0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif+ k) R& k( \3 M0 r
Why bank will sell 借據給第三者???
, r' t6 U! V$ i5 K: Y* U  oI was so confused.....

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講到尾都係賺錢
. g/ L( `! M9 E$ D5 w& k1 Rso銀行可以不斷放款
8 Y) v3 l& f7 m. \, @: |$ z美國的房貸問題散佈到全世界2 g& I( L, f% P: i6 N9 |5 z( ?2 b  e

# v# P& }2 D7 |mortgage loan
0 M7 z- M. F5 _9 P: r+ ?  d( \>conduit
1 `' E# y5 ]/ I% o, H6 Y- O>RMBS(Residential Mortgage Backed Securities)0 m# l6 q, [3 I  o
>arranger9 g8 e. r9 T$ i6 e! s+ R9 R  w" d
>CDO(Collateralized Debt Obligation)- _+ K+ q# I) A2 V8 X" V: |
最後去到投資者

Kev

i thought it is the reason of rate of return.
9 V/ i5 u/ t4 r! {$ cCDs could have different ratings, AAA -> F,+ Q# ^, |! |1 q. K+ Q+ F
more risky ones would have higher premium (interest rate) as a compensation for an investment.
/ Z; w  A: w1 cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 T) ?- B3 \& J' e$ i% ^
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# ^% u8 k& w9 w* G  b7 `! L4 W
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: u3 o0 ?7 i+ ^! ]8 l* O
similar to bonds, CDs trading in the secondary market have different value at different times,
8 ~3 ^6 ?$ G: X( J/ Ynormally the value is calculated by adding it's principle and interest.
0 D6 V& p4 c1 ~" J% M  [eg. the value of the mortgage+the interests to be recieved in the future. 5 y5 @1 ?# f7 u% j
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.2 V- @8 u2 ?7 U! }& e: x

! J- H, c: J( l6 E- x3 C+ w9 D4 Lim not quite sure if the multiplier effect does really matter in this case.
0 i/ X7 G" S6 N3 x2 yin stock market, it's the demand and supply pushing the price up/downwards.8 Y( y' o" n, j
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. l! Y- N' t4 r" Q  n& D. QA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: a3 V* O: {9 I3 OThe 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 A! I1 s6 _( m( gbut the value of their assets did really drop significantly.. h6 N3 r+ S( Q4 R. U& R6 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* [2 j6 l0 b% cRefer to last example,# @) S5 N  v9 S( W- W0 e  U1 u5 u
that means bank A have no money because we borrow 10 dollars from bank A ( ~  x; }" R: h5 @" N1 h
Because bank A doesnt have enough cash on hand 5 v7 s9 E; b# ^
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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6 R. y% B  F; o# @9 D9 t3 J. EA->B->C->D->E
# ?; l2 e- r- `( L8 Cso does it mean if E failed to pay D,
* ]  g& g( ~- h" S8 Y  pall the B,C,D,E have to go bankrupt?" i; E! _; P0 l: M( U
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the multiplier just tell how much money created in a whole economy,
4 Y6 S  q" ^- min this case it doesnt really matter how much money is created, $ d3 j6 }3 u: Q9 A0 c
it's the problem of the debt itself.
% l$ B8 G( I  k! n$ ~" Athe 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
* v0 {! o: t  m* Y' Q; Y小弟一直都唔明...+ ]" K! A  r8 y2 z/ f

  u6 g& t* ^& P: \( z5 u全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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' N$ @1 B. A1 y敬請各師兄解答
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Thanks

5 F5 _# z% \6 [: f那些根本係 紙上財富  
$ \8 g4 }+ M3 j9 h' P8 t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7 w  |7 S/ p# ]0 d. m: f7 F8 Y
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; H( B+ f# J) {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
: i3 \# X) Y9 _- I個件物價係市場好既時候升, 例如15%先算,變左12蚊啦  I& u( R2 A) C/ q- X' p. P- s
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
8 m) A* \% G! d) W7 g計番回報率就已經係50%,所以可以好好賺
8 {" B* n: I( }% m3 D8 l前提係銀行之間要互相信任先可以咁樣借法6 O: [- a# ^; B2 f! q) a
同埋個市場既前境要係好先得) C3 V0 ~1 E0 i) O: j
但當經濟一差,公司估值趺了,物價不升反趺9 w" A; [3 m1 A, K  j3 M9 _
例如剛才說10蚊的, 趺到得番9蚊, 4 M# t; A! B/ e* _' |
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 J; a7 D" `. u8 f# ]* s( {. W所以你就會覺得D錢好似蒸發哂咁  l8 s9 m8 X  v% R+ d; j
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你都可以當標野咁諗, 個樣野多人可以狂升值, ; [4 C( Y% I$ t/ I. o! l* i
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 s6 b! h$ A6 m8 V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( ?  p! L# S( q) ]( O, U* _! t; y
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/ _% K" q( k2 N. v
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! X9 U) E( o) V
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ( k; J6 a. o- T2 t( ]2 G& g) n; M+ L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 K/ E1 ]) L' y# w/ h
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
. c, q2 z: B3 [9 h咁你話d錢蒸發左去邊? ...

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, b; @; z1 J2 R$ @0 n正係咁樣0 x6 s+ P/ q0 w3 h5 e4 x" @
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
4 Y& \4 }) `% t8 I- E& c7 A7 e分分鐘佢地唔使還錢
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# {$ T% D8 k, ^; ~! q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,
* Z9 k! W+ ^0 P" L& z0 B連國家都係問人借, 不停發債券, 印鈔票
- P/ I- F8 i/ O& o3 O' `7 v一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: ~/ \# g% C/ a4 P: {6 g5 B3 d: _# ]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
- \, b# f' f( I% ~( Y0 M/ J咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...# f; |, l# c/ l
因為以前未生產, 先消費) N# k  I) K% X1 n% _- R
而家就要多生產, 少消費