0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
0 L+ x/ k1 X+ v: LWhy bank will sell 借據給第三者???" h& f, x# v4 C1 \8 {: T
I was so confused.....

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講到尾都係賺錢
" F* }: Z2 e. k$ S4 h% vso銀行可以不斷放款
6 ~/ T7 K7 t6 J  Q美國的房貸問題散佈到全世界9 _+ g- R0 m# S' J6 _8 ?

# B( p* Y6 {, H5 dmortgage loan ( v4 b* _( i) d' ^5 c( x' c" {% _4 u
>conduit
5 n. D# S1 [3 o/ V6 i, s>RMBS(Residential Mortgage Backed Securities)" k- z9 m! N+ i8 H5 a/ Y1 P
>arranger
, k/ y5 d2 k) ]" O& i>CDO(Collateralized Debt Obligation)4 Z, K4 {- V8 {/ d. ]
最後去到投資者

Kev

i thought it is the reason of rate of return.
/ E+ l% M& N- u" \8 p" O* L7 VCDs could have different ratings, AAA -> F,
; E0 O. ]. @( O' U6 gmore risky ones would have higher premium (interest rate) as a compensation for an investment.6 {# G" k$ n# d! \, q7 l# P( K
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,& {4 {( l: o. O+ F. S
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 t2 Y4 Z& N% X+ g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 @, ~2 s4 a$ E$ E
similar to bonds, CDs trading in the secondary market have different value at different times,
3 f5 a; _$ @: m4 d- _3 F4 E; Cnormally the value is calculated by adding it's principle and interest.
' b) M. J# t; v. A- b& L7 ^eg. the value of the mortgage+the interests to be recieved in the future. 5 Z1 v9 _9 T3 j# S
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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- l- W' O$ d1 p( Him not quite sure if the multiplier effect does really matter in this case.
% c9 D% r% ^# g( A1 b* Gin stock market, it's the demand and supply pushing the price up/downwards.
- ^. s' W+ G- N4 G% w$ B$ QFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 P) F0 P$ T+ {. F( f! WA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. M& o% }) r4 E) o/ }% [, lThe 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. ! R+ S- k2 C( V+ H+ ?* g* k
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& U4 I4 y4 P5 b6 X4 W$ E
Refer to last example,, R0 W0 d2 F+ _9 s# J1 Y' x$ C
that means bank A have no money because we borrow 10 dollars from bank A * Y% y; A9 P) _3 g( Z" J) _
Because bank A doesnt have enough cash on hand
- R; ]. f/ U- L, |. G: ^therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
  c( H% N' V) B, A# ^% x# I. xso does it mean if E failed to pay D, : G' q0 E" i1 v! o8 h' i
all the B,C,D,E have to go bankrupt?! }4 P7 i0 p3 {2 C# T1 B# G' k4 q
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% ]% C  }, J! J& qthe multiplier just tell how much money created in a whole economy, % H2 J0 O" w8 i4 r; V
in this case it doesnt really matter how much money is created, 0 k5 v$ C, e, z; L
it's the problem of the debt itself.$ U9 L, U) W# v/ A2 r1 ^5 w
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
& P- U4 |/ M( q- E3 L+ O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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$ B5 ?4 J: j3 U3 f敬請各師兄解答
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Thanks

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那些根本係 紙上財富  
: n6 @& h( {+ t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 graphic5 |2 l1 B2 S& m2 W; |, o
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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( e. k5 @0 L5 r$ v+ h# v  j
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
. A/ v: g9 ?# l  y+ k" c0 ^3 \* L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# w3 R) c+ R. r! L1 |
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦8 ~" T. P  I3 G0 s  H9 r( c( q3 U% F
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
( d+ |8 O: G/ s0 T! e9 d計番回報率就已經係50%,所以可以好好賺
0 S- A+ s2 E1 `前提係銀行之間要互相信任先可以咁樣借法
) g( S/ i  c1 f! W3 ^, Z同埋個市場既前境要係好先得" F$ t6 |2 ]/ L1 Y
但當經濟一差,公司估值趺了,物價不升反趺
) U' m! b3 k; ~5 Q: ?3 F, _. q" @例如剛才說10蚊的, 趺到得番9蚊,
  o# X" [% Z3 o咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' K8 d! B5 K# A% ^6 b所以你就會覺得D錢好似蒸發哂咁3 c) }- a& ?* s0 K; M
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你都可以當標野咁諗, 個樣野多人可以狂升值,
- V( w5 N, i$ Q- q! ^4 a' {* D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 H" L& |3 z- D淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - l$ \2 l! A( A+ N$ _. j% 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
; o" n1 n* ^$ N; N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: b5 y8 ]- ~, ?- Z3 \
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 7 X4 @; V& u7 n" N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% s$ p3 ^- t: {; Z8 _- 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* ~% ?# O' Y4 c" @+ }1 ~6 S5 y$ b: @
咁你話d錢蒸發左去邊? ...

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正係咁樣  i0 `$ f  H8 Y) Y; [- f0 ^0 E
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( V- s# \+ R& d! k4 u5 \
分分鐘佢地唔使還錢! N* h+ `6 ^: u2 t8 f( o0 ~; ]
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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,7 i! _9 x, U/ c: c- H' t
連國家都係問人借, 不停發債券, 印鈔票
2 U* j: r8 I0 ^# G* k  {* i一個國家好少出口, 而又大量入口 ,反映到佢唔多生產  f3 d: s- ]# S% A0 l9 Y
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
+ e7 v" J. v" `8 M咁而家"爆哂煲"算唔算先至係變番"正常"???

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/ k  n9 g9 x% B7 }5 G其實係...% {0 V8 g+ L* y, k1 c3 ?& z2 c2 }
因為以前未生產, 先消費
0 E5 t  v8 {, e7 n2 T2 ^而家就要多生產, 少消費