0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif6 M: ]4 |+ J' M( U. I
Why bank will sell 借據給第三者???% r! u  M) O2 u0 ]( ~) _
I was so confused.....

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講到尾都係賺錢9 P, J  j  f' p4 v( ]$ i' Z
so銀行可以不斷放款
: Z3 M( j: [8 h5 e; l美國的房貸問題散佈到全世界( d7 W! Q) W5 c/ |1 `# ]
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mortgage loan
5 W  a# e: m  F* J>conduit
/ q8 y& x/ c, E. x>RMBS(Residential Mortgage Backed Securities)! I. M5 j( J* J! ]! T4 N
>arranger
; X0 |- T& p; x, H. y- t0 D>CDO(Collateralized Debt Obligation)
) t5 g( d5 T4 [! L- s* `- ?( Q) ^3 j最後去到投資者

Kev

i thought it is the reason of rate of return.4 v" |; \8 W2 z+ L
CDs could have different ratings, AAA -> F,
0 x$ j+ g  l# Smore risky ones would have higher premium (interest rate) as a compensation for an investment.5 M& R1 Q% Q( B6 i8 P- q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, `9 @. b  m5 u0 S7 W7 `, ~in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 t3 Z7 N& L) _. g3 SAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. k1 _; l) X( y) {4 d& K1 F% M% lsimilar to bonds, CDs trading in the secondary market have different value at different times,
% K6 f6 W5 E% v* q4 G1 Jnormally the value is calculated by adding it's principle and interest. 9 Y0 p  k# s5 E# F7 M* @
eg. the value of the mortgage+the interests to be recieved in the future. 1 T" s1 [7 c2 H, P
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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( M% C9 s  @- j+ N: R. aim not quite sure if the multiplier effect does really matter in this case.
! }2 Q* [1 {6 u6 min stock market, it's the demand and supply pushing the price up/downwards.4 n3 R5 e0 N8 Z& T. Z4 r+ z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 \$ L9 Y( n# n; w. eA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* U3 B+ {& j& h% \: R/ `9 eThe 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.
. x$ P' ?" O& {( Q, Hbut the value of their assets did really drop significantly.6 X  Y  ?4 V* l  F- i7 N/ H

5 \8 b8 d  b; p" y) l- ?[ 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# h+ |. V7 k/ Z  t8 T0 C6 M$ q
Refer to last example,: S6 Q* c# J* x" a) P) e
that means bank A have no money because we borrow 10 dollars from bank A + Q. a6 o- T& q
Because bank A doesnt have enough cash on hand , p# [2 X! U+ `7 p( q
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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4 r/ e, v- T" I! q& ?A->B->C->D->E
+ @5 M( i/ K8 ?! D3 r) Wso does it mean if E failed to pay D, * U/ b8 @" Z) s# |- s7 F0 z& K7 K
all 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,
/ H6 ]0 R0 w, f0 K) kin this case it doesnt really matter how much money is created,
' ~! |3 u9 b9 b1 L( pit's the problem of the debt itself.5 Y5 k7 Z' M5 W8 h
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 O; @6 m7 h& P( D3 E
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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7 w2 n3 `6 _/ }7 Q8 u7 b, M- V2 i無可能淨係有人蝕錢無人賺架嘛...' `1 d7 \# {/ F5 M- f6 M

. V' O( v9 M# Q4 A9 [敬請各師兄解答
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. M4 C$ Y8 B2 z* m0 M% j9 vThanks

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那些根本係 紙上財富  . H( l6 X! D: s. E
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) Q  n* q  o" 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
2 @( _8 K. k$ f' y6 a; z當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ k% Y4 N- X2 w  y- A$ M6 F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
3 S5 n/ Y+ y" B* O8 p( }. n個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
5 I0 i4 c- k0 T3 _! y) _% d; p* I扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# l- e" `% R' S/ b  {. s計番回報率就已經係50%,所以可以好好賺" t# n$ S+ Z+ `; ?) \$ X
前提係銀行之間要互相信任先可以咁樣借法+ F3 D' P) m) r8 H- x' q' O
同埋個市場既前境要係好先得$ K; L2 G# _" h; I% M7 y6 {# G3 Q5 c& R
但當經濟一差,公司估值趺了,物價不升反趺# E1 H+ ^" u' x+ C3 o
例如剛才說10蚊的, 趺到得番9蚊,
. T* F# x4 I, L& S( y* e% N咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 @+ ?1 W, v/ l, S: l- \8 }所以你就會覺得D錢好似蒸發哂咁& }( m! Q' x- g% Z

) P+ w7 o$ y6 N$ G你都可以當標野咁諗, 個樣野多人可以狂升值,
/ \7 o7 R6 V0 I+ ?( ?$ l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 D% s, F2 Q3 D! s: M淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 K' B! J" G2 H
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% r& i) `& B: W' x# r$ G
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
- A- j, W, L; T; J唔係d錢蒸發, 而係比美國佬洗晒未來錢, + }; k% r- ~2 `, T% k9 T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 B6 o1 v  q: @; H3 o$ R( ?& A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1 R: L3 u. L; n# k' p8 u2 L& Y) ~; Q
咁你話d錢蒸發左去邊? ...

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正係咁樣" G9 ^- ~. c( o& n, ^
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- j+ h& s  v! m& Q; O3 M0 q- d* M
分分鐘佢地唔使還錢0 \0 p( [- w, F/ R0 Z* U9 j

' D. U& T2 G* U# w3 i8 }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,% e) V+ A: [, b2 X7 ^; n4 s
連國家都係問人借, 不停發債券, 印鈔票; O& {! p6 F* K" q
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' @0 p- Y8 I- q
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
5 ^" t6 Z3 Y# Z; H$ E2 u, a  o咁而家"爆哂煲"算唔算先至係變番"正常"???

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! S- g& T+ c0 C  \' }  o其實係...
& P- {( p3 v0 q" h7 s$ Z6 f& E因為以前未生產, 先消費
0 r! d) s6 o/ y7 J而家就要多生產, 少消費