0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif# Q: u9 F2 f6 m% d' e* {* A
Why bank will sell 借據給第三者???' W; E1 p. b, {4 ^) f
I was so confused.....

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講到尾都係賺錢
+ y& K6 E2 Z# u0 c# ^+ uso銀行可以不斷放款
0 C7 H2 [% a/ O* ?; y5 X! ^: A美國的房貸問題散佈到全世界
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, C$ o* X7 e9 Fmortgage loan 0 j  G& c) z6 I4 z9 `1 {
>conduit
2 w( g, ]/ N/ `2 G>RMBS(Residential Mortgage Backed Securities)" Q/ H5 X& k# G4 G6 R# P
>arranger
3 U) P3 a/ i. M>CDO(Collateralized Debt Obligation)5 Y" x0 Y3 i7 m  i, q) A  ^5 ]3 R
最後去到投資者

Kev

i thought it is the reason of rate of return.
9 m. Q1 z; B4 U" @) A4 G7 E( jCDs could have different ratings, AAA -> F,
0 Y/ [; ~. u0 W; r) c2 W4 Vmore risky ones would have higher premium (interest rate) as a compensation for an investment.5 R6 `& d2 W0 Z0 r: m' t
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 v& |# O$ b# K5 e
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 Z9 n0 ]* z  ^. o% r
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 c8 r7 @  p1 L+ z. y
similar to bonds, CDs trading in the secondary market have different value at different times,
$ K" G) V. K0 h0 c! `normally the value is calculated by adding it's principle and interest.
7 H- v) g" h8 q7 J+ k+ {; o8 Teg. the value of the mortgage+the interests to be recieved in the future.
: i! j; ~# d4 X, a9 G3 G& _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.+ ~% p$ U- @6 e. W/ q: w

4 {1 J3 ?$ G1 g1 V# ?* e9 j( qim not quite sure if the multiplier effect does really matter in this case.
( G3 ^" {2 b1 T! A2 m" B* Win stock market, it's the demand and supply pushing the price up/downwards.) F8 @; N4 y0 X: L' V" x! @
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' j5 z* @  Y! K+ m" HA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 ]3 M) `- B( e+ `8 |
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. " {, H6 O9 Q* j% i" V- ^, y
but the value of their assets did really drop significantly.
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  y) o% F, }, q; K+ ~[ 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
3 ]- l( u/ I* A# tRefer to last example,4 l1 h* h1 |/ p( U# @: ~: ?
that means bank A have no money because we borrow 10 dollars from bank A + W9 ?2 E5 ?0 ^& j0 Z3 T  @4 x
Because bank A doesnt have enough cash on hand $ U# h. S- O, [* z- Z
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E& `( @8 o" J- v0 s+ K, ~
so does it mean if E failed to pay D, / E& u4 L* O) R, w" L1 E
all the B,C,D,E have to go bankrupt?
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: F  Z1 H& A, U  h9 K. Cthe multiplier just tell how much money created in a whole economy, , j- }0 b9 P2 u; F* }4 U
in this case it doesnt really matter how much money is created, 6 A! Y* e+ q3 c$ `& G
it's the problem of the debt itself.. x, o! L9 n; m
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
6 u  z; [+ [5 Z小弟一直都唔明..., R3 H+ B) |! \6 N& s
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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...$ x  N4 B( |" D! a1 R3 m

( h5 A  V2 d7 E% e5 h# H8 V. v, }# J敬請各師兄解答
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$ y2 U2 [+ A  E9 VThanks

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那些根本係 紙上財富  : I/ Y2 c# I# W  g8 Y5 _
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 graphic9 Z3 z7 T! D0 ?

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fderek

其實個D錢係你可以當係虛擬資產3 X' A) @+ h. d% L
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& V6 a; v; e9 p. x* Y: z. C
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& g7 T! @/ ~' C* S; d6 `
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦: s* W) L) `6 K& D% r4 Y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
$ j% D1 m: s) j5 {4 U計番回報率就已經係50%,所以可以好好賺
' P/ {3 q- H% s) g前提係銀行之間要互相信任先可以咁樣借法6 n- _! J! G: _, S( M/ @) {
同埋個市場既前境要係好先得
) F8 k, R- [; A但當經濟一差,公司估值趺了,物價不升反趺
# ?7 \+ ^# z2 F. q# f例如剛才說10蚊的, 趺到得番9蚊, ! e. N; `" b; T- n/ o' I
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 A5 w& m9 \* C0 k- c/ K% \, O所以你就會覺得D錢好似蒸發哂咁  ?- [6 ]' l% O+ C. l) a$ ?
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你都可以當標野咁諗, 個樣野多人可以狂升值, 0 r3 d: d6 j  j1 H1 o& t
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,
. k; Z8 M- ], D  X$ S淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : n1 Q" _$ J& E4 t5 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& s$ J; X0 k# h# e3 b
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
7 {  U7 O) k& B, e, \唔係d錢蒸發, 而係比美國佬洗晒未來錢, ' D$ l: s% b9 k. j4 p: p2 a
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 W7 x, b, K) u3 ?: M3 b' O
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
$ U$ l6 s$ O9 h: X% D咁你話d錢蒸發左去邊? ...

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正係咁樣+ G2 T3 ^- x0 `+ M3 m2 z
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! I  l( w1 u9 w4 e, y$ e
分分鐘佢地唔使還錢
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+ v9 t  U/ o0 C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,
8 c' p! e/ `% _9 E# X# S, l* R: t連國家都係問人借, 不停發債券, 印鈔票
2 g/ }8 a* }6 u一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' }! v5 R" U& D9 `  ?
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) `9 }, ]1 z* x( L- A0 N  b
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
; w- F/ p- D7 s5 ]" y因為以前未生產, 先消費/ v2 J- J  P' C9 ^
而家就要多生產, 少消費