0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif7 b4 i2 d' C' ^2 k* y
Why bank will sell 借據給第三者???8 z, h- ^& E& o  R7 Y
I was so confused.....

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講到尾都係賺錢; q0 ]- L4 [& ^
so銀行可以不斷放款
! V" [  h8 \1 g. H3 E美國的房貸問題散佈到全世界
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mortgage loan ! }; T" |3 m4 r! J- p# m
>conduit
4 b! C& _) \4 F: p7 D$ F>RMBS(Residential Mortgage Backed Securities)' a2 C; ?$ m/ D. U( p4 ?
>arranger& q* R5 R& r  ?
>CDO(Collateralized Debt Obligation)
' ^/ ?/ Y2 ?) j0 D6 ?7 M最後去到投資者

Kev

i thought it is the reason of rate of return.
7 S1 [$ |. \6 L" z6 X6 {CDs could have different ratings, AAA -> F,2 ]/ w- C4 p9 j5 c8 I" }- b! `
more risky ones would have higher premium (interest rate) as a compensation for an investment.
: K) N+ m- O: S6 e8 Smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; @5 G( n7 {  W+ X" Y8 }. \/ z: e0 ^in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 D: x! a% y; {; ?8 A+ J7 n
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% Y! O- B. D3 x2 S) T3 u3 x( x* Hsimilar to bonds, CDs trading in the secondary market have different value at different times,
7 `$ L5 \4 m# B) Q7 jnormally the value is calculated by adding it's principle and interest.
$ D2 |6 |% q' ]1 j( L* G/ ieg. the value of the mortgage+the interests to be recieved in the future. 0 P; U; U& U; x8 x6 \& }4 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.( |9 p5 i. s4 `* F4 v
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im not quite sure if the multiplier effect does really matter in this case.5 p/ [' L& R1 B. Q
in stock market, it's the demand and supply pushing the price up/downwards.
4 E4 ?5 N! D. u5 WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; j6 P+ U% m- q6 y5 l/ T# |A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 w% G$ N+ f3 l
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. . P5 @. C: y* f0 r2 F3 K0 [
but the value of their assets did really drop significantly.; D! n, D: x" r- i
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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
! o' @/ ~6 q) Q+ a( w' j0 nRefer to last example,
$ r4 i" m- {- P8 @4 Y0 I; I1 Dthat means bank A have no money because we borrow 10 dollars from bank A
* ]8 \' s0 E2 P1 f+ f8 o  {Because bank A doesnt have enough cash on hand
- X- I' J& {8 ^0 }8 O4 otherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E+ J& S" _- q( [  j7 l3 f) M
so does it mean if E failed to pay D,
6 R5 o1 a* c6 L6 s& X4 m/ q3 h) {5 sall the B,C,D,E have to go bankrupt?) O" q) U- ~9 _/ g* L
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% W( y; a- |' x& dthe multiplier just tell how much money created in a whole economy,
/ f2 f0 ^. S5 K3 i+ ?, o" Xin this case it doesnt really matter how much money is created, + M) H' I0 ~# G- B$ i
it's the problem of the debt itself.1 N. J. E% x9 {' t. C+ T
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
6 I+ K+ S" r) {2 T5 z! y: |小弟一直都唔明...: I+ N7 C3 R; D$ @
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全世界都蝕錢，咁邊個賺緊錢呢?* `" R! ?1 ]4 ]& m) u$ U

# T' p+ S5 j, M( K- g無可能淨係有人蝕錢無人賺架嘛.../ F7 J& P1 q* P7 v- U3 _

; j, I* Z& R9 b- A, c& {敬請各師兄解答+ U& L% Q2 S8 C8 v

# F5 g7 M4 Y& t# NThanks

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那些根本係 紙上財富  : v' M. ^+ B8 b* g
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) s/ V& x" K5 B4 M

( t, Q% R& z( |9 p7 rhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
8 S& N5 i9 F. N/ V+ n0 ~; k當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% J% C' q2 ?% g( g
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
* }$ x6 H4 W4 Q5 ?8 N6 C個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% p& V+ O! x/ w  X扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
1 T! ^1 j2 ^8 S3 U/ v計番回報率就已經係50%,所以可以好好賺6 y9 D; L3 p4 _: ~0 S+ C* R
前提係銀行之間要互相信任先可以咁樣借法# a4 ^7 Y. r0 z1 A! w
同埋個市場既前境要係好先得
- r0 S- i5 w: E0 {. v0 @5 n但當經濟一差,公司估值趺了,物價不升反趺
' P; a- `# T  m. o例如剛才說10蚊的, 趺到得番9蚊,
; i/ D. S# ]: j4 ^咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
* o5 M4 i5 S  b) U1 V) D所以你就會覺得D錢好似蒸發哂咁# J' P* M3 ?. G7 Z7 @: R$ n) y

2 t9 T; r% t9 V" f你都可以當標野咁諗, 個樣野多人可以狂升值, . |4 N0 `5 O0 I- N/ M
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, 2 Q( {8 S# h" i3 Y4 f
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + X- E7 s: c1 z% a- X3 |1 G) k. N
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6 x# O1 F9 P. ]" v
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
0 [2 s6 w; E) C唔係d錢蒸發, 而係比美國佬洗晒未來錢, & y; w0 S  c$ J/ A% J
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( H- _+ I& b  I7 x
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
3 h4 q* X  X  W! [咁你話d錢蒸發左去邊? ...

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: V! b6 ?; {0 H; h7 Z. k正係咁樣/ @5 Y2 d8 d. Q3 `8 w9 I
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, @1 p- D( }* @( H
分分鐘佢地唔使還錢! Q8 {* Y. k( r+ j1 e5 Z- m9 w( n
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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 c% c: q9 M* ~2 \" m& V* j連國家都係問人借, 不停發債券, 印鈔票
0 ?; }0 N7 F) w# U' G2 U一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
6 ]$ D3 Y- z: A: b0 {% C. \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.gif7 T; c9 B0 }( ~
咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ n7 g- l0 a& w( x/ r( l其實係...4 S# N8 C9 J/ l. Z- f
因為以前未生產, 先消費+ C3 w0 t. t2 q8 T
而家就要多生產, 少消費