0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif8 t5 P8 |* t3 Q2 L- z
Why bank will sell 借據給第三者???
  e& X0 C4 k" {& C1 \I was so confused.....

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講到尾都係賺錢  O% k* O/ [5 Z. P/ h) ~% m
so銀行可以不斷放款- X1 i& ^5 E, I) B6 T0 q7 s
美國的房貸問題散佈到全世界
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8 ^4 a2 X) i2 W- emortgage loan
; N, _2 r4 E. Z7 h  X; H6 u# d3 m: c>conduit
" s$ H/ I& i& C+ q& `" Z>RMBS(Residential Mortgage Backed Securities)
! h- w5 N4 g+ s" u>arranger
$ F/ i5 c# r/ _0 P/ T% H& E>CDO(Collateralized Debt Obligation)
' [& q1 w/ D  t1 E2 t# r最後去到投資者

Kev

i thought it is the reason of rate of return.
0 m- p, O0 T2 K% w# m& T1 UCDs could have different ratings, AAA -> F,
3 k) ], g5 `. ^# W! T, jmore risky ones would have higher premium (interest rate) as a compensation for an investment.0 z2 Y& j" S# x. \+ J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 b7 W9 s. S/ u+ m& [( gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 n5 n1 I+ v1 j6 u" L- O% A3 AAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ J" D8 w( E* Vsimilar to bonds, CDs trading in the secondary market have different value at different times,5 z' q& d- _5 d5 d* [+ j# ~
normally the value is calculated by adding it's principle and interest. 6 @. L9 V0 `% n; ]$ ?
eg. the value of the mortgage+the interests to be recieved in the future. 3 N" w, |5 i* P. J) N( ^8 M2 E) C
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.
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im not quite sure if the multiplier effect does really matter in this case.
! X. S- g2 S8 p5 \3 ]1 din stock market, it's the demand and supply pushing the price up/downwards.7 n- {8 k/ a+ J; I
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 a6 o8 R' s, T  wA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* A$ ]* a' y4 q1 ?
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.
$ v# z/ z! b" E* Z- f; xbut the value of their assets did really drop significantly./ h& s' }* M+ P' o7 Y9 t

) V& k9 J4 H3 \- ^5 g[ 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
; R  \: C0 [7 Q7 C# `0 N) RRefer to last example,2 g! Y* k$ w0 ^* n( Q. O  Y: w
that means bank A have no money because we borrow 10 dollars from bank A - R) T+ K/ j1 y6 l
Because bank A doesnt have enough cash on hand
8 ~# h6 M0 s( Y( u! J$ H1 ~0 x: atherefore bank A need to be bankrrupt ??? Am I right ?? ...

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  {9 a/ Q  g, u4 L) nA->B->C->D->E) B( r3 v6 @  E% P" j0 }2 M
so does it mean if E failed to pay D, 0 Z) m5 V8 \- o
all the B,C,D,E have to go bankrupt?/ h8 O2 M: n0 ~8 Q1 H, P. Q) D

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the multiplier just tell how much money created in a whole economy,
# i. Z1 s0 M& F. Zin this case it doesnt really matter how much money is created, ! ]9 ]% p; x; Q& x" I6 g+ ]' A$ v: \
it's the problem of the debt itself.
' a3 @) n4 t* D" c5 N2 @2 P8 ]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.gif4 [$ @6 U: z/ k  v  ]% ^0 r% }+ g
小弟一直都唔明...1 s7 J/ O" ~% s$ l8 }* \& U
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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...
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( u6 H- M5 Q0 J# @敬請各師兄解答
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1 n4 S* F% E- r2 f' y( LThanks

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那些根本係 紙上財富  # x2 E/ @+ A0 Z/ B
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
$ B% d3 [/ O/ J6 m/ x9 M當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, {9 |' A- P- ]1 _, V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- r+ C7 O, U2 \' Y; |2 ^
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
. `- A- T7 v" G: A# x扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 _$ G! s. L+ Y% b9 j計番回報率就已經係50%,所以可以好好賺
; |+ g0 A' R! j1 ?0 B& b9 [6 l- `前提係銀行之間要互相信任先可以咁樣借法! r3 g/ T- f8 N% l+ u5 a
同埋個市場既前境要係好先得
/ Z: P; k& y" ^! j) k* W# b但當經濟一差,公司估值趺了,物價不升反趺1 U3 w: q/ J- \+ C
例如剛才說10蚊的, 趺到得番9蚊, 5 I" ~( M- ^$ x# G5 ]0 ]4 t4 J: t
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%- b/ _! L/ U, i8 t6 j
所以你就會覺得D錢好似蒸發哂咁- s2 I: P1 {( o& l" r
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你都可以當標野咁諗, 個樣野多人可以狂升值, ) Z& D# \9 ?; Z
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,
0 \; |3 Y) P( U( H. W' ?0 [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 a: G$ Y  M5 a/ a  S) q
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 u# ]. P& D! {4 l; J+ G9 l0 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
6 B+ p" e" {' @唔係d錢蒸發, 而係比美國佬洗晒未來錢, - \+ L, z' ?- [( W6 J$ Q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 j. {) Q) v7 k: D$ W5 n& \2 j& ?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) \: ~* o" o( o' Y* o
咁你話d錢蒸發左去邊? ...

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正係咁樣
4 u+ _1 \- g4 T, D$ _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
) V% _: ~& ~, e* b) @8 `分分鐘佢地唔使還錢, q% k# V% }0 l/ v$ h# z, T" ~/ x4 W  _

" p& j1 [1 v$ q/ x8 H- I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,  R4 F3 X2 b4 V3 I; }* N9 D
連國家都係問人借, 不停發債券, 印鈔票
- |0 o3 \' F% E! g0 C' |一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
5 Y& E: Q7 ?9 R) Y" Y+ Q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 U  w# g- j8 z/ S; @咁而家"爆哂煲"算唔算先至係變番"正常"???

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9 G) ]) t; Y. S# {8 m# C% {其實係...+ i3 N& S3 @( w( f
因為以前未生產, 先消費0 Q& b1 ?! u  Z
而家就要多生產, 少消費