0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
8 s4 g( s0 K$ g% o( \+ ?1 b$ u. ~Why bank will sell 借據給第三者???/ K- d' K: o7 D+ R/ e
I was so confused.....

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講到尾都係賺錢
, q6 m/ R; x% W% L/ H$ kso銀行可以不斷放款$ z+ i; @" C' b" j! B# z( P1 M
美國的房貸問題散佈到全世界
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  P5 B. b, H7 h* i" |mortgage loan 9 q. n& o: K& s3 c& ^
>conduit9 n" T3 d1 W' J; ^! {* b" n' s) J
>RMBS(Residential Mortgage Backed Securities)5 ]" {+ H  l, ~2 K. @* a
>arranger( `7 @% Z! T! t/ ]- L* Y
>CDO(Collateralized Debt Obligation)
; _  ?# u- ?, A4 m3 p$ p最後去到投資者

Kev

i thought it is the reason of rate of return.
! H6 a- h( y% z/ x( \1 f* {0 BCDs could have different ratings, AAA -> F,
) A) U. ?# ]) s1 r6 A- L* g& R  xmore risky ones would have higher premium (interest rate) as a compensation for an investment.
. t% a# L; C3 `6 o% L9 |- |* T$ Rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
' F) o7 U: k  din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 o! T0 }) ~! e9 d: T7 V
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ O! K/ Y" c: p, t: ~& v* G
similar to bonds, CDs trading in the secondary market have different value at different times," Q4 e* J0 g+ N& g
normally the value is calculated by adding it's principle and interest.
9 j' A8 b3 G+ |% I) Y# U5 Seg. the value of the mortgage+the interests to be recieved in the future. ) k3 S- `/ ~% g" W: U+ y
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.; O( O" M* M. u9 h# k/ h

! W  A0 {+ m4 P! i( l) eim not quite sure if the multiplier effect does really matter in this case.
8 B8 u: W  p+ C  Fin stock market, it's the demand and supply pushing the price up/downwards.
; y- M9 x6 v: GFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* ^) r7 |( \/ A7 z$ |' TA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ [3 c% g7 I7 h5 q# C* \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.
, p- Z3 M& D( Vbut the value of their assets did really drop significantly.3 L! }' e/ {" D4 d

4 K  x% P/ \+ J& P[ 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
- k  w( @7 j8 N# c' K; eRefer to last example,, M+ h% ^$ k( ?* t' {
that means bank A have no money because we borrow 10 dollars from bank A . |8 X. _( B/ X4 P! S0 }$ }
Because bank A doesnt have enough cash on hand % K) G* K$ F- S  e9 ~7 b# f8 T
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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4 r' m+ `& x& d3 W1 _: FA->B->C->D->E" P; l' B) U% y) h0 P% [
so does it mean if E failed to pay D,
; N4 y, k  X5 @& |1 g" [all the B,C,D,E have to go bankrupt?
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; X* ~. b- T( E0 {% K, @% cthe multiplier just tell how much money created in a whole economy,
  j2 c6 u. l+ E' W3 iin this case it doesnt really matter how much money is created,
7 v0 ?* d( m: W, b& Git's the problem of the debt itself., ^" h; J9 F7 `! w
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. \( q+ k+ k, i  q6 q$ O1 k
小弟一直都唔明...2 F8 p1 q. P9 X: `( ^( ?

) n' s, j! k$ l! a$ H全世界都蝕錢，咁邊個賺緊錢呢?; P/ [- R. r" k4 v
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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) F5 h  p! T' v) Q0 B9 uThanks

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那些根本係 紙上財富  2 R* O& L* t) q# H/ K* \3 t
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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) B. c2 Q$ H. N3 \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
) r  j4 o, Y; p3 ^( Y3 M當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- d7 |7 i4 c; K- n) E' Q8 r% U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  N' \& s: u# E  ]* i0 R0 D' \+ m9 ]
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% ]+ A9 O9 G- y; O# }" t
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 m9 w  K3 T( I  h9 J, P  g計番回報率就已經係50%,所以可以好好賺
& R6 x8 ?# W0 `6 y( F0 j前提係銀行之間要互相信任先可以咁樣借法3 S. Y8 L( d* ]. R/ e, L
同埋個市場既前境要係好先得$ ~2 S* q/ j7 @, J
但當經濟一差,公司估值趺了,物價不升反趺
, W3 T3 z6 I2 n例如剛才說10蚊的, 趺到得番9蚊, 5 p; ^2 H- g) }" ~$ ]5 a5 L
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 w- q/ [1 W  d0 i% N
所以你就會覺得D錢好似蒸發哂咁+ o6 i6 h- T1 [
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你都可以當標野咁諗, 個樣野多人可以狂升值,
& K  s& i9 l1 {, i0 N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, 0 Y5 j5 N5 K% g4 B
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 G: h# w; J" H" c, i: P# e6 g- z; 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
* E7 u, T* v8 q7 j- I$ O6 [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
) O$ S  |4 i4 d4 \, m8 Q唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ _! |7 C. |9 h0 [) y+ Y, g9 b淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ N) |0 P, Z$ i$ {) B0 ^+ a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1 `& ~' M' `  x7 p' f' \; y
咁你話d錢蒸發左去邊? ...

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正係咁樣
! P3 S* J8 ?( Q, n) v5 K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7 s" A# d; D1 w% u1 K) j
分分鐘佢地唔使還錢3 z8 e5 q  O) o3 `1 e  C6 E! g5 o" v

6 {$ z: K. z, f3 v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,
! g" X- T0 t/ ^0 s連國家都係問人借, 不停發債券, 印鈔票  i9 U& C5 o1 Q
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
5 I  J/ c8 R0 T; g1 j3 S/ G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( O/ F# J3 e$ {6 b8 x  z
咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ u4 E6 B" \2 W6 [, B其實係...
; A8 Q  S2 u/ \' L- m1 R0 s5 n因為以前未生產, 先消費/ t( k  G/ X9 e) \, ]
而家就要多生產, 少消費