0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif& f! Y6 R& @6 Z: K2 Z
Why bank will sell 借據給第三者???
2 n$ N$ ]9 J, m# KI was so confused.....

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講到尾都係賺錢3 s. L( f8 i! d& \, J
so銀行可以不斷放款8 [' n" V4 Y' S* S2 S
美國的房貸問題散佈到全世界( O$ [, H- U. I3 N0 y! n9 a

; q' b9 X6 a" O! Q2 U  y, Xmortgage loan . p% ], m4 z% h0 G/ k
>conduit( E4 u# v" Y: \4 k; X( q
>RMBS(Residential Mortgage Backed Securities)
7 h7 c4 U$ N( g. u6 e9 m>arranger
6 E7 |7 H, S( H; |>CDO(Collateralized Debt Obligation)2 K$ o! ~1 m: Y" K% E
最後去到投資者

Kev

i thought it is the reason of rate of return.6 k% X5 q) @$ e7 H
CDs could have different ratings, AAA -> F,
8 A  b; Q6 r0 Fmore risky ones would have higher premium (interest rate) as a compensation for an investment.
& O6 I$ L8 L# _+ N" ^' Rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  y& U; T8 `. ]5 ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 a  s- Y, t- G3 W) f& R, q  _
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 H. J+ F0 A' P% Q. X0 J/ lsimilar to bonds, CDs trading in the secondary market have different value at different times,; h( z* v7 F: N2 j1 j+ p$ z: b% X
normally the value is calculated by adding it's principle and interest. : c( N+ O: S+ _1 o+ h
eg. the value of the mortgage+the interests to be recieved in the future.
3 s5 p/ t4 |' t4 `6 P! Xbanks 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., L2 z& \% E4 P8 S$ q" ^
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im not quite sure if the multiplier effect does really matter in this case./ O* H& u5 f7 o3 O
in stock market, it's the demand and supply pushing the price up/downwards.2 l8 ?' N' X: N4 {1 I- e9 \" u
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ V9 A' m* S  o5 d# H! y% IA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: k1 c- K! w/ B& u; kThe 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.
  z9 P3 F2 N, [# cbut the value of their assets did really drop significantly.
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) e1 ]4 O% p6 x. S[ 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
" @# }. L5 t2 W# n& qRefer to last example,
4 f& p4 Y1 \+ _, ]+ Dthat means bank A have no money because we borrow 10 dollars from bank A . {9 `0 Y+ S, y- l
Because bank A doesnt have enough cash on hand 5 P* \& Q; H# H) n1 [$ c. P: s+ i* L' s
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
+ m. A5 f" U) v+ jso does it mean if E failed to pay D, 5 }4 |, N1 w, v4 g& e( K# j
all the B,C,D,E have to go bankrupt?
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# m0 i8 A! P9 _1 z6 u4 s& b5 wthe multiplier just tell how much money created in a whole economy, ; |9 R6 F$ V4 Z/ }) l
in this case it doesnt really matter how much money is created, " ^' Y! J( c; a
it's the problem of the debt itself.! M9 k/ m5 F0 t
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
" Z4 a8 {7 U6 C. R; _0 Z小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?; A& A% z% a: F
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無可能淨係有人蝕錢無人賺架嘛...: c. n, T, j# I6 N2 e
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敬請各師兄解答1 B8 L- _$ V- J- u% j9 `" L
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Thanks

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那些根本係 紙上財富  
, s% u/ y: S) t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
1 D- b6 b. f: ^7 p  x( s2 s當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& v3 `! k" r) X& b6 V) |: B; [
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
* L7 m" b$ K# M1 x個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 J4 z8 v' {+ N: _# j
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 q  v- s; W/ `* m2 T; s$ H+ ]% W- u計番回報率就已經係50%,所以可以好好賺& g% V* P/ ~' U6 A5 @( L" O
前提係銀行之間要互相信任先可以咁樣借法
  q# B; {; v6 J# X同埋個市場既前境要係好先得" w3 d. O) ]( d+ f
但當經濟一差,公司估值趺了,物價不升反趺
$ L& D, {7 X- e+ c& W8 E( }例如剛才說10蚊的, 趺到得番9蚊,
" y, d# b! O1 i7 j4 O, }2 J咁投資銀行一下子就要還11蚊, 一來一回變左虧200%# K7 F4 j+ a8 s" `; v! Y' f+ }
所以你就會覺得D錢好似蒸發哂咁
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- M' s! l6 Q1 Y你都可以當標野咁諗, 個樣野多人可以狂升值,
2 f7 Q' i' v1 O4 f( x4 T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, 3 q  C- j+ u( o9 c! R
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * G9 c8 j4 o) ]
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 w) C8 e7 _( P' K! g' J. c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
- z* X/ W3 E, E4 t1 X- R唔係d錢蒸發, 而係比美國佬洗晒未來錢,
1 e- M  W" [2 R. S- u; v+ U$ P5 L淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' m! p$ |- [, o; e, T7 ~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$ r6 c: v/ A; L& h  _: L" l& x
咁你話d錢蒸發左去邊? ...

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! e/ _  `0 M7 q3 z- f' a! y/ G正係咁樣& k7 _; Z5 c' t& M  k/ I& c' `
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7 e% t+ y0 Q! ]  p$ S
分分鐘佢地唔使還錢: t7 l; t1 i+ o, J, [
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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,
0 s; r" D' Y. h4 I8 P" g( K連國家都係問人借, 不停發債券, 印鈔票
2 w- x" v; _" r- ]- m  d- `* U" r一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! d, p* Z' T+ d
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
( X/ L) Z; |) T咁而家"爆哂煲"算唔算先至係變番"正常"???

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5 n' Q7 P- F- W  q: r其實係...
4 ^2 z: O+ C) i8 t) {因為以前未生產, 先消費
& o! F; r. j' ?+ `' O) ]3 E而家就要多生產, 少消費