0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif; B. D/ C) U5 d( `
Why bank will sell 借據給第三者???9 X- y$ M$ b; e* r. t# f. \
I was so confused.....

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講到尾都係賺錢
6 ?2 _4 ~! X( Q7 n8 ]; Sso銀行可以不斷放款$ h2 x- M" w/ C. @4 U
美國的房貸問題散佈到全世界( i, h3 R' Y2 Y, V% j6 o

1 I3 N- M, V0 D$ amortgage loan 7 Y1 s$ v+ J; P9 @2 c8 `
>conduit
3 x/ ]( g  m4 {' k( |2 a6 K>RMBS(Residential Mortgage Backed Securities)  j7 E- f5 J5 c9 m& J1 N
>arranger
0 S$ l8 f5 q& z& L8 b, R>CDO(Collateralized Debt Obligation)2 K/ @6 d& Y. t/ a* L- k
最後去到投資者

Kev

i thought it is the reason of rate of return.
5 M4 R3 r" t" U" r$ C' E& T; X+ RCDs could have different ratings, AAA -> F,- M; q. `8 |2 d% [: P
more risky ones would have higher premium (interest rate) as a compensation for an investment.
: Z; T' I! x: Nmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! X4 ?( M6 w' @+ p& }, i2 V9 Min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 P8 j: T) \* W7 QAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- \' B; x4 B3 P9 ~* ?" vsimilar to bonds, CDs trading in the secondary market have different value at different times,( ]# Z. Q3 M" y: Q7 R7 o
normally the value is calculated by adding it's principle and interest. - P2 f! W, L! V) z: ]+ L9 o
eg. the value of the mortgage+the interests to be recieved in the future.
5 g4 [6 ]! ]1 ]- N; [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.0 I# P) _, O" i5 o) @5 h
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im not quite sure if the multiplier effect does really matter in this case.0 E; C+ r: V* W
in stock market, it's the demand and supply pushing the price up/downwards.! _2 p/ _" \. A) }; J% u
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," @* G0 ?. e" r9 t$ l& K/ s" \
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  x5 p/ \/ g* `3 C1 dThe 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. 8 B1 H1 P+ K( q: b4 `/ z9 D4 |1 P
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& D& q% O' }2 s# r4 D
Refer to last example," S1 Y  z/ S. Z/ G6 M
that means bank A have no money because we borrow 10 dollars from bank A , \* \  H7 q1 v. M
Because bank A doesnt have enough cash on hand . S( H/ x8 `, [6 p
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E/ b; G/ v) k: u5 a" V; \" Y
so does it mean if E failed to pay D, ) |% Y5 l) n7 y
all the B,C,D,E have to go bankrupt?, p( ^- Q, b: h& q5 N6 U

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4 G0 H7 |2 f1 {& z. [& q2 A0 Zthe multiplier just tell how much money created in a whole economy,
( g9 f1 g+ g& t2 V/ R/ hin this case it doesnt really matter how much money is created, 7 f! A/ F; o6 H( x% f* a2 q
it's the problem of the debt itself.* [  |' ]" ~/ d) g$ H
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.gif9 _) n% _, g2 z$ m
小弟一直都唔明...6 U/ d6 c. r  o! I

' A4 q5 T& ?; b( v) C: `0 y( {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...) d/ L& A' ^* Y  R' j3 h6 \
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敬請各師兄解答) x6 U+ b; V( m* Y# V& t

; M0 x( J& A1 r* k4 V  t3 X* |Thanks

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那些根本係 紙上財富  
( Y) l- l% e# R3 [/ O! n  |" k* Q( K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
/ o) U* f5 \8 V& H2 }當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# x; J: C. i' w' `8 x5 k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; H! ~6 U& _7 a7 _個件物價係市場好既時候升, 例如15%先算,變左12蚊啦) }9 z$ S4 o, T6 T% V
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,) [/ b1 U. G7 a. w, `, x+ Z
計番回報率就已經係50%,所以可以好好賺" h9 c' `6 d3 ^* F' F  d* p
前提係銀行之間要互相信任先可以咁樣借法7 B2 v: t. ^8 Z3 \# \3 V7 U6 Y
同埋個市場既前境要係好先得
5 ]2 C9 S$ Y5 F! b  M" {6 u+ J但當經濟一差,公司估值趺了,物價不升反趺- \, e7 e8 w7 r& q- F' e
例如剛才說10蚊的, 趺到得番9蚊,
, [' C6 o8 q. p% U! U+ i咁投資銀行一下子就要還11蚊, 一來一回變左虧200%/ I6 ~1 C( B4 E/ W6 J
所以你就會覺得D錢好似蒸發哂咁/ L: [% h2 ~7 J6 z+ B! c- x
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你都可以當標野咁諗, 個樣野多人可以狂升值,
% X! J: {! F2 ]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,
; }* o. J. t3 _5 K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- Q( Z5 S+ {. a! ^: }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/ a" q$ ^' ]* |
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
' U" o) A- z4 e7 F唔係d錢蒸發, 而係比美國佬洗晒未來錢, 8 Z' w0 _. d0 b0 G2 `7 R. b
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
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咁你話d錢蒸發左去邊? ...

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: j8 p( J3 W$ l, F0 K9 @6 |& Y4 X正係咁樣+ q+ `6 \, u" ^( J# z6 ~# U
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 i. f, `2 Z& W分分鐘佢地唔使還錢
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2 Y% g' f3 E, e: K! H# Z5 B  h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,& _5 o  Z1 X2 s9 D+ e% |8 M
連國家都係問人借, 不停發債券, 印鈔票/ G3 ~. b4 Q0 y9 A3 d& G- |
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產* i  p) k5 \7 D( R2 `
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.gif0 C/ n$ j6 C0 g9 w
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係.... I: I7 v9 J) K7 h5 \$ i
因為以前未生產, 先消費
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