0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
. i- y/ ~6 d$ v8 k% a2 @; xWhy bank will sell 借據給第三者???( r( X  }' Q  N0 d3 s% f+ B1 X6 Y
I was so confused.....

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講到尾都係賺錢
8 Q9 I. Z8 `5 P! k; n5 i/ a. [so銀行可以不斷放款7 [0 O; W6 {: W0 k$ p) p! q+ X. L5 @( u
美國的房貸問題散佈到全世界: g- l# Y" ?9 F, m3 g3 K

  X" o6 q6 I  _7 w2 L: Jmortgage loan 6 q# Q% S2 p# u6 M  x' y. k& X  @
>conduit
; X$ Y- ~( f8 V" l; h& S>RMBS(Residential Mortgage Backed Securities)
& v& u, h1 W3 {>arranger2 E. ^3 E% k! U1 l1 w5 q8 Z
>CDO(Collateralized Debt Obligation)! @0 d4 X: T! E/ J
最後去到投資者

Kev

i thought it is the reason of rate of return.  \: b5 _4 [  f/ Q6 r5 e
CDs could have different ratings, AAA -> F,
' s) o2 A3 l2 hmore risky ones would have higher premium (interest rate) as a compensation for an investment.7 v, r8 O2 J; u! c- M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ u" g$ E0 R$ _. {, k
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 t& B/ f! c1 WAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) b. {/ ~# N5 @2 ?
similar to bonds, CDs trading in the secondary market have different value at different times,+ Q5 Z4 W+ @; x8 e& v* u$ ~& ?
normally the value is calculated by adding it's principle and interest. % R2 @% v) y  w2 `
eg. the value of the mortgage+the interests to be recieved in the future.
& s+ S$ w0 ~- F  i7 }; }$ `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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im not quite sure if the multiplier effect does really matter in this case.# y$ y- ^4 C- I9 G+ g
in stock market, it's the demand and supply pushing the price up/downwards.
( Q- H8 \5 G7 k6 q. P" p% S+ A! U- fFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( k! X+ a2 T3 g3 }1 ~( @* K/ EA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ S' e+ p( y( @1 m2 _& e4 _9 Z
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.
# h* v. G+ N6 D% ?5 x, Dbut the value of their assets did really drop significantly.3 ]: |/ H! |3 a7 i, K7 A% O

' I5 V- ^8 b( P# v8 W& @[ 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
/ E* y. b( k  U7 JRefer to last example,8 f4 N6 X+ x+ D( D. a" o
that means bank A have no money because we borrow 10 dollars from bank A
) o4 q. K$ ^, b0 O* ]7 Q2 v" @5 SBecause bank A doesnt have enough cash on hand 0 N* Z2 m' b* C4 E% N. M) O
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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8 o3 ^$ k! @: a- h' GA->B->C->D->E
* t$ x* `: ?7 Z( w1 k  Z3 aso does it mean if E failed to pay D,
9 J' I$ d) x0 L4 g3 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,
- S& I$ Q( ]; e7 ?% cin this case it doesnt really matter how much money is created, 5 [8 J: \4 \/ Y0 j( \
it's the problem of the debt itself.3 [' |, ]$ j4 r
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+ b8 F9 f1 K' z! Q8 Z" |% {
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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9 o. I" n+ g: p敬請各師兄解答' p2 }5 F! z+ u3 z

: p. O: U6 T* q* Y7 K7 E7 MThanks

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那些根本係 紙上財富  9 j$ m. S& V1 @
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 graphic7 p& p9 N% r, @! R( v; S- H; v
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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0 _6 ^) O3 y! b# V" f0 z) G
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高1 o7 [5 A/ c& T+ t# y' d& C& ]
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 n5 n2 l" s: u2 I! u
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦- l7 w& P  p, O$ B! J) x' O
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% e/ j: O0 K- l. s+ X$ |% A+ A計番回報率就已經係50%,所以可以好好賺% [" E) i! n0 j  h+ m! Z7 Q& p6 Y, a7 o
前提係銀行之間要互相信任先可以咁樣借法
5 a2 e9 c0 e, @0 W* |" Z; O& O  e同埋個市場既前境要係好先得5 p: A# h' l) R; }, F* X# R' ~7 M7 l
但當經濟一差,公司估值趺了,物價不升反趺
. O5 F' N* O" i4 H例如剛才說10蚊的, 趺到得番9蚊, # v$ s$ X  Y4 _9 M
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
- @$ L8 r3 k+ M( P! U所以你就會覺得D錢好似蒸發哂咁  U2 O2 u# L( @% _

5 E' d& v. v( h) r你都可以當標野咁諗, 個樣野多人可以狂升值, # @; u  I& w7 Z6 D5 c  L: J
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,
6 d; [6 s0 v' j9 ^, @8 M8 I0 s+ ^- m淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% _" y* c" I' N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3 c3 C' ?) F/ e! {5 z1 ~  I' P
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.gif1 u$ \, S! i2 V
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ! }% X) N1 _& {3 J) O
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 `* q# n% B+ ?( q& }: ?5 O1 F
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
3 Z% h+ K; \, b, n% z3 `) @咁你話d錢蒸發左去邊? ...

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3 b% \" {7 _% B6 M% M正係咁樣  S) c3 a8 C9 O% D$ O) c" {4 D9 ^
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  P  h6 S4 Z! Z, _, R8 o
分分鐘佢地唔使還錢# q" o6 ~# U  z4 F, i" a- b% O6 _

. m7 T- j: z$ U( K6 s) p; g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,
7 w8 P( r! c# B- `4 e* G連國家都係問人借, 不停發債券, 印鈔票
  ]+ H7 v& L- ]* J7 k( I一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% z  [" W. D: Y' K& q" E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, S  B' S; V4 i1 j% Z
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...3 ~5 H1 ?+ O) Y. i6 c- K
因為以前未生產, 先消費
+ C( n& i# x. L/ ^$ z而家就要多生產, 少消費