0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
, X" U+ o$ v: g% ZWhy bank will sell 借據給第三者???
: S4 E# Y6 k  w% ^I was so confused.....

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講到尾都係賺錢  J! e' f$ W- T
so銀行可以不斷放款: n  C( l1 V6 k6 l# n
美國的房貸問題散佈到全世界0 m# _( \$ }/ ]# J" `+ |
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mortgage loan ; m& h+ [  `: Z8 q
>conduit
, ^& h% o! P( l3 ?) ^" Z4 V6 U>RMBS(Residential Mortgage Backed Securities)
& V  n& ~. i2 t2 @8 c>arranger
+ ?" k& J- T" [4 {6 o6 s# k>CDO(Collateralized Debt Obligation)( F8 I6 i+ y. d/ l6 D9 ?
最後去到投資者

Kev

i thought it is the reason of rate of return.
4 r( l+ I6 k  w* o8 eCDs could have different ratings, AAA -> F,
- Z1 {6 F' o% C( Q* z6 q3 zmore risky ones would have higher premium (interest rate) as a compensation for an investment.0 W  n+ B) U* y  i9 I
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 ?  M% X1 `: c& ^; V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" @2 _. G3 a( G' }( G8 D4 zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" q  c+ R/ o6 I. c+ t. _similar to bonds, CDs trading in the secondary market have different value at different times,
9 t( }4 ^6 _3 W" }normally the value is calculated by adding it's principle and interest.
( @% P% w8 E6 D  q! q+ A5 reg. the value of the mortgage+the interests to be recieved in the future.
3 u0 V5 c% O3 t( e, ibanks 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.' C, C: g# H% \1 x2 w6 M

! O) g$ W. Q2 V8 ]; yim not quite sure if the multiplier effect does really matter in this case.
2 o9 g) W" C* e' B+ e+ tin stock market, it's the demand and supply pushing the price up/downwards.5 p9 C0 {* \; r. N) U8 A7 B) i
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
$ T2 {. y: p, zA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ m) `' @/ m9 X! q
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. 8 a* Z. n3 [0 {% J/ }3 r% |
but the value of their assets did really drop significantly.' x. x' J& `; [$ z" N0 u
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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
1 B* p/ j1 ]- w& R+ XRefer to last example,, H, e/ n; J4 D' b; I
that means bank A have no money because we borrow 10 dollars from bank A % B$ L6 w) {- @7 e3 H/ x: u
Because bank A doesnt have enough cash on hand
. X& m& S- @  x7 `therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E+ v* y  [" Y# f0 s( D% a
so does it mean if E failed to pay D,
- k1 J! D0 k/ N# S; W& N8 p7 Sall the B,C,D,E have to go bankrupt?2 c$ r" X$ B8 F3 L- y; J

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2 S) E6 `0 S* c8 Y& \7 r& }the multiplier just tell how much money created in a whole economy,
! K% z4 ?8 b7 q# @3 pin this case it doesnt really matter how much money is created,
# x2 s4 }, F6 y9 J1 tit's the problem of the debt itself.
  Z7 b1 W% a; othe 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
. I$ M  Y: H" |: ~4 v1 h6 f4 V小弟一直都唔明...& M1 L3 p2 w7 H4 F* G

7 y! C8 _+ R/ c: ]) o, `- m全世界都蝕錢，咁邊個賺緊錢呢?# J% b, r& d6 U. W  }& Y0 c; i: E
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無可能淨係有人蝕錢無人賺架嘛...4 R* W' P9 g: A: s; o6 Y$ h

, ?, E8 N- O0 q敬請各師兄解答
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& B) }* E) Y6 j9 R& v/ P# KThanks

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那些根本係 紙上財富  
9 p: U; [2 N, {" c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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! H7 w- A2 p; k  W( |1 Ghttp://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 m5 Q7 ]0 r2 V$ z; ]6 w當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) N0 v+ h+ Y; R/ A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4 L4 c& q$ c7 _6 N
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" i5 o" A. s, {扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
& S1 q! M9 ^0 V8 z3 j3 ~6 E計番回報率就已經係50%,所以可以好好賺3 p, O; f# T/ A( T; j4 {& p
前提係銀行之間要互相信任先可以咁樣借法
# S! D1 B* V6 q: {6 c同埋個市場既前境要係好先得& f8 r, d7 }+ w  A
但當經濟一差,公司估值趺了,物價不升反趺
6 L; X4 b0 u9 w1 i7 E. v( e9 _例如剛才說10蚊的, 趺到得番9蚊,
9 h" m8 D; T9 @( h3 i! i8 M咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 E9 E3 f) Y* R' W
所以你就會覺得D錢好似蒸發哂咁
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8 ^( @3 V) V' s4 q5 ~你都可以當標野咁諗, 個樣野多人可以狂升值,
7 u2 n- l' l6 q+ G) i) Y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,
4 E- I" ^) r0 R  B8 m; ]& n  V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 j8 v/ g1 G: P; ^+ d7 @& b
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
7 U" T9 F1 f; ~2 I* g, L1 H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
1 l4 N9 x* v4 V& {8 A唔係d錢蒸發, 而係比美國佬洗晒未來錢,
( O$ S; T* c5 a0 w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 ~" F, z" V/ h0 W) X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* t( t- g+ i8 K  o1 x8 _
咁你話d錢蒸發左去邊? ...

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正係咁樣
5 I* n. d( D  `2 z6 O0 C* o" d5 I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7 f& O# W/ A3 }
分分鐘佢地唔使還錢5 q6 x& ]! R' }) E

; K" Z$ L  i- D3 d7 c! h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& z2 N  S- b3 Q0 \$ F
連國家都係問人借, 不停發債券, 印鈔票
6 D% g( l7 @& j1 E2 |6 F7 [$ e一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
5 c) C- P! X0 N% `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; f9 H& V* g. P
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
( S) ]: h, f- A# V/ n, R因為以前未生產, 先消費
$ w2 V4 M9 C6 g而家就要多生產, 少消費