0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif1 J% n1 |# I% v6 c4 [
Why bank will sell 借據給第三者???$ A# L7 n4 M: U, k/ `
I was so confused.....

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講到尾都係賺錢. ]; E5 e1 o* i/ [
so銀行可以不斷放款& N; i  `+ Z  v3 `( F- e+ g/ C
美國的房貸問題散佈到全世界
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6 D* X) w; W7 R* e- ^mortgage loan
8 I( u: t# L3 D/ ^/ ]5 O% }>conduit% d) T5 X8 m* Q' |2 l7 W& r
>RMBS(Residential Mortgage Backed Securities)2 `+ _; d, k1 @* e( L
>arranger  t+ X/ o$ l! \
>CDO(Collateralized Debt Obligation)
4 K( v. J: X! W% m9 l. c- D! E; G最後去到投資者

Kev

i thought it is the reason of rate of return.
; ]; d. R; C( m* ]6 Y& R1 ACDs could have different ratings, AAA -> F,- M! }( B1 D5 ?9 N2 k$ B9 N3 A
more risky ones would have higher premium (interest rate) as a compensation for an investment./ k" m4 S3 h) d& d
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 z0 M; P' T- ^2 j0 H% v3 fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 ?/ ~+ L2 G5 N- C7 Y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. i2 S% Z5 e4 U$ D  v  f8 j
similar to bonds, CDs trading in the secondary market have different value at different times,8 H! ]' F9 C8 M- K
normally the value is calculated by adding it's principle and interest. , l  ~1 O% i& B! n, E2 a9 K
eg. the value of the mortgage+the interests to be recieved in the future.
. J3 x% {6 c% v" Z) dbanks 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., @6 ~5 P3 M; l2 _
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im not quite sure if the multiplier effect does really matter in this case.
9 ?0 j4 h& c$ q% h# Qin stock market, it's the demand and supply pushing the price up/downwards.
5 O3 W; K% v6 w7 r0 ~" H$ [4 Q8 JFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
$ t# h. z. b8 @2 c3 y/ J/ x) d6 kA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- p) [/ O$ h; c" ]! J9 I- Z5 g
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. 6 r5 [8 @* i, c) D
but the value of their assets did really drop significantly.
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  K7 P! n, ]' i1 x, X[ 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: V. P+ @& P) I$ ]
Refer to last example,
+ b4 T. i% k' Dthat means bank A have no money because we borrow 10 dollars from bank A
" u- W- @, q/ e6 R0 H8 I7 T1 U9 _) cBecause bank A doesnt have enough cash on hand . V, w" b: {' V% d4 {
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E$ F8 W- c9 D* V9 Q7 l" I  J
so does it mean if E failed to pay D,
; b# X: d8 ]& I8 [! d$ {0 rall 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,
5 ]$ r' J: g+ {  y* ?in this case it doesnt really matter how much money is created,
2 z" J$ ?% m' Ait's the problem of the debt itself.
5 W* `$ n: y3 B1 _6 t* \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! B+ u3 V- f  S' E
小弟一直都唔明...+ |, g+ G' Y9 z* j( O. J

: k- D5 K% Q+ Y! d7 J0 w全世界都蝕錢，咁邊個賺緊錢呢?( b6 Q% i( G' b

" {3 @& ^; b1 M4 B& K2 \0 T無可能淨係有人蝕錢無人賺架嘛...
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; e3 O. }  U3 w敬請各師兄解答8 v, v7 U$ _1 x5 f7 b5 y

, A3 _2 `0 D' ]3 j# [$ {, xThanks

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那些根本係 紙上財富  
; F1 w" N! v9 I' W, O  v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 ^0 E" Y% i% x
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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; A4 P; b7 I$ n8 ?+ n
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' `2 z4 ~. h& g) s
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. \7 e' Z# r# r
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
6 y5 X  F, k2 E5 [' Y2 g扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) G1 a5 c7 l( U' q計番回報率就已經係50%,所以可以好好賺# |7 d$ i* @4 G3 W$ |: |# w' m
前提係銀行之間要互相信任先可以咁樣借法
2 F; `4 [& f" @) S1 [/ b同埋個市場既前境要係好先得6 v  L/ S/ |2 X
但當經濟一差,公司估值趺了,物價不升反趺
2 x( @4 H* w8 O& B" ?; C$ b; Y例如剛才說10蚊的, 趺到得番9蚊,
! P$ {/ u0 b- u* t' x& L' K+ U+ b咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 l8 T. X- [" y& a& y
所以你就會覺得D錢好似蒸發哂咁
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" m) M3 T9 t. H6 y5 E你都可以當標野咁諗, 個樣野多人可以狂升值, 7 H4 u" C, E* m% b. {# H! K( W, G; P
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, 6 Q! T' w% c. J  M7 [% D2 _- o
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - I) W( v# K/ Q  f1 H9 }: P# T* 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$ X- S# k; Y; Y7 g/ v. M
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
0 g! [$ J! H- B, t* W( U  a2 I" z唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 V9 u% @& u* a
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . D: l$ y/ e& z0 l( k; r
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 |$ k  R$ X7 ?% `
咁你話d錢蒸發左去邊? ...

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正係咁樣5 G7 {/ b8 z& 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' {0 J) H6 L3 h1 Z2 Q0 [: I
分分鐘佢地唔使還錢
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: F' e8 g2 [, o/ t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,
, L, w% I" T8 O7 O1 _連國家都係問人借, 不停發債券, 印鈔票. n. [# S% }' G* ^" c; ^0 Q+ }
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
, _% \! H; [$ A. x5 i0 d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# y, s7 m! \  s& H# g咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
4 }, M! C1 g4 w6 z. k因為以前未生產, 先消費+ O6 r; e2 U0 T  q3 Z  W; Y+ _) `; [6 W
而家就要多生產, 少消費