0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
3 y3 G+ t* J: CWhy bank will sell 借據給第三者???6 a  ~7 C: O1 R) \
I was so confused.....

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講到尾都係賺錢
$ r& X* \* B! G3 f0 K& pso銀行可以不斷放款
; P2 L; J* k# t( `  f% g9 m美國的房貸問題散佈到全世界' f! ?( Q; h5 ~5 @) g! M; U' ?' B

; a- y/ I! j) ]6 dmortgage loan
& M2 G: ^' G! @. A! U( c, \' V* m% T9 w>conduit
2 H0 r4 H8 M& ?& ^  R>RMBS(Residential Mortgage Backed Securities)  n" N' r) Y! X  I
>arranger6 m3 z7 u/ h- a3 v
>CDO(Collateralized Debt Obligation)
5 L+ q) t/ J3 w0 r/ G最後去到投資者

Kev

i thought it is the reason of rate of return.2 W& h) G! _+ Q0 m* s
CDs could have different ratings, AAA -> F,) |; U% [, `9 A6 s0 S% y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
" X; ^: w6 j0 C2 ?! G% W/ h/ [' imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 H* p  s8 C* O! W+ Pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- x/ Y$ m; P  I; Z/ b, `- p6 h
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( z) @7 u: n) _/ v8 W9 w* s9 W/ X
similar to bonds, CDs trading in the secondary market have different value at different times,
3 V" I1 W0 r1 R& W& Jnormally the value is calculated by adding it's principle and interest.
5 }6 d) e. Z* R( f( G, l2 E, m. L; ~eg. the value of the mortgage+the interests to be recieved in the future. 1 f8 Y6 Y0 |  s$ A2 e, }; Q
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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6 R, y. T0 E4 vim not quite sure if the multiplier effect does really matter in this case.
: B: \0 e2 ]1 X$ [5 Oin stock market, it's the demand and supply pushing the price up/downwards." C9 T  x/ N7 ?7 @! U( v7 I
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- I% T- @2 v6 _4 ?6 Y3 h) M  L
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 c" [' @0 s' ?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. % F# ?' }6 N3 j7 }
but the value of their assets did really drop significantly.
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0 P! D5 X" x& ^6 Y* w$ g3 a3 E[ 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
' X& I: t0 d7 G# ~8 q5 B7 FRefer to last example,
( y+ v* d) d' {0 othat means bank A have no money because we borrow 10 dollars from bank A
# g8 n# J" p. t' ^! c( m8 NBecause bank A doesnt have enough cash on hand % {/ O5 x9 R" R5 t2 }
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ ~9 Q1 H* w$ ~& I% NA->B->C->D->E, I) n- O8 q; R5 ~5 C3 ~, x
so does it mean if E failed to pay D, % r/ \6 k) \+ Z
all the B,C,D,E have to go bankrupt?1 P% p" L6 b1 t, W$ N; r  C

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: R$ y# H! a' n( ?7 kthe multiplier just tell how much money created in a whole economy, " ?2 {$ L9 |) b5 ?6 q& [& c
in this case it doesnt really matter how much money is created,
7 p- n* S1 }) ?# k  k% X9 N5 B* zit's the problem of the debt itself.$ T8 A2 Y) `8 w) 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
) i2 E% W$ r. z0 q. C4 w1 E小弟一直都唔明.... V. t) D* V5 ?  x$ {% j# d7 t
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全世界都蝕錢，咁邊個賺緊錢呢?+ E  I- M2 g% x3 }% l  w2 e

- c4 u. q) i0 n$ R+ s2 H無可能淨係有人蝕錢無人賺架嘛...3 d# I4 P8 l' `

) c+ q2 L# V' `# _( s* L# Z敬請各師兄解答  B! j; V2 Y. [+ @

: N; J/ D3 b3 O6 B6 T+ Z. u7 B9 L/ }Thanks

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那些根本係 紙上財富  2 q+ G3 k$ b7 [, Z
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, H/ C7 Q' f, Y  f* N9 G+ h2 U: D
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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
5 }; Z% k2 y. N' i9 c當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
: d/ d% D1 c( \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
6 w/ _: H! H6 R6 c. M個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" i9 D9 C: o: `+ ?+ 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,8 j) C) N. S% x' d2 l
計番回報率就已經係50%,所以可以好好賺
+ F+ s7 d" r5 a5 v2 }( M% ~前提係銀行之間要互相信任先可以咁樣借法
7 d( ?6 Q) _! i: V/ M$ ~同埋個市場既前境要係好先得
" {2 x1 S" `6 _- R( K1 T但當經濟一差,公司估值趺了,物價不升反趺
. W% u7 I& Z9 u4 u6 j: B0 z例如剛才說10蚊的, 趺到得番9蚊,
# D% U1 \2 [4 q: b咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 v' Y, D; d  ^/ ~8 ?) `
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,   a1 A6 [( l; f8 C8 [0 f% G
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. R# P# [5 j: ~淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 V. `2 v) r" ]* _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! Y) M$ n9 C" j$ ?) R/ D
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.gif9 g. Z5 G$ [# E$ L" Q6 A" Z' `
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
( c$ D$ [) n& N" V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 R8 \  U8 L! |+ ?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 v( J* j8 H1 q- o
咁你話d錢蒸發左去邊? ...

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' I7 V) Y- K/ R7 ?- Y  O: x( f正係咁樣
$ N' N5 r/ o( g( \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( X, S  C! i( `$ C0 H
分分鐘佢地唔使還錢# J/ k9 @; ?5 G# B5 ]
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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," {; S6 A! X! m: \- Z
連國家都係問人借, 不停發債券, 印鈔票% J" f/ A$ j5 T* |% T! v# ?: _" m# d
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# x% }/ ?& Y% m# K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.gif7 l5 ?& h7 h  G* q) W, x8 \
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
  O+ w0 u: }5 L: N因為以前未生產, 先消費% T+ K: [3 M% U4 O& Q+ C8 H# K
而家就要多生產, 少消費