0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ S6 u0 T- }7 M9 X6 d$ y
Why bank will sell 借據給第三者???
/ z* O( j7 z& m1 r. ], q8 L8 gI was so confused.....

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講到尾都係賺錢7 W8 x. P+ m6 x& Z: u5 u
so銀行可以不斷放款& f+ j! I" r0 o$ z% p0 p3 w
美國的房貸問題散佈到全世界2 V% L6 a6 A& g3 y0 A* n

: v' E* H, t0 p9 @: g9 C# Z+ Ymortgage loan / `3 t% d% b+ |! ~! _2 l
>conduit
: g0 L3 G# K- f2 \. G. u$ A>RMBS(Residential Mortgage Backed Securities)
# E7 f; G! D& g>arranger
( T; e% n, z: X, l/ u>CDO(Collateralized Debt Obligation)
/ l8 C) A1 n7 P3 N& R; \+ D最後去到投資者

Kev

i thought it is the reason of rate of return.
; ?$ s' B' Y6 s+ k: Z$ qCDs could have different ratings, AAA -> F,
2 A" G' e# E  A7 g+ v) z4 F% C1 ~! S% J) |( amore risky ones would have higher premium (interest rate) as a compensation for an investment.% z+ I* N$ Q6 X4 e7 y  ^% v
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% S1 Q9 [" t5 u& H; K% p
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 |4 {8 v0 o( k* K! t8 d3 a8 {# `Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 @( O8 H1 `4 g) Vsimilar to bonds, CDs trading in the secondary market have different value at different times,
9 t& D) m7 U- _7 d# d) H+ ]normally the value is calculated by adding it's principle and interest. ( `9 [, [; w  V8 f9 r$ w( f, u$ q
eg. the value of the mortgage+the interests to be recieved in the future.
* G: R9 v0 K! c4 ]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.& J! E% B6 H3 a3 ?% n* f- g2 h/ @
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im not quite sure if the multiplier effect does really matter in this case.; a' h  C& R: R; E* k
in stock market, it's the demand and supply pushing the price up/downwards.
2 f5 u# J9 g' r: k0 Y  zFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 z. ^' H" f: V% F* ^# d$ x
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! i- K' G. m. pThe 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.
( l6 X4 ~* J# K- R8 S& K3 B. Qbut 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.gif7 v. t9 V# y' H: R
Refer to last example,; W5 W$ f9 t: Y' n+ E( U' F
that means bank A have no money because we borrow 10 dollars from bank A
- H+ T. e% i! wBecause bank A doesnt have enough cash on hand   f  ~- ]9 ^5 E- F% `
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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( g) X, k: s. D9 \% S2 ZA->B->C->D->E: B2 l# h; \( S
so does it mean if E failed to pay D,
- |3 l  U/ ^4 t. z5 J" v. C) uall the B,C,D,E have to go bankrupt?4 P+ J8 I' c3 b/ G0 J$ S

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9 U$ a3 q2 ], `' i8 ~  E6 tthe multiplier just tell how much money created in a whole economy,
" K$ w) h: w* r% lin this case it doesnt really matter how much money is created, ) n4 S* I% d! z. h% y) C* U% w
it's the problem of the debt itself.
% c! k5 u4 [) h6 [. f3 N/ Athe 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.gif2 o/ I$ L5 g  J8 H1 Y+ U8 D2 m
小弟一直都唔明...1 ]0 Y$ b5 \$ o) c, }
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全世界都蝕錢，咁邊個賺緊錢呢?) i  C4 j. |/ B% r$ g% z

( S+ N- ^% J% P8 H" I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

3 r  r1 b  V- h  U7 c: I那些根本係 紙上財富  0 N1 E9 ~& U* P  c% @, {( {8 G" U
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3 u; Y/ U* A# S2 N7 v
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' s0 s# x! t8 l/ M4 Y$ B- A: y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  T! \8 J% {( f" o  E- `5 m
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦) P4 E1 E+ X7 w0 ^- ^, H) z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,2 w8 y6 U9 R' j9 K
計番回報率就已經係50%,所以可以好好賺
5 b3 \* i# n, W! ^6 U# l' r) d前提係銀行之間要互相信任先可以咁樣借法- Z( D+ i' K0 t, i1 R$ s6 J8 b8 q
同埋個市場既前境要係好先得5 p! u/ B* o! n1 V3 v6 X, {' R0 E- \
但當經濟一差,公司估值趺了,物價不升反趺
) `$ \, r( ^. |( Z例如剛才說10蚊的, 趺到得番9蚊, # G$ h8 \: [# u0 ~& c
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
$ ]6 w3 L1 C4 ?: T* |& u所以你就會覺得D錢好似蒸發哂咁
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% h2 H0 L0 s! L0 ?5 Y/ p; n你都可以當標野咁諗, 個樣野多人可以狂升值, 6 ^, p6 v7 h/ v( f$ ?7 r$ d; h
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,
7 k& X7 w! n1 W/ S) _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 }- @2 f" q4 I' c; C
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
" a4 q/ B1 y, E% T) Q4 ~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; ~& P' Z, Z3 }/ }3 {, X5 |: c' L
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 7 \+ s& r* n- {/ N  N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, / S& Z( [! A$ {# V  e
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
3 @1 t8 \$ w+ }0 f$ Y6 a1 R4 X咁你話d錢蒸發左去邊? ...

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正係咁樣
9 R+ P7 @" `  H9 w, N: [5 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 I+ _# W9 |% E" E, H( x
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,3 p& `7 H; O2 @% w, U! D
連國家都係問人借, 不停發債券, 印鈔票7 k  i, u6 B# G* H3 R
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! A. z& _8 p/ P- P# F) N
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
4 z: M: \: H* V3 H' @8 y! J) g* D咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...: Q! v& e2 z& w# M; ^' h
因為以前未生產, 先消費- p  R1 S. Q$ o6 h1 T
而家就要多生產, 少消費