0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
& M' m6 h# s4 v0 BWhy bank will sell 借據給第三者???- v3 O2 ?9 f" U8 o- N/ ?& \* I
I was so confused.....

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講到尾都係賺錢
8 b9 ?. p' Z! _2 g* k! A. G; s' Z2 Nso銀行可以不斷放款2 ?" |7 W5 E3 Y9 v; y6 E0 @" S+ O, H
美國的房貸問題散佈到全世界
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mortgage loan
! ]; t2 K' f6 t; [: |>conduit
" ~& `% g8 P3 d3 @) i& w>RMBS(Residential Mortgage Backed Securities)' P* E/ ]) y( g& f
>arranger- ~+ x6 W; [; }5 n! ], r
>CDO(Collateralized Debt Obligation)
0 e/ n$ ^1 ^7 z$ c( T( c# _最後去到投資者

Kev

i thought it is the reason of rate of return.
( D7 w3 i% [! x# L  i' p6 A8 O+ z4 FCDs could have different ratings, AAA -> F,
( R- A, w- ^3 X! t& J. kmore risky ones would have higher premium (interest rate) as a compensation for an investment.9 \: w. o7 b0 y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return," o) E4 ~$ `$ ~7 e8 i9 _
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.( _. q& s9 j) T, ?% s
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 _* b' g* c) W2 p9 C  S1 n* Y/ s1 {
similar to bonds, CDs trading in the secondary market have different value at different times,! z( ]/ G; A' x. h
normally the value is calculated by adding it's principle and interest.
7 `! L7 b0 B; C" K( G0 Veg. the value of the mortgage+the interests to be recieved in the future. $ J- Y7 U% {. A4 ?+ w. z8 w  q
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.
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7 q; {0 ]8 u6 h: K9 B3 Gim not quite sure if the multiplier effect does really matter in this case.
$ W, L, U4 q; Ain stock market, it's the demand and supply pushing the price up/downwards.5 s+ B: m8 _8 q5 s' i8 N% f9 o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ w- g, `6 x& b, n1 r4 V
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* a8 X/ q! ^$ hThe 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. $ n, z7 k# v1 v! o! W& y# R6 D; O
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" H% Y5 {: f5 }
Refer to last example,
( I# c  c4 ~& e, Nthat means bank A have no money because we borrow 10 dollars from bank A
' n- m, X- \3 `0 N+ n7 C( }! H. l" pBecause bank A doesnt have enough cash on hand
( a6 ^8 S% H0 w( f. p7 @2 vtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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0 u" g" K3 s3 }1 bA->B->C->D->E
2 W8 g. W$ d8 oso does it mean if E failed to pay D,
/ ^! y" ?7 Y% ?0 y" j9 sall the B,C,D,E have to go bankrupt?! e$ S: y% B* f& Q# W; b

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& ?1 O2 w. w: Athe multiplier just tell how much money created in a whole economy, 6 r2 Y8 y3 I/ F! j( t
in this case it doesnt really matter how much money is created, 7 M  V- \' m4 I4 v+ v
it's the problem of the debt itself.' p! a& O+ F* }- U2 U
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- }' M  ~- U+ G! s( \, }9 }' ~% N
小弟一直都唔明...6 b/ u0 O1 A) r0 ?; y( E
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全世界都蝕錢，咁邊個賺緊錢呢?
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- a/ l# j: w4 B/ b無可能淨係有人蝕錢無人賺架嘛...9 t$ e. S, p  T  F4 r" A
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敬請各師兄解答
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" c+ e6 b- P  T+ |Thanks

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那些根本係 紙上財富  
/ _' I) D: z9 M- x' X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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/ X# X" s, `$ i. I( k  H, Q: Dhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產9 p! u! i4 A1 L( H4 d! ^8 r7 @
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% S0 C2 s, x' [" H4 ]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
% c8 p. f1 p8 Z個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" ?9 c' w- O/ |1 \% H7 L
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,; c$ r9 |/ B. Q& F& h6 S9 x$ l& V
計番回報率就已經係50%,所以可以好好賺
8 _" G3 {  @1 W! {前提係銀行之間要互相信任先可以咁樣借法
  l. p  o! x5 X5 `1 ^8 B0 L* G- X同埋個市場既前境要係好先得$ X5 W9 t! H% U8 |% F! R
但當經濟一差,公司估值趺了,物價不升反趺) w: G) u8 x2 G7 i
例如剛才說10蚊的, 趺到得番9蚊, ( ]$ k5 ~$ U( t5 v
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%' a$ G% Y; b! ~4 |5 P/ y
所以你就會覺得D錢好似蒸發哂咁
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. k* s8 c) B: k1 n4 ^7 P你都可以當標野咁諗, 個樣野多人可以狂升值, / f2 \8 Q1 O" n3 A4 }6 D; V
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,
4 A! F2 W$ [9 B2 Y! K: Q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 l; W% t  M; q/ H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 ^& ^1 N( v8 H7 h9 O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
: A5 q) H$ Q" l% v* O9 G+ D; M唔係d錢蒸發, 而係比美國佬洗晒未來錢,
# \7 \& X, @' d9 x9 M淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 {; ~) d4 k, {
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: c: q2 V& s( S) Y$ S
咁你話d錢蒸發左去邊? ...

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正係咁樣! r) o8 {/ K: C) J
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
( x6 h+ R1 q0 c$ H* t分分鐘佢地唔使還錢
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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,
1 }" P1 k+ V7 @! s  v連國家都係問人借, 不停發債券, 印鈔票8 Y4 l3 b0 m3 U3 ~1 _1 W- A
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( a! C. ~  l4 K3 `5 V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
! c0 D: i0 w, P4 R咁而家"爆哂煲"算唔算先至係變番"正常"???

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3 p* K# t& R1 e$ M* H6 R其實係.../ |  F2 A) ]$ g" v! K
因為以前未生產, 先消費( Y+ m* j4 w( C4 f5 i
而家就要多生產, 少消費