0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif* ?7 C2 s' r- w  F* f7 b+ H
Why bank will sell 借據給第三者???  X) c: f5 S$ O- o! m4 H  X
I was so confused.....

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講到尾都係賺錢3 s' m$ H! d$ B4 h: b" R! [
so銀行可以不斷放款9 [9 t, P  Z0 ?
美國的房貸問題散佈到全世界8 w8 x/ T6 g; O, F( Y) F

! C8 V* M2 Y- Q, Jmortgage loan
$ i3 i  g. q. ^9 R2 V>conduit
- I$ N3 Z1 g' U! j>RMBS(Residential Mortgage Backed Securities)
6 F% f7 g/ }0 X* P% e/ \4 T>arranger
/ I- y: _, Y$ n9 @& `" k. E& y2 R>CDO(Collateralized Debt Obligation)
  N4 n; Z9 G4 m7 b% Z  {0 v. O7 u最後去到投資者

Kev

i thought it is the reason of rate of return.
3 o0 p9 |7 d+ V9 g  c( x1 ?CDs could have different ratings, AAA -> F,5 w2 F6 M9 Q+ J" @) L. b0 x- j1 T
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 A' `& E3 N5 f* R/ R+ m- a
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; M5 D9 B  ~3 r. L' _$ c  W# X( j
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 {' _. F% k4 ~/ T
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: c- V* N9 a, _7 nsimilar to bonds, CDs trading in the secondary market have different value at different times,* \: G! \+ N# y( r
normally the value is calculated by adding it's principle and interest. * @4 G, O% [# o8 A7 U, ]
eg. the value of the mortgage+the interests to be recieved in the future.
+ v; V; N3 s, d7 z5 y# s  Obanks 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./ u6 n% r) G0 Z  F: F
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im not quite sure if the multiplier effect does really matter in this case.% S1 b9 B3 C- w3 u2 A' C- a7 }0 D
in stock market, it's the demand and supply pushing the price up/downwards.
, j, z8 ^8 ?! x/ bFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 F! _" _6 \' Z9 x/ Y  p
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 t% P: \! C# o& P( x( 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. # h( R5 d5 o5 M* q9 C0 @4 E
but the value of their assets did really drop significantly.# l. m' a, Q& f* i1 \8 z
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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.gif1 P! y. g7 M/ \1 l- [( P) r3 U
Refer to last example,8 E; P( O6 ~! X/ c+ Z
that means bank A have no money because we borrow 10 dollars from bank A 5 I& N0 V9 @7 u" Z
Because bank A doesnt have enough cash on hand 5 e, M8 T4 j7 v/ R! a+ I* j
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E5 L% R0 \/ i. Q- j
so does it mean if E failed to pay D,
4 `) |9 E3 X( x/ _; B9 o: dall the B,C,D,E have to go bankrupt?
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6 L. a( _5 B7 n) b0 v9 y7 i5 dthe multiplier just tell how much money created in a whole economy, + ^, H8 _' z4 X3 E" K4 K
in this case it doesnt really matter how much money is created,
0 @' {8 h& L( l' e; {8 Lit's the problem of the debt itself.
$ g1 ~* h1 E. q; G7 O- Y) x8 Bthe 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.gif0 D' W) T5 j+ P6 J
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 c3 f/ V2 |, A# k

7 ~; r# B2 u! L6 ~! m無可能淨係有人蝕錢無人賺架嘛...' X* v1 y0 M$ E. f  V9 f7 V

2 V  v) {/ E1 j" h+ f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  % m* o& v, B3 l& 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: ?( T6 z3 E* N5 M& J
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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5 f) e) E9 r* V7 M9 X# B% h1 J) q
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) I. F  ^  [  w$ m2 X7 K6 J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, p) k1 m" v# }8 U( v
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
# J# W3 D) T0 o6 c% v) l" a扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,: z6 {' i2 }6 I7 r5 P: f
計番回報率就已經係50%,所以可以好好賺
. n9 S6 r' h3 d5 R% {前提係銀行之間要互相信任先可以咁樣借法
0 L/ p& \6 f2 g7 j4 Y  N同埋個市場既前境要係好先得
% t! s$ \! q' M, s! z5 Q5 x" u4 W但當經濟一差,公司估值趺了,物價不升反趺* g1 t+ J9 e! N/ O
例如剛才說10蚊的, 趺到得番9蚊, 8 [) P$ h1 D2 v. e" B- C( d
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
; R: X; [' }& E4 k6 _所以你就會覺得D錢好似蒸發哂咁; p7 g6 P5 c+ t0 w

- ?% L* o: }! \9 V2 r. }你都可以當標野咁諗, 個樣野多人可以狂升值, , W( p; \- v0 z5 r& l- ]7 _7 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, 4 j; e0 E/ w2 J+ z: v
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: G1 X% L' }4 s7 `: Y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 S6 m' u6 T0 n$ k! ~
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
& q( u1 v$ c! j" ?- }唔係d錢蒸發, 而係比美國佬洗晒未來錢,
  J5 h! L" O- j/ `6 T淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 R: b" @1 \) @; a! i8 h# s3 X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+ E) h0 L: I1 [+ q3 ?: {/ p咁你話d錢蒸發左去邊? ...

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, P2 B$ H4 r! \8 I1 t5 _! q正係咁樣1 B' b# W$ W0 @
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
- V) {& N  B) i( n1 W3 y8 z分分鐘佢地唔使還錢: a$ [# i* B; T: R" l8 y9 S
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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,
8 I9 c' _0 F- ^) V( u9 @' v連國家都係問人借, 不停發債券, 印鈔票# Y4 J. _: C' b  s: z/ y3 y' S
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 K& U) W( t7 |$ l8 n" _) E6 s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.gif8 Z. r8 D( y/ V* {' Q/ j$ ]2 y2 k
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
  w' [9 L! {8 b& V, k4 s& v$ m; d* ^因為以前未生產, 先消費$ D3 N6 H. L8 g* Q$ M+ k# I  |
而家就要多生產, 少消費