0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif9 f' I$ j% i6 a( l8 P4 p9 \
Why bank will sell 借據給第三者???
0 \' A% n! h. K. Y. s% T6 m1 i( iI was so confused.....

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; x! D- x7 c( a; _" @$ u% o8 @" S6 l講到尾都係賺錢
9 n( C. o$ ?7 y+ l+ A1 b- Nso銀行可以不斷放款5 P8 Q- ]4 ~8 u- E: z& _* @
美國的房貸問題散佈到全世界9 G  [7 ~' a3 O2 Y  N

3 f% ^0 a+ u9 X3 j+ x1 ^mortgage loan
; ?) ^. a1 U1 n7 I4 f>conduit
7 M* C2 O4 r* k3 m>RMBS(Residential Mortgage Backed Securities); l1 W7 l: e5 Q; m: p$ T0 B# }! Q
>arranger
1 y+ w* J% G  J>CDO(Collateralized Debt Obligation)- h) i, F, u7 g
最後去到投資者

Kev

i thought it is the reason of rate of return.
+ [* e0 r6 R2 y; Z2 iCDs could have different ratings, AAA -> F,
& d; s! {. I2 E( g( @more risky ones would have higher premium (interest rate) as a compensation for an investment.6 c( F& E4 F1 ^" M( R/ b9 V: r0 c0 c
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 }4 I9 q; r% k9 r9 `8 Hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 X: }# {, ?! c# U* P2 }2 T3 ~) w
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.  y; }6 J1 S; a7 ?7 z; W, C
similar to bonds, CDs trading in the secondary market have different value at different times,9 {9 S8 a, v; C# E- i0 K$ ?7 A1 V
normally the value is calculated by adding it's principle and interest.
+ F. p- C3 d6 v8 O! E! heg. the value of the mortgage+the interests to be recieved in the future.
& X' u2 ?; C: wbanks 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.. w- \8 S6 a& o2 }
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im not quite sure if the multiplier effect does really matter in this case.
) o5 x( q& h, r7 N  e9 o/ Y5 r: Ein stock market, it's the demand and supply pushing the price up/downwards.1 w( N6 M! `( d$ V( V
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) [1 ]9 q0 ^0 p, e6 l
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 J1 j3 J8 d6 S) C$ R8 A
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. 2 _( b5 P& p& W: Y, a
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
# `+ Y8 V2 f" s5 S9 c$ R% A# F$ q( qRefer to last example,
) i' m' P+ I6 u% h5 a) @3 H+ i2 zthat means bank A have no money because we borrow 10 dollars from bank A 5 a4 o- j/ x* s2 T% S
Because bank A doesnt have enough cash on hand - f" s. b! ]4 [9 p
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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" w! z7 M1 |5 ~A->B->C->D->E$ {: W; B; A3 }: \0 V
so does it mean if E failed to pay D,
! K4 _+ S! g9 d& y3 lall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, . B, d$ s. o, t. D
in this case it doesnt really matter how much money is created,
! h) u* x0 g/ z) O) L+ oit's the problem of the debt itself.% b5 T+ w  }4 f+ x
the 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
$ J/ |' f5 ~, [" ^' W2 B- i小弟一直都唔明...3 J* D% V+ z( v: T6 }! r
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...* x$ D+ C$ K! ?! u8 y

7 h: C1 m) Z, N2 c3 u敬請各師兄解答
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Thanks

' F0 m# t, k7 N- Q5 q' j那些根本係 紙上財富  
$ G) A1 x* R. Q6 D6 w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& U  z) S$ e, v1 g- D
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
6 s) ]+ M. Z+ s/ m) Z3 _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  s, \5 T# `4 W, [
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
- D* n! v$ x7 x- d* k* e扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ z7 x2 _; ^; D0 n
計番回報率就已經係50%,所以可以好好賺2 Q, h& k/ m% m
前提係銀行之間要互相信任先可以咁樣借法  A: u4 y) Z) z2 `9 ^: {
同埋個市場既前境要係好先得
) N# \* F6 O8 S但當經濟一差,公司估值趺了,物價不升反趺% ~2 ^; k1 Y, @- P6 ]% O+ c! M" R
例如剛才說10蚊的, 趺到得番9蚊,
  i+ R% D4 J5 X: B  r* m% V+ r咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& m0 _+ p7 [. p- S$ U+ F8 h1 S; T
所以你就會覺得D錢好似蒸發哂咁9 y1 z. }. L& n5 e

, x3 S! e0 g  g+ T你都可以當標野咁諗, 個樣野多人可以狂升值, $ ?" k/ |1 }" m3 d, O5 L/ \/ T' q
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, ) U: I: i$ G$ S* i1 |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* K7 O+ d' o7 q5 f; X4 D; |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
* D3 Q# h( W1 ^, P! Y* q# 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- S/ H& G, s3 ?" f2 s+ B
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 Q% Q) R6 F* D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% y3 I6 j$ C: d: A/ w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( w. W3 x1 g. Q' R
咁你話d錢蒸發左去邊? ...

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正係咁樣& S3 S$ ^9 k$ 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
$ ~. @- M& h4 q( F! p+ C分分鐘佢地唔使還錢- C5 J$ h/ C/ W/ b3 R7 k

$ a- p6 Q  o3 z) 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,% }0 Q3 K0 U. C3 }  ^
連國家都係問人借, 不停發債券, 印鈔票
  Y# k- ^; ]5 D. s一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
  {! ^5 z0 N% \; A/ V  v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.gif1 n" F) P3 u+ t
咁而家"爆哂煲"算唔算先至係變番"正常"???

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  |2 u( C+ p% v; i其實係...
% j: \# d+ j2 ~4 ?- r因為以前未生產, 先消費% D& ]: F" q" b; ^1 T4 a' a
而家就要多生產, 少消費