0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif2 \; B. ~+ A& f# v5 ^
Why bank will sell 借據給第三者???% |( C/ I8 \8 j& e% E2 v* A
I was so confused.....

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) ]6 V% y2 {- N. t' F* ]講到尾都係賺錢" B3 e& |7 y; x# p
so銀行可以不斷放款4 [# p) D2 i! _/ S  @
美國的房貸問題散佈到全世界
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mortgage loan / |. G3 A% i0 s6 H% u
>conduit
6 n% T. E. Q9 n  h2 f>RMBS(Residential Mortgage Backed Securities)  z; T& }9 Z" O/ M3 [
>arranger
7 r: p; {+ O. t>CDO(Collateralized Debt Obligation)
* [& K- m* F3 I- \+ Z! A# Y3 I最後去到投資者

Kev

i thought it is the reason of rate of return.
9 w7 o. x5 B6 i6 h+ g, G" T- wCDs could have different ratings, AAA -> F,  X: E5 x9 L% z' |
more risky ones would have higher premium (interest rate) as a compensation for an investment.
# ]4 J4 P! w, ~. i1 o( v- Kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; V1 r* g4 t& M5 z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- M, s0 x2 e% [' P+ {! lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; `" A/ p0 j* V& h
similar to bonds, CDs trading in the secondary market have different value at different times,) N; o4 U! S# T. U1 y+ D
normally the value is calculated by adding it's principle and interest.
1 J7 M% ]8 a( V2 k3 Qeg. the value of the mortgage+the interests to be recieved in the future.
+ V8 T9 q! u  k! Cbanks 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.+ h# i* i  w6 v/ \/ i5 }- o
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im not quite sure if the multiplier effect does really matter in this case.* E5 [8 C/ Q7 W7 b6 l
in stock market, it's the demand and supply pushing the price up/downwards.2 ~) _& [( D6 {8 B* ~
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) D0 v4 y& N0 B$ D& \9 B) N
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 O( Q& K( W$ v/ I% K( H, VThe 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. 1 Z5 H* J: H4 |; h" H' 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.gif4 i( w: d1 E1 R* _& ~8 k( h/ J6 [
Refer to last example,  A. [' `' h$ x7 ?* F& d
that means bank A have no money because we borrow 10 dollars from bank A
. L5 f. W* ]/ t& r, j  m, ~Because bank A doesnt have enough cash on hand / D, s8 l& V* B1 y3 P
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
0 B4 i4 b9 x+ Pso does it mean if E failed to pay D, 1 I# L6 F# X8 O; ^  X/ {* I5 Z. _
all the B,C,D,E have to go bankrupt?
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3 Y1 }/ \) a2 q- w. Athe multiplier just tell how much money created in a whole economy, ( M* S) K: [5 J* i3 n' c4 S& q
in this case it doesnt really matter how much money is created, 6 p, ]' f2 _/ z  L6 u" F; q7 P1 L
it's the problem of the debt itself.0 M  g" j' L9 T8 F) d
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
( B" v% o% K8 i- Y2 x  T小弟一直都唔明...
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& K* r5 j) W6 w9 f全世界都蝕錢，咁邊個賺緊錢呢?7 D: Y) Q  T! o) E$ u

/ x' Z/ H' u3 [無可能淨係有人蝕錢無人賺架嘛...3 p1 Z$ \/ f; \2 I3 `: \/ _

( \+ @9 c7 N* s+ |+ Q- u" }敬請各師兄解答$ c# |8 w4 @) K4 `, X* i
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Thanks

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那些根本係 紙上財富  3 z# ~. `6 {& W% x; v: y
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' r9 q* h! Z2 C' D! T
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高9 R+ s% t) H- L! Y( \) C3 c
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" f2 _2 D- ]$ B4 f+ A& Z
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. I3 o# a: a+ x0 E0 j; l
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
" I- i; T  X  ]7 u計番回報率就已經係50%,所以可以好好賺& d& j5 E$ \6 s6 c) A
前提係銀行之間要互相信任先可以咁樣借法
/ u, T) Q  _$ A' Q7 P同埋個市場既前境要係好先得
: v7 [. l) q' w# b/ x但當經濟一差,公司估值趺了,物價不升反趺
8 A  [& ~3 A' y8 r+ Y例如剛才說10蚊的, 趺到得番9蚊, ' \4 x+ x( P- `* ^
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
, B+ ~, k  d8 G3 r所以你就會覺得D錢好似蒸發哂咁7 b, N3 m$ l" n7 u, m
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你都可以當標野咁諗, 個樣野多人可以狂升值, 3 B) q6 U/ @2 Q' i: m* l" 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, ' D3 X9 x& }% L5 |/ m+ D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % [& l- l% C* O$ C, K
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% r; H! k* P' {( N8 R
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 s, F4 b# ^+ X% P6 |) C唔係d錢蒸發, 而係比美國佬洗晒未來錢, ' @( U$ T6 D: r- D  D- h
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* f, {# i" N3 D* s  c* t5 w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 U* s) L+ W) U5 X
咁你話d錢蒸發左去邊? ...

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正係咁樣
# q0 N$ L0 i- j1 b* D. M4 |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3 x& j) K5 Z5 O7 b. X7 ], D
分分鐘佢地唔使還錢! W# V9 M8 G4 U0 o) U8 t
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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,4 ?8 A/ T. I% n# Q4 M
連國家都係問人借, 不停發債券, 印鈔票
- n/ S" y' }6 p' O( g" @$ ?一個國家好少出口, 而又大量入口 ,反映到佢唔多生產- \, w4 M) X. u- T
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.gif1 }$ M) ^6 b! I) J
咁而家"爆哂煲"算唔算先至係變番"正常"???

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5 u% X# Y& C% A) a其實係.../ q- p6 a9 x4 r! I
因為以前未生產, 先消費
; X1 ~, C  I: A4 W而家就要多生產, 少消費