0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif6 b3 t& c: s" M, `' s  o5 I
Why bank will sell 借據給第三者???/ u3 I+ Z" t4 D+ y
I was so confused.....

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講到尾都係賺錢3 ]6 c2 R5 m6 [/ o' s3 j; k
so銀行可以不斷放款! \  M9 {3 l' S9 g1 `& N* {/ g
美國的房貸問題散佈到全世界; s# o( g, R7 I' b& A4 n

' \# f7 T) J- nmortgage loan 8 p/ T2 `' N4 I9 [5 j
>conduit& }; v9 e! n5 e3 _8 I
>RMBS(Residential Mortgage Backed Securities)
" R& A7 ?0 I& D7 X/ _9 z>arranger
) b6 \1 y6 k5 y8 h>CDO(Collateralized Debt Obligation)3 g) Y2 R% K# s" K
最後去到投資者

Kev

i thought it is the reason of rate of return.9 v) t' b, b  e6 b# q4 [4 v" H
CDs could have different ratings, AAA -> F,; K2 ~- d6 L$ q6 X7 i9 L) G
more risky ones would have higher premium (interest rate) as a compensation for an investment.: Y5 w0 U  T# n; N4 a( @  ?2 b% R
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: C9 t2 l2 {2 g" E2 ^) D: ?% v- T
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. K$ K5 {/ ]; x0 b8 M
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 {4 h' U4 x  l  k0 T  O3 Z
similar to bonds, CDs trading in the secondary market have different value at different times,
4 x" ~3 k! w* _+ {( ~2 @9 y( u' @normally the value is calculated by adding it's principle and interest.
7 j4 n9 E4 \1 c2 z, V- Meg. the value of the mortgage+the interests to be recieved in the future. - [& {* `3 l4 ^; j$ o+ n
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.5 Z( c5 g0 p4 |0 ?1 h8 g& c

8 j5 P- A: P7 o) Y: ~4 U8 pim not quite sure if the multiplier effect does really matter in this case.
$ h+ P, [- O5 b- oin stock market, it's the demand and supply pushing the price up/downwards.
( C0 |2 W: s( E3 M  ^% d0 H- @8 rFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: r" g9 k& y* ?( \1 D2 O7 sA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& ?$ B4 I2 s: @/ o, E9 Z3 mThe 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. ! B* O& ?1 W' C3 a0 o8 L
but the value of their assets did really drop significantly.
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  y# Q  F9 ^& o$ H% u- C[ 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
  ^4 e& g# c- F7 MRefer to last example,
+ [+ S6 b. {2 Q$ ]. P  pthat means bank A have no money because we borrow 10 dollars from bank A
" M/ f7 _- ~8 L, H1 V6 JBecause bank A doesnt have enough cash on hand
! }$ z0 N# \7 A* S" u! p  C" |therefore bank A need to be bankrrupt ??? Am I right ?? ...

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% `* H) c# f! a! a3 kA->B->C->D->E0 C# G, n) _8 T. `+ R5 O9 L. W, U
so does it mean if E failed to pay D, 7 V) o2 W- a; F1 g8 t* J8 z
all the B,C,D,E have to go bankrupt?
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( ^9 c" L* F! h# @6 ]. N0 r6 Gthe multiplier just tell how much money created in a whole economy, $ ^: }0 l2 C8 E7 P
in this case it doesnt really matter how much money is created, 3 w6 m; Y1 u7 V2 B) R, e# s
it's the problem of the debt itself.3 x  _! {! _, N) ^; y
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
: ?" H! `; a  r, w- Z1 Z$ m小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?! m0 n" L  L# c& R& P! F  q
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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/ H$ [/ [5 G" A4 @( z

& D( N% K6 }- C' SThanks

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那些根本係 紙上財富  1 X0 D# M- Z( r) Q
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# b& Y$ \4 b- Y8 v6 o' X
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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' v" r+ W  P) n7 f7 A
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高0 r% v) o2 e9 a/ R
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7 f3 w2 N) R7 }# N. c$ ^
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% k: p+ S) {2 w: Q  |- c, L3 a
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
1 J; Y+ Z# s( D3 q, a計番回報率就已經係50%,所以可以好好賺+ m+ C+ F/ E1 x  h& E' H
前提係銀行之間要互相信任先可以咁樣借法
( c6 _; g" n4 Z% W6 A同埋個市場既前境要係好先得
5 ~8 }- k, S- T但當經濟一差,公司估值趺了,物價不升反趺
$ k) R. m; P/ m: q; J例如剛才說10蚊的, 趺到得番9蚊, & f# s8 V! @8 h6 M' E
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
, {# M2 a+ s' g9 p3 z( n7 m所以你就會覺得D錢好似蒸發哂咁
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( k0 U# ^; n+ D4 P) P+ C你都可以當標野咁諗, 個樣野多人可以狂升值, ; s! }7 O( |5 X6 V- S: S( `! O  Q/ l
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, , @) n5 ?; D5 ?/ h; E
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" ~5 s% G/ b; o  q) f% [2 S0 H& I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( h9 c+ b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# b. [+ Y8 T% p9 m1 R" J3 L
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
$ S) G0 j( {0 [$ A) \淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& e2 k+ r8 ^( `. F5 D9 y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
+ W  W* V( P/ q' Y. |" L, H咁你話d錢蒸發左去邊? ...

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6 a/ H& S" g6 O% z' \7 @& ^/ u8 Q正係咁樣$ R4 p# c  c: H/ [
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) e- h! C7 {) p; k
分分鐘佢地唔使還錢
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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,
2 O, P7 R0 {9 S& W3 P' C! E2 F連國家都係問人借, 不停發債券, 印鈔票
, V. u9 N' E! t' ^. N- O8 j0 p一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( E1 S' P% v- G, ~. b
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
( r: Z, U  {# P8 c6 u3 h咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...0 y9 t- S8 H; f: h
因為以前未生產, 先消費
. x1 v0 f) K" f" I# t; D8 Y而家就要多生產, 少消費