0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( Q, U. V$ Y+ L
Why bank will sell 借據給第三者???5 f, A* {$ j4 G( `( l
I was so confused.....

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  t$ o; F+ J& j$ {& i講到尾都係賺錢, o! q; D8 s) ^
so銀行可以不斷放款$ Z4 T% C: p" \- k+ U7 [$ G9 D
美國的房貸問題散佈到全世界+ R# {8 B+ q5 b$ x; m
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mortgage loan 2 h% A5 h7 W& p# [+ ]
>conduit8 h! p5 ~/ E# |, f
>RMBS(Residential Mortgage Backed Securities)! Q' D, X% _. L. y
>arranger7 R+ T9 `0 s! \7 {
>CDO(Collateralized Debt Obligation)" c" }8 Z; W7 o# @
最後去到投資者

Kev

i thought it is the reason of rate of return.
7 V- b% p, o/ Q+ B0 s% w! \CDs could have different ratings, AAA -> F,# n! P: Y! c* D% P- _. Z5 m7 Y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! n; _6 k* W* }# y: d, y8 L+ Imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ ^1 Z' M$ f% L/ Z+ g7 g3 win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& D/ ~  ?; q8 M* T$ S2 n
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 `5 q+ G: ~) c3 }# E5 ?  U; Osimilar to bonds, CDs trading in the secondary market have different value at different times,
; c- z9 x2 z+ @2 s0 ^normally the value is calculated by adding it's principle and interest. 0 H3 E4 B0 y4 n0 L9 p
eg. the value of the mortgage+the interests to be recieved in the future.
1 d4 [' b5 [5 z" `/ T, O( f4 M/ Wbanks 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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1 g( x7 h& T4 R" ^  nim not quite sure if the multiplier effect does really matter in this case.
9 v, E& W6 \; Oin stock market, it's the demand and supply pushing the price up/downwards.3 E; z$ k- k; q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: N' \$ {& O, W$ N8 X8 qA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! U! Y' x! L- B% @/ _9 ]9 O
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.
* f) I* D4 Q  }8 L+ wbut 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
, x4 b' m$ b2 [0 HRefer to last example,5 k( I& E! p/ s+ q% J, |
that means bank A have no money because we borrow 10 dollars from bank A
6 v3 u" h3 o* |7 n, Y4 JBecause bank A doesnt have enough cash on hand
3 P' O3 r, s5 }% \( ntherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E' u7 D' e. a$ Y" b2 ]5 p5 A3 k
so does it mean if E failed to pay D, 3 _+ ~/ ]4 I* I$ ~0 l7 T- h
all 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,
! O( |! d; N9 J* P9 p5 zin this case it doesnt really matter how much money is created, - |9 g: f% m! }. u6 i% ^
it's the problem of the debt itself.- I3 y3 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. R/ h; W( D  N" H
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?4 i! J' h! \7 \+ @8 k. ?% p
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無可能淨係有人蝕錢無人賺架嘛...; S/ V" V( S- c+ `1 W8 J
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敬請各師兄解答
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7 Y  m! y2 Q9 tThanks

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那些根本係 紙上財富  
, P! n. f" s9 W3 c0 ~$ y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. ?( g1 \$ b. I1 s
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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. O  L; e& |) a/ `) a2 O" f9 ]
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高3 o0 A; ^, v9 t9 j
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* h! G7 O4 |: v1 `$ L
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 Z6 ^% c5 E) d9 k
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
( t! d, c, [  B7 v7 J計番回報率就已經係50%,所以可以好好賺
; ~3 o0 V6 Z7 `3 g1 F' Q前提係銀行之間要互相信任先可以咁樣借法  g/ A- Y/ s7 A8 T1 |+ X- X) x6 p
同埋個市場既前境要係好先得
* k# f8 x. i  j* z; ]: }但當經濟一差,公司估值趺了,物價不升反趺
+ L! w0 S3 c9 B7 |0 c例如剛才說10蚊的, 趺到得番9蚊,
4 K/ @' u, W! a/ ~/ v5 `# t+ }咁投資銀行一下子就要還11蚊, 一來一回變左虧200%- b2 B2 X( X2 d/ _: b8 W# ~# ~5 Y
所以你就會覺得D錢好似蒸發哂咁
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& Q  I7 d0 \- _4 J6 d- U你都可以當標野咁諗, 個樣野多人可以狂升值,
; ?$ {, l* J: b0 k- K: |; M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,
  Y" b" `! K& u4 b淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & N; `4 s9 k0 W- H( W0 s  ?# ?% D
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5 Y8 }! |. o% y! N( T1 P8 R9 A
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.gif5 I0 N/ G4 W9 r' _" i0 L- E' z- v
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 S, c& N0 W1 s8 R! t/ ^- H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ R9 ?& W4 d+ B
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
2 c# i& B  ~; B0 W6 I咁你話d錢蒸發左去邊? ...

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! z# @3 O8 M# L7 ]& X( \( x正係咁樣
3 R9 s# I8 r) F; H" y; h, B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
4 I9 Q& R9 u. `5 n. w6 L5 X9 M分分鐘佢地唔使還錢
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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,6 k3 t% A8 @- [4 y' }
連國家都係問人借, 不停發債券, 印鈔票
; g2 F- t; q- H! z* h: p一個國家好少出口, 而又大量入口 ,反映到佢唔多生產" M6 [* D& C8 I( [: c
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.gif9 M5 v3 j' Z8 o) z
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...8 b. A2 s1 d! l4 u3 l# j
因為以前未生產, 先消費" J* m: }" [6 v2 F5 y2 r
而家就要多生產, 少消費