0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif+ c1 G2 l1 n" G. V2 @  ]* x
Why bank will sell 借據給第三者???
+ e; r( a7 V0 R' y+ @I was so confused.....

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講到尾都係賺錢' O, `. j- i& g6 j' o% [
so銀行可以不斷放款
2 t! [$ p. N* V* t: p美國的房貸問題散佈到全世界
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mortgage loan 2 K, w( I! {: d. H/ \  B/ I
>conduit
. p1 }2 S" f0 [7 |2 w>RMBS(Residential Mortgage Backed Securities)
0 m& ?) _) S) a! I: c9 ^>arranger
! Z0 H) T3 [- ^! D( G, J8 w' j; n>CDO(Collateralized Debt Obligation)
$ E9 T6 S3 z6 T7 ?6 R( ^' f最後去到投資者

Kev

i thought it is the reason of rate of return.
1 U* v2 H8 N7 n! o- I% l1 gCDs could have different ratings, AAA -> F,- X: E6 u5 Q1 \
more risky ones would have higher premium (interest rate) as a compensation for an investment.) H- A! V7 @& |% a6 e" z2 Q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 T1 F( v7 Z6 w0 m6 ^in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& j/ I* w  o9 S& E% z  m( ^Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 h9 b8 V; ~, ]' h7 [
similar to bonds, CDs trading in the secondary market have different value at different times,; G8 a- F& t3 B) Q
normally the value is calculated by adding it's principle and interest.
' G/ s, L5 M% I, ueg. the value of the mortgage+the interests to be recieved in the future.
8 f; X2 Y9 \& C6 xbanks 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.- y7 H& X! O% G" q7 L4 e
in stock market, it's the demand and supply pushing the price up/downwards.
$ f2 O* _9 T$ i9 M# S/ iFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 w7 g5 F2 S/ z# l
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 U, D1 c  ]% g: IThe 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. ) m" \3 ~  M8 |) P, K* U' J
but the value of their assets did really drop significantly.3 S' m) ?) t$ L) F
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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.gif3 E9 ?3 I6 w. d# p0 i# M7 j4 |
Refer to last example,
% j! l. w! }( @. }. u- Ithat means bank A have no money because we borrow 10 dollars from bank A & t' P$ W' Q3 O, }. `4 X! }) x
Because bank A doesnt have enough cash on hand 9 A- i: {. B" _, T; R
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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& Z& h& h8 h) G4 c- q, M& sA->B->C->D->E
# r1 Y( |/ O( R+ I/ e6 qso does it mean if E failed to pay D, 2 D! h7 e+ \9 A8 R
all 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,
( O& ?  k/ M- K) Z5 O6 r. tin this case it doesnt really matter how much money is created, * r8 N- P# G! p8 @+ \5 Z; Y, Y
it's the problem of the debt itself.* j1 i* G, y8 P: R& T" T
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 z+ j- a* ^4 ^  ^3 g小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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) [: n3 h4 Y7 p) A無可能淨係有人蝕錢無人賺架嘛...
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2 I8 K( [9 `1 Y. W; p敬請各師兄解答7 p- R9 m  I+ P: W% [
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Thanks

# K+ Y5 I- G& @$ M那些根本係 紙上財富  " e& w5 k) s  I1 h: _
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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7 R, n9 n- E* lhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
2 M& q8 N) M8 n/ S. l! t: `當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ u) {+ R/ N) Z6 S8 Z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
" _7 K  j" Y. e* v  q, `, j個件物價係市場好既時候升, 例如15%先算,變左12蚊啦  W8 w. k5 v9 Z+ y( S3 ~. H3 A
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ A! o& n0 Q3 H* Z' {
計番回報率就已經係50%,所以可以好好賺4 y! v8 Q1 {& L/ Y" \: |4 U
前提係銀行之間要互相信任先可以咁樣借法
& C: n$ ^6 }. u- O& c$ Z6 L同埋個市場既前境要係好先得
: [# g0 Z! I* t但當經濟一差,公司估值趺了,物價不升反趺$ _3 Q* d. D3 b6 {
例如剛才說10蚊的, 趺到得番9蚊, 2 O2 }1 o7 C' _6 x
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 b+ Q( i* m# H) Y所以你就會覺得D錢好似蒸發哂咁+ I% r) `( D! K2 k( X
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你都可以當標野咁諗, 個樣野多人可以狂升值, + o2 l! x) M9 p5 P: M5 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, 5 B' ]* x+ E: F1 v, z7 D7 k
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- g1 g) i. Y8 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# o4 v( M# s# [( Y$ 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
- t7 c- K% u* |0 R唔係d錢蒸發, 而係比美國佬洗晒未來錢,
$ D. d+ J0 Y# E# F淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 t4 W- V5 y8 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
: [; @% y$ |* A" e- j: y5 m咁你話d錢蒸發左去邊? ...

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0 O5 [# ^' c8 Y/ A5 i- U正係咁樣
* P0 i5 x1 w9 D' X  J# s) C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
8 X6 d& M. F: K( n$ [4 n! k分分鐘佢地唔使還錢0 l& D! a3 G, e! R1 v" f: O0 l+ L

2 Z2 {- Q9 W6 H2 p' K3 B0 W1 g# F* T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,
- \( K' e0 |5 ^- A) E連國家都係問人借, 不停發債券, 印鈔票
: f2 u2 }6 u0 S" z/ v- }) `) n一個國家好少出口, 而又大量入口 ,反映到佢唔多生產  s% B- g3 K3 u. Y+ C8 A
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
4 F6 a# o* Y9 h/ Q; t咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
6 d  R+ S& f  \' B7 B因為以前未生產, 先消費' a0 {2 o; T$ P, x/ j2 e2 E
而家就要多生產, 少消費