0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif3 Y) f3 I1 f' L" j1 c# U9 K
Why bank will sell 借據給第三者???
) H1 ~- A0 ^1 @I was so confused.....

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& Q5 p0 V- {; S1 m: r講到尾都係賺錢4 g* O# ^4 F2 q( e  Y* l2 q9 E
so銀行可以不斷放款) X4 \% @6 }  e2 ^4 D
美國的房貸問題散佈到全世界9 e1 Y: v. f: z$ i, l: @& d
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mortgage loan $ j7 W0 y0 f) ?1 }& C) l
>conduit/ f" C2 H# |2 F& u9 z$ [
>RMBS(Residential Mortgage Backed Securities)( G6 `, I& |& _3 Q$ G( f- j! |
>arranger3 _6 K+ c; G: K% v+ B8 Y- G2 I8 x
>CDO(Collateralized Debt Obligation)3 r6 g+ g& O& j
最後去到投資者

Kev

i thought it is the reason of rate of return.
# Z1 @. o- T1 F4 L- ECDs could have different ratings, AAA -> F,
; Y" t+ K' c$ R# h% Jmore risky ones would have higher premium (interest rate) as a compensation for an investment.
; u" M4 N6 R0 f( v9 zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% s5 }+ H9 {7 j4 \. X' p
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, Q2 ]9 \$ d" u" V% w+ `) G" \Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 t% y8 L2 ?$ P" b! @" Asimilar to bonds, CDs trading in the secondary market have different value at different times,: N( D. r; l5 c9 n$ A  z/ F8 X; f
normally the value is calculated by adding it's principle and interest.
* t  c3 M2 R2 Beg. the value of the mortgage+the interests to be recieved in the future.
6 l: R9 h& c6 q7 n; c- 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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, V* o# |  c: i7 @im not quite sure if the multiplier effect does really matter in this case.
! q" _) [$ a% K6 Pin stock market, it's the demand and supply pushing the price up/downwards.
* w0 W: _/ e. u7 o( JFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% r2 F! `, R; x% U, ]+ FA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" D6 X- n9 F2 P/ ?6 z: DThe 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 e$ C0 o* C! h
but the value of their assets did really drop significantly.
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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
  \( b/ W& M* E2 x) lRefer to last example,
% g1 U! h8 n. W9 D  p0 z* }that means bank A have no money because we borrow 10 dollars from bank A
9 [. O8 M2 q/ MBecause bank A doesnt have enough cash on hand 7 }0 L& b% r# T+ b  n4 T  [) X
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
8 u: Z) y! k" `# |5 q2 h) hso does it mean if E failed to pay D,
9 C! o; x+ v% o# }) \all the B,C,D,E have to go bankrupt?5 D3 q6 b) _9 w" {% v

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' M5 J6 b  h8 ]5 y; e  K( Ythe multiplier just tell how much money created in a whole economy, 8 z5 o" \3 G" u( m
in this case it doesnt really matter how much money is created,   ~4 s6 y" w) _4 e, w2 M  z' z
it's the problem of the debt itself.
& \9 V6 i3 Y* v% q9 l6 i7 Uthe 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. e! }1 Q6 w3 c
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...8 u1 [$ j9 Z2 ~5 C' ]3 a  M' a3 {  |
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敬請各師兄解答
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7 p7 O4 r, w2 Q4 q2 w7 [Thanks

# j- `7 R! b+ G" V9 e9 t' u7 F那些根本係 紙上財富  2 B4 H. A7 h9 v% D+ q- w" |
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4 _: X& M: ?4 ~2 Q) K' M5 b; p2 ?
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; m! F0 S5 o8 b1 ~- @4 m6 f1 ]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
, ^1 J: `+ [2 K& Y& L/ Y+ f個件物價係市場好既時候升, 例如15%先算,變左12蚊啦0 w7 i8 `$ H- C6 B0 l( G5 y, L
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
! k3 H) C$ r: N+ K, A計番回報率就已經係50%,所以可以好好賺
) S- [- n- N3 R前提係銀行之間要互相信任先可以咁樣借法9 ?9 |8 a, R! V% F
同埋個市場既前境要係好先得
! B! _6 e0 K2 W1 |5 |1 H但當經濟一差,公司估值趺了,物價不升反趺' c2 w/ @# J3 L% ?# D8 a0 r
例如剛才說10蚊的, 趺到得番9蚊, 4 K1 N. }; ~3 W1 E5 [( e
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 Y! I* F  f+ Y. ]所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
% b. J# R, P" Q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, . b9 G  o! b, \1 @+ b! m* \
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 V" p$ |8 {0 p) [. W' h+ 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2 m- x  v- Q: x; v9 H, N4 p
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; P7 _2 h. L9 t8 K
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 r" Z! Y0 G/ Q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - n& E* y: g+ G$ H( 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
8 ]7 X8 k4 j3 S, }咁你話d錢蒸發左去邊? ...

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; P6 z' w9 g4 `# _: A3 ~9 m9 w正係咁樣
+ G, m  b5 P3 [  F  A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
, R; E4 d& }( m2 W) [分分鐘佢地唔使還錢' q& r. C6 T( w% k% ^: W

7 x6 q2 V$ C% a" k; N; B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,
, ]4 a$ n* K) g' Y) \. x連國家都係問人借, 不停發債券, 印鈔票$ i. |1 o) p9 @: a9 G- P
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產* e- J6 q, x: M4 m8 s! t/ w
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
7 }# f0 {" g% R: A2 x( j咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
  @& U9 W1 C4 ?7 u因為以前未生產, 先消費
9 b' A( ~5 D( }8 p9 D而家就要多生產, 少消費