0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif" T. Y$ ?! f* k# k' G
Why bank will sell 借據給第三者???
/ _$ I! E6 M" h+ {$ ^- ?+ EI was so confused.....

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1 B, P: c) U% F$ F5 ]) a講到尾都係賺錢* y3 i) {7 w  C7 [$ }
so銀行可以不斷放款! o+ Q/ ~# F. E; E/ f2 m9 N4 K
美國的房貸問題散佈到全世界, ?6 f) c5 Q  S. {' g1 c
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mortgage loan 2 q4 R4 j9 r  D* b5 C% F
>conduit/ Q6 l$ _$ h; |8 U) y; Y) h
>RMBS(Residential Mortgage Backed Securities)+ T( `$ O* @4 A+ E9 `
>arranger7 G- ]3 u9 [( i: C9 C/ b+ e
>CDO(Collateralized Debt Obligation)! Z6 h3 R. W  v6 y5 ^8 N
最後去到投資者

Kev

i thought it is the reason of rate of return.( N- q. I, m- D3 ]0 U0 A5 W
CDs could have different ratings, AAA -> F,
7 b; a8 m( t2 I8 J+ A; B, N7 imore risky ones would have higher premium (interest rate) as a compensation for an investment.
- X7 ~1 ~  N2 D. n; Q/ wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" I, K- j  ?2 ^$ `. O3 Tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% n# Z" G( P0 j4 e
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 G1 r+ W& q7 \: ]5 U' D9 w
similar to bonds, CDs trading in the secondary market have different value at different times,9 {, S6 N9 G$ S! `- C, P
normally the value is calculated by adding it's principle and interest. * x0 q, [$ U7 A8 ^% [& v! w4 n
eg. the value of the mortgage+the interests to be recieved in the future. 2 l$ _' f' t) I/ m/ v, c
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.1 ~. ^7 e  r) G& o8 A* {- E

! M( e# Y% j  z" Dim not quite sure if the multiplier effect does really matter in this case.! m* L* b# n& S0 b! q) s
in stock market, it's the demand and supply pushing the price up/downwards.
7 n6 H1 T0 |; N8 N9 [For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 n: }* e* L& B3 V
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 `: m% Z# u! G( I4 O( T
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. 9 b/ T6 D. a6 Q% x0 f* J$ _
but the value of their assets did really drop significantly.% B9 j% q: `4 U6 S: c
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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
$ K0 C$ F2 Y0 c/ Q1 L  sRefer to last example,
0 s4 b: N" G" P1 p8 [4 P$ j2 Cthat means bank A have no money because we borrow 10 dollars from bank A
) x% p5 O2 I/ q2 B7 pBecause bank A doesnt have enough cash on hand
8 Z  L& ?( r1 Z' @7 qtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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# P* S8 N  w9 V$ p* NA->B->C->D->E
! g- Z) Q( C  B2 Aso does it mean if E failed to pay D,
5 t) L* @9 [$ i5 N# G! @; ~all the B,C,D,E have to go bankrupt?
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; |3 y! Z# y* N  U; w$ mthe multiplier just tell how much money created in a whole economy,
" n7 t, b3 T+ r4 m" c! R$ T% Tin this case it doesnt really matter how much money is created, ! }3 A# E: q2 [2 \% z0 C4 s2 Z5 j
it's the problem of the debt itself.
( L1 P  _! G' t; e; Lthe 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.gif9 G, s7 S2 N% i4 F
小弟一直都唔明...7 D0 G! Y8 J% t/ r
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全世界都蝕錢，咁邊個賺緊錢呢?4 i& s8 u- j! A: y5 Q0 |
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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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Thanks

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那些根本係 紙上財富  
' z: ^. Z1 a2 K+ u7 D' r* l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 graphic0 L" K  s# _9 a5 O# J% x3 G
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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
: n) @; A9 r( k9 ^; @當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; Y3 G3 F; [: @' p$ a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% Y/ W/ ?* J( a% a# |: ~9 d個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ M/ Y9 W$ H' @# W6 j* t扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,, G5 z' h+ N8 Y/ }: r* @5 [! R- Y
計番回報率就已經係50%,所以可以好好賺
7 T2 @. M5 F% u) f前提係銀行之間要互相信任先可以咁樣借法
' j8 \9 _5 q- S" [- q1 H' ]同埋個市場既前境要係好先得, j( u) g4 _0 W, ]8 ~4 m4 T
但當經濟一差,公司估值趺了,物價不升反趺5 |; _1 d  O! v/ C1 w
例如剛才說10蚊的, 趺到得番9蚊, ; n/ S1 q1 i* W* d) Q6 N
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 r$ H2 H& t! V, A3 S+ D所以你就會覺得D錢好似蒸發哂咁8 l8 S; [$ w  a4 Q+ V6 x" T& T
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你都可以當標野咁諗, 個樣野多人可以狂升值,
6 r9 ^1 y' g; S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,
3 d3 k1 s( A9 `$ Y2 G5 x淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' V6 g$ R6 W, y  G8 y5 C3 s7 p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, A- Y: X- ?: y
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
3 M; [3 Y$ p- i' j5 V' d) l唔係d錢蒸發, 而係比美國佬洗晒未來錢, + Z/ k% {6 F1 I, c. L( t% X
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 F! M. }3 {3 a$ 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8 q' \# }: b) x8 _! B  q
咁你話d錢蒸發左去邊? ...

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) f* V" v1 b  H3 M6 U) J; l正係咁樣
5 j3 C- ?  j0 Y- }3 g4 W7 R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
5 [' X6 L: ~" y4 q0 _3 @& F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,
4 `; ]: B/ W2 z+ ~* h/ E連國家都係問人借, 不停發債券, 印鈔票6 F" ]. x, C! f( z0 Z, }9 H! Z
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ Y, n( y+ ~/ [, ?+ p3 _) ~
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
" {* D) T9 \! ~7 C咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...% u. k2 l2 t3 Z" Q3 z: Z
因為以前未生產, 先消費/ p/ P/ z0 H" i& c" d9 u
而家就要多生產, 少消費