0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ [. h: S# a4 C% w
Why bank will sell 借據給第三者???
4 s. R9 e4 @) T3 G# uI was so confused.....

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講到尾都係賺錢" |' \) z3 {! z: H8 h* k
so銀行可以不斷放款
9 `  E* L$ |0 B4 {5 k" @9 X美國的房貸問題散佈到全世界% q2 o1 @6 C& `" T% Y

$ Y9 c1 L/ R. r! Jmortgage loan
- R. e: `1 u4 e! s>conduit( e$ N- u( @( g- s' |0 G
>RMBS(Residential Mortgage Backed Securities)
3 y  ~) b2 \0 T: @7 o7 g/ L>arranger
. p% r5 p5 ~, e; A% K4 Z( W8 V2 ?>CDO(Collateralized Debt Obligation)
  @; J5 i6 `0 E0 ?% Y! q1 a最後去到投資者

Kev

i thought it is the reason of rate of return.
, e* ^3 z& u" _3 t' y" _+ r" |5 MCDs could have different ratings, AAA -> F,+ I7 T9 r1 l0 e& b; W
more risky ones would have higher premium (interest rate) as a compensation for an investment.
: J/ K5 u5 `% P1 @9 imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% q* c) H' {/ T  B% a7 Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 V$ n* {# l9 A9 {3 d6 d
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. M2 O& H5 p" k4 ?$ K) c/ ?similar to bonds, CDs trading in the secondary market have different value at different times,1 n, ~8 h4 S7 W4 [
normally the value is calculated by adding it's principle and interest.
" g! x6 t$ i! [8 g* q" qeg. the value of the mortgage+the interests to be recieved in the future.
. ?, Y" o2 F( w- N+ {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.
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6 N( t. f! b  A  Q7 N2 R* ^im not quite sure if the multiplier effect does really matter in this case.3 N# c. Z/ ]' F  r. U" [" Z2 }
in stock market, it's the demand and supply pushing the price up/downwards.3 }( V$ r% d4 H9 y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 D4 w; Y; R; r  R8 w) M7 T& F
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' O* f$ ]% P# vThe 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. + T2 n% n: O. Y* X7 W
but the value of their assets did really drop significantly.3 q' w/ k- ]" r: L) L. L4 w

* i  d0 x3 [" n; [0 [  {& g[ 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
& [: n# b' D. RRefer to last example,* P7 o3 u! @" N; _& @0 w2 t
that means bank A have no money because we borrow 10 dollars from bank A 2 C7 z4 ]3 P  v# Z$ Y# \  `
Because bank A doesnt have enough cash on hand 6 u: M! X" t+ M4 m2 {+ Y" U! c! A
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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, K" x) B' }- f6 N# Y/ C  SA->B->C->D->E
3 U  K1 l( t/ E) i! O0 I/ |so does it mean if E failed to pay D, 5 o' o5 Z% W, C( d3 i6 m  h! b
all the B,C,D,E have to go bankrupt?7 ~- x% S1 k6 s
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/ i2 v* d3 v  D, s! V& ]the multiplier just tell how much money created in a whole economy, * Q& a9 j/ ^& b* c/ c! m
in this case it doesnt really matter how much money is created,
$ Z5 T: q1 Y8 ^& }7 h. J. g0 B( Eit's the problem of the debt itself.
, F  j% Q  i2 M# f: Zthe 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.gif6 A* u9 Z) c( D4 r4 `
小弟一直都唔明.../ c) {1 c+ e6 K3 X( d6 q

, F! h! I& F- `. h5 J0 j" A. e全世界都蝕錢，咁邊個賺緊錢呢?
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: h' x6 c! ~! u7 p, m1 o無可能淨係有人蝕錢無人賺架嘛...- ~/ Q- ^" H7 F# u) _' g6 R* y
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敬請各師兄解答6 G* U; ~5 E% J6 L0 `+ l$ s% @

( O) J: s* a3 ?Thanks

: n) W9 \+ @8 l9 j那些根本係 紙上財富  9 A' l! h/ m7 ~# X4 j( B' a
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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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 ^, n! {" }2 J# j* V) u當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
! t- l) J0 l: B! Q; |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
& E6 R$ F" l- D個件物價係市場好既時候升, 例如15%先算,變左12蚊啦; c6 e& g; |( h: F) x
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,2 ?, a8 n0 X5 c' W7 H, J. u1 p7 v: {
計番回報率就已經係50%,所以可以好好賺- Q8 Z: s+ }( q" d/ W1 w! r
前提係銀行之間要互相信任先可以咁樣借法6 d: b- ^' M6 D# |8 D1 x$ \
同埋個市場既前境要係好先得$ N+ X5 L9 g& A& I+ u0 {
但當經濟一差,公司估值趺了,物價不升反趺4 w: T) D. H7 h2 q
例如剛才說10蚊的, 趺到得番9蚊,
$ `# h. U2 P0 V咁投資銀行一下子就要還11蚊, 一來一回變左虧200%; L9 ~% l  Y. g! B& k! \
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
) f% T3 e0 q& T& R* s# i5 ~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,
3 G5 H3 I) B, U. i7 q9 S淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 L1 g# k9 g0 [& T) }# M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
. U1 y0 ~( `4 g$ W) C. K/ L5 M( f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! T+ U9 r/ @2 C0 z
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 @3 a  s" k# o. L& }' ~
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* h6 i! G5 i: h0 K4 e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9 Y9 L* P# `/ c2 S* V7 u$ p
咁你話d錢蒸發左去邊? ...

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% B' N/ {& N- N# p, y正係咁樣7 ?4 }& ~/ p0 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/ c, d5 R" b; y3 n$ C& U
分分鐘佢地唔使還錢) X0 O0 _% U  w/ t
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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 `4 e4 l: @+ \! U/ K連國家都係問人借, 不停發債券, 印鈔票2 }- b2 L; f4 v# J( k9 @( L
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產& G" P' d  j; w, N
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
3 y& U; P' u$ c% S0 x: G: L& U咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...5 J- k) T7 ^7 v; ^0 n6 R9 W' a
因為以前未生產, 先消費
( ^5 @, b$ |2 ?9 f6 S$ y9 w+ d而家就要多生產, 少消費