0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, p  v5 F! f1 Z' g5 h
Why bank will sell 借據給第三者???
0 Y- l: b; r+ iI was so confused.....

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講到尾都係賺錢
( ?1 e$ v' b; o) R# h3 @so銀行可以不斷放款
7 T! S6 W, |, l3 E% x美國的房貸問題散佈到全世界
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- O& c7 Q5 H2 g: D! B- o# C5 F/ pmortgage loan
  ?. ?+ u7 G7 l0 A8 V>conduit
3 n' a% E( p$ U- h0 h>RMBS(Residential Mortgage Backed Securities)6 C: ?* A' `6 U# d% [& Z
>arranger
9 L5 B. Q8 ^4 X7 m% `/ C# W! M>CDO(Collateralized Debt Obligation)
% b, q0 v$ l6 v  p" e最後去到投資者

Kev

i thought it is the reason of rate of return.& m/ n/ E; ]7 x6 ?4 s$ Y
CDs could have different ratings, AAA -> F,. T) @# J: X1 M) c! _- ?3 M
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 L& E7 W2 U% h2 X- Z; ~5 g  j
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ M/ D+ d" ~$ X' E: X) X% {
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: B% o* m* Y0 I/ s3 `Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% [( m$ d' X7 @# Z- Z
similar to bonds, CDs trading in the secondary market have different value at different times,
( p( x, @* l2 {5 L) ]normally the value is calculated by adding it's principle and interest.
( E& b/ h. S9 Heg. the value of the mortgage+the interests to be recieved in the future.
6 ?1 L* m5 u# C8 c0 T/ Q: Tbanks 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.3 Z* O* Q& }- \1 R$ _
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im not quite sure if the multiplier effect does really matter in this case.
% d5 Q$ X7 E  ~# w5 hin stock market, it's the demand and supply pushing the price up/downwards.2 {( o/ Y! }( G9 e
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ p: ?0 {( r; l, v0 t
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 Z/ _# m# s* x7 W- nThe 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. . c2 h; n: ]# ~3 l* x0 {! Z4 e
but the value of their assets did really drop significantly.$ S1 u  P" G" a. F# u7 A
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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" |' H% W3 ?% e
Refer to last example,
( s1 T* U5 ~9 b, _" Ethat means bank A have no money because we borrow 10 dollars from bank A
/ J% B( o. N& Z8 Z* zBecause bank A doesnt have enough cash on hand
" \6 E! G! i# X+ ]( ntherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E- N1 P/ x! Q+ C8 o4 N6 K
so does it mean if E failed to pay D,
3 e- l2 w6 o6 B- S/ _6 L+ Sall the B,C,D,E have to go bankrupt?# p5 p! V; t9 {; `: M
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1 B' K: B0 Y$ G! N! H% j* {the multiplier just tell how much money created in a whole economy,
7 n1 S, r* l! B8 N( ]5 U9 Oin this case it doesnt really matter how much money is created, % w% P, d' w% o
it's the problem of the debt itself.* D/ Y9 W. \! s) ]/ `. z$ n. l
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
) P) e2 R! D2 i( T  T; a小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?4 N, F3 R6 Y  K2 Z0 r: h9 a
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無可能淨係有人蝕錢無人賺架嘛...
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3 ]& |( z( G! h8 P. D  {! g$ C敬請各師兄解答: k% @& m7 i- t0 E+ \0 d# ~* d

9 G) \" Q' [" L9 X7 sThanks

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那些根本係 紙上財富  
9 j* |+ y9 k/ }1 A* K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 graphic6 V2 H$ A! R# N' c
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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
$ j8 G' S5 \! ?& D; U當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
( n# G& o5 u# o+ d: A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, q2 G# {. H! {6 u' ]
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, p' {' R5 R' t4 }4 @7 t
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# X% V, u$ J* ~/ _# r計番回報率就已經係50%,所以可以好好賺
0 v8 d& x  h. U) r前提係銀行之間要互相信任先可以咁樣借法
6 N5 I, f$ l4 s& J同埋個市場既前境要係好先得
* {& L9 \7 [9 j但當經濟一差,公司估值趺了,物價不升反趺0 }7 n' a7 c9 N
例如剛才說10蚊的, 趺到得番9蚊, 7 l$ C) _( F9 y$ z; O3 R" w
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%' b6 d' M. o  L8 W8 M* |
所以你就會覺得D錢好似蒸發哂咁& U. [+ u# B) n

3 Y. q! M; M" j4 Z你都可以當標野咁諗, 個樣野多人可以狂升值,
# p) k( k$ M0 O3 ^1 V' A, d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,
# f5 U- C) k/ a7 O. y" z$ {  {淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- H0 q. t2 r! w1 n7 K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* o' y) D! z! z4 H: ~
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# D" G( a% s3 C5 X4 X# J) [0 B1 y
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
  d! R4 s2 R. ?% p: g# v淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. B- b1 o4 M8 C$ }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
8 C, h, f1 p- r# g. R咁你話d錢蒸發左去邊? ...

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正係咁樣
: K+ K8 L7 T  N$ q. B6 k, 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
8 y6 ~# P, [5 O$ C- p分分鐘佢地唔使還錢1 L; l0 [6 y; s. p, D
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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,4 I1 m$ K/ ^4 _6 a
連國家都係問人借, 不停發債券, 印鈔票
1 G0 S" r3 q4 H0 [, h一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
& F0 `8 N/ n7 B8 Q4 f+ f: 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
0 O' L+ a  e# x% R+ F1 a) {3 F咁而家"爆哂煲"算唔算先至係變番"正常"???

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" E: N7 n* ?& z- V! V其實係...
' p# a$ L4 p$ s5 w4 t( o+ U因為以前未生產, 先消費/ ^3 e- z- R* B0 {7 s
而家就要多生產, 少消費