0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
6 i/ L4 p* ^4 |2 jWhy bank will sell 借據給第三者???! F& w) \* t4 p. F
I was so confused.....

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講到尾都係賺錢
7 n' a1 c- J7 G- Hso銀行可以不斷放款
9 L  N/ J- H4 G" A9 V美國的房貸問題散佈到全世界+ F; p! B1 {0 v4 K5 D" w9 @

0 E  R$ i% ?. j* o7 O  p8 rmortgage loan ' Y1 e, a( _6 q, c% s$ ?, w/ ^
>conduit" t/ N1 _# e! N1 E/ {
>RMBS(Residential Mortgage Backed Securities)! {: {: J* N' q9 I9 w
>arranger
* ~6 K  _% Y! H0 M, l9 u! g! s3 W>CDO(Collateralized Debt Obligation)
5 T$ F/ ~) i4 Q+ d6 @最後去到投資者

Kev

i thought it is the reason of rate of return.
; \7 x: ]7 f. \- i, n1 {2 N- j3 d' h$ OCDs could have different ratings, AAA -> F,
8 t1 B0 {2 K7 Ymore risky ones would have higher premium (interest rate) as a compensation for an investment.
4 T4 x8 s" f& W; m* [" Z7 xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) p" d; o4 ]9 p! ^
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 f. s# U+ B# ?7 |% a/ HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. t( \6 Z( o, @similar to bonds, CDs trading in the secondary market have different value at different times,
6 ^$ U' u- S* j5 J( y0 N+ b4 J  }normally the value is calculated by adding it's principle and interest. ; O$ t, ]2 l- T2 [
eg. the value of the mortgage+the interests to be recieved in the future.
, D, o* \' m/ R8 k+ ebanks 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 y" n6 l- `9 d/ _- x
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im not quite sure if the multiplier effect does really matter in this case./ W6 k2 }/ T9 }- W4 n
in stock market, it's the demand and supply pushing the price up/downwards.
1 F. M! S9 f# U  a! PFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! B" r; x/ ?0 r* J) x5 {& A8 {A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 H$ ^% t. P8 f: Z; R, 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.
+ [9 n  |( o: C9 p, k& Qbut the value of their assets did really drop significantly.
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6 R+ ]- t! c1 X4 a4 H[ 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.gif9 [! ~) U) ~: M2 x  E  w5 z
Refer to last example,9 J2 P+ g- E9 I5 z
that means bank A have no money because we borrow 10 dollars from bank A
' ~, @: c. L- aBecause bank A doesnt have enough cash on hand 9 D2 m4 I0 |. N$ S% D: o0 K6 o
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
% w9 ], h% i7 H5 mso does it mean if E failed to pay D, # Y  e; \+ U3 |6 n. z0 v2 N
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, 9 a$ l$ c, _4 s5 B1 v/ k7 O
in this case it doesnt really matter how much money is created, " V, O+ o  S! E% \  s8 T  z1 \$ l
it's the problem of the debt itself.# {0 }) A, ?, i+ e% x( m
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.gif8 c. B( ^# R2 |0 t
小弟一直都唔明...( n! M, H' D" H8 }% k, N$ r
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全世界都蝕錢，咁邊個賺緊錢呢?7 x  K4 ^( b- r

9 D' G- H& q1 A1 G: I/ o; Z' |無可能淨係有人蝕錢無人賺架嘛...
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  }6 }# M3 R2 r' `7 U  |. {: S/ m敬請各師兄解答$ W" k, A4 T2 z: z0 I

, O/ g1 c& ?6 C* Q  gThanks

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那些根本係 紙上財富  & y6 ?( `) a  B9 m) R
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 graphic0 a" ~' n4 v3 G2 u$ [

# A* N" G+ Z# `# X0 mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產, [9 p. t4 L( m! U! |
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ T5 V; ?2 W, E) L- ~0 q/ [! ~$ L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 a4 v: l7 @. ?  V個件物價係市場好既時候升, 例如15%先算,變左12蚊啦+ x5 q" h* N2 H" Z4 ]$ x. T
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 r% Z( _* _4 D8 k3 P
計番回報率就已經係50%,所以可以好好賺8 {+ @# |! q/ c) G6 i# B
前提係銀行之間要互相信任先可以咁樣借法2 F; G4 O# X/ H
同埋個市場既前境要係好先得7 U, b! o$ q+ C# C: G4 e
但當經濟一差,公司估值趺了,物價不升反趺
: i4 w- Q7 w7 @  M例如剛才說10蚊的, 趺到得番9蚊,
% U: U- U  q, i+ v" S: y: G8 {咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( u8 @7 z4 d: L9 E* u5 g所以你就會覺得D錢好似蒸發哂咁
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8 H1 k* W. K% ^7 o- `% t( p你都可以當標野咁諗, 個樣野多人可以狂升值,
# g* `! Q( H) O2 p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,   W; o! C& @  U! p' G5 ^/ G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - u9 r) Q, \& P' c6 U; 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
: b, s) f. X) F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
) c. `/ W1 t; t- A+ V" J$ _1 u唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 f3 o& @  T$ {' R' G& p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 G" A" R5 m3 s$ `! ]' N
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
, q4 ?) u0 P- q1 Y( }9 T咁你話d錢蒸發左去邊? ...

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" Q3 `% d6 g  m$ S, A. p正係咁樣
( G) L2 m% f+ Z- Z. ^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
' J; [! Y" F% d分分鐘佢地唔使還錢/ H  Z$ @$ k6 u4 X2 n5 u
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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,7 {3 n& Y; }  u3 r1 {- g6 T, [
連國家都係問人借, 不停發債券, 印鈔票7 T, A2 l( X0 C6 e( {" w- U: L1 f
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% R3 Z0 w2 b4 R" z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
- k$ R1 r0 r8 s- i( L: x1 d咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...+ D% k$ k' C! D
因為以前未生產, 先消費
+ c, v) l- G. |; U" W而家就要多生產, 少消費