0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif+ B/ t% p) K% s
Why bank will sell 借據給第三者???6 l; O9 @5 W0 V3 ?) Y
I was so confused.....

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  F5 H0 \+ L; L講到尾都係賺錢; u: I: Q# L9 ?- ^1 O. ?$ E8 T
so銀行可以不斷放款4 f  R% c: j7 u+ q  |/ {
美國的房貸問題散佈到全世界
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) z5 T% K8 E" V- Imortgage loan   D8 S! e+ N5 I6 b! X3 m6 c' {
>conduit
" [# G% ]% D/ M+ Q1 r3 G: O1 W>RMBS(Residential Mortgage Backed Securities)3 O: @. b) d( f
>arranger
' i" l8 C% _4 k$ U- [>CDO(Collateralized Debt Obligation)
! H) \1 V; a1 H* Y1 a# @最後去到投資者

Kev

i thought it is the reason of rate of return.6 x$ J6 W: y% i5 m" a2 K$ r
CDs could have different ratings, AAA -> F,( q: a% ?6 g2 z/ g
more risky ones would have higher premium (interest rate) as a compensation for an investment./ u9 x0 V- J' H" G$ M( L9 W2 E+ w
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. y- {2 {4 E2 Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, u3 W& ]+ x$ a& N/ {0 i3 c" u* `( ]Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ Z* {) F3 A  D7 `2 N
similar to bonds, CDs trading in the secondary market have different value at different times,
: S$ z' C5 y# e$ `9 knormally the value is calculated by adding it's principle and interest.
2 ^7 c$ K# Y! ceg. the value of the mortgage+the interests to be recieved in the future. 9 \6 Y* O5 m3 q3 P
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.  H( r+ ~; ~9 y9 t% ]

- e0 \: b3 X, e8 i) Uim not quite sure if the multiplier effect does really matter in this case.
) s% ]  K: I& r2 D$ {in stock market, it's the demand and supply pushing the price up/downwards.  g* f3 D2 _  K; S
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 Y, `3 F, m1 }6 DA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, ^8 [- r* B7 ~& @9 q" K& }  iThe 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.
8 g, I: ^* Y+ T  o) T# pbut the value of their assets did really drop significantly.- x- P. t7 ?. c0 O% \

2 |8 ]* B3 W& ^8 F9 j[ 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! |, N9 ~4 U  s
Refer to last example,
2 g, P0 j/ x  Q4 r: |% Tthat means bank A have no money because we borrow 10 dollars from bank A
/ I8 N; O( @, T% wBecause bank A doesnt have enough cash on hand " L) W4 Z! F1 z
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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+ F; M7 C8 C. f5 I% S; p- ^A->B->C->D->E  P+ c- I7 S* o; X
so does it mean if E failed to pay D,
7 t) g; f9 H" O/ A: ?3 ball 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, - x0 p5 O7 W! u5 q
in this case it doesnt really matter how much money is created,
8 C, I* y- p6 `2 o  a2 Q' F& Lit's the problem of the debt itself.4 U& d8 Y6 \/ w2 N9 Q! N
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.gif8 ?! y6 z0 X7 j5 X5 y& A
小弟一直都唔明...+ r* j' i2 k6 S: K0 f) m8 z
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全世界都蝕錢，咁邊個賺緊錢呢?5 }4 O% H% ]; F: X9 }! Y. p) B# T0 r( H; j

+ \% o" }( ]& \4 P! ~7 r& ~無可能淨係有人蝕錢無人賺架嘛...
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1 J  r& X1 x' P, i4 S' Z敬請各師兄解答8 d3 {+ ~' W! c( D( c& X

: P, r1 z" y1 LThanks

/ \- g5 K( w% T. @那些根本係 紙上財富  & c7 [8 N3 C* p# o- ]
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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' `$ R) w9 _7 f3 A' l$ ]' fhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
& q0 I  q& b3 T: R7 ?1 V) R當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
: H6 }8 `  ?+ T; h8 n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
1 b' J7 x) C5 O0 x% A: U個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
7 g# V7 k* _; \3 ~1 F4 o* G扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
+ c" W: u' m" }8 W: ~9 N計番回報率就已經係50%,所以可以好好賺
- [8 u+ x3 \, Y6 C" k' I/ N前提係銀行之間要互相信任先可以咁樣借法
" W* I  ^5 R( u9 D8 y同埋個市場既前境要係好先得
9 X: a2 s. }1 ]4 G. x2 x但當經濟一差,公司估值趺了,物價不升反趺
% n$ H8 q: v) c6 B, s6 F! a/ z例如剛才說10蚊的, 趺到得番9蚊,
7 E6 J+ `8 b' i9 F1 B' K咁投資銀行一下子就要還11蚊, 一來一回變左虧200%4 [8 W/ ?9 ~7 e' X
所以你就會覺得D錢好似蒸發哂咁2 ]1 `& f) S) F) M+ ^( `
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你都可以當標野咁諗, 個樣野多人可以狂升值,
1 |7 P4 m) o* s9 E% z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, 0 X; b8 t! b4 t1 @
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) I( K! _! U5 ]" S! h6 g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# f3 j- U& Y3 }5 P$ @; T
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
# T2 }/ d( c4 y1 C9 I9 t) }唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" x, N, u  |/ B$ M8 {3 B# @淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " W2 J, \, [* @+ }7 E1 a6 h
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+ b' a, f% c6 F  h" m. R+ _) n
咁你話d錢蒸發左去邊? ...

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正係咁樣
* p* k5 m1 R3 e0 {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; y3 o& l- @. ^& [2 C; n! H; g
分分鐘佢地唔使還錢3 n( a" u- i1 I: _
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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,# Z# S. N! T4 D
連國家都係問人借, 不停發債券, 印鈔票
! v+ l8 E, O4 y4 f" s+ }, {5 l& ]) L一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ Q* S) u6 ?! V  V4 i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; @9 u% M: r/ m# H4 K8 w
咁而家"爆哂煲"算唔算先至係變番"正常"???

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; M5 p8 {: G% a% ^+ d( ?1 z5 y( T% t0 x其實係...
% X* @3 v0 U# U2 v  L因為以前未生產, 先消費$ ^, e/ n4 f& Q( S* W
而家就要多生產, 少消費