0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
. b2 v& a/ b1 J* ~: \Why bank will sell 借據給第三者???5 Z5 x/ H7 @; T9 _1 w
I was so confused.....

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講到尾都係賺錢8 A4 D+ u2 R# M, H3 n
so銀行可以不斷放款
: c2 z8 C% f0 T) S3 F美國的房貸問題散佈到全世界/ D4 H1 i& s' d% j% ~

& ]4 w% F- y1 |mortgage loan
3 s% L9 N0 }8 b+ f9 O>conduit
* k; i' I1 q& N  y>RMBS(Residential Mortgage Backed Securities)
* z* m+ a: t: L8 l" V>arranger4 u* T* @* m0 b
>CDO(Collateralized Debt Obligation)+ y; e5 u: W5 y+ e0 \$ q& D: L
最後去到投資者

Kev

i thought it is the reason of rate of return.
5 ]% H( @; e8 Z  SCDs could have different ratings, AAA -> F,
; }$ M0 W  u; @1 e' Lmore risky ones would have higher premium (interest rate) as a compensation for an investment.; ~& t/ l- A5 |: g
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; \0 \% h3 F, H# G8 ~& \+ z/ N5 ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 I( j! p: n, D  X, K$ D
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 {* [$ l7 Z' _( g9 ?) t! P) jsimilar to bonds, CDs trading in the secondary market have different value at different times,: o( ]2 [$ U. z2 p
normally the value is calculated by adding it's principle and interest.
7 c6 |" N. v) f* veg. the value of the mortgage+the interests to be recieved in the future.
: w' a: h! A" b( Z( R7 j4 Y2 [9 obanks 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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& P; P( ^% A5 E% P: }# Y9 xim not quite sure if the multiplier effect does really matter in this case.) v' }9 l3 v- p2 q0 V( T
in stock market, it's the demand and supply pushing the price up/downwards.$ W5 i1 M$ A  U# H
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 @) l$ z* U0 x+ u
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; A% m$ D, V% D5 r- o- D
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.
4 ~  o! d* E! x7 bbut the value of their assets did really drop significantly.
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" D4 J% c4 ]! j: T8 W. O8 }[ 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.gif6 h. d, g/ Z; K* J: }$ H
Refer to last example,, O3 h* K& d% [6 q1 A" |- K
that means bank A have no money because we borrow 10 dollars from bank A
4 S. E; j9 R+ |9 aBecause bank A doesnt have enough cash on hand
- G0 ?; U: T+ D. L, k) D7 z, ptherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E% O9 V4 y$ p! i
so does it mean if E failed to pay D, 3 j2 _* a1 A% w8 P( b' E" ?7 k
all the B,C,D,E have to go bankrupt?
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# h9 B/ S8 }) ~- R7 O5 A* `the multiplier just tell how much money created in a whole economy, 4 r4 p0 H# V/ H
in this case it doesnt really matter how much money is created, ) Z  F% x9 G( w! V  k5 D* Q
it's the problem of the debt itself.+ }+ t$ K( t  D; S2 J
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
- z5 d, k) Y. f- X& w: a7 p3 ~# d7 M' r' D小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?* I  \5 ~& C' R. J/ R% @

% j; w$ J, G# ^: d1 q6 V" L無可能淨係有人蝕錢無人賺架嘛...
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1 e; l. x; k( [& L2 X, ?敬請各師兄解答
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8 t0 f6 a5 ^4 F: x0 w) m1 BThanks

2 [' Q% K4 O+ C- n1 k; o/ k& v; i
那些根本係 紙上財富  ) Y. s3 x5 z) M/ \5 p( 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, }4 h6 d2 `+ r. L
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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
1 g# v3 a+ c9 h0 T9 K( A當經濟好,投資銀行相信會賺錢, 物價既估值相對較高4 Y6 c, j7 Y. O4 V
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 h. h" f6 g# P, g個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
: ^/ |6 e5 K% {+ Q2 J扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,9 x& ~8 N) A) ]. {  ?
計番回報率就已經係50%,所以可以好好賺
" @+ o1 K; u% }( `. P) T/ y4 ~2 t* B. b前提係銀行之間要互相信任先可以咁樣借法) \3 [. _* s7 E4 \+ R1 w. f8 L
同埋個市場既前境要係好先得
# i6 b( z. f1 C, K但當經濟一差,公司估值趺了,物價不升反趺
0 W* e6 B; v8 ]1 p( K9 K例如剛才說10蚊的, 趺到得番9蚊, 3 o. Y! j# n* y6 F2 E( J! w
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
, J% g7 g0 h' G* u所以你就會覺得D錢好似蒸發哂咁8 D8 I4 z4 J8 M/ v" F3 e3 K/ }
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你都可以當標野咁諗, 個樣野多人可以狂升值, , F4 h' w) x8 Q7 w, c7 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, ; d2 ]6 I/ i2 B/ y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + T( [7 x9 W5 u$ v& }
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, z' k; M5 A# U
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
$ z) p) {* l, i, k) h唔係d錢蒸發, 而係比美國佬洗晒未來錢,
4 }4 ^  \, i/ `9 N7 z$ d) E2 V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * l) m, @5 q7 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
- T" I& }* ^, ?% Z3 d+ `咁你話d錢蒸發左去邊? ...

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  ]( @" n' l7 t' \: [( l0 |4 d/ J正係咁樣
1 b, T8 l# X' z- d" U% ~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% s: ?* A1 O! L/ \; Y
分分鐘佢地唔使還錢
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/ e# K* @1 n" l- a& 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,2 p3 l% E5 W) [5 p$ b
連國家都係問人借, 不停發債券, 印鈔票
; a2 {1 Q1 Z. I& ~/ G# O一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
2 Q' N! a7 w1 t. c: g4 [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( f1 ^& Z' y  H
咁而家"爆哂煲"算唔算先至係變番"正常"???

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. S- Q% q6 s9 C' _7 F其實係...
, M% Q3 A" z1 P$ J( d因為以前未生產, 先消費* M  G- u3 f8 c% ?! z, P
而家就要多生產, 少消費