0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif3 w: y6 K! o* l5 N3 U
Why bank will sell 借據給第三者???
& x/ l1 F1 o5 z+ S. b8 ]5 c3 b0 rI was so confused.....

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講到尾都係賺錢5 D# }; n% z2 G6 w
so銀行可以不斷放款* s# L% g0 Z1 L3 s( I: M0 g0 t
美國的房貸問題散佈到全世界
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mortgage loan % F1 s9 q" C  t% w: f/ V/ s; g/ Q
>conduit
( ?  m$ U8 n6 ?. B3 ^" E>RMBS(Residential Mortgage Backed Securities)! \9 H4 y; w; F- C( a/ V1 h+ K
>arranger
; t/ F- P3 Q8 A& Q3 {3 v% b>CDO(Collateralized Debt Obligation)
2 E$ W2 E, P9 V7 G4 m最後去到投資者

Kev

i thought it is the reason of rate of return.
$ Q/ E" _+ v$ a* qCDs could have different ratings, AAA -> F,
6 q3 W  f8 n6 Gmore risky ones would have higher premium (interest rate) as a compensation for an investment.
4 f# M4 h  w; W; Vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) ~( e: n) B8 a/ ~% n5 n% ^- A
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' ]1 T0 Q8 I" S& B8 zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- w( B" H0 i' G6 G3 |- m+ F9 `" }
similar to bonds, CDs trading in the secondary market have different value at different times,. E1 q$ g6 h! h
normally the value is calculated by adding it's principle and interest.
/ @0 e/ u/ f, w& v1 K) ?- o$ W  X$ _% Yeg. the value of the mortgage+the interests to be recieved in the future. : }5 `' c5 K: w, u9 I2 {
banks 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.2 X3 ~# I! }3 Z1 r
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im not quite sure if the multiplier effect does really matter in this case.- y' j' p8 m( [3 h
in stock market, it's the demand and supply pushing the price up/downwards.4 s& A: @+ M( d! w5 d7 b
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ l6 q' v3 q. k- QA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 p) n  |& K* H) Z! fThe 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. * N, [: Q7 k1 X! v
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.gif3 M5 R' w& c; e9 s* h  R( {
Refer to last example,
" D8 r  }3 _+ R- O2 m: ~& q, wthat means bank A have no money because we borrow 10 dollars from bank A
; M+ Y/ b  _, R9 rBecause bank A doesnt have enough cash on hand / `# e" u- C) h
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E! C- o4 A# j2 C: G6 {8 P
so does it mean if E failed to pay D, - O' N9 n7 `% j3 @
all the B,C,D,E have to go bankrupt?7 O; g* h# Z5 j: g3 w* f

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- a& b- R- i% q% y* u* athe multiplier just tell how much money created in a whole economy,
, }' {3 r2 ]+ K; N2 iin this case it doesnt really matter how much money is created, 2 M& V, f, f) q! {0 T2 q" {$ b
it's the problem of the debt itself.
& i8 I8 Z0 x+ kthe 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.gif7 q+ ^5 C: b$ i) G8 m) n4 u
小弟一直都唔明...9 |8 ]9 ~& \2 X# p+ [0 {& r+ q

, g8 O2 d* P8 y全世界都蝕錢，咁邊個賺緊錢呢?
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6 y& D: _  M* w無可能淨係有人蝕錢無人賺架嘛...
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3 w8 X+ A8 r1 v0 Z- {* A; V+ _" Q" m敬請各師兄解答
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5 b, c0 L  P" r2 Z! |7 S7 g& k3 VThanks

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那些根本係 紙上財富  8 g7 _0 D% L: T; z6 d1 m2 _, D9 E. A# c+ 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 graphic5 h, M$ I6 N$ W! j, Y! Z0 [+ f
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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. B0 v$ C& ^6 A+ n
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高  _: a' U4 D) d( u  r
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 w) i/ ]) o/ o2 I. z* H7 A' P/ F個件物價係市場好既時候升, 例如15%先算,變左12蚊啦+ X" A1 A" p6 F' ^- K
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
  a6 o6 t/ n* o7 N* F# b計番回報率就已經係50%,所以可以好好賺: ]* s! H# X, c( u; H5 r7 o" O
前提係銀行之間要互相信任先可以咁樣借法# N2 g, t; i0 ]$ v' q
同埋個市場既前境要係好先得
* _2 W6 A% n- H% m/ y; r但當經濟一差,公司估值趺了,物價不升反趺9 a' |8 }8 u$ h: n) z
例如剛才說10蚊的, 趺到得番9蚊,
1 i2 [2 l7 C) i# Z# o咁投資銀行一下子就要還11蚊, 一來一回變左虧200%. D' N9 o7 T5 q$ M  R
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,
3 ?7 Q4 K4 C. l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, # c& X* n  F) K2 j! ?( h
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; W% {  [* Q' S. N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% X8 ~7 v$ K; |4 c. x
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.gif0 J& e) V1 j/ j  i0 t2 R
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
) J2 ?5 W4 y' N! r淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 P3 z4 D+ v& j+ O/ 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! ^7 r4 G# P" i9 {& M
咁你話d錢蒸發左去邊? ...

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/ z& |4 K; k& H# s; x2 l, b: C6 M正係咁樣
' \$ v0 J5 I5 `% Q% E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
2 W; T+ n( D2 x4 A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,3 y# {: ], k+ A% X1 N
連國家都係問人借, 不停發債券, 印鈔票4 G% C% `4 u/ O. Z$ t. p
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
7 _  j1 `/ q  }" y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
* R3 S3 j9 \; w: R: C! F咁而家"爆哂煲"算唔算先至係變番"正常"???

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! Y, m3 c* J/ n" A: f/ Y2 M- u5 r其實係...
6 ?/ |( V3 D2 U5 U+ T  s因為以前未生產, 先消費
- B$ P1 I) x7 I% c' _" C( [7 N而家就要多生產, 少消費