0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( _8 I* q. O' D
Why bank will sell 借據給第三者???
9 s" y; c. b) t* V3 i4 |I was so confused.....

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講到尾都係賺錢" O/ M; V' }* m5 @" G2 }, |
so銀行可以不斷放款8 w/ K- t: G5 I& a9 ^) U& r
美國的房貸問題散佈到全世界5 ]5 a5 E2 V) u$ @
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mortgage loan
, E9 [: R/ T0 z# `; I- {& e- J) A>conduit0 c' o6 g9 _& }8 s2 l
>RMBS(Residential Mortgage Backed Securities)9 d% A  r8 H) v2 S
>arranger
/ `) h% g5 E  s2 s4 q/ G2 \>CDO(Collateralized Debt Obligation)
. r+ C. e6 X5 _: q/ T7 h3 o最後去到投資者

Kev

i thought it is the reason of rate of return.
! O( _, e9 n0 _CDs could have different ratings, AAA -> F,
0 H2 k8 J6 o( _! W& ]more risky ones would have higher premium (interest rate) as a compensation for an investment.
/ Y8 X) v' l7 A$ ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) y& Q4 o, ^2 x7 T5 Ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 w5 ]( T5 M% f. B/ V, O$ c
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* k9 g& r4 ~0 `- n7 e. S" p& U
similar to bonds, CDs trading in the secondary market have different value at different times,
7 I! g! m8 ^0 C* r2 Znormally the value is calculated by adding it's principle and interest.
. ^9 C( Q$ I. j) k2 deg. the value of the mortgage+the interests to be recieved in the future.
0 u) w4 d' m& Z" F" q% ebanks 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.8 W2 b- F7 @0 z1 i0 X% J$ S
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im not quite sure if the multiplier effect does really matter in this case.
4 N2 n( L, e1 C: J# Win stock market, it's the demand and supply pushing the price up/downwards.# }! u! x( C& Y( a
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( i: p5 x. _" t3 \' ?- ~* Y$ E5 p! iA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) Y: D! a( n3 h7 z/ c% i* j) C
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.
( ^- q4 {- x6 E  c- Y3 q- \( ubut the value of their assets did really drop significantly.
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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
5 @, t9 X5 i" a2 B4 b: pRefer to last example,
& g3 o+ H  q4 _2 n5 Lthat means bank A have no money because we borrow 10 dollars from bank A
( t9 `! m4 S1 O  A8 f, K6 q, p( l! m1 hBecause bank A doesnt have enough cash on hand ) R' _# g- J, r: P
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ O# d5 d5 ^# f7 Z+ N/ ~5 V, T: VA->B->C->D->E; Y& m3 v& R, Q! l
so does it mean if E failed to pay D,
1 X# e! B$ O) V4 c4 o$ B9 hall the B,C,D,E have to go bankrupt?6 z% @. d: D+ S+ H9 p4 ]* _
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6 q  H2 q4 C9 r6 |  ?
the multiplier just tell how much money created in a whole economy, 3 E& s) S  }! L6 `9 M6 ^+ `: p
in this case it doesnt really matter how much money is created, 2 p  C5 v3 y9 }- c
it's the problem of the debt itself.
& @" c1 _7 w! ?/ Uthe 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
, Q  G' F) z! a: g2 l) _小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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5 O( M6 e* v8 J4 u7 d1 `( f* k敬請各師兄解答+ T  E: P. N5 T1 i6 j

; Q2 A3 m" S; Y) A  pThanks

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那些根本係 紙上財富  
" F6 ^0 H$ v! D5 |7 }& d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 graphic9 H" U; a" K: K1 N# v4 X5 w0 h! `

$ `! N- q, }! `% rhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產, e- g8 d4 r1 C
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' }6 Z& Q: e1 V$ D) e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4 ?% k- f" r5 t* Z) K* r
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦9 d7 D0 L" r# O: d8 R9 I5 D3 l3 H
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
& Z3 }. V5 {; Q3 g6 n計番回報率就已經係50%,所以可以好好賺) u  \, v. v9 [3 J$ f8 S
前提係銀行之間要互相信任先可以咁樣借法
3 g: ]* p  w  T, {1 }" D- I, q同埋個市場既前境要係好先得
5 ]. c* D2 Y) m但當經濟一差,公司估值趺了,物價不升反趺
. s* \8 U1 E$ `0 K9 @& `例如剛才說10蚊的, 趺到得番9蚊,
3 J4 `! X& r' p9 }, n咁投資銀行一下子就要還11蚊, 一來一回變左虧200%/ G3 ]1 E3 H: I# [3 l
所以你就會覺得D錢好似蒸發哂咁( P1 h9 L* Z: I4 D/ Y0 T
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你都可以當標野咁諗, 個樣野多人可以狂升值, 2 ?, C8 o, m3 O( N# X2 V% C
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,
; Q; ]9 r- Z, Y& B# U$ M5 d  S淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 G) R  r: E# o. D5 ?; h% 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8 e% t7 C8 }8 C1 M' x( 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& z, p6 b3 S* h" i/ o) R( ?: ]5 W5 o% j
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 D5 c, ]& {) q3 _5 i! q" L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " F& i5 l2 f( k; T! 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
# `4 i  f6 s5 s% ]# T; W6 d; u, u3 G咁你話d錢蒸發左去邊? ...

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正係咁樣
* a7 |. x+ `+ s8 L* ~8 m% R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1 C$ q7 |5 K0 j8 o6 V& f
分分鐘佢地唔使還錢
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" J) C) }6 M; v' k% r5 `4 b$ s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 }* [7 n0 Z% A( |) K0 i2 N連國家都係問人借, 不停發債券, 印鈔票, P! `, K' b% E2 ?/ }
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# I( J5 S8 w9 N. u1 W6 A
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/ ?; U2 L) p/ X- g6 h
咁而家"爆哂煲"算唔算先至係變番"正常"???

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! O; {4 ?6 p5 N# |1 O其實係...2 n; ^/ @/ m0 v6 ]% h% k
因為以前未生產, 先消費
. z6 n* Z' ^6 i9 g而家就要多生產, 少消費