0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ l+ U! S( B; I. ^. ~7 q
Why bank will sell 借據給第三者???
7 q) B' K* V3 r& U4 d5 yI was so confused.....

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$ w3 t0 |( j* r3 f- B! G講到尾都係賺錢
% O( y) ~+ W0 _/ a) T! W  vso銀行可以不斷放款
7 q; |# `( c6 r3 o6 }* u美國的房貸問題散佈到全世界
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; G" L0 @) B- `* R- }8 f/ amortgage loan ! D, a7 A* A. ?: j
>conduit
5 a- H4 Z7 i& V+ Q: u* e>RMBS(Residential Mortgage Backed Securities)9 I0 J# m" f3 X  D7 r
>arranger: D; L" @" ]; ~8 U% B
>CDO(Collateralized Debt Obligation)9 ]: g1 b; }! p% q, L* g9 o
最後去到投資者

Kev

i thought it is the reason of rate of return.
$ i; [% b/ J( R' c7 KCDs could have different ratings, AAA -> F,0 i& B' X/ f7 Q+ i' a
more risky ones would have higher premium (interest rate) as a compensation for an investment.# D6 q+ v/ H4 A1 r5 s1 y/ f7 Y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 d0 Q3 P( k  L! n
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! h: i6 H$ w( }' MAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( P' d; [( ^9 Z4 d$ L
similar to bonds, CDs trading in the secondary market have different value at different times,
; |9 @# t% c! y3 Z$ [normally the value is calculated by adding it's principle and interest.
8 X; Q) n; O5 `5 H. \eg. the value of the mortgage+the interests to be recieved in the future. 2 ~; \, ^$ k5 W$ Y) \" @- E
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.1 r# M9 a3 R# X' l

) H: z# m. F( i) W; V0 e1 d5 Jim not quite sure if the multiplier effect does really matter in this case.
! j9 p! N5 S3 S/ m& gin stock market, it's the demand and supply pushing the price up/downwards.# e1 F6 U1 q# i$ x) d' e7 {
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% ?: B# E# ?% w) G9 ], R
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- Q8 A) X1 O8 q. v. H) {
The 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. % u. M/ f5 [3 _* p
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/ Q) F/ B8 g# q7 v- C5 ~5 Y
Refer to last example,
; p4 S* r  r3 b. [: othat means bank A have no money because we borrow 10 dollars from bank A . T4 M2 @+ t9 n/ Y
Because bank A doesnt have enough cash on hand + K0 c6 b( H) U9 H# y( h
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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: `6 C' U5 F) m1 Y$ |A->B->C->D->E8 _4 `) S+ g! U- P
so does it mean if E failed to pay D, & w5 _( v$ B( }; C* i4 G# c
all the B,C,D,E have to go bankrupt?
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4 n4 R+ H0 l, x% ~+ Cthe multiplier just tell how much money created in a whole economy, 0 Z- U1 Q" X. p- C' z2 @4 Y+ H
in this case it doesnt really matter how much money is created,
4 q9 M. \  q& }it's the problem of the debt itself.
) c5 q3 g1 B1 f* r8 I. W! ethe 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.gif9 I8 ?! z& @; {! D, o! t4 g
小弟一直都唔明...! I9 Q' Y6 J( t" e1 V+ b1 h3 O3 k

% a" j- j% ?1 i全世界都蝕錢，咁邊個賺緊錢呢?
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6 g- p: C% V! v5 e$ X) R6 E無可能淨係有人蝕錢無人賺架嘛...1 O( M% p$ @6 t' `7 d" m; k  I, t
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敬請各師兄解答& W$ r+ p' s) v& F+ K) ]1 r

: W! _( d/ }# e& HThanks

1 H% c8 T( G7 n; T那些根本係 紙上財富  
% N1 d* F6 _/ G4 N; T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+ b1 _% H  l6 K  M: R6 I2 W

$ H5 B* t; k* q5 D- H/ @4 x8 hhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
' B( M/ R2 K9 S. Q$ }+ Z9 ~當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
5 H8 I9 u: D8 j' W, W9 T, H9 B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; X- K5 Y6 c1 v, s- L
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( f& b' o5 W7 W8 x扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 w  A  f: B5 A5 f2 T- l# e/ g; w
計番回報率就已經係50%,所以可以好好賺
2 L+ P) ]0 t5 a2 d4 `1 }前提係銀行之間要互相信任先可以咁樣借法
9 E5 n5 ?, t1 d; S8 {同埋個市場既前境要係好先得& Z! r- T, C& \' t" |
但當經濟一差,公司估值趺了,物價不升反趺% ~# N. I$ h) H5 |1 V+ T$ h
例如剛才說10蚊的, 趺到得番9蚊, 9 j5 s# l4 A- E$ Q2 H( ]0 I* N
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%; T' {& V; B2 d. ~- E
所以你就會覺得D錢好似蒸發哂咁6 a8 B5 f1 i# J

# [) ^& m1 i) q你都可以當標野咁諗, 個樣野多人可以狂升值,
: ]2 s3 i! X  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,
7 m3 K- H- m8 o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 ^; _8 l5 c, ?2 e7 b
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
  e0 {0 e2 z5 Q3 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.gif
3 V5 w: b1 Y7 c6 T3 X* [* J. c4 ~; \: p唔係d錢蒸發, 而係比美國佬洗晒未來錢,
  n% w: t6 F3 `9 w+ P7 E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + g! M8 G( D) r) I' K8 G) W) z
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
  ]- a- m+ W5 b8 ?& S1 h& L咁你話d錢蒸發左去邊? ...

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正係咁樣
7 ^, h$ y( @7 A4 u% n* L4 j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 `7 N/ e/ d# \
分分鐘佢地唔使還錢5 M) z+ g: W  Y" u/ Q/ X/ Q6 {8 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,
& e  b7 }# k8 O9 M9 c連國家都係問人借, 不停發債券, 印鈔票+ @# c/ \+ j" f. o6 v$ D
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
2 N3 S, U$ f( z7 A- E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.gif6 K" Y! V/ J& |3 ], J8 D/ m
咁而家"爆哂煲"算唔算先至係變番"正常"???

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, w- D: R% q. |# e# T0 K其實係...
, i( \9 t4 ~5 X# ^( w因為以前未生產, 先消費' y0 W0 q8 \7 `1 a6 V; _
而家就要多生產, 少消費