0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif+ Z9 B  z6 @8 l4 p" b
Why bank will sell 借據給第三者???
/ h$ ~, ^0 V* G" YI was so confused.....

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講到尾都係賺錢: ]$ v7 Q9 P. U! p
so銀行可以不斷放款5 ~/ G3 p5 h: G' _  ~' n) g
美國的房貸問題散佈到全世界
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mortgage loan
0 n1 s2 y  }+ v, A* o>conduit
; {- f6 k2 j4 j>RMBS(Residential Mortgage Backed Securities)8 r6 a% g/ z0 b# S
>arranger
6 l, C4 U. Y/ `) c, w0 q1 Q9 o>CDO(Collateralized Debt Obligation)
0 S+ X. Z8 C: F2 M: a) ]' b最後去到投資者

Kev

i thought it is the reason of rate of return.
4 O7 x- W0 D4 p' uCDs could have different ratings, AAA -> F,! U. G* H& B3 I' B
more risky ones would have higher premium (interest rate) as a compensation for an investment.5 p/ f" @3 c+ q2 _. c; C/ L
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# ~" p- I" B4 j/ k5 ?9 W/ u" |
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 ?5 t; n  ^  a: @2 {1 x) m
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 R3 b" d( d0 L2 t; T. p4 z( X# }similar to bonds, CDs trading in the secondary market have different value at different times,
$ `+ r: q0 j- q0 s; jnormally the value is calculated by adding it's principle and interest. + f9 B+ C# Y+ d8 F2 d1 L/ a
eg. the value of the mortgage+the interests to be recieved in the future. / b) l  V4 Y- b: C
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.- P/ N3 z5 W8 J4 i

  o4 ~* Y. a5 c% Uim not quite sure if the multiplier effect does really matter in this case.
% F. w5 E- V7 q& }: v) nin stock market, it's the demand and supply pushing the price up/downwards.
5 H- }; e: Q9 k4 H7 ^For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 Q) j3 j6 x* f% I/ Q2 b1 r5 {A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' Y: W& N+ X9 U5 [3 M- VThe 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. 5 b" G! C4 _. U; d! @
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' D- y0 z. [1 @) q
Refer to last example,
6 f  ]% r& K  s! ~; f% l7 wthat means bank A have no money because we borrow 10 dollars from bank A
9 K5 p& l! I6 uBecause bank A doesnt have enough cash on hand % A6 F' ~1 n( w& K7 t- C
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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1 M0 V4 r+ P7 SA->B->C->D->E
! O7 |9 M2 Y0 ]/ {3 C! k) M8 Nso does it mean if E failed to pay D,
6 S! ~+ N3 r+ zall the B,C,D,E have to go bankrupt?$ L$ v0 s' N2 H! I! q0 p- J

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9 a" N/ F  y7 bthe multiplier just tell how much money created in a whole economy,
7 @8 F4 Y* C* R! R" Q; Lin this case it doesnt really matter how much money is created, ; m9 W8 q5 \* _1 I  N4 P
it's the problem of the debt itself.
7 I1 e/ R, J6 {  athe 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.gif0 D% A& p% @) {8 x* L5 @  ~$ Y
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?  a; U# P8 S$ {3 Y2 b0 r  Z

! T2 w& ?. L4 r2 I, G) r無可能淨係有人蝕錢無人賺架嘛.../ m6 w# z0 q$ ?# e% {
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敬請各師兄解答$ Q" G; |* D. H# A4 Y1 j+ V
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Thanks

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那些根本係 紙上財富  # d" ]- _6 B1 a  f- b, o
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
, Y$ v; f2 N& K5 V* t! d當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, [$ F& i3 `. k" Z" q: b( y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( y; ]4 J& K, @' {( r2 H
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ A6 x3 _7 ?# l: q* s扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,* F9 s, E: _3 U) b1 D* V
計番回報率就已經係50%,所以可以好好賺
; \5 N0 w9 z) a, [# S8 }) |$ U! d前提係銀行之間要互相信任先可以咁樣借法% N, S0 U. i* l7 j/ j" o4 K
同埋個市場既前境要係好先得/ |4 p0 F. m/ l# K8 ]' S3 \
但當經濟一差,公司估值趺了,物價不升反趺
. J: a- \" q- y例如剛才說10蚊的, 趺到得番9蚊,
) _" V2 r& ~' ]' t咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
3 G; G3 h2 L: z所以你就會覺得D錢好似蒸發哂咁4 U0 u/ ]. y8 l4 |9 p

& G2 ?; L) J" N/ I+ Y你都可以當標野咁諗, 個樣野多人可以狂升值, 7 D2 t7 y# C1 |5 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,
$ c: D5 T. v" p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: M1 N( z6 z) 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
8 Y7 g: P; V2 r; E- K6 y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
2 F. x5 T5 f4 O# [. [1 p2 W0 T唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) E) z. z" n9 V" d' q  m& {4 c
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 M' X, F: P) k, Z1 l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' r! \# ?: V1 q' s
咁你話d錢蒸發左去邊? ...

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正係咁樣  R* a3 m* \7 |2 E3 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& ?# z8 W; M& c, @$ F
分分鐘佢地唔使還錢  r4 @  [' I6 y7 B: z( t# e

9 u( y9 [# j: @/ x8 M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,* D: K, J. }( O
連國家都係問人借, 不停發債券, 印鈔票) s2 C8 r/ K/ L
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: W3 E# y7 S# u3 Z, ^$ @) h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
# ^" x5 r: e) N" [$ d' |- n咁而家"爆哂煲"算唔算先至係變番"正常"???

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3 |. X+ |" j5 {; _其實係...
" u+ S1 O" T! a* R2 z: w; T) k因為以前未生產, 先消費8 ^5 ]- a* G% C9 V& s" h/ d, E
而家就要多生產, 少消費