0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif9 p6 H7 Y7 C2 @& J2 W
Why bank will sell 借據給第三者???
3 [/ _, w2 I/ ?6 L* _9 X& W( OI was so confused.....

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講到尾都係賺錢
7 }7 h; y  i+ y: Sso銀行可以不斷放款
( d# E& B  k5 T$ F" i. q$ @5 a美國的房貸問題散佈到全世界) X; @3 ]7 G1 L' H  P

8 h1 ]& f8 i2 N! }( nmortgage loan
% \, r, @. J# x>conduit
! }5 n) p, S+ L' n5 U% p>RMBS(Residential Mortgage Backed Securities)
7 j: r' [- I6 j/ C' Q: ]>arranger# J. R  A$ n: F7 N# s( N/ z
>CDO(Collateralized Debt Obligation)- x$ i/ g- D+ J+ H8 j5 f
最後去到投資者

Kev

i thought it is the reason of rate of return.+ F$ j. }+ ~$ @  c7 D3 ~' J& d: P
CDs could have different ratings, AAA -> F,8 P' r% d6 e, |) u4 \7 Q( ?
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! f! K; `4 n: {$ O% Q' umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: H: {: s5 K8 W  J: c& U
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" v9 D, P7 F4 R! ]- BAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, d  J- ]/ F+ j; Ksimilar to bonds, CDs trading in the secondary market have different value at different times,
  E$ y! Q3 Z# I$ @( j- g( V/ dnormally the value is calculated by adding it's principle and interest. : E  f1 v( w2 R5 f
eg. the value of the mortgage+the interests to be recieved in the future. ; h$ t& O$ p7 M/ h8 @4 R
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./ A( _% Z+ ]7 x4 w
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im not quite sure if the multiplier effect does really matter in this case.' k5 W  A2 J) p
in stock market, it's the demand and supply pushing the price up/downwards.
1 }  `( C/ F1 gFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," n. o, S% m% M/ `5 R# M8 ^5 X" m
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  e' W8 \# k0 EThe 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.
% N6 ]4 m; D8 J0 S$ E/ Nbut the value of their assets did really drop significantly.- ?; K% F9 C. r) B

2 Z* r4 d2 k+ O: e. g/ D[ 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; K& Z8 T) q, {" ~$ w$ b
Refer to last example,
8 C; G; @3 m4 P' rthat means bank A have no money because we borrow 10 dollars from bank A
  d3 \" [1 M5 y3 C. L& H' HBecause bank A doesnt have enough cash on hand 0 P" @/ G7 a3 ?7 v
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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; K. Q4 C% E0 H- b" m. K" W0 cA->B->C->D->E( e0 s% ^0 u; k/ G
so does it mean if E failed to pay D,   m$ d9 L( q& C
all the B,C,D,E have to go bankrupt?( s6 {) d- N; B
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the multiplier just tell how much money created in a whole economy,
, g! h% t+ P+ P, X4 ~0 ~- P; P' Ain this case it doesnt really matter how much money is created,
5 {/ E/ k6 [% T+ X. _  p" B4 H. Eit's the problem of the debt itself.
6 S; M0 I. }  z5 [2 K/ x. zthe 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
1 [( N! D. \3 ^4 H6 k小弟一直都唔明...' C2 ]1 a0 t) Z  l: `& N$ t- h

) I+ B, V! ]( K) n全世界都蝕錢，咁邊個賺緊錢呢?; K/ J2 o' Z2 R. h' Q* F8 [1 c

: N6 T0 I0 N. K3 ^6 c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
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Thanks

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那些根本係 紙上財富  
# C: U7 e( B5 W/ G1 p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- P/ }3 h- w3 a, Q
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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
  A) ?) X( g* s: L當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 @. C0 v: }! M- f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$ |3 |# r, J; T) _  R% J* A" N
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦9 |' L/ F; k; v8 V+ I* l
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
8 z% H, G" u& Z1 ^' N  N" L計番回報率就已經係50%,所以可以好好賺
& D" H! T' Z5 h' G+ U  J前提係銀行之間要互相信任先可以咁樣借法
7 ]1 Y2 ?2 A: C$ Y# h/ ^1 i同埋個市場既前境要係好先得
4 A4 w- z6 S$ K/ I. p, |但當經濟一差,公司估值趺了,物價不升反趺& b8 f! w! h; E, ?% z3 P+ ~
例如剛才說10蚊的, 趺到得番9蚊,
7 d7 `; t6 r& a" K/ c3 W咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( E6 ?7 Z6 g* C' T! q/ M- S" \所以你就會覺得D錢好似蒸發哂咁- w5 u  \" |) i# j6 _0 L1 G# M& E
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你都可以當標野咁諗, 個樣野多人可以狂升值,
/ T% K8 A. y: ]4 m- j$ h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,   R: ^/ Z) `: [! n" U! ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, \6 E9 ^) F) _, w( W0 L3 }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/ _" Q& X, e4 n
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+ t6 A. t# i+ i2 K# |
唔係d錢蒸發, 而係比美國佬洗晒未來錢, / v+ _. O# g+ v9 j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 k3 W1 L" \0 H
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+ g9 D4 f  {1 L1 t1 e
咁你話d錢蒸發左去邊? ...

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正係咁樣
5 Z. Q  K2 }& \, Z! k4 X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
& `3 Q5 E" ?" F: ]6 P* X分分鐘佢地唔使還錢) R* p+ W: q: `3 V9 U
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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,
% p9 H: O. f% C; G連國家都係問人借, 不停發債券, 印鈔票
% w" Z, f+ }: m6 @, W一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
  k; g  U3 A( p% 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
: ^) f- C( ]( @$ c. x0 _- l咁而家"爆哂煲"算唔算先至係變番"正常"???

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, Z2 J$ V+ v3 j! _4 B% @" y" Y其實係...
& }4 ]! |6 Y$ V* d, t% K9 b! E因為以前未生產, 先消費  _/ A: u' M' {& F7 |( J
而家就要多生產, 少消費