0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 z! A) T8 ]! _# Z7 ^" }Why bank will sell 借據給第三者???
" b1 l- Q: i+ S% u; aI was so confused.....

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講到尾都係賺錢
: }" p, K* X6 A* Cso銀行可以不斷放款
& a  Q( G0 _/ t美國的房貸問題散佈到全世界: t" A. A6 z; C: w

% R, |! v- P  S2 Z* cmortgage loan $ G0 s+ C" w7 f, o( {* ~
>conduit+ ~. O) T6 e% {) _# H: |  E4 N7 s
>RMBS(Residential Mortgage Backed Securities)
# C, v% J; O7 L, A, g! B8 _6 W( `>arranger( Q( n* Q! Q0 c* \9 D) A
>CDO(Collateralized Debt Obligation)
* u' Q$ X* n: V; n  ?, s最後去到投資者

Kev

i thought it is the reason of rate of return.
! Z  }# s3 E' I# C$ O* ~CDs could have different ratings, AAA -> F,: o# U% s; s6 E* J8 ^$ N: O0 r
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 N  i3 ~4 o+ Q0 D" y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 h, o' J$ P6 h
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ Q3 S" I! [' _7 E5 X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' P* T  b' Y3 usimilar to bonds, CDs trading in the secondary market have different value at different times,5 W" z7 S% {( D
normally the value is calculated by adding it's principle and interest.
8 R- o( t3 W+ H5 v) M* Leg. the value of the mortgage+the interests to be recieved in the future.
, P- |! b4 O1 Y, Ibanks 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.
  a6 J* d; Z, `  y) Cin stock market, it's the demand and supply pushing the price up/downwards.
" ~2 l, |4 X1 O* F  y% d& g0 lFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ {- M& Y: [0 c' |) EA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ T; T6 D7 s8 A0 d" @
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.
- C4 X! K/ N% e% D+ e, |6 bbut the value of their assets did really drop significantly.$ m2 \! {* C5 }* I

$ }1 z( L5 c' Z+ `" Z[ 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) T# y! j( v' N& W3 U
Refer to last example,* U6 F* f: h6 F2 p
that means bank A have no money because we borrow 10 dollars from bank A
. y* \1 M9 \$ PBecause bank A doesnt have enough cash on hand   T$ @) F& q2 @% U# I; |1 X
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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! Z5 e/ N4 Y7 X3 QA->B->C->D->E7 V2 v" d6 s0 O- K
so does it mean if E failed to pay D, ! c. k; s2 l* @+ U
all the B,C,D,E have to go bankrupt?' Q9 N9 ?6 c) }; a- D- W

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5 s  i1 f, @; x9 x# j' xthe multiplier just tell how much money created in a whole economy, & Z! X6 R) l) N/ p. s) b1 u2 F
in this case it doesnt really matter how much money is created, 1 J6 ~& s1 M8 E% J0 x
it's the problem of the debt itself.
' u- P- |/ l/ [: e# C8 Vthe 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
/ A1 S% L/ G5 [8 X! K小弟一直都唔明...
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2 a6 V& g2 d, X1 F+ c全世界都蝕錢，咁邊個賺緊錢呢?, K, U4 s- u4 y4 x. y! d9 u

. q; `. V" t, a* ?, x. z1 ?% n無可能淨係有人蝕錢無人賺架嘛...1 }$ }, h/ H4 q. A4 n5 T

- R3 g" W6 K( P9 Y; t敬請各師兄解答
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4 Z0 B( z$ j# E( ?8 Q" ]1 e# j% U$ CThanks

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那些根本係 紙上財富  
& n6 Z! c0 P5 s, ~' 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 graphic8 w* U4 p7 D% s! _' z, [
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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2 T% u% o* @, v; X3 ]7 T% y& v
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高7 i. p9 k4 u$ Q2 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
9 t5 n' w# @" C6 a1 N$ C, D+ b( `個件物價係市場好既時候升, 例如15%先算,變左12蚊啦# k6 Q& M9 R* X+ u* c
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% s/ E' N3 n" q+ ^3 c3 C2 u3 E計番回報率就已經係50%,所以可以好好賺1 a7 l# R9 R! y9 ^9 e
前提係銀行之間要互相信任先可以咁樣借法
4 R- O9 Y: K2 O8 Z同埋個市場既前境要係好先得
" A) S( v& T9 Z- N1 J4 \, H但當經濟一差,公司估值趺了,物價不升反趺
9 w/ z! Y+ y5 a# W# I8 T例如剛才說10蚊的, 趺到得番9蚊,
$ _1 t$ U! [3 S" M: W- b咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% N0 N$ m' I6 K) Y所以你就會覺得D錢好似蒸發哂咁& L- ^8 C0 [. a8 u/ r  @( N9 T

- s1 i: u- L, ^' z6 z你都可以當標野咁諗, 個樣野多人可以狂升值, $ p9 m3 Y5 r( o3 R1 Z
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,
# C1 k: \6 ~3 U& j3 Q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " L' L2 ^3 B6 t
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
% a4 O4 K  c# X4 t- G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( M) b( `4 n! t& f& d8 ~! v2 S; c6 E
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
) ^4 J, P# d, P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - @! z3 s6 d) x3 o. ~. i5 Y( Q$ 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* |. C. k3 n* n* M% a% k
咁你話d錢蒸發左去邊? ...

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正係咁樣- H' F' z# b* t. P) D! 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
1 k7 [4 [1 w1 {4 [2 z  H6 W分分鐘佢地唔使還錢+ d( m( l% |- ^: ^% I# 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,% Y6 d) S1 r" o. {2 Q
連國家都係問人借, 不停發債券, 印鈔票
$ w0 m0 M3 X) d8 ~! q. u一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 }3 L/ V* D4 M" \. d2 ^6 u2 F6 f! R* J4 r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) M. @/ v# L, K. D1 V
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...1 ]) V4 L3 W; F$ `9 D9 u
因為以前未生產, 先消費
7 z8 B# j1 m0 v' Z& X而家就要多生產, 少消費