0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
, Z/ M2 U" I) F! e3 C8 VWhy bank will sell 借據給第三者???
$ \" v& x8 J4 E+ E% _. JI was so confused.....

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講到尾都係賺錢
3 v+ F# B# Y; S5 w+ R% Kso銀行可以不斷放款
, O  y  w1 u! u8 E. Z; Z- D2 u2 B美國的房貸問題散佈到全世界
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8 {6 K$ _9 C" v4 H) ~- S3 ]: Cmortgage loan - s+ _# \5 D6 r
>conduit# v! \% q# V" j: r
>RMBS(Residential Mortgage Backed Securities)
$ d7 _- T: c) I7 N- q' B>arranger  i- u3 v% ?, w/ P1 |
>CDO(Collateralized Debt Obligation)
7 U3 }3 ]! `/ M) @/ T最後去到投資者

Kev

i thought it is the reason of rate of return.
+ o0 q% Q" @3 Q* x0 t! z7 pCDs could have different ratings, AAA -> F,- y9 u6 E; R% v* _7 B' K3 q# \0 C* u
more risky ones would have higher premium (interest rate) as a compensation for an investment.- d/ i/ {. X2 a' i4 Q) e3 a9 E# q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 ]4 d. s  [0 J/ q; }
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 F; x. ^' |2 \& \8 I9 VAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% N9 t0 m; ]  j, S# ~. F6 n9 O
similar to bonds, CDs trading in the secondary market have different value at different times,
+ v8 y6 s. `. M$ z, q( unormally the value is calculated by adding it's principle and interest.
) G/ ~+ Z! H1 r1 H/ Feg. the value of the mortgage+the interests to be recieved in the future.
8 S4 t+ I) w, y* z& U/ C' Tbanks 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.! V; {- i4 e* T; R
in stock market, it's the demand and supply pushing the price up/downwards.
5 }# f& e! |) r9 nFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, O1 f* i, ^" I
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  p8 A! ^- q" z' q5 V! O& IThe 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 a( _- y' y/ o1 D; n: E) s2 gbut the value of their assets did really drop significantly.  _. R0 r6 l! z. O

5 `8 _# ^1 J- y) J% f( D( N; K( [8 a[ 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
& m5 w0 I& Y, V$ L6 R  ^& x0 WRefer to last example,8 l  e* X% Y% K8 y
that means bank A have no money because we borrow 10 dollars from bank A : h8 w1 X  Q1 R& @% G
Because bank A doesnt have enough cash on hand   a# ^' r0 `3 V+ x, {% k" f
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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- F" @/ V6 x' P( o; fA->B->C->D->E) `% W5 |. L) y
so does it mean if E failed to pay D,
, q: b% a& X# mall the B,C,D,E have to go bankrupt?4 y8 z2 x4 b+ e: ]0 p: a- e& Z6 ~
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the multiplier just tell how much money created in a whole economy,
+ {+ c  l, [  S8 u4 L: q* lin this case it doesnt really matter how much money is created, % m" }7 m5 {% B& B
it's the problem of the debt itself./ y6 H. o) Q5 B7 R/ q
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
- ^' L4 a6 p; S! Z( [4 Z小弟一直都唔明...
$ X& S3 a0 f* H+ D( U9 W2 n; n" G. J! C" m& [" I  ^
全世界都蝕錢，咁邊個賺緊錢呢?
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. Y% B2 ^6 t" y; T+ _9 g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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Thanks

  i' o# {. A8 I
那些根本係 紙上財富  + M/ C- F. h, L. s8 u
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$ j2 ?9 L# `: D; `' k
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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
* ?: p/ C* K- Z當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
9 H0 x# l' y, o, F3 `# D* K1 A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/ `& m6 t. |7 p' F# I  }8 M( u1 U
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" r' |8 O" j& M) ?
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,( Q2 @6 I  }8 v3 Z
計番回報率就已經係50%,所以可以好好賺( W7 l; B3 X1 B. O$ u/ D
前提係銀行之間要互相信任先可以咁樣借法
6 T- s$ ?; v$ ]  H3 e' y同埋個市場既前境要係好先得8 S) K  L1 u1 o" y' C
但當經濟一差,公司估值趺了,物價不升反趺
7 u4 T+ f2 C8 d6 r. l- K6 D例如剛才說10蚊的, 趺到得番9蚊, 2 i! X1 i7 T- B4 B
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
" U/ _; N6 m3 x4 c8 ]1 p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,
+ u8 i: w' a3 l, \1 [3 }; S4 m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,
4 ~7 v' n1 @9 Y' I: w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) q% p$ Q: q8 i: w- v: @4 {) ^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2 w0 a1 H9 o3 l: s, e
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
% F3 c" J: H7 N4 k: w" H! K唔係d錢蒸發, 而係比美國佬洗晒未來錢, & [, L) S6 z, f6 C; C. e
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* }1 L0 T8 r  |% t' \; 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
0 t) |. T/ }) S0 ^8 |! U2 d' B咁你話d錢蒸發左去邊? ...

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' Y4 i/ v/ J- v) r1 B6 ^, O" s正係咁樣
2 _0 s/ n$ c0 z* y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
+ H9 Z! \( ?. I$ j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,2 v" f8 E1 M9 o6 D# r, J
連國家都係問人借, 不停發債券, 印鈔票, K6 E, _! q+ v
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產/ r9 r: K$ [' G6 b2 Z
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
# b- w6 C2 E1 c) e. R) g" l+ c9 @咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...1 p6 L/ R. K5 Y7 @: `, V$ y8 F9 y
因為以前未生產, 先消費
- Y9 S- K+ Z, t- ?1 ~而家就要多生產, 少消費