0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( K! E0 S$ D: _: H: \6 q! ^
Why bank will sell 借據給第三者???
9 r- Z% w- g0 @/ E; SI was so confused.....

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講到尾都係賺錢
! V' m) g' R2 |; O7 o- |/ oso銀行可以不斷放款
5 F7 ?5 Q' A% R" u美國的房貸問題散佈到全世界
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& ]2 w+ q4 l9 |6 t, Q' X4 vmortgage loan
$ J5 C/ I' J1 n0 I  F>conduit
3 s; f4 Y. @0 z  P5 e* Y) D>RMBS(Residential Mortgage Backed Securities)$ o% T. K# G1 K
>arranger; s( [0 x& {3 v& y! j! m8 Z' C
>CDO(Collateralized Debt Obligation)9 x* s) P  W3 K9 {; ?5 B0 f+ Y
最後去到投資者

Kev

i thought it is the reason of rate of return.4 j9 X' }/ z8 c+ f$ F0 }
CDs could have different ratings, AAA -> F,& r. f- |! S, C
more risky ones would have higher premium (interest rate) as a compensation for an investment.  y# ^( I. s& q, O( q6 \, G
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
& l4 }" n! b# T* @/ Q* P( w( [: c9 u. @' rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- Y' j2 I; `( O) aAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& j. i6 X$ e0 F' vsimilar to bonds, CDs trading in the secondary market have different value at different times,
% f& a# f: p- dnormally the value is calculated by adding it's principle and interest.
- z+ L0 |. _8 Yeg. the value of the mortgage+the interests to be recieved in the future.
2 W7 w) B5 h% @+ Y2 u: ?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.& B6 L  T# ?1 j2 H

% P9 y8 d: F- Fim not quite sure if the multiplier effect does really matter in this case.; V+ |$ H) B# y" Y, E2 ^
in stock market, it's the demand and supply pushing the price up/downwards.
% o2 e' t' S% f( x9 G" YFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; w) n- `/ j! w3 ~! P' q
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: {# |) W# x$ A- nThe 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. - z" N. P6 b0 L  ~) n
but the value of their assets did really drop significantly.+ C/ }# ]; d4 B7 \) g

9 q. \  l" e/ v[ 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
; ?) F% Q6 z1 W/ E' ?1 m2 B* ?/ O! LRefer to last example,9 D) E) \$ o: z8 V
that means bank A have no money because we borrow 10 dollars from bank A
7 ^; z5 P# e! }: p# x$ J' H' sBecause bank A doesnt have enough cash on hand ( e" J$ f/ _) q$ l
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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& D# J# i+ y1 U* B$ W( r4 W1 [' CA->B->C->D->E
7 d+ F6 u7 D: l  e2 [* a# {  x2 k) hso does it mean if E failed to pay D, % Y8 F" h& s7 R; \4 Q
all the B,C,D,E have to go bankrupt?
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" \1 `' n# X5 P* o* V" @5 U6 Vthe multiplier just tell how much money created in a whole economy,
' R/ l5 H( f7 ^0 y& tin this case it doesnt really matter how much money is created,
3 s2 _8 n. K' T& h0 S2 s, ~0 Sit's the problem of the debt itself.
/ f- d" ?7 ]9 Othe 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
4 ^, ~' N8 a, i1 R! Z7 i, r小弟一直都唔明...
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' X$ h6 F, A- y全世界都蝕錢，咁邊個賺緊錢呢?
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& @+ j) S7 O$ I3 O2 N6 f9 o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" H9 B9 e! z+ I
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Thanks

2 P+ f/ l: Z* I3 U
那些根本係 紙上財富  
' J! |. @* U) {+ `0 L4 |1 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
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/ @! e0 r1 m! S) }* thttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產/ @' N5 j) n2 ]1 ~% N4 K$ T
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: ^7 Q) J, I% j0 f  ], t
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
/ X, c) o9 y) c個件物價係市場好既時候升, 例如15%先算,變左12蚊啦$ I- F0 L+ a% T- M/ ?6 B- [
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,( g6 l9 g$ V/ H, g
計番回報率就已經係50%,所以可以好好賺) i3 A9 ~0 m( }8 ^& u8 x: B  X* w& g
前提係銀行之間要互相信任先可以咁樣借法$ r* \, G4 y" C1 x$ C
同埋個市場既前境要係好先得
, F  g. f  I7 `0 V7 p但當經濟一差,公司估值趺了,物價不升反趺
# ^1 y) ~% }9 K  Q3 d9 ~( P例如剛才說10蚊的, 趺到得番9蚊, . E0 q9 G  y' P7 f; L+ @
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%* d( Y- s5 G) G) R
所以你就會覺得D錢好似蒸發哂咁0 d; ?2 X# V2 B4 H: `, r

; H5 V& d: k" o3 y你都可以當標野咁諗, 個樣野多人可以狂升值, 3 J6 u; ?* ^9 @3 b/ W
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,
! t: U; e/ Q  F# m" v4 @) U  R; t淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 L7 k% _3 D! B/ O% U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
+ W& {6 r7 W' _$ I2 q; Y! z8 {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
4 P- h* x6 {% Z, l唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 A2 t, C" [, B7 a) R  b) v& N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( K9 W( H  _  L
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+ s3 e+ B# H  F2 f& H9 v( K
咁你話d錢蒸發左去邊? ...

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& n1 Q/ s+ R2 D" @' B; K* _正係咁樣
7 z, I" W* V# o) }5 b* 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0 ]' ^( z5 a; x  M( O- ?
分分鐘佢地唔使還錢0 a9 p/ x) u# Q. o% |/ a

) t9 O! ~; n; X" f2 @- y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,; Y+ I% ~' i8 g. q# a3 g& _
連國家都係問人借, 不停發債券, 印鈔票
. c9 \2 R8 f7 v一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 U% ]* |% p* m$ b0 n
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' ]$ P. d# ]  l' a2 C3 x2 m4 k
咁而家"爆哂煲"算唔算先至係變番"正常"???

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& o5 |, @/ |7 x1 l; }% U& `其實係...0 q& w# Y. z2 x! e
因為以前未生產, 先消費
3 Y& [6 o' |* S' S' {5 |而家就要多生產, 少消費