0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif9 U3 G4 b* k% {; x: E" T* U- {  o$ v
Why bank will sell 借據給第三者???& ]9 b# T8 d- _2 ]
I was so confused.....

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講到尾都係賺錢
& K8 T4 _- q( C' [# sso銀行可以不斷放款
+ W9 |, S( j* R7 _4 S美國的房貸問題散佈到全世界. ~8 h* W+ @; H7 c1 O% U" V8 h

" J: \9 N2 C# \3 p9 Nmortgage loan 8 o0 L! z2 \/ J, @: P' B
>conduit7 A, I) E( ]  V: L2 a
>RMBS(Residential Mortgage Backed Securities)
( u& w0 l. f7 E* Z" \. p- }, o/ D>arranger9 K  L6 p; V: g9 L9 {
>CDO(Collateralized Debt Obligation)
. v$ w' a6 W5 [1 |最後去到投資者

Kev

i thought it is the reason of rate of return.
4 r( q8 G8 F; U  l: |CDs could have different ratings, AAA -> F,
6 y4 T- C* N# _# l+ W/ }more risky ones would have higher premium (interest rate) as a compensation for an investment.% T5 C* D, q; o$ Z& M+ u
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 r  X3 L6 q; V/ C& R9 y; Bin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 ~! c9 @. Z$ U! a. _- _. n
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, h- j! w0 c1 Lsimilar to bonds, CDs trading in the secondary market have different value at different times,
" z3 e* g& d& L3 N. Onormally the value is calculated by adding it's principle and interest. : |0 Z9 ?# p" F8 m( k  U9 O7 g
eg. the value of the mortgage+the interests to be recieved in the future. $ k# K' U2 o: Q8 i
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.
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) m) Y: y: J8 Tim not quite sure if the multiplier effect does really matter in this case.# `) r* m, f6 X% E, W
in stock market, it's the demand and supply pushing the price up/downwards.
  r4 @. s  k" r+ uFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ X8 T$ b6 t" p$ H, R2 K6 s* \
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( }. v- r2 U) KThe 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.
/ ?# v  w; V" K  V/ y' _; Abut the value of their assets did really drop significantly.9 _, W* k6 X6 T" ^5 S# k
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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: [2 O9 N5 ]: j3 T& K4 E1 g. a
Refer to last example,
7 O3 C/ `3 ~! ]that means bank A have no money because we borrow 10 dollars from bank A
' R0 i% O8 V  D8 N) MBecause bank A doesnt have enough cash on hand 4 `( |6 d' |; S$ g. W2 m, |
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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; K7 T& {9 r9 q* d9 m% z6 i/ T+ UA->B->C->D->E
( j; t8 }' y6 qso does it mean if E failed to pay D, 4 m* t, u# i5 j1 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 S  D1 ?4 H, T2 Fin this case it doesnt really matter how much money is created, # I. U! q4 B, w" H  ]+ e
it's the problem of the debt itself.
. m9 \) V: E& r. D5 ~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# h, {. {3 w/ b) H9 s1 s2 ~: m
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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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答! p% Z" N7 [+ h
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Thanks

& p8 [) f& w: W那些根本係 紙上財富    u& C, Y2 E7 m
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' K/ p$ ]7 k2 K
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: {1 O, O" y: f4 V* G
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 Z9 q2 _7 P& e6 Z0 ?( W個件物價係市場好既時候升, 例如15%先算,變左12蚊啦& K4 A) x7 J/ i+ ~( K  m; K
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
. a& y) I* a: P& b+ A計番回報率就已經係50%,所以可以好好賺3 j: z5 V7 i) S4 c% y, X$ `$ d$ k
前提係銀行之間要互相信任先可以咁樣借法
3 Y  H7 x% c* F9 e3 e: k/ e同埋個市場既前境要係好先得/ o! M8 t$ w' W4 w% L/ f2 C" N
但當經濟一差,公司估值趺了,物價不升反趺
1 A* a0 [  U8 \& O( ^8 d5 F5 ^例如剛才說10蚊的, 趺到得番9蚊,
9 q) {: W9 V" v/ d- V咁投資銀行一下子就要還11蚊, 一來一回變左虧200%: w: U7 A3 W0 F8 P- H
所以你就會覺得D錢好似蒸發哂咁
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8 k1 Q# D" \8 l你都可以當標野咁諗, 個樣野多人可以狂升值,
9 u5 V0 {1 e3 E3 o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,
2 e4 U/ z; P6 L淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : [; O+ `! k5 \' U7 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/ `3 A6 D, Q8 E, D
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
6 c4 X' }% [1 w' v唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 f4 m  M/ M6 D% {1 Q8 o9 g淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 b) C2 ^' p; {9 Z: W# c! e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
) E" B. s) f. y咁你話d錢蒸發左去邊? ...

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& f9 s) C0 |; x- v9 |正係咁樣
9 u, e* [  Q- h2 z& ?$ ~; C+ T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* o2 z$ e. [) i  R5 w" C
分分鐘佢地唔使還錢' p) J, ?6 N! x& y% _2 b
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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,& s8 K  C' M8 L- L4 ~2 B
連國家都係問人借, 不停發債券, 印鈔票' r/ b+ u( {7 T8 K
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
5 J) q% @! j" Q8 M5 g4 m5 T* p$ x$ ~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
) r' N, ?4 m4 C# O# q3 C咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係..., \6 m: J3 v) q6 t3 k% b
因為以前未生產, 先消費
5 ]7 _, b) Y3 {8 h2 \而家就要多生產, 少消費