0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
: p; @  H3 r' D5 jWhy bank will sell 借據給第三者???# a7 D, D9 Y* E/ A
I was so confused.....

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8 C2 |: B* g: r$ p8 J/ j( E9 `講到尾都係賺錢
0 c+ ]5 M. Y4 d) u5 E$ P/ \7 v2 Mso銀行可以不斷放款
: Q+ Z$ ~' ^! ]/ Y' m. U0 U. c" Z美國的房貸問題散佈到全世界0 K4 ?. N& |  `' M8 g/ h* K5 @
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mortgage loan
, J& G7 V& h$ g4 T% ?+ x>conduit
) X2 O* F. h  z4 {9 Q& \>RMBS(Residential Mortgage Backed Securities)
1 o# c/ W9 w: Q3 C>arranger& {. X/ |4 Q& A- t- a% g$ O3 [( L
>CDO(Collateralized Debt Obligation)8 x' [) `7 D* g, v! X
最後去到投資者

Kev

i thought it is the reason of rate of return.
* z" r) r+ H+ f: X* m1 I' T& N$ pCDs could have different ratings, AAA -> F,
3 g+ ^  m$ q  D* Q# K# w' R+ pmore risky ones would have higher premium (interest rate) as a compensation for an investment.
8 M- b! I# I  Y3 bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 }' b1 Y/ X3 x) J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., Q1 `' l2 H) L. Y4 e9 p" t7 }
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 D/ E  Z( r. S& \! rsimilar to bonds, CDs trading in the secondary market have different value at different times,
% j8 _8 j7 u- n# anormally the value is calculated by adding it's principle and interest. ( c8 U3 P+ P  ~* j! Z% U
eg. the value of the mortgage+the interests to be recieved in the future.   x$ i3 t4 I9 s) b' ^8 y8 {" _
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.+ S& h3 c5 Y$ f. \2 a3 i6 f

) V: B" _1 l- j# Q3 y4 A8 x& ?( w' Dim not quite sure if the multiplier effect does really matter in this case.7 D5 |4 p; ~8 Q5 p0 t
in stock market, it's the demand and supply pushing the price up/downwards.9 i  d7 @% s- w+ i
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; f! w/ i. @# o- H' ]
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' k; _5 N7 G2 Q4 j5 o* c8 k
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.
. U9 B7 o& t! abut the value of their assets did really drop significantly.6 W* [& ]& Z& u  l5 Q$ v8 @
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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
7 A9 J8 _4 y  d# HRefer to last example,# i+ L0 M) w& R- M. H! g8 B
that means bank A have no money because we borrow 10 dollars from bank A
: c7 ^2 [( s/ m! K3 p8 wBecause bank A doesnt have enough cash on hand 7 o  @* Y% q& ~; [
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
7 _( Q/ n; |+ D# z9 Sso does it mean if E failed to pay D,
: C2 b6 r: a9 e; a3 k  {$ P, Uall 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,
2 C: J5 |0 P0 d# g- Rin this case it doesnt really matter how much money is created,
; Z4 ?; _  Z8 Q' m0 F% kit's the problem of the debt itself.. }8 Z; K+ c) Y6 {" v4 {0 h# s$ e
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- v3 p+ L8 C9 H9 u- u5 N- g
小弟一直都唔明...
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! Y- u3 g7 R( H7 M. B全世界都蝕錢，咁邊個賺緊錢呢?
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4 ~; `* A! v9 t無可能淨係有人蝕錢無人賺架嘛...
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1 ~1 S- G, Q9 c7 y+ @敬請各師兄解答) t8 z# G5 E# P2 t

3 z& R& e6 o" fThanks

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那些根本係 紙上財富  
+ c; i5 M) a  }, |4 ?6 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 graphic; V% G  i! D( K9 _* D7 S3 I* ]. V

$ t# s1 M* u4 ?7 p3 `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
3 \0 F! B  ?  m當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. [1 u# e! \* b) z
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
5 t. s8 ]4 z8 e. V# v2 [* d( D" I個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
' P: c; W8 i% [& [' N扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
, |* b! H% r) z8 @6 y計番回報率就已經係50%,所以可以好好賺
! _, E- {5 T$ T" Q& u前提係銀行之間要互相信任先可以咁樣借法  K8 t! }$ ^1 T8 L2 @
同埋個市場既前境要係好先得  C5 Y; ?3 P7 T3 z, T$ E# b
但當經濟一差,公司估值趺了,物價不升反趺
+ X6 ]/ a0 N0 M6 w; s5 d! y3 A例如剛才說10蚊的, 趺到得番9蚊, % h6 l6 R/ l) z: u9 ^5 ]# a
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! X9 j9 a7 V, ^2 B/ U所以你就會覺得D錢好似蒸發哂咁4 l8 W/ h1 A5 u" }$ z% Z

6 n3 f% T2 H2 a) Z& f; s你都可以當標野咁諗, 個樣野多人可以狂升值, 6 U; h+ N: r. f* d" R& ?3 U& f
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,
2 d% R$ ?- m5 ?2 ]! X4 c  \2 T! ^淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( m/ _3 ?+ I! {6 A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
* c. V* ~/ N* S7 y$ j* t. O& L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.gif6 R! \) g6 k  H. n
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
/ U9 W8 i: d) ^& I淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' Y0 `& B* N: g: M* 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
. v: E) t( m+ i/ {咁你話d錢蒸發左去邊? ...

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正係咁樣
; t# t  D( I, o& r) Z* T: J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 p* T7 c( B4 n6 i分分鐘佢地唔使還錢
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& @" t8 N9 m* _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,
! v. T6 e3 l' T' B連國家都係問人借, 不停發債券, 印鈔票0 V* C6 @+ s1 _3 l9 z" I7 L5 v
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產+ J: \. |/ v8 f" P; R
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 \! ~, l7 d  l: Y咁而家"爆哂煲"算唔算先至係變番"正常"???

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: _7 P* e1 D3 w其實係...
# W* P! ]( Z; c; Z7 X/ E因為以前未生產, 先消費
6 i! U$ Q- p$ l% @$ l而家就要多生產, 少消費