0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif3 K& z8 `: }! Y3 M* J
Why bank will sell 借據給第三者???" H# Q' L- F4 a# B% I
I was so confused.....

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講到尾都係賺錢/ B# Z! H+ x( X6 \1 B! N- t( C6 K
so銀行可以不斷放款3 D% G, i; N) N' i; C
美國的房貸問題散佈到全世界6 w6 x7 c: c  t* A9 V1 y# ^2 N
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mortgage loan   R+ t5 `5 c4 v: ~: e6 l. y9 H  k
>conduit/ l3 x7 U5 P5 ^* A
>RMBS(Residential Mortgage Backed Securities)
2 X, y/ H3 [) F>arranger
/ J3 V/ l( y5 C7 }6 l# D: X* L; G' K>CDO(Collateralized Debt Obligation)6 {: I4 k5 @; Z  A- K5 u5 K
最後去到投資者

Kev

i thought it is the reason of rate of return.
% R+ y4 ]; u$ q. V& m- [CDs could have different ratings, AAA -> F,9 D  A2 w! N! M0 D# D
more risky ones would have higher premium (interest rate) as a compensation for an investment.
# t: d: b  A$ D; |1 L7 Cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
& ]9 P$ ~  U  @  T- ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 Q, \( ?7 m* Z2 ]. `. X* `+ ZAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 L+ f/ F& w5 [6 z# \similar to bonds, CDs trading in the secondary market have different value at different times,- y' a! A% w4 K
normally the value is calculated by adding it's principle and interest.
( p) L- Q4 ?& J5 ?* Jeg. the value of the mortgage+the interests to be recieved in the future.
9 z  W1 J( ^1 w, n: d' L. 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.2 U% u7 r0 U8 Z( i$ j  V% S

! x  o7 m9 ~, x+ D. H' L0 dim not quite sure if the multiplier effect does really matter in this case.3 U5 V7 v" _" ~( t" U' ^
in stock market, it's the demand and supply pushing the price up/downwards.9 T: J0 E! U7 d" U' S' Y% b1 P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, _9 C7 `% a) Y- Q
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: L* D" t9 Z1 l) |: 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.
1 _. O6 K* o7 {% ~+ Y& lbut the value of their assets did really drop significantly.& C3 O: \5 M$ @9 r1 t
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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/ u& N, `4 b) `" @1 l+ I
Refer to last example,& q& Z; u) N; @! S( v# Z
that means bank A have no money because we borrow 10 dollars from bank A
9 s' a+ I, o! P7 f7 \* n+ C) ?! ZBecause bank A doesnt have enough cash on hand ; P3 T* h+ I, d" D) b
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E" e/ m* M0 q, K0 j: s! X  i9 f# Z% q
so does it mean if E failed to pay D,
5 T# @) L5 ]0 Qall the B,C,D,E have to go bankrupt?/ E3 D+ u8 ^# u  B9 A

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, {! x0 C+ n, }+ y! v" Uthe multiplier just tell how much money created in a whole economy,
6 w9 v) P% n# A% F6 E; Gin this case it doesnt really matter how much money is created, # R4 o/ ], q  Q2 R% H
it's the problem of the debt itself.
) d& X  |* b0 Z4 p" U' F8 Jthe 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% N) _! J! F6 R" R0 P
小弟一直都唔明...
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' z; K3 E9 S, N: k) {9 I全世界都蝕錢，咁邊個賺緊錢呢?; Y/ d# c' e$ k1 b# B
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無可能淨係有人蝕錢無人賺架嘛..., S, I, N- ~4 w( i

7 K4 \" Y# \0 U! u; j1 O敬請各師兄解答
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, S2 y1 a& H5 d) @4 QThanks

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那些根本係 紙上財富  , B. L& L1 w; ]8 f0 J, S& b
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( }' j8 Z9 A' ^$ u
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- v8 `5 F/ u+ A8 z! O$ ]# ]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 a4 J) P- V* x( z0 ^0 S: T% Y個件物價係市場好既時候升, 例如15%先算,變左12蚊啦( D8 D# y' _) c: i
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,1 i  ]4 p% M/ t+ g* T# j
計番回報率就已經係50%,所以可以好好賺9 [" v5 p; J7 I5 i" l. O) e; e- R. Y# r' W5 `
前提係銀行之間要互相信任先可以咁樣借法) ?- {1 n) y5 D8 h" N( Z
同埋個市場既前境要係好先得
0 d- U4 P0 P% q4 P但當經濟一差,公司估值趺了,物價不升反趺* W* G* _) A; O; ~6 Z- [
例如剛才說10蚊的, 趺到得番9蚊, 0 y, G' E5 v- W. u6 Y9 r
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 W/ t6 K$ G: D" ^
所以你就會覺得D錢好似蒸發哂咁2 o. g0 R" @* `2 w+ b/ l! `

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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, 4 O* m) ?$ i3 k) I5 {# O- Y! z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . U: p' i1 [  H7 c/ s  l3 }
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
# k3 j! }2 W3 T+ u6 y* ~% N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
" v, I" c# n) O1 J2 O/ ~唔係d錢蒸發, 而係比美國佬洗晒未來錢,   m7 T4 E$ [9 A2 {5 O$ R7 u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 w+ A5 v! F) W' Y3 M  A# C3 S
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, R3 e  Y: e# H& J" R: q咁你話d錢蒸發左去邊? ...

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正係咁樣7 l( _" @! x7 b2 e3 A4 x5 c0 p- D# t
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; Q; M, L2 A" x0 z& k4 @& @  i( R
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,
! O4 V" W" f: u$ o4 s* _. `連國家都係問人借, 不停發債券, 印鈔票
. s, j% w& l& x# p1 ?- J一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# u2 T3 s% S7 N+ E
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.gif6 N9 R5 D8 O1 G9 |9 g
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...* G1 R' H* ?. _( n2 _! {
因為以前未生產, 先消費8 A' i; m! I+ `( Z  K9 i" _
而家就要多生產, 少消費