0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
6 |4 g4 f, A, W, yWhy bank will sell 借據給第三者???
6 W6 M2 h# u1 U% u4 n6 YI was so confused.....

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講到尾都係賺錢* `) F% q  N3 t9 x1 j+ `
so銀行可以不斷放款0 V7 t7 H1 B- T9 s, V
美國的房貸問題散佈到全世界
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mortgage loan 9 V% o0 a2 m$ U( B# f! u
>conduit2 a+ M; v- g( C" O4 I2 y: \2 H
>RMBS(Residential Mortgage Backed Securities)
$ P/ D2 ]) b! @. l: ~3 j% P# N! x>arranger8 f. T, F5 i# z* s
>CDO(Collateralized Debt Obligation)9 k: f+ |: Y$ D/ r5 q$ g
最後去到投資者

Kev

i thought it is the reason of rate of return.
  r/ j# B. a) }$ c8 {2 vCDs could have different ratings, AAA -> F,- i/ m5 z6 `. n: m. y1 t0 n- ~3 _
more risky ones would have higher premium (interest rate) as a compensation for an investment.- e4 [2 |; B) L( G  {- m& J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
& A8 N2 q$ n4 R! @3 {% Oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 _4 z/ d7 G0 F& w8 {
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ z6 \2 s, p' Q2 h" _5 R) I
similar to bonds, CDs trading in the secondary market have different value at different times,/ |+ h$ l5 n! z" [
normally the value is calculated by adding it's principle and interest.
, b( Y. ^' {1 T) C! Geg. the value of the mortgage+the interests to be recieved in the future. ( [( |: f- o, X+ Z
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.0 C- a! K* x# L  ]) N! e: Z
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im not quite sure if the multiplier effect does really matter in this case.- |. d# I9 j0 }
in stock market, it's the demand and supply pushing the price up/downwards." g# J% q9 ~. D4 o7 f
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* ?, n" D3 D4 P0 u  m8 tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ T, d. t4 H) B: |/ N
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.
; d, O; i* g0 I/ hbut the value of their assets did really drop significantly.! P4 g4 q9 H) H* h% ]  Y
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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
" K6 k" e! d/ yRefer to last example,6 \, z1 u7 q% i( Q" q
that means bank A have no money because we borrow 10 dollars from bank A ( ^3 _: o7 o6 ~% J3 ^  W1 M
Because bank A doesnt have enough cash on hand 1 ]$ {4 L' G( L; d
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E: z3 @7 i3 u0 ^- z% o
so does it mean if E failed to pay D,
6 _6 T) C# ?3 R& ?7 D; J- fall the B,C,D,E have to go bankrupt?0 F& [- o) ^5 W5 [4 ]9 h4 w

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1 N& f. S+ a. F7 j" Y- Lthe multiplier just tell how much money created in a whole economy,
* H. e+ x, C) w  P; {' Kin this case it doesnt really matter how much money is created, 5 o8 a* M5 t, J% h$ L' s6 s7 M/ }
it's the problem of the debt itself.
' p- Z6 ?/ D3 I% \2 P5 X/ N- ythe 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- B2 a5 ?, X0 h( i2 ]6 Y
小弟一直都唔明..., ~% h+ d) s  B% _, P

. h! C) \, H4 Z2 T- t2 b& x/ J# Y全世界都蝕錢，咁邊個賺緊錢呢?" ^( _, S) Q+ y4 ]' }
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無可能淨係有人蝕錢無人賺架嘛..." z: J/ S5 I% Y! j6 O$ c

: U7 R# r5 F) E/ T. D* l% t+ J敬請各師兄解答! R* a2 z, r  r8 R3 S# B: A0 I

; [8 E6 l7 V3 o* x4 L( g, f7 k  nThanks

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那些根本係 紙上財富  5 Z) M/ K! c7 A  F
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. V) r5 d: L$ K) ]

: R4 {: s  N' ?* ]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
) h& P7 Q" _& d) r4 P當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
& A# S# m9 T. \0 y( A( V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
/ m6 \/ k" i- i個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
6 K" m4 y6 g7 ]0 B扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ v& H2 [$ B9 v" `% c! ^
計番回報率就已經係50%,所以可以好好賺4 b" G0 g5 _% u. O# h% x2 o
前提係銀行之間要互相信任先可以咁樣借法
" Q, w9 v7 ~+ P7 j同埋個市場既前境要係好先得  Y( c: Z! ~% D  j4 R3 a
但當經濟一差,公司估值趺了,物價不升反趺7 \  e4 A, H6 E9 G( i- h
例如剛才說10蚊的, 趺到得番9蚊,
/ v1 H# H9 t% ?, i8 b( Z, u2 K咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
5 g" A5 u& [  X5 T5 L所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, 4 C) w" h( p! z- ^0 `- a6 J
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, ) `6 H& R* S' i. H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ o; P7 o  e% q; X& v  O) k0 P9 }& W, M( M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
' i/ @' ]' N: S$ _. H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" j, L# I% i+ Z: g, v
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; X& j" p& ]4 \# q) H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. h; R5 B# D  W1 k! Z' I' 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
4 z0 a3 T& S$ }" O# P# c' f咁你話d錢蒸發左去邊? ...

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正係咁樣
- L  J" c* M* e$ S9 r2 U0 I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( `3 t* C3 G( G0 g+ }
分分鐘佢地唔使還錢; d- m2 {! V! N$ U

/ d; l6 P# c+ w$ j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,/ v& R7 k; g1 ^) d1 g" }) N
連國家都係問人借, 不停發債券, 印鈔票
% {# [) x8 ?9 A% f$ C$ m一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# g4 d0 i- ?# N9 T' j
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
: Q8 w# p# }- S* m咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...9 b- U/ r9 ^' v0 K& N. G
因為以前未生產, 先消費
! H/ ^8 V2 Q; u# e" N( @而家就要多生產, 少消費