0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif% S* I3 g" u! b+ n/ q9 _: R
Why bank will sell 借據給第三者???9 Z; _- b8 P& \4 N
I was so confused.....

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講到尾都係賺錢* @& E! s) u% r
so銀行可以不斷放款
! Z( T& R( r8 U3 o: z美國的房貸問題散佈到全世界9 u, s. S) |8 B  ]% F8 ^: h9 m

; I# U, e0 A2 m  n: n/ f8 amortgage loan
5 F' J9 a$ u3 |>conduit
5 D: d( Y8 |% m) J. h>RMBS(Residential Mortgage Backed Securities); O+ U' t. F4 y' g
>arranger
. Y: _2 p+ V8 g>CDO(Collateralized Debt Obligation)
% [$ V6 _1 V3 p( I2 D/ t最後去到投資者

Kev

i thought it is the reason of rate of return.
# d  J2 u/ _. {$ iCDs could have different ratings, AAA -> F,% X1 d9 U- k  V% Z& E/ S
more risky ones would have higher premium (interest rate) as a compensation for an investment.
# T5 Y* d) s# B8 p3 F" s2 |4 g8 Jmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 j8 D+ j3 G" k: q1 R# z8 _
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 D2 b6 k$ @# X2 J/ t
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 W. n: |) b5 S* ]! a4 R7 P
similar to bonds, CDs trading in the secondary market have different value at different times,3 U1 D4 a, P' a7 s
normally the value is calculated by adding it's principle and interest.
$ @8 J# U: d& F% V  ~7 geg. the value of the mortgage+the interests to be recieved in the future. % B* y% F& Q8 U3 E" }  f
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.+ B, G; Y/ f$ }7 O8 ~4 ]
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im not quite sure if the multiplier effect does really matter in this case.
% i/ U" W# a7 [0 o% O% ]in stock market, it's the demand and supply pushing the price up/downwards.3 p3 V# Z# A. Z" D% ?$ g
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ `% [2 c3 J! ?+ _. M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- F$ E% }0 r" L
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. ! X0 N& J+ f: ]6 {# \8 O0 ^
but the value of their assets did really drop significantly.
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9 h7 |7 y4 \3 Y( z* ][ 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.gif4 L- C0 v; R- _3 ~' G5 ]
Refer to last example,
2 o! t: r0 s) |that means bank A have no money because we borrow 10 dollars from bank A
7 I2 F* e" ]4 [. N$ tBecause bank A doesnt have enough cash on hand
. z6 r- K7 A2 Y  T: i. X! @therefore bank A need to be bankrrupt ??? Am I right ?? ...

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6 R" c6 l) W7 Q5 yA->B->C->D->E; Z1 r. A5 U* P7 v" F
so does it mean if E failed to pay D,
2 C, x  L* b3 f5 s3 S. q3 ball the B,C,D,E have to go bankrupt?' l- P- o1 I( m7 M0 E5 G
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the multiplier just tell how much money created in a whole economy, # }" S" D. m& I8 S  o3 n# f
in this case it doesnt really matter how much money is created, 0 W- {3 E% E) n! r4 t3 }7 T
it's the problem of the debt itself.
3 ~4 g7 ^, J9 }2 ], I# g. \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
- d9 @0 J8 n4 t+ B, R& L小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?" H8 t2 }. y' F3 H. {8 @; `
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無可能淨係有人蝕錢無人賺架嘛...( c7 t5 |& P) S5 O

% |( p" E, n* e- Q敬請各師兄解答
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, p3 b1 q, \+ G. L' A8 BThanks

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那些根本係 紙上財富  ) I2 A5 a) c2 \. t( \
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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: `5 X, y8 `$ e, I7 F  k. ]7 N. Zhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
2 U4 T8 p8 j1 V; ^  C6 [- y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
  f2 Z$ M6 L, _7 j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
, t' j& E7 i' ?3 ~9 Q+ b; S6 y  a& L個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" g4 O3 ~* F. U4 u& K
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
  C* y0 r/ f$ i: E) C4 Q# ]計番回報率就已經係50%,所以可以好好賺) c4 m& I2 D, y2 f( y/ ^
前提係銀行之間要互相信任先可以咁樣借法
0 Z  I" N0 \4 M9 y$ E0 t6 u同埋個市場既前境要係好先得+ z; A" C2 j% ]
但當經濟一差,公司估值趺了,物價不升反趺$ R" W5 x/ f3 v, B& ~: O; G& |
例如剛才說10蚊的, 趺到得番9蚊,
+ G8 B8 j; a8 f9 q. [3 F咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 r8 V* K. p6 m! u/ u5 m
所以你就會覺得D錢好似蒸發哂咁4 I$ A  w- M/ F+ Q4 S

2 a) M' f" E7 j( b) E2 {/ |1 d8 Z你都可以當標野咁諗, 個樣野多人可以狂升值, 5 ^% k; a' m4 a2 p+ A- _
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, % j/ ?* H& @$ m& g
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) V% ~5 p* ?1 o! G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! s, N. W! ?8 d- u3 K
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
& \) T1 Q4 `! {4 N& N2 z唔係d錢蒸發, 而係比美國佬洗晒未來錢, + B3 P3 g; e# ^6 L, z# H0 j: w6 L3 |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 }/ m7 j# P4 ~, x& D0 ?
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' D! u5 h5 _6 Y! L
咁你話d錢蒸發左去邊? ...

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" \( e+ S$ [/ y7 p正係咁樣' P& ^6 U# [( Y
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
4 D/ W' n' \2 y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,- G' A  Y. C0 [; a
連國家都係問人借, 不停發債券, 印鈔票0 o+ ]7 `, o7 w: ]$ f# T( E
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! D' e+ i, l2 D7 ]3 X( V
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
3 s. ~( u, z6 V) Y  O3 V咁而家"爆哂煲"算唔算先至係變番"正常"???

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$ t. h: k3 S0 Z1 s  {1 s/ y6 M8 k其實係...
! j" D- C  l9 W* z因為以前未生產, 先消費
) p: {  K# K. i9 J# G; c而家就要多生產, 少消費