0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif. j8 n8 H7 [2 q
Why bank will sell 借據給第三者???( G  U# x( ]/ V
I was so confused.....

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講到尾都係賺錢* o8 U( r5 n0 x+ m4 L
so銀行可以不斷放款# z" ]; B1 m3 I" o
美國的房貸問題散佈到全世界6 _/ t! k0 n" o5 E6 K" ^9 D; M! T' v8 \

0 z+ U9 N. v9 P2 smortgage loan
) S  X+ o; W. M- O" W>conduit" h" x/ A+ H: f* `
>RMBS(Residential Mortgage Backed Securities)9 r7 Q  l  ]* d
>arranger
% L; g9 Y) ]; @! }>CDO(Collateralized Debt Obligation)
. A- Z9 Z. Q% d  x最後去到投資者

Kev

i thought it is the reason of rate of return.' O; w# G* z0 T8 W" V
CDs could have different ratings, AAA -> F,# Z. {- B4 X7 G5 m
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ Z$ E: Q3 p2 Kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 J4 l9 p- n0 I! y9 [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 F8 ~4 _0 |( _: V" {( R0 e7 z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* u% W1 a7 I; U1 w7 X. |: E3 v. g
similar to bonds, CDs trading in the secondary market have different value at different times,
4 s# Q5 M9 S5 H) ^6 Qnormally the value is calculated by adding it's principle and interest. 4 G8 K4 x4 A: M' [! {
eg. the value of the mortgage+the interests to be recieved in the future.
1 @' e) c' A$ E9 n7 c& k# Nbanks 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.' i! H3 m# j& D; A
in stock market, it's the demand and supply pushing the price up/downwards.
! b- O/ o4 @2 M; y" u6 @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
- b$ F; \1 d  s7 D% q  eA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( L4 ^! d/ K* {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. " H2 a' _7 A0 Y$ Z# l( O% G: h
but the value of their assets did really drop significantly.6 G" r6 D. n/ d+ |+ W

) {$ o" G3 S7 M! y$ d[ 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
+ g* h, f2 @( C3 b# \7 MRefer to last example,
0 Y7 K( h2 m% W$ D6 Gthat means bank A have no money because we borrow 10 dollars from bank A
6 U% g. U! Z3 ~& u+ |' LBecause bank A doesnt have enough cash on hand 8 N% J7 [2 a- v( d& j
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E* P6 K+ }* |; \! o# Y& O0 h
so does it mean if E failed to pay D, 9 c+ R$ G/ H2 X8 e' w
all the B,C,D,E have to go bankrupt?
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. [" m, F: K$ S5 Z3 Mthe multiplier just tell how much money created in a whole economy, 4 j# V- ]& _' Q( p3 [$ O
in this case it doesnt really matter how much money is created, ' N& D7 U4 H6 j8 L1 Q, u, p: I5 P
it's the problem of the debt itself.
7 r2 |- v  L& \  u! pthe 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
, t! U$ }% Y% ~! y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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' }- B* D4 r% w敬請各師兄解答( g+ e: u- x/ e3 t) y

. }$ K- ~, Y/ @: t# a  z# ^" NThanks

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那些根本係 紙上財富  
. l3 q1 @0 y" ?0 t0 Y0 X2 @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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% `0 B9 [$ Z) L  z4 m" P# G4 Bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產* d+ ?6 u3 {) w  c! b
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# Q5 v, L4 x! D8 |/ N+ A5 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* y) r2 \% h0 |4 {, \2 G1 J- u5 E% |
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦  G9 _6 c; S! X$ s, T* r/ ?- G
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
6 q; z# i7 k+ X; I計番回報率就已經係50%,所以可以好好賺. a( v. _8 l" l1 x2 R  B' ~( I
前提係銀行之間要互相信任先可以咁樣借法
5 z; l" ?. e" t) Q% ]同埋個市場既前境要係好先得+ F, c& X/ L7 z  o' E
但當經濟一差,公司估值趺了,物價不升反趺1 g. z; l& y4 [% p
例如剛才說10蚊的, 趺到得番9蚊,
1 X4 v2 T/ V3 W- f% Q/ \咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
/ _+ t" I' y: o1 t5 J3 ^$ W所以你就會覺得D錢好似蒸發哂咁! p' i% p- g3 n
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你都可以當標野咁諗, 個樣野多人可以狂升值, % C& e" Q- u; Y3 R/ J
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,
% p+ ]% }0 o" U& k+ R0 ]3 c; Q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* {% U, j1 w# z+ v1 i' q2 B9 }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* E) b$ b+ J7 L! c
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
9 i1 h6 n3 o$ L# X* i/ r唔係d錢蒸發, 而係比美國佬洗晒未來錢, 7 Q$ B/ c" ?& J0 _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# S2 z( ]# [, d& D0 M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 C; _7 V3 _/ v4 F( @8 q9 t- n咁你話d錢蒸發左去邊? ...

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3 |6 i) I4 q: m- |, j4 C正係咁樣
- w% ^& y& _, q  J) h1 k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8 _7 c$ K. M8 A) I4 ^! D2 q
分分鐘佢地唔使還錢
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( k& ?  M  K% ]& p/ \( E7 t( 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,
+ j( T# K0 f# j  Y連國家都係問人借, 不停發債券, 印鈔票
) Z7 ]! i" N2 Q7 _7 Y) A9 q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: i( U% Y1 h6 [% ^9 p* ?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.gif3 @0 K9 z5 `; ?
咁而家"爆哂煲"算唔算先至係變番"正常"???

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, U1 A# Z3 E+ g+ S5 y其實係...
2 c/ e0 V' {8 s1 n  ^4 d1 R因為以前未生產, 先消費9 B: \* B2 ], P! k
而家就要多生產, 少消費