0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif2 j/ S9 e' w  i3 g5 J5 j( Q
Why bank will sell 借據給第三者???
+ X6 l; v9 Z& l& n5 w; e: z/ \I was so confused.....

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講到尾都係賺錢( j/ {7 t* w! H# s5 V2 T' p
so銀行可以不斷放款% H8 Z; d9 [, u8 I
美國的房貸問題散佈到全世界  t3 {4 s; q' \, C$ ?
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mortgage loan ( P3 z! P1 K$ G9 B. m' X& d8 l- o
>conduit
% ]( d1 q7 \4 v>RMBS(Residential Mortgage Backed Securities)( k* ]8 R( l8 X
>arranger
  U) \6 p6 C% I# b>CDO(Collateralized Debt Obligation)
$ {+ ^$ ^8 F' W7 q  Y最後去到投資者

Kev

i thought it is the reason of rate of return.
( n; ?+ Q) U2 TCDs could have different ratings, AAA -> F,
1 d2 {& ]8 `8 N* }0 a/ Fmore risky ones would have higher premium (interest rate) as a compensation for an investment.
! o0 }# q. _$ B' k1 i# Z% Pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return," A9 t) ^. p  T2 D6 T8 z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., C4 F5 g5 H; X* V/ m( m1 ]
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 l1 U1 }# [* S8 H
similar to bonds, CDs trading in the secondary market have different value at different times,
- Z$ b5 E  G% F: i7 G: Tnormally the value is calculated by adding it's principle and interest. 6 M0 Y# Q' g8 M8 G: X7 |
eg. the value of the mortgage+the interests to be recieved in the future.
7 T$ |* f& f* w0 H, Jbanks 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.8 O5 a) |1 m7 s- K* b% a
in stock market, it's the demand and supply pushing the price up/downwards.* K% m. L( w! g" d8 j7 T1 j4 [
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# C# F/ l/ r6 [1 j& YA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 y# L7 V( J* T* c; CThe 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. ( T/ t6 ]4 l4 U
but the value of their assets did really drop significantly.
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[ 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
$ U( ^' n& o7 G( T! A. k) p- h" wRefer to last example,- W) k) J/ _# d1 K
that means bank A have no money because we borrow 10 dollars from bank A
9 ?6 a8 m) ~. M7 N- EBecause bank A doesnt have enough cash on hand
& q5 P' S6 j5 ~' l, m+ b- ntherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E  U! e8 Q3 w+ _" A  H2 |9 c
so does it mean if E failed to pay D,
' s$ ?8 R1 k+ }( {2 iall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, ' s4 R) I2 f: Y" u
in this case it doesnt really matter how much money is created, : c- p' u& V$ y  }: Q
it's the problem of the debt itself.
* k# f2 H8 m1 q3 wthe 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
  c: q0 }. A& n5 R' ~$ z. L小弟一直都唔明..." v7 p8 B& K, }9 c
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全世界都蝕錢，咁邊個賺緊錢呢?
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' Y, v" F$ H$ L# \/ _# O- @5 I$ ?無可能淨係有人蝕錢無人賺架嘛...& a9 Z: f/ i+ M& P) S
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敬請各師兄解答& o% F" f0 \7 ^; [. q
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Thanks

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那些根本係 紙上財富  
' E, P9 D0 H7 S  \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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0 y* q7 M+ s8 H" Zhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
+ e$ P. \( ?: ^: T  A當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
. l" Q, {) }8 x7 f3 ]2 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6 C* Z4 P5 ]5 `; e
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! }& @+ b8 t9 P& @: Q$ {扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,! g- @  }% \# S" X/ Y3 f
計番回報率就已經係50%,所以可以好好賺8 j6 D3 G% Z  ^- b9 Z3 z8 z
前提係銀行之間要互相信任先可以咁樣借法( J1 x3 s# \  t( s- i
同埋個市場既前境要係好先得
9 h; i/ b- {6 z# f* j但當經濟一差,公司估值趺了,物價不升反趺
4 h! [- e2 V7 [* P( I' B例如剛才說10蚊的, 趺到得番9蚊,
- b! W& _" ^# h. r7 H% g* R咁投資銀行一下子就要還11蚊, 一來一回變左虧200%* `  t. \. s6 Z  j. P( P' A
所以你就會覺得D錢好似蒸發哂咁
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! y4 Y+ G# N9 F7 c- ^; N你都可以當標野咁諗, 個樣野多人可以狂升值, 6 z  Y5 ~: @. X
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,
- p( C( `) H  B  J! r" o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # `* a" Y/ J! z2 P( y
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
+ L1 I" P- l' e9 U( O, n* l, Q( E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.gif5 o; V. Z+ z! e/ ^1 A/ b
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; y3 O! C6 Y) S  b% R5 K
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: r- l/ i$ h1 l" N7 v% t# ^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 w* a. c9 G0 V7 Y" H咁你話d錢蒸發左去邊? ...

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正係咁樣
. x$ w3 A) N. v0 _0 _! @9 R! g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
# M  K5 S1 W6 R- p1 n3 t分分鐘佢地唔使還錢
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7 M  A" C. h* z+ t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,
$ D1 r% c0 Z* p5 g7 b連國家都係問人借, 不停發債券, 印鈔票
8 u' W# C+ Q5 T- h4 o一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 ^( J' ?% Z' Z: ~6 g9 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
, l0 d! o- c. d6 e$ P咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...6 S# l9 ?7 p5 V' o3 |. K. l- o
因為以前未生產, 先消費5 m: n3 ~/ Q% T( O; W! C' l
而家就要多生產, 少消費