0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
, O& _! s. m) h5 r9 y5 fWhy bank will sell 借據給第三者???) ]$ p( P$ N) p, M) m
I was so confused.....

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+ H' S6 q5 k, E( d  W講到尾都係賺錢: `/ k; H4 b# Z: H8 \& y# R: j0 a
so銀行可以不斷放款: s/ `: @& ?: E/ F- g/ \
美國的房貸問題散佈到全世界1 s; r  ~1 M2 g

! K% x- |( B2 U9 |# ?( zmortgage loan # ~  g( n- }) N' h  b
>conduit
* n0 C7 s: V4 @4 L' s6 K6 W5 x>RMBS(Residential Mortgage Backed Securities)( j+ R" R3 C4 Z( ]
>arranger
  L+ ?, b3 S! }. X% q>CDO(Collateralized Debt Obligation)
' C! i* r1 ]% J% e最後去到投資者

Kev

i thought it is the reason of rate of return.
$ u0 M9 H* o, C, ~8 a. `3 lCDs could have different ratings, AAA -> F,
. w* B) z$ {  y1 [1 e/ E3 g% lmore risky ones would have higher premium (interest rate) as a compensation for an investment.2 e8 C; T' w& t6 J7 g3 s; u
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ x! w) v# R+ d4 ]! Pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# I( p  w0 b; l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 C" H+ h- `, A, _
similar to bonds, CDs trading in the secondary market have different value at different times,# h' @. D* x+ n
normally the value is calculated by adding it's principle and interest.
' @; K  l2 c/ m; ?, a: x/ y% geg. the value of the mortgage+the interests to be recieved in the future.   N* n+ m  m) [# M+ Q% l
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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+ r8 n5 H7 l& {( P8 gim not quite sure if the multiplier effect does really matter in this case.0 E8 I0 |$ u6 K. V- e' v3 Q- {
in stock market, it's the demand and supply pushing the price up/downwards.8 H. g# f  \, G! y( K
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, A3 i: U& k9 v, V. v8 U7 a
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 z0 u9 r0 I$ p8 e3 @+ e$ CThe 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. 8 v3 v% q% x9 _; O; V2 x% \
but the value of their assets did really drop significantly., q  @2 P7 `5 C+ f

! `& b1 C0 W- C. j6 W1 L[ 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
8 b1 c) _) `# A/ `' d" \Refer to last example,+ ~8 C+ c" y) \7 q- ?
that means bank A have no money because we borrow 10 dollars from bank A
( B: X+ Y$ l& ~% }- J5 ?9 c' WBecause bank A doesnt have enough cash on hand
2 z9 e2 D% p5 Y' h- o& v) M- ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
0 @4 S3 }4 z5 P9 rso does it mean if E failed to pay D,
5 o6 |9 S& {8 N, P' C3 nall the B,C,D,E have to go bankrupt?3 t+ ?! O7 B" h8 Z* V  }4 j1 L4 G
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the multiplier just tell how much money created in a whole economy, 3 t( ]. Q6 l5 w7 o
in this case it doesnt really matter how much money is created, ) h+ }. T% r+ {  ]2 T
it's the problem of the debt itself.$ P/ y$ w& `5 d# U/ {- \6 g
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
# a4 U$ d' Q) l. A小弟一直都唔明..." D# l1 _& P) d& q8 o
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全世界都蝕錢，咁邊個賺緊錢呢?
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( `% |  ?9 z9 \+ b& `無可能淨係有人蝕錢無人賺架嘛...1 B8 z# Y$ }) ?& g/ b+ `6 t; y

- l5 O/ p4 v  n; |$ [; _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  
+ J* v( ~" v2 e6 W. q! n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% B1 t% [8 @( Q  ?
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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& b5 r7 `3 J! b- n4 ^) G, a+ t
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
: y8 G* V- Y6 y& N' ?# I+ |) a, @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+ \/ ~& _: x: ~- h* O1 M0 H9 F
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 o7 R/ M- o2 C' _* F9 W- A扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
; q3 A$ o3 V! y- K- ]: I% Y1 x/ s計番回報率就已經係50%,所以可以好好賺
- w- v( h  \1 V! ?+ v  r前提係銀行之間要互相信任先可以咁樣借法" b% }* s( _. a8 s# Z2 w
同埋個市場既前境要係好先得" x) f+ c; Q" n. A5 Z
但當經濟一差,公司估值趺了,物價不升反趺
2 i# ]* |, h' A6 P0 F$ P例如剛才說10蚊的, 趺到得番9蚊, 7 U' }, }7 Z$ p! H' g- @' _6 N$ }
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 Z" _; w1 ]: r' y2 W
所以你就會覺得D錢好似蒸發哂咁! F/ s* u9 ?! H2 T4 o9 ]
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你都可以當標野咁諗, 個樣野多人可以狂升值, 5 s9 l. P2 T; n# p' C; \$ x7 c+ E
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, ) S! f7 y  o" z" Z' S$ }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   ]' v) @% E. y; 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
* p7 e' A% N) X; a0 c- l3 ^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.gif8 \% U8 e; E; b. a0 `
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
( j; G5 }: }& e- ?6 ^淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' m5 U" x; F6 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6 k# G9 R$ F1 }3 T7 B5 G& S
咁你話d錢蒸發左去邊? ...

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正係咁樣) V! ]' ]7 |2 T8 k' t9 A5 ], I
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
; h6 o/ [$ {% j7 K/ D- a" t: r分分鐘佢地唔使還錢8 l) i! Q2 w% E
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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,0 C5 f; e. r& }  b; w
連國家都係問人借, 不停發債券, 印鈔票
. D* K% O( Q) W* ~8 ~一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% M4 u: d6 z+ ?# Q" T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 G/ v1 g5 |  Z. }. Q, h7 h/ {
咁而家"爆哂煲"算唔算先至係變番"正常"???

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  J" O1 m) U. E% O8 \2 y其實係...) N2 v7 U' e5 R7 f( U, j
因為以前未生產, 先消費
1 `1 Y6 a. N4 M" c而家就要多生產, 少消費