0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif% n& ]' x. U* M4 ^9 H/ ]! x: _# r8 y
Why bank will sell 借據給第三者???
$ ]' B0 J6 ?& B2 `* m# EI was so confused.....

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4 Q+ f) f9 `1 A8 l0 X講到尾都係賺錢
  j! Y$ j7 s6 x/ l* uso銀行可以不斷放款7 i- ^( b$ @$ O  c. e+ \# T
美國的房貸問題散佈到全世界- J3 ]( L5 W. q0 G( t- ]9 @" y

9 k4 U. u) e+ ?$ l5 H5 n, cmortgage loan
' p) X/ [' B) @4 I>conduit
& d: I; R8 L' b3 r9 Q>RMBS(Residential Mortgage Backed Securities); F6 a! Y; V4 Z% N; K% {) s7 U
>arranger" E9 ?' T0 d- {/ P! G
>CDO(Collateralized Debt Obligation)
  ~8 C% V8 v2 n+ p1 |) U& K最後去到投資者

Kev

i thought it is the reason of rate of return.
( m# P' V! B0 P  m" F7 ~- OCDs could have different ratings, AAA -> F,
: Z8 g3 F& O( L; ?0 b' Zmore risky ones would have higher premium (interest rate) as a compensation for an investment.
2 N# n) `' {7 l9 p7 Dmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ v) r# r& H; P
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 y$ }+ p& \3 q) K' g/ t
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% g/ [7 e# K# z: y9 e, n" o- o$ Jsimilar to bonds, CDs trading in the secondary market have different value at different times,: {0 i1 C) _2 ]6 }
normally the value is calculated by adding it's principle and interest. 4 U# b, E! v6 J3 e1 n. f3 e
eg. the value of the mortgage+the interests to be recieved in the future.
" ]" |8 s! u* P2 c$ Z- Vbanks 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.
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im not quite sure if the multiplier effect does really matter in this case.9 D# Z, ~# C, T$ E% ^
in stock market, it's the demand and supply pushing the price up/downwards.8 |/ v3 r1 C: A, L
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 C9 ?# b# }* j) B& N2 f* p
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' K7 K' @/ v. L, `- j
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.
) _" [4 ?" X( v7 G+ Pbut the value of their assets did really drop significantly.5 n. _9 [4 |; i. W# N
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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
+ ^2 k& ?9 M0 W9 W: Q( j  j& [/ }Refer to last example,
- c( H2 d' ^- Ythat means bank A have no money because we borrow 10 dollars from bank A 1 w' _0 t: j- o  ~  Z# e3 y
Because bank A doesnt have enough cash on hand ( @! \4 ?, k& P, G8 C
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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, H0 J: A4 G' \" o3 f/ cA->B->C->D->E
. C, E! y$ o) \- w9 L6 fso does it mean if E failed to pay D,
+ `* q; Q6 Y& T3 q& ^all the B,C,D,E have to go bankrupt?% _; _  U0 {( K

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  c6 X' g$ D( j1 f$ I. pthe multiplier just tell how much money created in a whole economy, + {+ ]8 R: I: \6 j( Q7 h
in this case it doesnt really matter how much money is created,
) v8 s6 f$ o4 \2 ^. Q! V; Iit's the problem of the debt itself.
6 |& O: c5 w1 x; i/ Tthe 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
1 p1 d3 \: }$ g) j' Q# O小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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& a1 ^: J% W) ?+ ~& A3 H; u無可能淨係有人蝕錢無人賺架嘛...% @' n% ]+ X, d6 J
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敬請各師兄解答5 w8 C5 F& \1 }; e4 B  G6 e
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Thanks

1 p, J( v+ _: a  a" t- L那些根本係 紙上財富  6 d6 l# e: B+ i2 [. a
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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2 u: b- J- e& e- C. Shttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
* |  N1 k; t0 i' p" O當經濟好,投資銀行相信會賺錢, 物價既估值相對較高, M" A9 A. e8 o. J
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3 s* X! z) j3 ?- V& E
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 X2 I' W0 o) ]! ~. S8 y$ L% l4 O扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
: L& j5 `! _! e6 \) g+ f2 h計番回報率就已經係50%,所以可以好好賺2 c8 G  J4 e& r' B+ T" i
前提係銀行之間要互相信任先可以咁樣借法
7 ~, o$ V( ?" B( u- Q同埋個市場既前境要係好先得
9 C7 k1 N6 Y4 o* A1 q: g$ Z* n但當經濟一差,公司估值趺了,物價不升反趺
! @$ P2 X9 Y' `7 Q+ q$ Y例如剛才說10蚊的, 趺到得番9蚊,
8 S1 }$ G" N5 h+ A咁投資銀行一下子就要還11蚊, 一來一回變左虧200%. C# f. _' x; a; }
所以你就會覺得D錢好似蒸發哂咁0 i: z) H: L5 x: P, d

4 B+ V. i: \# u! \你都可以當標野咁諗, 個樣野多人可以狂升值, 8 }* }8 w+ P5 [7 @, A5 g8 Y. y; _
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, + `+ Y) \5 V0 ^! N% m% @4 j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - f6 I, ^. m* E0 ?4 R, R
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6 f* D& G* l* u6 e4 l. Q( D0 V6 ^
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
; y9 m  j" R+ S* R' C$ f& F唔係d錢蒸發, 而係比美國佬洗晒未來錢,
- s/ f5 x* g/ w7 m- W! x淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! q8 H$ _6 A; i/ f" n
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. {2 u! f2 i/ m, i
咁你話d錢蒸發左去邊? ...

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正係咁樣9 |4 f% q  B% a' ^: N
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) x% Q$ [" ?) u+ ^1 f) N6 j1 f
分分鐘佢地唔使還錢8 e6 e8 ]3 Y( F% E) y9 U, U
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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,
( l% Z) j' ^1 ]# ^  D+ U: d1 K$ U1 h  e連國家都係問人借, 不停發債券, 印鈔票3 H- R9 l& ~. w% P
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
5 K  q" X) s# M  X/ P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 d! p# z4 L3 S0 K, N
咁而家"爆哂煲"算唔算先至係變番"正常"???

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; k' r; r* ^1 v* k) _$ w; Z/ u其實係...; n# J$ \5 N( L9 P, G
因為以前未生產, 先消費8 ^: \  k- D9 t. R- D4 }
而家就要多生產, 少消費