0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif3 i1 e  }7 Q. p2 B/ @
Why bank will sell 借據給第三者???5 l8 Z4 o% l) w9 M
I was so confused.....

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講到尾都係賺錢
! ?" \. `; t5 p* N7 |6 Vso銀行可以不斷放款
) x! H2 [! d4 F美國的房貸問題散佈到全世界3 j! q' M  k# q# C7 |& w: k; }

$ ]6 T# b( v/ @mortgage loan
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>RMBS(Residential Mortgage Backed Securities)
3 `  F$ D! X/ U>arranger
* E3 ~4 j1 n0 K# S+ ?0 G, z2 w>CDO(Collateralized Debt Obligation); e' ^" n5 K* D
最後去到投資者

Kev

i thought it is the reason of rate of return.
8 e* {% ?9 e$ C2 n/ E# t/ SCDs could have different ratings, AAA -> F,* j$ A* k% ^6 i2 K% n( O
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! P5 c+ n$ s9 G; L+ N1 Omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; D( d! {0 Y: r( K  }3 L. [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. {- m9 j* ^* x! e& S8 S( bAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; Y; R3 h6 ^  ^' @. }similar to bonds, CDs trading in the secondary market have different value at different times,
, |8 o7 |  s0 _' g4 C- Z: hnormally the value is calculated by adding it's principle and interest.
6 f- w1 m9 Y* E8 aeg. the value of the mortgage+the interests to be recieved in the future.
" ^: }2 P6 }0 j$ x; V# o8 ^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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im not quite sure if the multiplier effect does really matter in this case.
5 d6 ]+ X8 ~# t/ C% }2 Cin stock market, it's the demand and supply pushing the price up/downwards.  G% x0 H  |8 g, M- M% N; u; i
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# [+ m  Z" F/ D% OA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction." e- s9 C5 ]) r% i$ a( K( U5 V
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.
& I% W" O0 m: e5 X, q) Bbut 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
2 g' P' l8 J# P% tRefer to last example,
3 r9 H) W4 D9 D) ]4 p% Ethat means bank A have no money because we borrow 10 dollars from bank A
6 q/ ^3 e- {+ \8 Z; a& P$ gBecause bank A doesnt have enough cash on hand
3 Q- H. Z8 O* U, z# c6 |: ^1 f  Dtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E5 W8 w' B" ~; u+ W- Q, J
so does it mean if E failed to pay D,
0 [0 q& N' S4 wall the B,C,D,E have to go bankrupt?
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0 x/ h8 o* a- u; a( x' |the multiplier just tell how much money created in a whole economy,
& {- S/ ]* O9 G$ u& Ein this case it doesnt really matter how much money is created, $ H* ]6 M/ C5 T0 A- O9 [: L
it's the problem of the debt itself.8 h2 O0 `0 J; m" B) F
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
9 C6 o" k3 l5 Z+ w* e& @" S小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?% d, G5 A" C: f
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無可能淨係有人蝕錢無人賺架嘛..." r' r% @0 ]7 t; j: j5 h2 i+ t- T- Z( S
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敬請各師兄解答
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" f: T' f- y' Y& GThanks

! x; f3 T8 r" ]+ U% h( @那些根本係 紙上財富  3 m- H/ N& ]* q6 J. a
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
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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
) [/ u: J- i+ _+ i5 }+ E當經濟好,投資銀行相信會賺錢, 物價既估值相對較高; f$ o7 E' l% V# n6 I
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
# A( e* K9 t5 J" ]5 a, s/ L" H個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
; S5 b& W* @/ k扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,3 h' i' V( ~, C% w2 Q( s( j0 N
計番回報率就已經係50%,所以可以好好賺$ a$ \  l( f$ `+ _8 I
前提係銀行之間要互相信任先可以咁樣借法
# U' ]0 L- w& X  b8 d# o0 H同埋個市場既前境要係好先得' N9 M* A6 ~& ]" b4 u& _6 v
但當經濟一差,公司估值趺了,物價不升反趺7 p7 W0 C* t" T& [. w; T
例如剛才說10蚊的, 趺到得番9蚊,
& L. Q+ |  B' @" m4 ~咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% K+ U- y1 `# t' [6 O0 H+ B& s; B所以你就會覺得D錢好似蒸發哂咁
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9 y+ d7 ^. K0 e6 M- f你都可以當標野咁諗, 個樣野多人可以狂升值, : f# _, r$ u0 g
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,
/ V8 `- N' _; ?+ h. m; n淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & f: e* O$ S6 u) o- O& |. g* b* s( d
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5 v% m9 ^, @  ^* O& r& Z
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
- B; ~8 j1 j- Q5 j  M9 E唔係d錢蒸發, 而係比美國佬洗晒未來錢, & n. }  @: |; P4 e; r' m
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" q" F& E; s8 k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$ I+ {; A1 G" V
咁你話d錢蒸發左去邊? ...

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正係咁樣# o& M, j$ `6 m& u) v
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- ]/ W- K* ?! R9 j: l
分分鐘佢地唔使還錢( o3 b# r5 _7 R* P0 ~8 g7 N* E$ f
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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,
9 J" z- H* S, @# f0 `- f+ o連國家都係問人借, 不停發債券, 印鈔票' ?$ `' \8 l) V$ u# S0 u# p
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產4 A; P0 o$ F6 B+ m
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.gif8 q9 M& Y! k( R* ^/ q
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...5 M' |9 f1 a' o0 o; P
因為以前未生產, 先消費
9 o# U; M$ o0 l  J+ T5 n# N: W# N! F而家就要多生產, 少消費