0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, D7 K, ~3 k5 \
Why bank will sell 借據給第三者???# M" E; z4 _. Q. @6 R
I was so confused.....

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) @6 ^. {- q' N" S' Z: V9 ^講到尾都係賺錢
: t& ]8 C5 r) J0 E; x* Q& ~% gso銀行可以不斷放款; z3 G# \( {/ u3 Z7 k( s
美國的房貸問題散佈到全世界0 Z# q- q1 Y( J; \4 n8 v* m
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mortgage loan ' ?. Y. P: ~' v, W# q! T
>conduit# z% t3 |1 [+ u$ w; P
>RMBS(Residential Mortgage Backed Securities)5 [! j' Z+ p# D" G- Y- D- y
>arranger
* g! |9 ]/ R4 y/ h) l>CDO(Collateralized Debt Obligation)0 J, ~  w7 S/ {' D( s" K$ K
最後去到投資者

Kev

i thought it is the reason of rate of return.
4 H' G+ C& x! B+ J: O" _  TCDs could have different ratings, AAA -> F,6 j8 ]) i, g% B+ Y/ n7 i
more risky ones would have higher premium (interest rate) as a compensation for an investment./ J1 }4 Z% o0 l/ ^0 J# R
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# q: k4 y( I- r$ L# fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 o/ ]! a& N; lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. g6 s4 C' {/ k' |6 M" |& usimilar to bonds, CDs trading in the secondary market have different value at different times,
4 g6 {8 W, h# ?: p  L+ Mnormally the value is calculated by adding it's principle and interest.
: @& U! \5 z) j: keg. the value of the mortgage+the interests to be recieved in the future. * b# L9 Z6 Z$ K4 z, C8 T
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.1 W4 l1 y9 X6 [% V' u

. l) E) }# [" n0 Q) v& xim not quite sure if the multiplier effect does really matter in this case.4 O2 b" ~# {8 f
in stock market, it's the demand and supply pushing the price up/downwards.4 J2 H. f* p. X) E
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- O3 [) R$ E' S$ b% z5 g
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& U# g2 c8 c( ~( m+ H# Y/ BThe 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.
5 E" T( Z6 T# E# E/ y4 K1 r! ]but the value of their assets did really drop significantly.
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/ q1 T* I% L& T0 r7 m* ?6 `. 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  E4 T" L% Y) T+ z, ]/ v! ]- F8 i
Refer to last example,- {4 w& [  {# Q9 |3 X$ b8 Y/ I
that means bank A have no money because we borrow 10 dollars from bank A ( [# b, t) e3 f$ l  P
Because bank A doesnt have enough cash on hand
! i7 }8 ]1 B$ k4 U5 H  ?! ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
0 i5 m0 j- _# `: ^/ O- wso does it mean if E failed to pay D,
# f  B- X/ `6 r9 xall the B,C,D,E have to go bankrupt?! M0 n$ c; L% j
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the multiplier just tell how much money created in a whole economy, 6 N* M3 F3 G0 i, x$ {8 j
in this case it doesnt really matter how much money is created,
) Q3 b$ ~+ y) F. ^- o7 D. \5 l  sit's the problem of the debt itself.: |: i, Z+ ]- y1 p$ u3 O
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
: W! `- M# x1 e' Q, S% N小弟一直都唔明...% }9 E; G8 W; K% V9 T
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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...$ L' z8 N1 S% M# ?( D' r

, @1 e5 r" \; Y敬請各師兄解答6 t3 X- s- L( L- h. M

0 t" N4 s2 I& u0 [& x5 QThanks

" x+ k- H+ _$ [# ~那些根本係 紙上財富  # N6 @1 n- m* c6 N* 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 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$ T4 Q2 B' W& K& f4 s! b
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" J' |. n, f) N9 T' `; j& [7 G
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
; w( {2 P: p3 @. N4 ]3 ~6 m* h+ A個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 \  U. q6 K: u' ^/ \1 y, S4 h/ M
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,7 C- u% \/ J: ~! Q' a, [" I
計番回報率就已經係50%,所以可以好好賺4 l. D, K9 |& S3 `" m  k
前提係銀行之間要互相信任先可以咁樣借法
) t! G' W, w  }( n3 v0 R同埋個市場既前境要係好先得+ O! S1 \5 G' a6 u% {6 E( q
但當經濟一差,公司估值趺了,物價不升反趺( v& y5 E: D" s3 f8 }
例如剛才說10蚊的, 趺到得番9蚊,
' \# {0 R1 F: \% N咁投資銀行一下子就要還11蚊, 一來一回變左虧200%9 a3 c+ r' j- d# K
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, , B& X4 I0 `0 q4 g
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, " m& ~! `& n- ]) Y: V! t2 B' g
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 [2 P8 V! N" P% E; L" B1 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
& S7 P& V' s* C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.gif3 s4 y# a' H9 l/ O
唔係d錢蒸發, 而係比美國佬洗晒未來錢, , S6 A6 a  k$ N, {
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 U# b: Q# y4 m8 i& C
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1 z$ @0 z6 ~9 X! \: D0 h
咁你話d錢蒸發左去邊? ...

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; I8 d. d* \; |5 s  `正係咁樣. s2 q: H$ k5 z4 f! K
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
& m2 {6 {( E, J7 `) x5 `5 ~分分鐘佢地唔使還錢" z7 S! i2 k3 f( q( C- e" X

7 _. q9 w. R( W! @: x2 s: e) M/ ^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,% v+ A" X$ z  n9 p9 n' s+ b+ [" t6 B
連國家都係問人借, 不停發債券, 印鈔票
( d1 p1 t3 H3 h0 v一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ Y9 v, j! W- y  a3 h) ~6 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
' D$ N7 n  v+ A; G& E( a咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
" T/ L: g- ]7 |: F8 W因為以前未生產, 先消費- b) I# {9 {* y# j% L+ m
而家就要多生產, 少消費