0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
& N5 H7 g( v' r) Q! c: ~) OWhy bank will sell 借據給第三者???+ z9 w2 r' h: h1 U0 Z6 r
I was so confused.....

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講到尾都係賺錢
/ {% w- k! r8 v; J/ _so銀行可以不斷放款
$ \/ C# q5 ^* \$ i  p& M  w# ^美國的房貸問題散佈到全世界* y% m2 o$ @  a! ?+ A8 Q  T

0 h1 E) Z7 T; \. F0 g* \. }/ `3 l8 Jmortgage loan
8 f; @! H$ \1 J6 ?' ]>conduit7 E% K( b' a4 U
>RMBS(Residential Mortgage Backed Securities)
+ j* L% Y+ U. C, `8 ?, @>arranger
, R4 U7 J  v4 F' k( ^2 S>CDO(Collateralized Debt Obligation)" k5 Q1 q; R2 n! F# W, A
最後去到投資者

Kev

i thought it is the reason of rate of return.
% z, R! B! {" kCDs could have different ratings, AAA -> F,
6 k$ ?0 w) a% ]7 k/ z# vmore risky ones would have higher premium (interest rate) as a compensation for an investment.; }3 w7 f9 N- `2 k# J+ |) z& z  K; f# W7 @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( ^- e, R5 H$ i7 K; |# w8 Rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, T: _" B6 e2 _" J3 ZAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  k4 i! |2 w0 gsimilar to bonds, CDs trading in the secondary market have different value at different times,# X" y$ w, Q6 R! v) x3 T
normally the value is calculated by adding it's principle and interest.
7 m9 A" ]" d6 L3 l0 Teg. the value of the mortgage+the interests to be recieved in the future.
1 ~, y* n, N. P9 f6 \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.+ ^- V& j. P1 U; c0 z" I8 R' [
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im not quite sure if the multiplier effect does really matter in this case.
2 I* |( |: J) X  }: t  Yin stock market, it's the demand and supply pushing the price up/downwards.# Y+ K0 Q* }- I5 w) ^0 n, N
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: N# [! _) d, S4 v  |) ~A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 P( A1 T! ^2 V. W  UThe 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. * z- p; `7 S# l7 V5 p! Z: S
but the value of their assets did really drop significantly.
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! n* o: s0 T0 C) w/ k% f$ E, ][ 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
6 }2 O; u' r6 u. M# P6 c/ rRefer to last example,
8 {/ d5 S& ~# R/ b1 a$ Y) Hthat means bank A have no money because we borrow 10 dollars from bank A
7 G4 J( H/ v- S( p6 i4 z9 v- S  mBecause bank A doesnt have enough cash on hand ' h* g4 x+ n9 s! o, W& b) w, H
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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- p$ s! G% S( T4 x8 EA->B->C->D->E
' \1 z% P7 m" A6 i' Mso does it mean if E failed to pay D,
5 V6 j' ~3 s- y8 |all the B,C,D,E have to go bankrupt?- R* S5 a6 B0 K0 T; m. ^

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+ t5 ^2 ]0 K  Othe multiplier just tell how much money created in a whole economy, 7 T7 W1 D2 G% ^4 S8 L' E$ }7 [
in this case it doesnt really matter how much money is created,
3 j7 O8 Z% Q: v# x) cit's the problem of the debt itself.
& ^5 f( W1 j$ u8 p, W+ ^8 E& z$ t3 Ethe 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.gif3 e% j) o/ Y. u3 e& [( V" B; J
小弟一直都唔明...
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" w* }# d7 x: ^. \' U全世界都蝕錢，咁邊個賺緊錢呢?9 [0 ]! N+ x! v* S5 m# Q

) m" G* g1 i; P2 ]7 b無可能淨係有人蝕錢無人賺架嘛.... }2 ]0 H' C6 M  z+ ~9 u5 L& N

+ K& K. F8 B) p  Y0 g敬請各師兄解答0 e) z. {5 _* Q4 d1 _1 m$ ]; K

2 d7 E2 [  o9 B( C! _- {Thanks

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那些根本係 紙上財富  & ~$ ]: h% t5 x
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6 }2 d9 K" y2 A) I3 O$ ~+ [$ T4 c
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高- R; r. j# |% X  M) h
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
% @9 p0 L5 Q: b. |個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
) [6 H3 E& h! H# V* V# u7 c3 i* p扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# R' C" W- ]4 w. E9 [" e; u
計番回報率就已經係50%,所以可以好好賺
% {8 ]& o* Q4 O2 h! L  V" _前提係銀行之間要互相信任先可以咁樣借法
" L( t( Q9 [5 A3 o5 t* D& c同埋個市場既前境要係好先得1 Y' i1 H( u/ D+ O; C% e
但當經濟一差,公司估值趺了,物價不升反趺
& F: s4 e. [1 u: C% c7 D例如剛才說10蚊的, 趺到得番9蚊,
7 @: }$ h) u+ o6 B$ s/ K咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 s: ]) J6 ~. O所以你就會覺得D錢好似蒸發哂咁+ @  Z" X1 ^5 l
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你都可以當標野咁諗, 個樣野多人可以狂升值,
% e2 i$ m- i% c! F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, 7 ?4 T% ?, m- T1 f& s/ y2 F) ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 D3 D0 M* c5 v
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
- |+ Q2 K  ~9 b; c6 p7 H0 `6 ]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
! V: U. T7 [) `$ t# X唔係d錢蒸發, 而係比美國佬洗晒未來錢, 7 e9 u9 P6 t( [0 o: A
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . Y' ?/ ?2 a; |9 U- k0 ?6 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. D1 V: p: t7 \6 D1 Y
咁你話d錢蒸發左去邊? ...

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" c, G- e8 j5 x2 v& |: e  B! a, x正係咁樣& S5 ^% |- d. a1 y0 F
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. K$ @- j! J9 J5 d
分分鐘佢地唔使還錢4 F" K! \! f9 L; C3 j1 L

  o- S$ [* J" u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,
1 h0 f$ Q; ?, f1 s連國家都係問人借, 不停發債券, 印鈔票8 h  y; E! V- g$ m
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產0 q" h3 ~9 @! g+ ^$ a- p$ i% f/ m
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  Q- I& |6 t" q
咁而家"爆哂煲"算唔算先至係變番"正常"???

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" x1 p9 V2 }$ o% T2 A/ z7 L# v其實係...
! m+ w8 |$ ]3 j3 ?# d因為以前未生產, 先消費
% q" I0 V& E' U! L* b; j0 z而家就要多生產, 少消費