0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif8 z# M* Y) P. ?. y2 j
Why bank will sell 借據給第三者???
8 Z1 ]/ I# U+ v. bI was so confused.....

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3 w/ i! [4 U! R( J4 _- c講到尾都係賺錢* A( N8 R- g3 u3 s; {/ |0 e
so銀行可以不斷放款9 ?9 O1 ~/ l" G- U7 {+ n5 b$ P# ]
美國的房貸問題散佈到全世界8 r: l6 g7 w3 @& W

2 X# l; V1 f/ p* W9 Y. Qmortgage loan ' M! G0 T) ~* t' l0 A6 l: I4 A+ b
>conduit
% I; i4 w" s0 u% S8 @" N>RMBS(Residential Mortgage Backed Securities)7 s  n, S" M9 W+ \6 @
>arranger
- y1 n/ O8 T4 l8 [. [>CDO(Collateralized Debt Obligation)
* {9 Y; A, h$ V最後去到投資者

Kev

i thought it is the reason of rate of return.
4 o  K0 Z' Y0 u: I9 v: V3 _  iCDs could have different ratings, AAA -> F,
/ ]  d' a; }7 W! J5 zmore risky ones would have higher premium (interest rate) as a compensation for an investment.
; C, r( G, E( r5 N+ m$ z2 }2 zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: T% f; h- U- O
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! k. \7 l- d) a( s1 EAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( I% S9 ]( H" l) F) y0 g2 B9 Jsimilar to bonds, CDs trading in the secondary market have different value at different times,
0 }9 D; C5 @+ g! y2 F8 Tnormally the value is calculated by adding it's principle and interest.
& a8 _; r4 z$ I( T* w/ Q1 m* {eg. the value of the mortgage+the interests to be recieved in the future.
( ?) h. M  t' C: T9 r5 Xbanks 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.: Z- }9 F3 j. L9 Q" E5 M$ R) D
in stock market, it's the demand and supply pushing the price up/downwards., J, S9 q' U6 k( ^* O
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* m+ W3 m" U( CA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! j4 C% z4 P3 b1 M1 O; r* LThe 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 j+ {( `7 H) p% x) E
but the value of their assets did really drop significantly.; L6 \- h* t' V7 \# [6 ^. x

7 y+ S7 Y  G' Q7 G6 p! R[ 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 m3 Q- r4 [. z8 u4 I2 |Refer to last example,. p1 O; U6 n, g2 X
that means bank A have no money because we borrow 10 dollars from bank A
# S+ `1 Z4 w% f6 w- ^( ZBecause bank A doesnt have enough cash on hand
& s* D3 [( a. }# S( u, q# ttherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E- m3 r) Z. J' l- _% z( v* F5 H
so does it mean if E failed to pay D, 0 v2 f/ P6 C2 o7 I$ k
all the B,C,D,E have to go bankrupt?
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* m7 J) k2 Q5 [" m/ N% I" W% [7 h. ?' Y0 |7 p1 a! s  `
the multiplier just tell how much money created in a whole economy, 0 n& O- M" z( U- f/ L* n
in this case it doesnt really matter how much money is created, 1 B; {- q& V# y
it's the problem of the debt itself.4 L+ F/ x# a: G$ W
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
" E- A% f! x" p; {小弟一直都唔明...; N; C  v; [/ v/ ]  D
; R. C% V4 q8 y- ^5 R4 ~! Q9 o: {
全世界都蝕錢，咁邊個賺緊錢呢?; [: l4 w6 S  F1 G* Q$ R1 w

' n4 x8 ?5 q2 A4 c# b; P6 j# ?, P無可能淨係有人蝕錢無人賺架嘛...9 j) ?, d4 o) U( X3 b. x& [
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敬請各師兄解答0 S; `' ~$ _! v, p  a

/ ]( _) f+ e  Q9 d' {6 W: l+ UThanks

2 B: C. I1 V1 A" M# Q: h1 I那些根本係 紙上財富  ) ~; ?" ]7 t/ ^) L( `* M  e
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
1 k! }6 ~- T9 p- g; p$ ?當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
+ e: s4 ^- J3 ~* q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
: v, ?5 \1 ^( ], o$ w1 O9 l: t個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
1 M9 G% i/ H# |; G扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,, o& R9 k" t# H: ~
計番回報率就已經係50%,所以可以好好賺
4 K4 L2 h, ~3 Z9 ]. M% N; t4 q前提係銀行之間要互相信任先可以咁樣借法: y+ {6 t5 I' a, N) C, B9 t  D
同埋個市場既前境要係好先得
3 J9 ]( p8 Q' X7 l但當經濟一差,公司估值趺了,物價不升反趺
) M9 q$ V0 I6 M: D4 y例如剛才說10蚊的, 趺到得番9蚊, + Q9 O; w* Z" T- o
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%5 C$ t& M: h  S" K* ^8 D6 G
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, # k' G) m( s6 e% m" q  K4 L8 B
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, . a' K, b5 ^+ {( E! Y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# q/ q0 u( @+ f7 R$ 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# Y9 M  j( T; G2 O, l  X7 I
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
- M7 u* _: o& ~唔係d錢蒸發, 而係比美國佬洗晒未來錢,
  @! t: T. _8 n淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 }/ y' _" p! I+ U  m" L0 y7 z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
7 e( F  s8 g7 X9 V$ R# x9 `- _3 w咁你話d錢蒸發左去邊? ...

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) C+ P( X% f  [" a9 N1 M( K正係咁樣
: s: m; A/ s4 i# O9 l* X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; L, t1 W1 m: h# a  }$ j3 ~% e
分分鐘佢地唔使還錢5 H. ]9 D5 m+ q- b4 P, K, V- E, `7 |
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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,/ u0 K8 `% a0 ?+ m/ t- F
連國家都係問人借, 不停發債券, 印鈔票4 V1 M/ K8 u2 j( r: d6 g4 c
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
& E  ]  X2 k# K8 t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
  L9 ^! A) \' V) l咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...+ Q$ _5 X4 V5 R# h
因為以前未生產, 先消費
* H6 u5 p0 ?" ^9 |* b而家就要多生產, 少消費