0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif& Y( @0 t- U, A* M) X% ?$ H
Why bank will sell 借據給第三者???
, ?* q% [: x6 K- O1 e  A  O1 W9 cI was so confused.....

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講到尾都係賺錢
' X/ d3 ]- w5 X. S4 J8 t- c# W; N9 wso銀行可以不斷放款& ]# Q- C2 e: z. {
美國的房貸問題散佈到全世界
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mortgage loan , m! G2 e+ y" I6 a& j
>conduit
1 S& {9 y  n4 O+ ]& i. w>RMBS(Residential Mortgage Backed Securities)9 V4 ~* S9 c' F  b1 x8 n0 Y- J% y
>arranger
, N7 E) `9 I: L2 M( L9 z>CDO(Collateralized Debt Obligation)+ O) j* t, U; m  k9 t! [
最後去到投資者

Kev

i thought it is the reason of rate of return.
5 Z" A/ {/ b+ A. h( nCDs could have different ratings, AAA -> F,: [) ^% v% W6 j# o6 y: o
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 a3 }0 A$ A4 \; t/ Z$ A
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* f5 J* k# Y: F, E6 G2 N
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; f+ }7 a  R- H/ G  O
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 t! G8 P( U$ k; t# vsimilar to bonds, CDs trading in the secondary market have different value at different times,
  o* C2 h0 I0 f& A+ Gnormally the value is calculated by adding it's principle and interest.
# A, K7 l$ {( _: q. {& l, neg. the value of the mortgage+the interests to be recieved in the future.
) |* ~# p( q/ Mbanks 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.7 V7 H$ q7 Y5 w

' |; D( S0 U. ?im not quite sure if the multiplier effect does really matter in this case.
( G. ?% i1 u6 z  F. B0 j$ j' u8 @in stock market, it's the demand and supply pushing the price up/downwards.
/ c8 K" [& M7 B0 t7 n5 y' M" v; DFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* K( \; _5 j5 }. ]& l  H; L" t
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction." l. b( i( \6 C
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.
: v0 O, N$ {( F  vbut the value of their assets did really drop significantly.
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+ j6 T7 Z2 N7 m. 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
( u0 _6 K# `+ [. Z( bRefer to last example,
  v* N. J( G* Cthat means bank A have no money because we borrow 10 dollars from bank A / k1 }) M$ ~9 P8 k
Because bank A doesnt have enough cash on hand 7 d5 @5 c+ Y( D) v- L
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E/ f0 |) F) x9 j; A5 A5 i. O
so does it mean if E failed to pay D,
0 {8 O- D, J' U1 @( mall the B,C,D,E have to go bankrupt?2 M+ c9 a4 J! d# E/ q

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the multiplier just tell how much money created in a whole economy, 8 t+ K8 I' q( z3 T1 U+ A! P; v/ K( f
in this case it doesnt really matter how much money is created, 5 t% p+ j+ e/ c
it's the problem of the debt itself.
; b+ m/ r1 J) o. D1 u" r! m2 |& Y) ~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
8 b# z) R5 p* {, L+ X小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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1 Q1 ~, u' N' H; r; z* [  h+ E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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( c8 L* N, y, o, pThanks

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那些根本係 紙上財富  % T* a/ t& B( L
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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fderek

其實個D錢係你可以當係虛擬資產- B, h) w" K& N4 V4 b( r; I4 I
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
+ Z$ s' Y4 L- p- l( v9 Z8 n; R* w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! ~1 r$ |5 F* u5 V) j
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
  W8 d# r) O+ i+ [扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
/ r1 {6 D7 R' c$ H) u2 ]3 X% {* }/ ?計番回報率就已經係50%,所以可以好好賺  _$ v) B8 U. b8 {7 t
前提係銀行之間要互相信任先可以咁樣借法$ j2 \+ z1 b& g* I1 j- x: C
同埋個市場既前境要係好先得1 o0 G5 E, g" m8 ^; E) \' o* K
但當經濟一差,公司估值趺了,物價不升反趺+ H) Q  C# U2 C% V) I3 T3 O
例如剛才說10蚊的, 趺到得番9蚊,
" _4 c* K; C/ ^6 e9 b) V0 x4 G& e5 t3 D咁投資銀行一下子就要還11蚊, 一來一回變左虧200%7 e" v# M5 }8 z4 d! t
所以你就會覺得D錢好似蒸發哂咁% w, h; y# L( a4 T% ~
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你都可以當標野咁諗, 個樣野多人可以狂升值, 5 l9 w3 C7 @- }7 R6 p  B, y# d
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, , F! S' J& c6 S5 V  a$ [; J
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 j% B) V2 K* G1 u# i! L
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: i4 j  w4 H" {( \4 t% V" c! l
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) R  s/ v! w, D- W& L$ ?
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
  ?5 y: M1 f# s  N' j淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , r9 F" f" I2 p8 o) R2 @  v3 W" F
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
  ]. F% U" s7 P& ]) _4 D2 v% D咁你話d錢蒸發左去邊? ...

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正係咁樣
- p, h  p. |8 C1 B. G5 O. p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  o1 i* ?9 X" Q
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,( c* o& ~+ B% F$ S! Z
連國家都係問人借, 不停發債券, 印鈔票
" j6 d5 [. \4 B5 Q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產) J9 z! u, A2 ^6 M+ S
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, C4 V$ `/ G, C) w, d# e  {
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...: E! P( }7 T8 H# r3 Y) V9 o
因為以前未生產, 先消費
- V" q# _% Q; r1 R' _4 c' z而家就要多生產, 少消費