0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
7 q) f- c6 N0 s+ |Why bank will sell 借據給第三者???1 y" ~) I* S' V9 F+ I. z8 }
I was so confused.....

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講到尾都係賺錢
& A8 U  P, Z& @5 V" D9 v! @; |so銀行可以不斷放款, a# x: B" Y2 p6 @# Z8 l
美國的房貸問題散佈到全世界% D" r! I4 \1 W& d+ G- L5 j

" s/ T# B; k6 W/ {7 X; G) tmortgage loan % |3 ]# J7 e7 X8 p: v+ W! N
>conduit
% J2 N4 ]- k0 g; Y2 T>RMBS(Residential Mortgage Backed Securities)
" d% l; |4 m- ^0 S, ~/ R>arranger- K8 g- Q- q, x
>CDO(Collateralized Debt Obligation)
1 N9 U3 q: }' \  g3 `2 Z最後去到投資者

Kev

i thought it is the reason of rate of return.
0 V+ Z5 @/ T9 x, A1 ^" }  eCDs could have different ratings, AAA -> F,( O/ u9 `6 n: p7 f: @
more risky ones would have higher premium (interest rate) as a compensation for an investment.* A( P  }% \* I* {
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! o8 F, O# D, I8 e9 I# }
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.( n+ K! g% E# A1 J1 B) P% N
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, O, C$ |3 h$ \. |, A# Isimilar to bonds, CDs trading in the secondary market have different value at different times,; R; ~! i3 e: N/ J; ]* O
normally the value is calculated by adding it's principle and interest. % I$ v0 X3 T# y
eg. the value of the mortgage+the interests to be recieved in the future. 8 Q+ r1 m& i1 s. r) S5 R
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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1 r. ^/ B$ W5 g7 d) `! him not quite sure if the multiplier effect does really matter in this case.
8 `( ^5 Y) m7 @in stock market, it's the demand and supply pushing the price up/downwards.6 f# a# ^& v0 Q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& z3 `- `3 y6 g
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( ~# e6 [: }7 j# C4 k6 E& 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.
6 t, F% _5 J. m$ E" i% Sbut 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. [# _! ?; T" I3 q8 _: |7 y* w
Refer to last example,3 D) s; b3 o( r7 q" ?4 W* J
that means bank A have no money because we borrow 10 dollars from bank A ) d+ K7 Y- }4 {  i3 n
Because bank A doesnt have enough cash on hand 0 H2 m- L5 y. }3 E
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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! e. c' s- ^! vA->B->C->D->E; z) c3 z$ ^, ^* S% Y
so does it mean if E failed to pay D,
: W; I, i/ B* x+ ^8 tall the B,C,D,E have to go bankrupt?6 T1 c) e; _* ~* Z& ]9 A

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6 n7 H7 U% v( h9 Xthe multiplier just tell how much money created in a whole economy, 2 U2 H6 r/ j5 q! i4 A& V
in this case it doesnt really matter how much money is created, & Z# R+ Q2 o! E2 {$ q5 w
it's the problem of the debt itself.
& A5 a2 ^8 m, D7 I5 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.gif
  f! n7 f" y/ B3 D小弟一直都唔明...% `) k+ g0 ^" Q) z# p5 g
+ L2 s% A6 U- g
全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...# i9 D( O/ g1 z( M" y1 ]4 b# N2 X3 N1 C
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敬請各師兄解答6 U5 N9 E+ C* J) a

- T. W- c0 D9 Y0 U' rThanks

& n9 R; Y. @8 s$ p& C4 v2 a% V那些根本係 紙上財富  
* a, S5 [5 i! i: l  t5 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, F5 T& @1 c0 R3 O
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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
1 n; c4 e1 Y# M+ J當經濟好,投資銀行相信會賺錢, 物價既估值相對較高* Z: j$ F! ~: h8 o8 Q  N
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+ U; u+ x4 U! E, M/ T& s5 k
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦8 \3 e- U8 J" m. K& y! j% K9 g
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- O8 m+ B: X8 C# s- X3 j
計番回報率就已經係50%,所以可以好好賺' C1 b/ ]  D3 Q1 f, y
前提係銀行之間要互相信任先可以咁樣借法( U; R  [* [4 P0 L
同埋個市場既前境要係好先得
! O! W- K( D7 f5 c5 m4 n& X% R但當經濟一差,公司估值趺了,物價不升反趺) z2 h5 N1 c7 [. `0 r0 @  v; S
例如剛才說10蚊的, 趺到得番9蚊,
/ n7 g. ?0 n* L$ ~. z咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
& h/ y5 y0 g0 m0 {8 S" B' S3 |所以你就會覺得D錢好似蒸發哂咁! L4 @( F  A; |5 r) v% n2 t

# [+ r+ U% {! `, ]3 `# S) j. K  A8 b你都可以當標野咁諗, 個樣野多人可以狂升值,
, G2 c1 m- {" B) l( E! L. a1 \/ }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,
; D1 R$ v% Y5 T/ N% [  p9 a1 q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . M$ z5 w7 h/ t" K9 l/ S
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 Q' N( m* x9 r& 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
0 }* X+ g2 o) P( r- P2 F唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) h- K- t* L" ~4 _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 \" ]; ^4 ]8 y
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
( j! O) q4 T4 l) \咁你話d錢蒸發左去邊? ...

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正係咁樣+ }4 Q# R* o4 l2 f
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
5 |' f! a7 l- y分分鐘佢地唔使還錢. ^. {' o* Z1 y4 H" S& m+ G
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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,
6 A/ \5 J: K$ }7 y# J連國家都係問人借, 不停發債券, 印鈔票: V. R3 \2 |8 \" D  X4 s& D& R2 s
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; r  _2 n4 `: H# M5 }
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
# \. H  o- B+ [$ c0 e8 _咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...7 ?6 o: c3 g: {! f2 R5 B  r
因為以前未生產, 先消費/ I3 `* E* W/ e, H$ \
而家就要多生產, 少消費