0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif1 L3 i  H' j& v
Why bank will sell 借據給第三者???
9 H0 h( c6 Y7 i0 U0 LI was so confused.....

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/ j+ C& Z+ N: W2 L% n講到尾都係賺錢# N- A! g* ^/ S% \- W3 k
so銀行可以不斷放款0 P2 T& `: G3 s# B
美國的房貸問題散佈到全世界
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mortgage loan
6 B$ j. o8 _( d7 E; t9 D/ W& j0 z>conduit, r4 ]) f  g& e! }/ O+ u+ Z
>RMBS(Residential Mortgage Backed Securities)
0 U3 d3 J5 q1 V* |) l! n! [>arranger
$ G: z8 N% W9 N( v7 k# _>CDO(Collateralized Debt Obligation)
# A0 O2 I& [; M9 b  X最後去到投資者

Kev

i thought it is the reason of rate of return.7 F3 c4 R- `: e: G- h) r! Z- Y# k
CDs could have different ratings, AAA -> F,
' y  ^, l- f0 O9 }- fmore risky ones would have higher premium (interest rate) as a compensation for an investment.
# e1 t  {2 {9 E* l' ?( O/ tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. A) L" h! K" k7 O. w
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ d# I4 b2 g$ l3 k
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 o- Y0 e( D& X- E0 l% x# j4 m. v6 {. h
similar to bonds, CDs trading in the secondary market have different value at different times,
, X' c3 i6 v$ n) o& _; ~normally the value is calculated by adding it's principle and interest.
# w5 T1 V7 u: m& \/ Jeg. the value of the mortgage+the interests to be recieved in the future. " l5 i8 E  ?+ {/ P) M9 L, }! U
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.
! W1 C8 x! k- R# P* c1 Pin stock market, it's the demand and supply pushing the price up/downwards.* L: g$ _  d4 y" k  A$ Y. k& Q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* g: e+ \( h# }6 pA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; E/ R- U+ M9 T) Q4 y
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. 3 l+ F. F0 x9 J1 [9 j6 Y
but the value of their assets did really drop significantly.3 \9 a/ I% r" S  N
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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
3 ]* J2 L- F: ?Refer to last example,6 g" K! M) h% f& V" `) l$ W' x  `
that means bank A have no money because we borrow 10 dollars from bank A ! L; Q; k4 i5 o$ o- ]) ^
Because bank A doesnt have enough cash on hand   d) \0 s% K' P; [, r  _# a6 ?
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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; l) T7 K# X6 ?2 vA->B->C->D->E
4 O: R% ?3 B5 z; |so does it mean if E failed to pay D,
$ S; e# e8 O- X; Z3 pall the B,C,D,E have to go bankrupt?; k) n; G2 y+ S' h+ |, j; Q
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3 M- b* A8 x! Ithe multiplier just tell how much money created in a whole economy, ; @5 C8 s4 B& o; A6 P3 R
in this case it doesnt really matter how much money is created, ; R% _3 Z% |2 F  D( f; |9 V$ `
it's the problem of the debt itself.' @; N0 X; q0 ]! Z3 k
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
: ?) H4 A- |2 h小弟一直都唔明...4 Q& W9 _& b* A* {
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全世界都蝕錢，咁邊個賺緊錢呢?
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0 c! ~6 h. b- v  |% l. N$ L* ]無可能淨係有人蝕錢無人賺架嘛...
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" z" Q  J& H8 U% P9 F# V0 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  8 R& L: y/ l$ E% 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
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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
4 c8 ?1 n3 j" S7 o" Q, g! ]當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; M- a5 k) F9 L' |$ r' p" ^, ^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
* E( `( X/ \! f3 L) X個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% |$ M3 A, O; v# ~) E- F, ^3 v5 h$ B
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
0 Q4 Y. x8 [) b3 L7 t" ^) u7 l& [) l計番回報率就已經係50%,所以可以好好賺
. ^$ o. Q9 v9 Z% K- o5 f8 c7 s前提係銀行之間要互相信任先可以咁樣借法/ ]/ M! K- A: b
同埋個市場既前境要係好先得
6 i+ V$ P8 R2 m0 ?. S# \  w但當經濟一差,公司估值趺了,物價不升反趺
/ |5 ~, `. w2 F) H3 r, Z) @' [例如剛才說10蚊的, 趺到得番9蚊, ) N" ?% L  o2 H9 S2 O% ]8 ?8 J' n
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) I5 n& `9 Q) N, t' M2 k
所以你就會覺得D錢好似蒸發哂咁
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6 p* m4 U  u. G& z0 b5 ?你都可以當標野咁諗, 個樣野多人可以狂升值,
6 `: o( L) Z* B2 {8 y" Q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, ; q" v" h4 u' `$ O
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 K+ C4 v# n3 q/ ]& k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 D( O7 N% U/ M0 Z0 q
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
8 ]7 C. Q6 D2 U( Y7 M唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 ~  Y4 _  |0 A" E* ~
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' ^, |6 d  @% m' N0 Z9 D5 [! `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 u( J% t( |" y( R3 B
咁你話d錢蒸發左去邊? ...

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正係咁樣6 C( N( ^" e2 W8 r8 r/ n; \
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
3 K, f0 y, i6 D分分鐘佢地唔使還錢" ]5 l8 J, Q* l+ d' ?

7 @0 }4 m) w/ e- m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,! X1 m: P. u$ o+ f" P+ J* X. ?5 T
連國家都係問人借, 不停發債券, 印鈔票$ w# S" g& ^% C0 G8 J5 ~
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產/ y# y2 ?9 `( I7 r' c+ J( ~5 O
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) u; B: a( v# `9 b% k- z! G8 k
咁而家"爆哂煲"算唔算先至係變番"正常"???

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$ w% I. H: E- i0 m其實係..." C# ^: g% w) j5 w" G
因為以前未生產, 先消費2 U- L6 d0 {* W. S
而家就要多生產, 少消費