0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif) t. \4 C# I5 e, `
Why bank will sell 借據給第三者???$ a" M- N! s! p2 S% X; N6 l
I was so confused.....

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講到尾都係賺錢/ x  O, Y. ~6 }- S3 M
so銀行可以不斷放款, \( y% u' }: m; b- t& V
美國的房貸問題散佈到全世界) O: a7 h% h  J' c0 j+ o# l

6 |' }( B- ~. d3 h" `- s$ Jmortgage loan ; j, V0 f1 p$ Y
>conduit
( f- r" d+ a) x1 z- T; ^. F>RMBS(Residential Mortgage Backed Securities)( |4 ^3 @' W+ E% \. C. b# f
>arranger
1 ]9 i5 A9 t& R  `  M9 Q% x8 T>CDO(Collateralized Debt Obligation)
* C/ S: g7 H) e# B+ v8 M最後去到投資者

Kev

i thought it is the reason of rate of return.
- j$ |' I6 u& B7 N7 lCDs could have different ratings, AAA -> F,
' t/ e. J5 L' Y) x# Fmore risky ones would have higher premium (interest rate) as a compensation for an investment.
7 D4 Z" U1 k! E+ ~# Xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: D/ m0 d  D& M. Q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% e3 J& @4 {8 m, x; Q# H
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 e7 Z6 f6 I- A0 b$ j
similar to bonds, CDs trading in the secondary market have different value at different times,% v! S" E) \+ A0 P2 [
normally the value is calculated by adding it's principle and interest. 8 D" ~  x" h' ]
eg. the value of the mortgage+the interests to be recieved in the future. 6 e/ U# k" V8 ?
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.# D2 H8 o+ R% q  C
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im not quite sure if the multiplier effect does really matter in this case.4 P; _5 U) X+ ~2 a
in stock market, it's the demand and supply pushing the price up/downwards.: y1 ]# g$ Q8 Z' L' H6 P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% Q" P; @$ A- ^+ m5 B$ ]( BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% A+ S& Y4 J3 \* f
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. 3 \' N+ s4 `. C
but the value of their assets did really drop significantly.
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5 |7 U% h: a8 ^$ 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- w% A1 Y: l: ^
Refer to last example,/ e. g8 D* A$ n3 v
that means bank A have no money because we borrow 10 dollars from bank A 2 L9 w# C. b* O; P
Because bank A doesnt have enough cash on hand
9 X" E8 ]1 c6 b5 X( N5 x3 ctherefore bank A need to be bankrrupt ??? Am I right ?? ...

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  V2 Y2 ]4 O: _  w/ L1 nA->B->C->D->E7 y$ e$ H5 L0 X: R+ G+ _
so does it mean if E failed to pay D,
) O" ?: S5 {  J1 B" L# ]all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,   B' ~; w  y4 a. @# s/ x. S
in this case it doesnt really matter how much money is created, ( l: }% f- A5 G* p
it's the problem of the debt itself.
& @; N+ r) N6 e, z) Ithe 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+ u% Y! q1 I8 G0 i4 u3 \
小弟一直都唔明...
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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...
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敬請各師兄解答
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) Q( ?* K! [6 C& @3 S4 O: cThanks

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那些根本係 紙上財富  
) s+ T  V; n5 r$ U2 i, Q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- s# |4 m: y8 r  e" S' t
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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+ J2 q) p& \' h# o1 O5 ^
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' ]$ m# J' l: {( C# 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
0 f1 L" b+ \) [3 T* i( [6 m個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
2 z! p" j, \5 E( O" S* J" r扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
6 b& E: ^; A8 E計番回報率就已經係50%,所以可以好好賺
; w( K% ^) N/ o前提係銀行之間要互相信任先可以咁樣借法1 K5 m) `6 z! X* a& z0 ^
同埋個市場既前境要係好先得
: `- O3 w9 ~1 N/ i但當經濟一差,公司估值趺了,物價不升反趺
) L0 |# x$ H$ ^6 Y. r8 [+ n7 W' @例如剛才說10蚊的, 趺到得番9蚊,
9 V' @' |! p; M$ z/ \咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 T0 R' p: P' F& R6 G' ^9 x" P所以你就會覺得D錢好似蒸發哂咁( Y% @# k( A3 P5 v2 J+ U" m) t
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你都可以當標野咁諗, 個樣野多人可以狂升值, - `- I& g1 f+ e: U# Z
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, 1 j) z- V- k- \1 f
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - i$ f; _3 D% G: B( z' \! m1 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
& Y( B: F9 C( c- I, B# ]4 c# P# ]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
, r8 @' k1 I7 |5 y. P9 I) V唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 O/ ]! H( ~6 l: d8 ~9 ]# F
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. ~7 M% _2 N: i& W& I! q+ U" V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 A; P" O- }+ }咁你話d錢蒸發左去邊? ...

3 p1 h" D- R8 s2 u. j1 ?

" `! {1 D% u6 |7 ?) V. S1 \5 X正係咁樣
: @- `" R& ~/ }: u7 @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: R5 k1 ~: l+ e$ o* w7 g4 O
分分鐘佢地唔使還錢
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& P- e5 X, R) Y  m4 i  x* B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,
# F: f3 b3 P1 T1 z0 C連國家都係問人借, 不停發債券, 印鈔票
* {5 ~+ ]5 D5 E) h' {; j+ [. L+ {一個國家好少出口, 而又大量入口 ,反映到佢唔多生產) ?7 b9 k1 r- o4 y5 I
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& o+ `6 G8 m5 u2 J) ^
咁而家"爆哂煲"算唔算先至係變番"正常"???

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8 T2 l, s) t  o- o# L其實係...) j1 v) }4 K9 E8 e0 J2 W
因為以前未生產, 先消費
) ^  `. J1 r/ m而家就要多生產, 少消費