0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, F- \3 @7 ^6 y8 W. O
Why bank will sell 借據給第三者???
6 m% h2 F+ h* [7 {  }; O4 oI was so confused.....

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講到尾都係賺錢1 q! n$ N2 p3 {) d
so銀行可以不斷放款
: O) \4 L: q$ [美國的房貸問題散佈到全世界* a- |% ~; e; x, R! W* t3 z* p
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mortgage loan   o, v( I& o2 {% P% _; ~
>conduit3 u7 }" ~- y1 r8 |1 b8 ?1 C! H+ }
>RMBS(Residential Mortgage Backed Securities)% z* ?/ S: X) O3 C( s
>arranger
9 a4 \1 [, W, Z( G% |>CDO(Collateralized Debt Obligation)( I. C9 J- Y: ^5 e9 A9 p, l$ {
最後去到投資者

Kev

i thought it is the reason of rate of return.
  n5 C# c+ b1 }1 v9 q: g3 [/ cCDs could have different ratings, AAA -> F,% F1 v; x( L0 q) @% a' m. O
more risky ones would have higher premium (interest rate) as a compensation for an investment.
; Y; V, O7 g# G) Zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 H- y% X, C, h( o: T* lin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- Q, {9 ?. d; M+ |+ wAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 q  v. O% M! @5 n) O6 {& r9 ssimilar to bonds, CDs trading in the secondary market have different value at different times,4 J# r* v8 s  _  o2 Z; _
normally the value is calculated by adding it's principle and interest. 5 m" d7 Y7 N  f9 F. Z
eg. the value of the mortgage+the interests to be recieved in the future.
7 z! e, ^  j) |5 Y1 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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, V! E! d3 n7 Jim not quite sure if the multiplier effect does really matter in this case.
2 Z7 S* O% O! q  ^. Oin stock market, it's the demand and supply pushing the price up/downwards., m! z) a/ Y( [! Q8 U5 o: Z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 P' T/ ^8 J7 kA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% S$ O$ W7 m1 M% D4 _+ P. D/ tThe 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. 2 R' K  h& _( `% w. E" L! D. A
but the value of their assets did really drop significantly.! B0 D6 m" X/ g$ k% c# |, a
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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
: S7 c' I8 l1 c6 k2 v2 J( zRefer to last example,
; [2 o/ b0 O5 m3 p4 Gthat means bank A have no money because we borrow 10 dollars from bank A
- F/ h7 s( L$ l' r' ?+ F! HBecause bank A doesnt have enough cash on hand   a* \5 {9 a) k/ @" \
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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3 L9 i; C3 b: z: o2 vA->B->C->D->E6 |" _2 s6 E+ j/ i% B: c! B
so does it mean if E failed to pay D, 5 {6 ?" x) u( H; \* o
all the B,C,D,E have to go bankrupt?& }6 K0 I6 O2 Z! Z0 i+ u

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* i# j# y' s7 E8 Othe multiplier just tell how much money created in a whole economy,   b* n# j, ]  \
in this case it doesnt really matter how much money is created, 8 S1 \% u: E+ }+ P
it's the problem of the debt itself.
% b% p" k/ U4 E. M4 Q( L5 Y' sthe 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& C8 S& n$ Z, j) q
小弟一直都唔明...8 l. l! H! K& o* z! v3 [
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全世界都蝕錢，咁邊個賺緊錢呢?
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" S4 W6 `3 a( z4 z無可能淨係有人蝕錢無人賺架嘛...
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+ g7 x2 k, E# ~; b1 ]! [9 l, g8 G敬請各師兄解答
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Thanks

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那些根本係 紙上財富  
/ `! y# x% ^; y7 k/ M; w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: M$ E$ f5 `8 j0 N: I$ P( i: S) B
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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
- H; k3 M: j0 _4 G當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' x. @% m( x$ N0 `0 w* V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; R! `$ H9 ?) a5 K. W% M: X
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ [) S6 Q8 c5 x! v$ z扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
6 D" n/ q0 T, Z/ n! o5 F計番回報率就已經係50%,所以可以好好賺
% V) h- W' s% {3 X7 V1 N前提係銀行之間要互相信任先可以咁樣借法3 i; j# j0 }& S, |% ]
同埋個市場既前境要係好先得
2 D; X2 P+ s$ N; R) J& T5 Y但當經濟一差,公司估值趺了,物價不升反趺
& o- O9 i. i- H8 x/ i1 E# ^例如剛才說10蚊的, 趺到得番9蚊,
" g, b* g# j& y5 R# W3 E; Q, d咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% {) `* a) L$ x
所以你就會覺得D錢好似蒸發哂咁- ]& n! g6 v% ]8 [/ f3 g: M
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你都可以當標野咁諗, 個樣野多人可以狂升值,
) ?" w3 _3 e  x5 s( v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, ) T+ z* I& ]6 r0 ^8 q3 h! q9 V6 p, }/ S
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + }, u$ Z0 c( Z+ R/ ~
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
% ?! m! x" U$ T: B) z  p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' R9 z' ]( k7 m1 Z* b- I1 U$ T
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; [2 b8 [9 D, ]& q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( A. ]4 M8 V/ [7 `2 r/ [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
/ ^4 C. n6 S6 z  g/ a% H咁你話d錢蒸發左去邊? ...

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正係咁樣
" A% T7 }2 ~% c1 w: w$ |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/ Q- `! k: k% ^1 M
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,$ x1 u. A5 U( }1 L) j+ f5 w
連國家都係問人借, 不停發債券, 印鈔票
" ~; N8 A" O% N# Z& f9 \1 l一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
8 N. m4 z1 F  _6 @7 k! Q/ ?* C# |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
# j" g+ N. g' K! U: d咁而家"爆哂煲"算唔算先至係變番"正常"???

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3 k- o' E8 H$ P3 W' `% _2 Z- h其實係...
9 x$ C: |' G) z8 ?7 h因為以前未生產, 先消費( v: ]7 o4 @* q$ {+ d; Q  i2 {1 y
而家就要多生產, 少消費