0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif$ V8 U8 d$ H. x4 g' [+ h
Why bank will sell 借據給第三者???$ P3 `6 p# }; _, k6 L  C
I was so confused.....

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講到尾都係賺錢5 F7 @  M. ?$ a' N+ P: \$ A
so銀行可以不斷放款+ G' l7 u/ f7 }; D$ E- S
美國的房貸問題散佈到全世界
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# x8 R, ?2 q  y& W6 F# Pmortgage loan ) R/ q! n' j# c! M, X2 `( _
>conduit  a; D. M3 J% S1 l+ H
>RMBS(Residential Mortgage Backed Securities)
7 D( |) O  k$ D  C4 F" D( y0 U>arranger
: H9 {9 f# ^# l$ x>CDO(Collateralized Debt Obligation)' h; Q4 G1 r( n" s. `* a
最後去到投資者

Kev

i thought it is the reason of rate of return.
5 d5 n6 H# p) F8 [1 w' Q' ~CDs could have different ratings, AAA -> F,
' q; ^, Y, J; |2 O/ E9 Nmore risky ones would have higher premium (interest rate) as a compensation for an investment.0 n9 @# F* Z! ~8 R* p
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" D# }" ^& N. P" H' k7 Sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 p5 k( {5 K3 |- q/ t5 G/ U
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. y: m4 l* z! H3 s! |# P8 F- Z: \
similar to bonds, CDs trading in the secondary market have different value at different times,6 k) Y1 V  ]* ~: t" @! I+ A* I
normally the value is calculated by adding it's principle and interest. ; ~7 k% N' L! _3 V% g
eg. the value of the mortgage+the interests to be recieved in the future.
9 m& H) J' m+ [6 U8 M" l! V% L% {  Jbanks 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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' Z' c  t  C9 \' d3 l3 K, i& aim not quite sure if the multiplier effect does really matter in this case.+ g8 ~1 v( }$ y$ Q. X
in stock market, it's the demand and supply pushing the price up/downwards.& a5 A. X! y! e; I$ ^# ^
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* j$ M8 t/ u# K) B  M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  t0 `* J. u  S( D4 G$ B1 ~2 dThe 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. - D. W' W8 Q) t6 Q  j: \2 O8 r
but 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  e" a- A4 M1 R; S. ?
Refer to last example,9 x8 B# y& O6 e! Q6 `
that means bank A have no money because we borrow 10 dollars from bank A $ O. Y( j, b) N! ~* n3 \
Because bank A doesnt have enough cash on hand
1 ]. ^8 Y9 ^9 j* W- }therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
% _. E) D" \: N' Eso does it mean if E failed to pay D,
  `) g/ x! H4 D- A2 yall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, % ^7 \& N! Q/ z) T
in this case it doesnt really matter how much money is created, : d' Q' }9 f- J/ Y
it's the problem of the debt itself.5 d& ], [6 j4 Z% `
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.gif9 F2 T# L5 \) @. y) X
小弟一直都唔明...& D' O& x9 U, `' ?. C
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全世界都蝕錢，咁邊個賺緊錢呢?- n0 V7 w0 X# R

7 g( X2 t( O% I) ?5 F# h無可能淨係有人蝕錢無人賺架嘛...  l: Z- x0 C2 c; y3 |; ?% J

0 v* p( w2 r- V  E. F" @. d敬請各師兄解答7 v) l, B' G5 D% B; {

4 D2 s+ A  o6 F& H9 ?( W! _Thanks

$ X  C+ z9 e% P) h那些根本係 紙上財富  
& O" I. h; X3 A5 |+ Y$ c0 |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: `6 U# M5 T( k$ W
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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
4 W' l# r/ A+ I( r" b2 R& g當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# v" b/ Q9 w: Y" {/ D( ^# W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
/ @* u  X* K6 `9 C8 M6 Z  Z個件物價係市場好既時候升, 例如15%先算,變左12蚊啦4 h" s1 U; z% ]  m! y  b- C. y4 ]
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 D2 O' }3 l+ Z% e
計番回報率就已經係50%,所以可以好好賺
# b) i, \7 ^4 e* {前提係銀行之間要互相信任先可以咁樣借法4 y; c5 s7 p7 z0 H# X( L6 Q
同埋個市場既前境要係好先得& [) B# s  Y& c, x( @0 ?5 H. d
但當經濟一差,公司估值趺了,物價不升反趺- g: I' f7 X: `, Z" u' T
例如剛才說10蚊的, 趺到得番9蚊,
: H" d7 e, Q) m/ K3 r% `4 B+ G$ ^咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
4 K* ]! n# D7 [: Q1 t4 R! D. i所以你就會覺得D錢好似蒸發哂咁) d" h, e" Y8 c) p5 h
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你都可以當標野咁諗, 個樣野多人可以狂升值,
* u' v* _1 k" Z* p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,
( d" j( {6 E- ~1 M( ?淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : S; J9 d6 f. S1 g2 G
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
- ]7 ^( {- Q* Z% D- d+ S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' g' g' j# {1 D3 P! \& p7 a& ~3 h0 t# V
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; ]% ], R& m9 D8 W' \# d9 b4 w- C
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * w+ i; A* ?! U2 f0 G3 M+ 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
% x* d) z, A9 Q7 M: z) \4 f7 U0 {咁你話d錢蒸發左去邊? ...

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  g( ?6 i, q2 o" Z正係咁樣
2 Y) L( f. ~2 D, a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
9 b4 Z2 |) |, ?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,
& i- ~+ Y$ L+ E9 L( q! j連國家都係問人借, 不停發債券, 印鈔票
2 i- L# v# z2 F# |& w: A% z$ |+ |一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! W4 E# i  p1 x% 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- Y" `& a% L& `3 I0 E( M9 X* z4 |1 S
咁而家"爆哂煲"算唔算先至係變番"正常"???

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因為以前未生產, 先消費/ R% k. ?1 V, L+ S% i2 f
而家就要多生產, 少消費