0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
7 P  I& \2 Q/ P" x5 c+ b- aWhy bank will sell 借據給第三者???% g- W4 _8 ^5 t1 t8 S
I was so confused.....

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講到尾都係賺錢& q7 S5 J: T% T- m+ s- j
so銀行可以不斷放款
1 s7 u5 c6 H6 o" }$ H( d# H美國的房貸問題散佈到全世界, Z# d3 N& R) B  z. m

! Q$ n1 L9 ]+ a, r* [mortgage loan
- B) i9 E! L. Z3 G$ i>conduit6 ^& S) R0 W# M; X- }; ~- _
>RMBS(Residential Mortgage Backed Securities)1 f( V. h: y, D. j: P5 `  s
>arranger
/ l: X3 |- o- N& _; E>CDO(Collateralized Debt Obligation)
% ]) n" X" |, c$ T最後去到投資者

Kev

i thought it is the reason of rate of return.
' V2 H% B: T9 V* Q& wCDs could have different ratings, AAA -> F,
# i- P- B# l2 N( x5 }. \. O  m! ]more risky ones would have higher premium (interest rate) as a compensation for an investment.  a' b4 q7 D2 K. d: u
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* Z* L( a  j9 ~* u. z& ?- e' _
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 H# N: U2 }4 C$ IAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 m9 p# c1 s/ W# c$ Y+ usimilar to bonds, CDs trading in the secondary market have different value at different times,
1 g6 M  J. P: R5 Q$ V8 enormally the value is calculated by adding it's principle and interest. ' Y6 T, G+ o: _+ ^: I
eg. the value of the mortgage+the interests to be recieved in the future. 7 d. |2 n; S& x9 m' y4 P8 I& q$ Y
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." G1 H* a( Q# c0 o0 \: V3 q1 {
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im not quite sure if the multiplier effect does really matter in this case.
% v) i# ?3 P4 N- ?# H0 C! r; oin stock market, it's the demand and supply pushing the price up/downwards.% L, w) H) `0 p( P4 @9 a
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" x/ a% A. D, R3 S0 K. x, g8 X' o8 TA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 Q$ g  A+ x* z' L. R" PThe 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. + Y# J0 ?4 j& |( x$ f& C
but the value of their assets did really drop significantly.# ]  D$ M9 M+ a4 G
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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" r. I- l1 Q2 m; x3 d
Refer to last example,
7 {4 v/ o3 o5 t, _that means bank A have no money because we borrow 10 dollars from bank A 0 T% J) _" h3 j" r8 q
Because bank A doesnt have enough cash on hand / I1 d7 l( N0 Y) z9 |3 L
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E+ [* U  \5 N2 e+ \
so does it mean if E failed to pay D, - b. j3 O- p; C1 d4 h; {8 [. T) `5 X
all the B,C,D,E have to go bankrupt?9 F% \5 Y9 l) V* o. f5 |

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the multiplier just tell how much money created in a whole economy,
; Q: o; F" Q8 c! j, W  q) Ein this case it doesnt really matter how much money is created,
' }' M/ \: W7 E5 L6 U6 U+ R; S8 Pit's the problem of the debt itself.
# g" L" e# _+ y* C  s6 I: Pthe 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
, q. F  P: X- Q; T2 P$ J) A, X4 m小弟一直都唔明...
1 i8 P$ Z, e) w+ L1 O! `8 e0 F" w5 T6 @. L, l
全世界都蝕錢，咁邊個賺緊錢呢?1 ]3 h/ |; m; S  H. N
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無可能淨係有人蝕錢無人賺架嘛...3 M3 B: O- x2 c/ x4 J  g5 U* \

: d8 F* \9 H' w6 f% J敬請各師兄解答
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Thanks

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那些根本係 紙上財富  ! R. ?9 o+ t5 i. ~3 N6 [! 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% U$ E! _. i! e3 g( G

, d# t3 }9 x; O% R: L! O: J" 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
& S4 a! Y9 v' b! o' x, J當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
3 u" s7 c8 u, I5 ]$ x( K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0 B( Y: e7 D0 m, |; h
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦6 J# R# p5 P4 c5 c
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 q' p8 u8 J0 E, R# X7 O
計番回報率就已經係50%,所以可以好好賺3 _0 k0 P+ M3 |
前提係銀行之間要互相信任先可以咁樣借法
1 _' P: t8 d. J同埋個市場既前境要係好先得
: n' w( @# }3 L  @6 }( x但當經濟一差,公司估值趺了,物價不升反趺/ k) K1 E" w, o6 t
例如剛才說10蚊的, 趺到得番9蚊,
+ f, k& o# P6 J; z8 G4 C咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 L3 c6 y2 P1 {; }' V
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, 6 K4 S% c. i* N* B5 v
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# T  s8 o) P+ \# |4 o* g: |6 _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, / O4 Y% K; e8 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
0 a9 \+ E. s1 G4 I. _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
$ c; t! j, w7 A" a8 q( D唔係d錢蒸發, 而係比美國佬洗晒未來錢,
7 N8 q+ L$ P; b7 t6 W+ O淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ r" \; K$ F# Z1 y7 `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
5 S# L7 [9 M) B1 \$ o9 P咁你話d錢蒸發左去邊? ...

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正係咁樣
( o( F- S8 j5 Z* q, `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
* G" q( @1 n! V6 T! k) Q/ |: c! ~分分鐘佢地唔使還錢# V! P" M0 E$ C4 Y

) D' F9 }, y. \4 }# i8 E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,
" O: M2 e8 h6 L: K連國家都係問人借, 不停發債券, 印鈔票* q2 h: o! K& X- ~, ~; m
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ D+ y* u# k2 t- t! W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. A- K& q+ J2 l6 u
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...9 j: N' Z6 L( j4 G$ A
因為以前未生產, 先消費
! ~- n' j1 w8 n1 t$ S而家就要多生產, 少消費