0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif% \% u5 s( N8 s. k( B$ g  V7 v
Why bank will sell 借據給第三者???
/ J7 h6 e# p: Q1 R! uI was so confused.....

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  j4 E# \+ `# Z, |3 v2 z8 k4 K講到尾都係賺錢
% r& ~' A1 _7 c* zso銀行可以不斷放款
* ]0 |! h2 `& ^& L! _: |美國的房貸問題散佈到全世界
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mortgage loan , W* V; @& a* V: R6 M3 \
>conduit
7 }2 v. b4 p7 U5 n' y# S* G2 {>RMBS(Residential Mortgage Backed Securities)
7 i  Q  v( A" Z# v, f7 t>arranger
0 p  s  }2 @8 c4 U( D$ F>CDO(Collateralized Debt Obligation)
4 o+ R, Y3 ?( c最後去到投資者

Kev

i thought it is the reason of rate of return.
1 [' P+ \3 s. |8 DCDs could have different ratings, AAA -> F,9 V+ T- o( w5 p3 I$ Q: K7 k' J
more risky ones would have higher premium (interest rate) as a compensation for an investment.
3 L9 b5 W& P5 }' u, O$ tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 J9 O% e/ C. z" ]6 d
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; e$ L/ ]9 i1 S9 V0 {9 B! P8 o3 lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* m& l% Y2 i5 ~7 y9 v6 E* `similar to bonds, CDs trading in the secondary market have different value at different times,2 Z' X8 ^6 K; p8 Y' t
normally the value is calculated by adding it's principle and interest.
, S6 g' K& h1 ueg. the value of the mortgage+the interests to be recieved in the future.
2 O. |6 V/ ^2 l, F+ u' tbanks 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 C1 T# q+ J7 i/ J9 x
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im not quite sure if the multiplier effect does really matter in this case.; ^- h8 r; w7 q
in stock market, it's the demand and supply pushing the price up/downwards.
- d* ^% L- Y9 z) {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ ?4 S; N9 X; s8 d
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 H! g1 c6 ?" \" `; `
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.
; C. h9 A% v( Y- A+ qbut the value of their assets did really drop significantly.  |5 H' C6 w! R2 R( I2 g

' x4 y% H6 _8 o3 Z[ 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.gif4 Q' A( y+ C4 p
Refer to last example,% e- ^( i0 l5 q6 M. k
that means bank A have no money because we borrow 10 dollars from bank A
3 Z: g; ?+ j4 eBecause bank A doesnt have enough cash on hand
: |9 ^: v& g8 s  ^therefore bank A need to be bankrrupt ??? Am I right ?? ...

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4 A, f+ S  u4 qA->B->C->D->E
. M' @3 u% E3 H. Rso does it mean if E failed to pay D,
  F) V; ^) n) I; @6 I% \all the B,C,D,E have to go bankrupt?
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" Z' _- v, i. b+ `the multiplier just tell how much money created in a whole economy,
4 t0 p$ c; @+ e: j# Y/ i1 V  @in this case it doesnt really matter how much money is created, , A, D- k8 h1 ?9 {- S3 [
it's the problem of the debt itself.
* l: |/ n0 i% z- [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.gif7 \' \" m, M  x, {, a: s
小弟一直都唔明...
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: l2 N6 x3 J+ H* _全世界都蝕錢，咁邊個賺緊錢呢?+ Z/ {" t0 x7 G# a; N, ~: [6 E* a
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無可能淨係有人蝕錢無人賺架嘛...3 \8 z) t( N1 \; ^( s! i/ V  I; }

  i& `- u- v* R  q敬請各師兄解答0 c3 @, A) y" e

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4 A2 Q" J7 b, f/ J$ e那些根本係 紙上財富  5 r" @4 N- Y) h2 d: f( W# ~
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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$ s+ k; u/ e* N" M+ M  {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
  \! `5 U8 N. z, ?/ V% t1 N當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% ]0 u2 L% _. C: r5 p! h# n
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
5 \* U# a2 T0 ^  z  V) |個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ x" S. X' R2 l6 E; L# d9 ?扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
3 z1 k. a1 M0 c8 l9 D; s計番回報率就已經係50%,所以可以好好賺
3 v: k7 }# x0 f' Q' Z前提係銀行之間要互相信任先可以咁樣借法
9 L) E4 e/ h: m1 Z5 ^! |同埋個市場既前境要係好先得  [: ]! q# V1 @# X* g- G
但當經濟一差,公司估值趺了,物價不升反趺3 k' B: e! C2 D' d) U
例如剛才說10蚊的, 趺到得番9蚊,
( j/ e2 l* M) n+ K6 S& X( _! l7 I: U: j咁投資銀行一下子就要還11蚊, 一來一回變左虧200%9 m: A' J! ~8 N/ i( _3 C
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
; m4 O4 d; R' q. W6 S7 x# `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 P/ \, w8 p$ q& ]6 E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 H& s; 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: D0 p- m" C* i
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# Y- Z1 I: Y8 L; G4 \
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 c& k* O* @; M; C+ U- ]. N淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 t1 T% |% P6 E2 v( R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' G3 ]* e4 g" ~) |! E
咁你話d錢蒸發左去邊? ...

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* R8 ~# j' F# U0 X' I7 j/ c正係咁樣
8 A' s& W  o$ [: h6 v7 J9 m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9 K6 Y* b' n4 I, I) B
分分鐘佢地唔使還錢" v0 p' C, K4 e, u' u5 z1 J2 n

5 A% W- S3 G2 B0 e7 j3 a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,8 S% ^& j$ n+ j0 c" s4 Z4 S
連國家都係問人借, 不停發債券, 印鈔票( D. {! S" H/ N! |$ v. }* U
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產9 \1 |0 e) g2 h; ?4 P" `6 A. }
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& s# N: ~* ~" U5 @' _! T
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
9 B) ^7 h8 {4 S: i. @因為以前未生產, 先消費
9 I2 b3 ~+ ]( O而家就要多生產, 少消費