0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( h8 y9 Y' c9 k' m* P4 l, T
Why bank will sell 借據給第三者???
, E1 Z6 ~8 X& s, tI was so confused.....

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9 N5 t4 R) m* k$ j/ f講到尾都係賺錢, ~- \% l% r$ G, t: T( g" E
so銀行可以不斷放款
, Q" F  i+ ]9 }4 u$ E美國的房貸問題散佈到全世界2 x  @9 b( I, y8 w

3 u4 q# n- |$ i0 wmortgage loan * `" N5 ~8 P4 R7 l- g
>conduit& y2 ~5 \" N6 Z* q* b6 h/ ^. J7 ]
>RMBS(Residential Mortgage Backed Securities): l  [; }1 |  w) T  _3 k
>arranger# d% l/ c* ^" Z3 C( E5 v: Z" K! O4 ~
>CDO(Collateralized Debt Obligation)
+ Z# S  {/ r" _4 y) l# j最後去到投資者

Kev

i thought it is the reason of rate of return." z/ u& q3 s' x. |$ u3 M- c& }
CDs could have different ratings, AAA -> F,
4 E* U8 \" y# J: M# i# [0 hmore risky ones would have higher premium (interest rate) as a compensation for an investment.
- ]0 Y2 b9 [8 i5 ^main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 G3 o( t$ ?: q# L* ]# O( n* `in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.( }6 l% U" e: ~
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ Q: N8 }6 A3 W# u( ^
similar to bonds, CDs trading in the secondary market have different value at different times,; V* v: I+ D, T# o" G% P' B7 I2 x; x
normally the value is calculated by adding it's principle and interest.
) e: U' ?! f0 |" ]eg. the value of the mortgage+the interests to be recieved in the future.
+ G5 {5 L) O7 ^" c7 k8 E" Ebanks 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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- a5 {' b+ V5 h( q2 s8 w* Oim not quite sure if the multiplier effect does really matter in this case.
7 P, b, I2 r: z' B/ a+ I- g# Jin stock market, it's the demand and supply pushing the price up/downwards.6 @+ S& g' \& b3 c1 ?
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 l! V7 P4 g6 u" S- i' k  R/ ~- J
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 E8 S0 ?8 P& J3 c/ ^( \' j
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.
* {6 d+ B% b3 zbut 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! v' B/ l3 A  e
Refer to last example,- P$ s. _5 P9 z4 y2 g2 @1 T
that means bank A have no money because we borrow 10 dollars from bank A 5 E& h; O5 K9 P7 k3 `
Because bank A doesnt have enough cash on hand
8 d& I4 v8 Q& z& ^- btherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
/ M& z+ P" [% ^9 B6 B1 xso does it mean if E failed to pay D, 4 w. h8 t% h2 }+ F4 F
all the B,C,D,E have to go bankrupt?+ P, N( s" i' F

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the multiplier just tell how much money created in a whole economy, 3 b2 V- G2 i1 M  J
in this case it doesnt really matter how much money is created,
- f# y# w2 U/ m4 u9 s8 L( \it's the problem of the debt itself.  {9 `/ W$ q8 r! A9 q( |: i5 \; U
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" t; O, X8 D% b& O
小弟一直都唔明...
, F8 ]8 u! u9 @# H  }0 E# t1 M% W0 r8 M4 L
全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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/ l( Z9 i/ F& n  R: z敬請各師兄解答* P" K* j( r# g& q1 e
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Thanks

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那些根本係 紙上財富  % W7 o& R6 ]* ]0 r
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+ g% t5 k5 E# a0 Q
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高8 M  J; X4 f4 L# {3 }
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
; g$ b! W- M9 i4 f$ `個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 R8 j4 d' E! h7 F& h$ w扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,; W" }/ x* W, H  L1 e$ [
計番回報率就已經係50%,所以可以好好賺
) _$ b$ e% p. w! H. Y) _# x前提係銀行之間要互相信任先可以咁樣借法
5 l2 @5 k! i3 U( _6 I3 g同埋個市場既前境要係好先得
0 K3 C; C9 \# e但當經濟一差,公司估值趺了,物價不升反趺* j- q5 Y( S- P9 G8 c# L% c% a: e
例如剛才說10蚊的, 趺到得番9蚊, 1 v5 [3 F3 Y  q: h; m: z9 \6 h
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%9 O3 T/ I9 |! X. V( p. v+ E! E) a
所以你就會覺得D錢好似蒸發哂咁3 ^; J( ^# d! G- W, c' t. ^

/ W$ p* p1 i3 J+ P9 g: i) D8 D+ x你都可以當標野咁諗, 個樣野多人可以狂升值, . G8 ?. {% Y1 J3 \+ x
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,
& @4 l& m+ s% C: V) D  J淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 P2 b* B+ S% P5 j6 f  M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
$ I* N1 N% S/ F9 i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; L1 B. f0 H# M, G
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
4 T- r( D1 D" s8 S2 q+ Q) U淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ [" i7 T* r% h0 y9 n/ V1 n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
/ Z) v* r$ O* [0 B咁你話d錢蒸發左去邊? ...

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2 s* q3 N! }& \* Y; u- r9 }$ }8 @- Y正係咁樣( i! Q2 t: @2 G8 [( V! f
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
% p3 _: P' _" S! U  j1 m" q4 g* V分分鐘佢地唔使還錢6 P2 ^* S$ X$ M' ^

7 F) K# Q3 p8 e: e9 T$ G# a; [& C! o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,
" D. R8 u* V- s/ s- E% a連國家都係問人借, 不停發債券, 印鈔票
! Z& x* J8 K- i( J/ i7 U  v7 u5 ^一個國家好少出口, 而又大量入口 ,反映到佢唔多生產1 y. C0 G. I# m' F* C+ m
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.gif2 L+ M9 O. u$ `6 d, ?
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
4 R/ T. p) c; a7 |: i因為以前未生產, 先消費
' w, O! j# f' O: b$ r5 F而家就要多生產, 少消費