0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 o6 d! z$ a0 @8 t8 G0 N0 vWhy bank will sell 借據給第三者???
& r# @$ z4 Q; v% B6 OI was so confused.....

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0 n" Z+ U! V2 w$ I  B2 M! l: L! M講到尾都係賺錢9 @  j4 h4 i8 M$ n
so銀行可以不斷放款$ R- a2 \. g, w0 T
美國的房貸問題散佈到全世界1 k1 @4 k1 N- o& L9 F
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mortgage loan
: A0 B/ M5 ?2 n>conduit
& E, w( z1 i5 t% q- \) w6 D>RMBS(Residential Mortgage Backed Securities)
4 s" Z+ t4 R1 [>arranger
0 j6 I0 t: T- _- }2 Z. [5 a>CDO(Collateralized Debt Obligation)
' d- j  O" L; [9 W: z最後去到投資者

Kev

i thought it is the reason of rate of return.
4 p$ J1 ~6 ]/ A. \$ ZCDs could have different ratings, AAA -> F,( k* B2 S$ v$ n. L3 v3 N3 ~
more risky ones would have higher premium (interest rate) as a compensation for an investment.
( T# x5 W& U; O' B% f0 |! g3 l( Zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 o( t, L* B6 b
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 S( V/ E2 ]* I1 `' T. @' G
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ N1 O# n$ P9 ^3 q2 ~" F
similar to bonds, CDs trading in the secondary market have different value at different times,9 M+ m3 P, v8 \) x0 ~
normally the value is calculated by adding it's principle and interest.
7 a' {6 @4 [, ?. {4 Teg. the value of the mortgage+the interests to be recieved in the future.
0 i( ~0 M$ Y. M* Abanks 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." A9 _  ]7 m% ]( x& G8 l
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im not quite sure if the multiplier effect does really matter in this case.- C. m8 F# {3 H. {) W: u2 D
in stock market, it's the demand and supply pushing the price up/downwards.
. D( l" Z- _8 A% I4 t8 x+ \! UFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; J6 e+ d  J; I7 t. ^& P; C, D' OA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ t& O& f) }2 S. f: Y3 `
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.
: u# u+ f3 e- Cbut the value of their assets did really drop significantly.
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: J& B" `) m1 t- r[ 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* l! m' ?% Y4 ]& f
Refer to last example,! y  b9 K$ E* x# J* K4 [, X
that means bank A have no money because we borrow 10 dollars from bank A ) E7 \3 ?4 b) Y6 F& [7 f+ w
Because bank A doesnt have enough cash on hand " |# v. T# a/ w; m* S/ R3 q. x
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E' @$ o$ e9 I8 T
so does it mean if E failed to pay D,
% x& a! `0 `6 m; h# `* aall the B,C,D,E have to go bankrupt?/ {/ Y0 k. M7 [) b9 j: {4 Q

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! n0 v, h$ B5 I  x& D3 Ithe multiplier just tell how much money created in a whole economy, ! b9 j" |0 w* B0 h
in this case it doesnt really matter how much money is created, , ?+ a: v* @" S1 Q! U( u0 J
it's the problem of the debt itself.. Q% ?; D: g% O" l- a4 O1 }
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- `# r6 W6 _5 Q6 g
小弟一直都唔明...( `7 h+ k" }& K9 q- @) t5 V/ F" L
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全世界都蝕錢，咁邊個賺緊錢呢?+ N: C6 A4 H/ Q* S' u5 U! d, o% x, w
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無可能淨係有人蝕錢無人賺架嘛.... }8 o9 t) z  m2 t+ p9 Y; Z

- @- c5 W( \& j6 t) z% H" R敬請各師兄解答
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Thanks

: g. f2 ?3 \4 n$ s5 g* d; ?1 A那些根本係 紙上財富  , O! Z# h, R; V- q. F8 I
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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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0 F1 n# Q% G) ~  t
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高; }  K2 z3 E7 M& W
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
6 \- T$ |+ Y/ J/ R) g, Q個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ U& r, w! V. G扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,5 @$ w6 V* N+ M3 e5 h
計番回報率就已經係50%,所以可以好好賺
  I% U1 V. s. A前提係銀行之間要互相信任先可以咁樣借法, R# s6 B6 |- I0 p  g1 ?: k: d
同埋個市場既前境要係好先得
: {: K2 w* o2 n  [但當經濟一差,公司估值趺了,物價不升反趺
7 z5 b% A' y. S! |+ J: O例如剛才說10蚊的, 趺到得番9蚊, 6 C9 {; J, s% s7 M( e: C* J9 i
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 H# _% ]( H( D! M$ M( [0 u所以你就會覺得D錢好似蒸發哂咁" \) I$ Q9 Q4 @& n9 ~- S2 R

6 U* V' d1 Q& t8 o0 f/ V: j你都可以當標野咁諗, 個樣野多人可以狂升值, + T9 N' K9 r& O- G
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,
: Q7 ?  E4 o. P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( Y( \  ]6 M' Z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
  Q) Q% l9 [9 }" n- Y7 t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.gif9 J1 t% M; j3 Y) \. ]' Z3 k
唔係d錢蒸發, 而係比美國佬洗晒未來錢, / R7 g$ X* R! g+ }$ X0 L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 x+ Y7 y; c4 P# o/ |
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
% \# H; q0 F: |8 y6 c, E  ^咁你話d錢蒸發左去邊? ...

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正係咁樣6 @/ _, y+ `; _) H1 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6 q  Z. w4 V! b1 R6 u
分分鐘佢地唔使還錢% J* E- s7 R3 @- @6 A
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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,$ o8 h. G/ y+ Q2 B
連國家都係問人借, 不停發債券, 印鈔票
0 Y0 ?/ ~) L1 S一個國家好少出口, 而又大量入口 ,反映到佢唔多生產5 [' O7 K" \$ p7 |9 v) N( V/ i: I
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.gif9 C* ?- F3 j& _7 m
咁而家"爆哂煲"算唔算先至係變番"正常"???

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" o1 U" Z: T3 @9 O; l其實係...- a+ S, _' Z/ {, Q1 y
因為以前未生產, 先消費6 L' b0 X: U! l! A
而家就要多生產, 少消費