0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
% T2 n# W( A9 g( B, VWhy bank will sell 借據給第三者???' k5 [% @% y* i/ l+ A# q" S
I was so confused.....

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& O1 ~7 q9 o, A7 h( L) j" x& ]6 x4 f/ h: e講到尾都係賺錢
3 W, b7 ~% @* `# @/ D% O" q4 Oso銀行可以不斷放款  x7 S" K$ J; s" i4 K
美國的房貸問題散佈到全世界$ \) N1 r3 D! u* Z  r
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mortgage loan ) d6 L/ i7 W* D* e' ?/ F
>conduit
4 r( h# f# }$ A# |>RMBS(Residential Mortgage Backed Securities)
! @6 c& u. H( @  Y7 d( m! J/ W>arranger
8 a+ V6 U* r% `, j4 H>CDO(Collateralized Debt Obligation)
. n& k$ ^0 e# F9 s5 c最後去到投資者

Kev

i thought it is the reason of rate of return.0 H: ]1 g9 K# M+ q
CDs could have different ratings, AAA -> F,& S, p$ q0 f' f( u. D
more risky ones would have higher premium (interest rate) as a compensation for an investment.
  g: ~4 k! g# k! J4 N. s; x. xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, {0 R! X) e- d+ Iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 R' k$ u9 A1 ~( RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. n# |9 u. w, jsimilar to bonds, CDs trading in the secondary market have different value at different times,
7 P5 \9 [( l; m( A# |normally the value is calculated by adding it's principle and interest.
# v7 k+ P4 m& e7 oeg. the value of the mortgage+the interests to be recieved in the future.
& \! k2 [2 X1 ^4 Q# b6 Obanks 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.
, R7 A5 t+ S# U" e5 Uin stock market, it's the demand and supply pushing the price up/downwards.
2 b/ l% }; S9 n6 f$ \$ IFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% ^0 v$ E/ V& e7 N% Q
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( a8 B3 X5 @( y, B+ V7 j
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.
( f9 I+ U+ h# i, @. c' c. D5 Ybut the value of their assets did really drop significantly.
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+ i* E  s( }  p# o( o  J# i[ 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.gif8 h/ g% T9 K8 o9 M
Refer to last example,# T8 H9 _5 o4 K. W& ^2 t
that means bank A have no money because we borrow 10 dollars from bank A : m8 W2 i/ h# E( A, H
Because bank A doesnt have enough cash on hand
7 m5 x6 v  K& ~$ d: K' O& a: t9 vtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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& G( ~% W  P- b. UA->B->C->D->E
# v' [" n! ]1 C- U4 dso does it mean if E failed to pay D, " N* G1 b' L0 G& G# e  T% ?# d
all the B,C,D,E have to go bankrupt?: v* }0 b1 b$ j1 E+ |! v8 f) f

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3 W& j3 {. [1 p% _2 H' xthe multiplier just tell how much money created in a whole economy, * I, E) F- Z8 A1 K& }
in this case it doesnt really matter how much money is created,
/ F+ a3 Q7 L) d. F+ O5 ^( a* lit's the problem of the debt itself.6 P: ]( A4 B" a6 ~/ N3 F6 i
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) Y' X# R8 k) Y3 }8 }8 ^
小弟一直都唔明...7 z7 k$ D+ t* L$ g: ?  I
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全世界都蝕錢，咁邊個賺緊錢呢?/ d& ^# Y( j+ g$ H

8 f' W9 h  J+ I無可能淨係有人蝕錢無人賺架嘛...
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2 U+ m+ k1 T5 G7 @4 ^2 H  t1 e& R敬請各師兄解答
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Thanks

" N7 w1 _6 ~; ?9 [) H那些根本係 紙上財富  
5 Z3 }: m3 |7 U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) v! u0 T1 l" V8 P/ G( {
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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# I( N2 A' m% a3 g4 V
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 E3 v# Y7 j( A# q2 L8 S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 y: x/ Z( M" q; x個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 o+ m- S% y2 V- q( g+ [
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
" o* D9 \% F* f計番回報率就已經係50%,所以可以好好賺, }( n6 a" N+ D) Q! R  C
前提係銀行之間要互相信任先可以咁樣借法
  O4 f) q: }8 `  p  @同埋個市場既前境要係好先得
- Z5 \/ n/ R: u! g7 X! p但當經濟一差,公司估值趺了,物價不升反趺
0 ?9 ?; [8 I0 n& P例如剛才說10蚊的, 趺到得番9蚊, & J& _' J+ `4 X3 o3 l- c
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) ]  B% K, b8 e% S, |* c  O$ ?% s
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,
  |; f& X% T% y- ~1 P/ u1 |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,
2 M6 G" U$ l3 N- U. m' X淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 G. r/ H: o7 @+ 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7 \, V! O9 f: Y+ J) 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.gif2 x. H  G) Y8 E  p4 ?5 t: `( p
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) S/ Y$ f4 N! [0 K6 h
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . a1 b# w2 k+ s
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6 I2 z' y2 W6 L) @8 F8 ~! r
咁你話d錢蒸發左去邊? ...

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2 q/ z0 j) v9 i6 y% f正係咁樣
/ S. k: S& Z3 s/ h* Q9 M) 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' E. _  I, K9 U" v- ^* f
分分鐘佢地唔使還錢9 N1 N- K& L- a6 e1 N
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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,
+ u& P& {6 S9 ?4 u" ]  i連國家都係問人借, 不停發債券, 印鈔票
( V1 E8 Y, n" |# l一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( a* @8 J- {! M. o) M) B; F6 \. p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.gif6 j8 Q) X$ B9 @! S. O
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
& N; ]1 h0 n7 @  F+ T* _因為以前未生產, 先消費
, H1 n; u1 }! `; I3 s而家就要多生產, 少消費