0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif! S6 V( P! Y) \: d2 t
Why bank will sell 借據給第三者???
  {% C1 E* b  ?9 V, TI was so confused.....

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$ g0 @7 ]' |  P( k( F2 h: i講到尾都係賺錢4 J1 w/ y& v7 u# x7 }
so銀行可以不斷放款
" L  z! b- h7 |3 i+ m: H0 l" _' o美國的房貸問題散佈到全世界
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# I- T; a' i, W7 _8 |mortgage loan 9 J# ^# T9 ^/ D0 c
>conduit
+ x- c  g/ |* P# w>RMBS(Residential Mortgage Backed Securities)
3 p# O, L! G+ r0 k>arranger, o& W5 i* C% U" i
>CDO(Collateralized Debt Obligation); S: m2 e6 _$ U# r! G
最後去到投資者

Kev

i thought it is the reason of rate of return.! c4 G2 P4 m: `* b
CDs could have different ratings, AAA -> F,5 p) t; o3 g3 A' N$ [) j7 `
more risky ones would have higher premium (interest rate) as a compensation for an investment.+ r6 s3 l3 `6 N* Y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ T0 H% f$ S* x% `* L8 O3 ^1 \+ a
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 S' l3 R! R6 O! G6 n9 CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 L) X1 q  f1 [% p4 G" U/ Hsimilar to bonds, CDs trading in the secondary market have different value at different times,
* ^/ W$ ]! I. }/ }: @) Gnormally the value is calculated by adding it's principle and interest.
8 x, Y) i$ |5 U7 O& \6 c/ Feg. the value of the mortgage+the interests to be recieved in the future.
: g8 u7 M* U: L0 d& S' D2 G' ^# Kbanks 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.: r" b) M1 l) G8 c

8 x1 X0 \% V7 P9 V; l% V4 Fim not quite sure if the multiplier effect does really matter in this case., d: H0 _# J4 d; b( }7 p. Z
in stock market, it's the demand and supply pushing the price up/downwards.3 [4 w; R$ ^5 v% Y) k
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* D$ i: e/ W/ q6 |! _A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) b) O) P# j. F/ N# x& D
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. ) M7 L, |& I2 C/ t# s; D8 S. e
but the value of their assets did really drop significantly.3 j7 b0 C9 y  Z# b* _2 r+ V

2 A  l+ }% T. t  B% O[ 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.gif3 k- |3 x" b# A. i' C7 N. |+ Q
Refer to last example,, p& e( `4 A" w& P  f% `* N$ J. ]
that means bank A have no money because we borrow 10 dollars from bank A 5 l1 l4 ~0 c8 @5 C) f
Because bank A doesnt have enough cash on hand 0 X; O5 f: j* [) k! A3 }8 ]
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
; n  r6 B, D& G, }9 X% [so does it mean if E failed to pay D, , ~0 V" N0 N( K% t: K$ s# X4 x8 v1 d
all the B,C,D,E have to go bankrupt?
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; g5 J9 U1 \. X8 T0 |8 J6 Kthe multiplier just tell how much money created in a whole economy,
- j! C# m, {; o! e2 V* gin this case it doesnt really matter how much money is created, % A, I5 i- S+ i  j
it's the problem of the debt itself.4 |% L; ~: B3 K0 N3 o
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
% {2 ?9 \3 w" O( m1 E1 O4 \; ^小弟一直都唔明...
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$ {, f+ x& [2 V" O7 `全世界都蝕錢，咁邊個賺緊錢呢?& v. R: h4 {  L+ W& R+ F
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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Thanks

( V' M3 H8 f  }% i/ b+ W那些根本係 紙上財富  $ ?/ L* J% h( S$ c% A# [
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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  \8 u5 }, i! [: a" a) U9 }! qhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產) n/ F+ c3 U5 i* ?! v8 w
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# |9 W* N' v" B& V7 O# L/ E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8 r+ g( ~' y1 H5 `! ]
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦$ n3 A  ]+ g: L' {5 \: V  ?/ f. t6 d
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
" f% i* `3 M5 Z計番回報率就已經係50%,所以可以好好賺
8 A7 x7 L' d* _- c8 L( Y前提係銀行之間要互相信任先可以咁樣借法6 m! k) \6 g" S! G
同埋個市場既前境要係好先得% C0 m- D  {  T4 @: C: s2 U
但當經濟一差,公司估值趺了,物價不升反趺: `# F8 `: E5 s3 a
例如剛才說10蚊的, 趺到得番9蚊, 9 F) y! p: a" _8 r! W$ P
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%: C1 E2 ?! h  F) f" K! K3 P1 F) J
所以你就會覺得D錢好似蒸發哂咁( n& l. k$ n. M& h" |2 ?
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你都可以當標野咁諗, 個樣野多人可以狂升值,
4 I2 h: c. G& M) k( s% }# c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,
3 f9 W, Z4 e, U! p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * [- }4 e* W5 O+ d' t
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/ |) F! I, ~. D. |, `  ?  M
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
, ~, n$ Q- s' w; j( d唔係d錢蒸發, 而係比美國佬洗晒未來錢,
- ~0 k+ c2 |! A% n, u淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 L9 R1 F0 A3 Q: ?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
$ ?8 _( M0 U) x8 `" ^& R1 g# B& v! i咁你話d錢蒸發左去邊? ...

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正係咁樣, S& d/ T0 @! f8 |8 M0 A' p4 N
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/ U. @0 |0 a/ c6 ]3 A
分分鐘佢地唔使還錢8 d6 w% f7 i8 y  b
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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,8 O. j! S/ d8 P& J& v
連國家都係問人借, 不停發債券, 印鈔票. U% T& \5 d& y- F! e+ T
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
6 S/ ^$ P4 v2 P: L3 w1 [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$ P4 P/ p; x- `6 J2 g/ p
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係.... }  L# Z8 e; r7 }) R
因為以前未生產, 先消費* F/ ?; \' {" L4 O
而家就要多生產, 少消費