0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif' c- q0 t) _4 R/ o3 U9 H. v
Why bank will sell 借據給第三者???- I# v' a) p9 O3 s
I was so confused.....

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講到尾都係賺錢- {. @+ w" c( c8 w( q
so銀行可以不斷放款6 E. [7 O- q; y) L% D0 Z' |
美國的房貸問題散佈到全世界
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) v6 @6 m- c+ g+ T9 Lmortgage loan
* Y- R/ h6 O$ q>conduit
5 ~! e8 L. j0 y  l+ o" F>RMBS(Residential Mortgage Backed Securities)
( m- ]" K: S8 v' E, F>arranger) ^- `" ~9 G* X& k- n
>CDO(Collateralized Debt Obligation)
2 D9 f- z! h$ I- C5 @5 S最後去到投資者

Kev

i thought it is the reason of rate of return.
5 M  G8 t* z2 x  U) aCDs could have different ratings, AAA -> F,+ t4 ?# g( a4 c. D2 w; o% Q' v3 d
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! m. @; J9 F$ v$ Q' e5 Z( umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# t, A: ^) ^) g. l; B0 T  Zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 G  M; ?* N" ?5 u3 x* x: y" \( N
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 |9 o9 Q4 x- e  Z) I
similar to bonds, CDs trading in the secondary market have different value at different times,
* ~& J) v4 {* A  j" v2 Fnormally the value is calculated by adding it's principle and interest.
( K4 ^4 U) X& v% ^/ |eg. the value of the mortgage+the interests to be recieved in the future. * s) G0 C& h8 p* o- [  n' e! V
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." H  ?6 b$ u/ ^+ z  g! q

3 d; v( O: \, m9 e) v' Z4 Rim not quite sure if the multiplier effect does really matter in this case.5 I$ v: v, b- G1 p! S
in stock market, it's the demand and supply pushing the price up/downwards.
  v$ ]1 i+ [3 J5 h, j% D3 IFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; X& h* T% ?3 A4 _: T/ L% o  E
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ r& D$ f5 [; }% n7 `
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.
4 t5 A  o& Z8 j- t! I% \6 }but the value of their assets did really drop significantly.3 I8 N  E' Y! F3 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
, h* L7 D% E7 Y4 L8 JRefer to last example,1 F" I+ s4 S5 k/ y1 `# G1 J, U) c
that means bank A have no money because we borrow 10 dollars from bank A 3 A# s/ p! ^: g1 M" q1 X% z4 K4 M
Because bank A doesnt have enough cash on hand * v. S" A# E, Y" ^) O
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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" a; n. B  O4 N8 j9 D7 RA->B->C->D->E2 `8 R* f& N2 ^
so does it mean if E failed to pay D,
; g: h% @. k, nall the B,C,D,E have to go bankrupt?" b# A$ J: f  T  L
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* F) Y/ W" h6 H6 ~1 I2 \& O' bthe multiplier just tell how much money created in a whole economy, : C; R0 w* d7 M- q2 c
in this case it doesnt really matter how much money is created,
. \4 w/ \* I( h/ u2 mit's the problem of the debt itself.  q7 {& g& g5 V" j7 W
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 R6 T. z; y( j) M! u6 u: t! a
小弟一直都唔明...4 Q8 y+ u' ~# p

# e( u  x) w# B+ D8 A. C& s全世界都蝕錢，咁邊個賺緊錢呢?) B: K/ M: d# U  R$ n

8 {  T  o3 Y$ X% t. Z; `& o7 n1 t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& ?7 }$ p9 ?; ^! D

$ y3 v5 \" p( @3 H  lThanks

0 K  A  g" A4 U( U! d那些根本係 紙上財富  
' Z6 Z/ `6 G& D. j, P) 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 graphic3 _7 a' y  r! p( x# Z7 w/ C
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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 R8 H  Q  y1 w) F% S當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) X% ^- \& M/ 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2 h" ^% D6 J, {5 W8 s; H7 L2 z
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 R) g4 R8 ]! v0 A扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ @, F5 y: h2 {
計番回報率就已經係50%,所以可以好好賺$ w4 ?- E! g5 J" M
前提係銀行之間要互相信任先可以咁樣借法
; [+ k3 W% V: I. G# h5 N5 w3 i% @同埋個市場既前境要係好先得
+ k$ p, ?1 F- d$ a$ R* ?, f. R9 m但當經濟一差,公司估值趺了,物價不升反趺% N9 e7 ]( {  H6 Y4 q# c
例如剛才說10蚊的, 趺到得番9蚊, ; s/ Y" N! B5 g5 A. b
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%: G& L9 }! |  o
所以你就會覺得D錢好似蒸發哂咁
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4 q# v" s9 Y, u3 K! r$ G你都可以當標野咁諗, 個樣野多人可以狂升值, . {2 f4 c: l, |
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, ! D" N+ x2 R0 J- f, v- h+ U( {$ G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) x; T7 M5 ~& T* i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
& p  z) H+ ]2 U  X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& t9 @- p- M0 v" ^: k, a) h
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; i2 u1 P, y/ |& ~  _9 {
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 k9 F/ X- ]5 X8 {3 f7 t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* |* ?! M7 H6 Q* T
咁你話d錢蒸發左去邊? ...

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( d" H" Q; {8 j- P, B; J4 I4 A' c正係咁樣
9 V9 t1 Z4 B/ D5 z2 B+ b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$ I; X- u& ^& u' V, P% V分分鐘佢地唔使還錢
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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," D6 e( \4 Y9 _, `( q
連國家都係問人借, 不停發債券, 印鈔票
6 O( N' y8 {( _" W9 f一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
  D) P- }% J0 u5 b% E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$ I/ D% P' H' Q8 g
咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ t* J. E* [$ M1 u' z1 l其實係...! c/ n: Q4 {+ J5 P( |' e
因為以前未生產, 先消費5 X" C6 f( r* q! j& N4 t; D
而家就要多生產, 少消費