0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
) \5 D( q" U1 t3 ZWhy bank will sell 借據給第三者???
6 A$ ~, Z+ b6 U4 F$ O7 w0 rI was so confused.....

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4 E% q/ ~) \0 R6 D7 F: N講到尾都係賺錢
' z+ C! t5 N7 e( `1 x! Xso銀行可以不斷放款
6 E* I$ O/ ~( K5 n/ k5 q美國的房貸問題散佈到全世界" x! t. C( Y4 J

. `) L6 m% b- B) Smortgage loan ' S6 |1 p; N; R7 `! B' Z
>conduit
9 [# X+ q* @3 R! o1 ?>RMBS(Residential Mortgage Backed Securities)
$ k( s" D5 J. r' q6 n' q7 S, J7 }3 {; ?8 d>arranger# s9 V* W8 J2 E' e5 G2 L
>CDO(Collateralized Debt Obligation)7 K9 z* Y2 K; V: T, V/ F3 L: n
最後去到投資者

Kev

i thought it is the reason of rate of return.
/ l( R# `; H, d; M* y9 WCDs could have different ratings, AAA -> F,9 E) {( L/ B: f8 x( j2 [1 [0 e) l1 s
more risky ones would have higher premium (interest rate) as a compensation for an investment.$ w" t# d5 p5 a7 |2 C) L: n2 T( k
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  f  r$ `% G! B* F; ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., l% o( U/ j9 Z: V
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! P4 h& w. d+ U" ~) g6 p* Ksimilar to bonds, CDs trading in the secondary market have different value at different times,4 e$ l$ Z1 s9 a
normally the value is calculated by adding it's principle and interest. 4 i5 h$ E- V- p$ I& P
eg. the value of the mortgage+the interests to be recieved in the future. $ p' {1 x; e3 K9 _: T( }0 f+ C
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.
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. \* f, O8 C" E7 g/ gim not quite sure if the multiplier effect does really matter in this case.8 u! y% _8 N3 [: E* B
in stock market, it's the demand and supply pushing the price up/downwards.+ a% [  `' @6 R4 o( p9 D* a
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 r  H6 c8 q" z' i7 l! xA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& M0 j* A; D/ F  b  Q
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.
  Y$ i. q) M* I; `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
3 ?& k8 B0 T- GRefer to last example,# r& F& e1 m* z. r
that means bank A have no money because we borrow 10 dollars from bank A 3 ~. o( x& m) s# s' }2 Q" o6 L
Because bank A doesnt have enough cash on hand / {8 j# ^" p& g$ X* I; z8 h6 L% d
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
- H2 @+ z9 ~$ I( r* H( tso does it mean if E failed to pay D, ! k7 p+ Y9 e7 F$ v% Y8 N
all the B,C,D,E have to go bankrupt?2 d7 R  a4 _# Y7 H/ n

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! g8 M1 H& a; s( q5 U, u! ithe multiplier just tell how much money created in a whole economy,
4 U3 s2 i* A% K+ K& Cin this case it doesnt really matter how much money is created,
; x8 Y" W8 D/ r- |6 r- F4 wit's the problem of the debt itself.5 o' R1 Y$ ?% u, N! [  m# i! [
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
1 Z" l$ `1 p( y; U& e& i: D. P小弟一直都唔明...
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- o/ y2 X" `5 u9 y5 a9 k4 D, X全世界都蝕錢，咁邊個賺緊錢呢?
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+ R4 w7 ~; d  F7 Q4 A% `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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8 M' l1 R% x: B. c3 \1 I0 TThanks

) s) h& k4 m# A& O+ {# C8 y那些根本係 紙上財富  
5 v  r0 V$ K! V& M4 e) f. K7 _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+ O4 k  K9 T* T( f) R' U9 M

; B. [$ j( l( t9 J8 mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
9 P6 ]& R: s! Q: d. U當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ P9 |7 b8 R7 D2 G; z* Q1 R' 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 K5 Q4 C. h1 X6 W個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
- x. u: L# l  H  p扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,( v+ \, X% q5 M7 |
計番回報率就已經係50%,所以可以好好賺
: O, [4 i2 c0 f# s, l( ]- Z前提係銀行之間要互相信任先可以咁樣借法
3 @" n# m. Q( g' U$ |同埋個市場既前境要係好先得, t" L3 {  o# ~. t
但當經濟一差,公司估值趺了,物價不升反趺
( ]7 @: ]" s1 `& m' I) o0 x0 r: N% L例如剛才說10蚊的, 趺到得番9蚊, 1 u/ R6 _! K. o6 L" K5 ^
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
$ t$ P  ?3 J# X7 h' f所以你就會覺得D錢好似蒸發哂咁
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& i9 }2 K# V! |+ |你都可以當標野咁諗, 個樣野多人可以狂升值,
0 c8 k  z3 f5 ]# x$ R1 U( [4 }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, ) z% X5 q) N- F
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 i# x1 @, m* V  `" j
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1 q6 z9 _7 M( [
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
' D* F$ f% g$ ?* D唔係d錢蒸發, 而係比美國佬洗晒未來錢, % M4 a& p+ ?( Q) e
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   L6 f6 Q0 y0 D2 `9 w! M5 G1 G
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
3 o6 M; P0 Z, _* r' ]; V咁你話d錢蒸發左去邊? ...

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正係咁樣4 }; X# ]  d% o; T2 T+ O
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 e: |, z& U5 e- n" X
分分鐘佢地唔使還錢
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, G) @* V( P: \. ]7 O7 H6 j! T0 T- J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,1 p0 ^; K, p) t
連國家都係問人借, 不停發債券, 印鈔票0 Y3 S* C) b1 M
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
. b3 z7 u4 p% K& J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' ^) X0 f% \5 ?& `. t) ?
咁而家"爆哂煲"算唔算先至係變番"正常"???

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$ P' W, b5 s( ^" B! f其實係...
! C/ E2 C5 v  u1 C. @& k因為以前未生產, 先消費: [% ~- T  j8 Q0 a
而家就要多生產, 少消費