0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif  z( O% ~/ Z0 Y( E) J0 S
Why bank will sell 借據給第三者???
3 D5 t! U( N& g: YI was so confused.....

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講到尾都係賺錢
5 q- @' H2 Y9 w' \& V/ ~so銀行可以不斷放款
5 M( Z/ s, \% p' r8 g美國的房貸問題散佈到全世界- y# f+ D5 G  B% ^' C

* o+ I% F2 b+ r' X$ g- h, q+ }mortgage loan
+ E6 H  Q1 \3 @>conduit
1 l. ?' G& W% Z, f( _* m9 ?( [9 c; h>RMBS(Residential Mortgage Backed Securities)# q6 I$ l4 O! W6 ]4 M5 d  {
>arranger( P& D2 G/ p& F3 r) S& ]( C
>CDO(Collateralized Debt Obligation)& ]% U' N8 e& c: E) M5 q% q( K
最後去到投資者

Kev

i thought it is the reason of rate of return.
* @/ ^" j2 Z& X" R7 g8 KCDs could have different ratings, AAA -> F,
5 H# {. j& P. \0 V: Y8 tmore risky ones would have higher premium (interest rate) as a compensation for an investment., o9 @, {- I6 F5 g5 e
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
' ]$ r$ E/ i, U5 [% d& ]. ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." l( \( A9 D% X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% y; M  I1 @8 R& s
similar to bonds, CDs trading in the secondary market have different value at different times,5 k: ?, _% I$ K, r5 w9 v
normally the value is calculated by adding it's principle and interest. ( y* S! q. I2 F* M# M; M
eg. the value of the mortgage+the interests to be recieved in the future.
3 ]( N0 _# I) ybanks 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.
. i/ E- u5 @- s( k* @7 K0 jin stock market, it's the demand and supply pushing the price up/downwards.
2 C& a2 Q0 P! S- R- h( C. PFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 u- E" J. F! e5 W) ~" hA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 _! j0 J8 C* W: Y2 ]" y- V$ MThe 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.
- g; [& t8 L. {7 a: U" ^( s! mbut 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.gif8 d" x3 U0 c. L
Refer to last example,
' H- y9 k5 `5 e/ R/ j3 j* fthat means bank A have no money because we borrow 10 dollars from bank A
/ O* j9 j  B4 a  N" v. S+ M7 P2 q) [Because bank A doesnt have enough cash on hand
) @. ^, \0 G# F; \therefore bank A need to be bankrrupt ??? Am I right ?? ...

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3 R0 _" N  _5 }  v3 KA->B->C->D->E
9 ~1 J' a+ |: Qso does it mean if E failed to pay D, 6 X6 X6 ]+ n8 G5 h# D& z
all 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,
- @; a, |* U. M( z6 @* Iin this case it doesnt really matter how much money is created, % t- `/ ~+ q! G  f1 k9 B. f
it's the problem of the debt itself.
" {" s, ]7 A" m9 ~! K! W3 b3 F: ^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, E& x5 K/ _" f. R( I( a
小弟一直都唔明...  M+ v7 r) t, p( C
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全世界都蝕錢，咁邊個賺緊錢呢?! a  @) h# b4 [) h* d" A
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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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/ H7 E* |& Z- l; g/ S$ OThanks

  D9 B) ?0 D  N+ p) V, g那些根本係 紙上財富  
' d. z. T" `7 \1 @8 o. N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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. O. p# y5 X/ {% l# m5 |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
* o2 M9 G: C  B6 R當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
. A0 y5 C) D! q; \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
) D: A$ l' O+ l個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 v9 Q7 w- ~2 y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,; t0 \. [4 g: i8 ?
計番回報率就已經係50%,所以可以好好賺+ j4 H8 r0 c4 O) G; C' q, N
前提係銀行之間要互相信任先可以咁樣借法% B9 H0 K7 I- x1 u6 q5 i3 J
同埋個市場既前境要係好先得' z: a0 [9 D5 X
但當經濟一差,公司估值趺了,物價不升反趺
8 y2 |( c2 H9 Y; v+ N! I例如剛才說10蚊的, 趺到得番9蚊, : H; }2 d2 m4 G0 O4 X
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
- j& m- W5 T7 J/ s: f所以你就會覺得D錢好似蒸發哂咁
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% H; W! T! r2 ?: a3 P你都可以當標野咁諗, 個樣野多人可以狂升值, , p8 \3 E  s$ Q0 r) C, W
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,
. p6 M. e  P: n& r% Q1 K! D) s% a8 |+ t淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% j% {7 T8 @5 Q4 k; 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) p- K7 q! |. c* x6 ~/ ^. h
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
5 l) j3 L+ y7 d! H唔係d錢蒸發, 而係比美國佬洗晒未來錢, $ N0 \( J& @2 ]
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # C9 E( M  ?) A: m( H3 q
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: g: E* O5 B; E, B- [/ \- r
咁你話d錢蒸發左去邊? ...

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4 Y. l9 J% l/ {$ u正係咁樣
' ?& k/ \. G$ y5 Q5 P* I1 y+ 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5 k& m" e2 c$ A
分分鐘佢地唔使還錢' b! y7 X8 [$ }6 @2 H
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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,
8 Y+ F. ~1 q; ?2 z4 d連國家都係問人借, 不停發債券, 印鈔票& A$ I+ m$ H6 H
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產  Z0 l2 U# [$ ^1 L2 X
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
% b1 x7 ]/ d1 `3 G& Z咁而家"爆哂煲"算唔算先至係變番"正常"???

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) {1 C. w4 M4 }7 ?9 _, c9 ?其實係.... l/ n- T! W4 L8 V" r% A
因為以前未生產, 先消費+ A& a% l9 Z8 w  t- z
而家就要多生產, 少消費