所以可以好好賺
/ w4 \/ W: `6 ~; k前提係銀行之間要互相信任先可以咁樣借法! Z2 E$ P6 R0 X
同埋個市場既前境要係好先得
1 G# w! o* e# @2 T" K0 n8 N. Q但當經濟一差,公司估值趺了,物價不升反趺
5 c# a% g+ _# T) I* b例如剛才說10蚊的, 趺到得番9蚊, ! o( k& b% S% Q/ ^2 H" ~  Y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& y+ V0 P3 Z' Q6 ~- n
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, , r5 z" K  a( _0 s& Z7 K$ f
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, ; R  e+ h; u2 Y5 \% y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 A0 ~0 b5 c. C) U6 @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8 u! O* S- D2 x. t2 \! P( Z! E2 ]
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
$ d: s( U; X- ^8 z唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 H* r1 R3 D: C# Y# F, n淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ o( R9 x! Z* O& w0 c- Z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 T& t& E) V0 S- D; |8 ^
咁你話d錢蒸發左去邊? ...

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正係咁樣
; t7 B' A! F9 X% e& Q8 ?+ w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
) S% H+ @8 ]' {, b分分鐘佢地唔使還錢! I) j8 Y4 b* B) k
' w$ ]/ J! E0 c
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,
- W# u! D& v7 f/ z" M% B; U連國家都係問人借, 不停發債券, 印鈔票( u8 I& X; M3 K* y7 G% g- [
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: b$ ?  E& A$ @& U0 R1 [
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/ I" b/ O9 I! t- N$ r8 t8 d4 N3 C
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...' N6 z# E& C- Y7 ~5 U# P8 u
因為以前未生產, 先消費
' J5 T" W/ b7 [) N6 w. K1 e5 w+ W$ v而家就要多生產, 少消費