0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif. e9 i& K. ^% t5 `3 N3 `; |5 O  @; b
Why bank will sell 借據給第三者???; C! \! F1 L( S8 u8 D8 z
I was so confused.....

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講到尾都係賺錢9 v- i4 z( }# _9 |. w% Z+ K, Z3 N
so銀行可以不斷放款
1 k! o2 c$ d* ?, I8 w美國的房貸問題散佈到全世界+ J- q$ E1 D. A

9 h2 C1 P0 ^' W! O0 r/ wmortgage loan
; b" I& q2 F: s>conduit& ^; ^. [) i3 ]4 ^# `
>RMBS(Residential Mortgage Backed Securities)4 k  \! [8 h' G0 N
>arranger
6 W5 w7 ~7 g) U: K>CDO(Collateralized Debt Obligation)3 U, w* \3 |" d; T4 K
最後去到投資者

Kev

i thought it is the reason of rate of return.& |- y& b) Z' O2 ^) Y$ c2 @: j  j  N
CDs could have different ratings, AAA -> F,# V0 j" i& v' D2 G
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 ?! G& B6 ?3 L1 O4 P7 s# H6 bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 f9 N* T3 B1 `/ m& P
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- _7 g5 \+ y" E; _Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 C3 G: Y, H8 m( ?0 a
similar to bonds, CDs trading in the secondary market have different value at different times,
2 p( H) H, f0 [9 X  |4 fnormally the value is calculated by adding it's principle and interest. * V* }% v4 i6 b) Z3 T' _
eg. the value of the mortgage+the interests to be recieved in the future. , x$ N4 C# T4 p# `2 V. r. A
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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im not quite sure if the multiplier effect does really matter in this case.6 A+ ^3 X# m# a3 f, o5 ?
in stock market, it's the demand and supply pushing the price up/downwards.' T5 B& d4 ]: W+ F  f; H& k
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, Z, J: c4 t% \5 \9 JA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& k* T9 X7 [4 E
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.
7 J3 s7 k" _/ x$ E. Ebut the value of their assets did really drop significantly.
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' Q1 W# C/ G( `  e+ v$ F[ 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
# `. M. o) L6 XRefer to last example,
& _% l* X* n0 T' h$ J6 `' S4 Hthat means bank A have no money because we borrow 10 dollars from bank A . [- p% U6 G% a
Because bank A doesnt have enough cash on hand 2 @( r' w7 S% ^: g9 m
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
/ r1 f5 p5 ?& i5 q' Yso does it mean if E failed to pay D, & v9 h/ v) m% I
all the B,C,D,E have to go bankrupt?
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' C) s3 g8 F5 b; zthe multiplier just tell how much money created in a whole economy, ) s: q- }* r. n: G- O! J
in this case it doesnt really matter how much money is created,
1 v" [: {9 I) Q6 Yit's the problem of the debt itself.2 Q. ?, X0 Q1 x2 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- C. h4 r% p0 C/ U7 r8 x# Q- ~/ o8 H' v
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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無可能淨係有人蝕錢無人賺架嘛...7 O, W: Y; |; B* |0 B& Q
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敬請各師兄解答
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Thanks

# J; M) x" t+ S) F  G那些根本係 紙上財富  
9 m: u9 Z$ \5 J/ `- @3 [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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9 w8 A0 b" f' \) N8 V+ Bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
* U1 O9 B6 |/ j' j8 K7 h當經濟好,投資銀行相信會賺錢, 物價既估值相對較高9 D) V; S& G3 w5 e6 P+ ^
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! V* O  q0 G  x
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
* k& G3 D4 O& {! D扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,4 q- n& H# P" ?/ W
計番回報率就已經係50%,所以可以好好賺
( G& O9 x8 M, z* K9 ]6 \前提係銀行之間要互相信任先可以咁樣借法
& Y& O  i: h" k, z' d同埋個市場既前境要係好先得
' ]. k1 H2 m  G8 m/ r: i但當經濟一差,公司估值趺了,物價不升反趺
" p- X) C: B) f6 F# K例如剛才說10蚊的, 趺到得番9蚊, & q1 `$ W/ Q9 n3 |' v
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
: J8 M' z/ v0 J; j, e- E所以你就會覺得D錢好似蒸發哂咁% E: v: ?8 D0 s0 l; V+ G5 _" p7 {

, {; ~# F" U( G  x# B你都可以當標野咁諗, 個樣野多人可以狂升值,   k. z$ ]/ }: s" a# }5 V3 x* z
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,
! F3 X( {/ \6 d, K# O  u% R( e) y' N0 J淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : C6 G) L" b' m0 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/ k) m  W8 a& ]9 y. \" w. l
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.gif8 u0 T1 v' W( ]5 ]3 n; `' G) V* s
唔係d錢蒸發, 而係比美國佬洗晒未來錢,   d8 V) d& r) z1 R) T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & C8 @( v# |' L* T& N4 N7 `3 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9 X' ?( P+ W/ e) F6 p% s' I
咁你話d錢蒸發左去邊? ...

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6 f/ r3 N5 l* y2 A: y, u; Y+ O+ \正係咁樣. G3 b) F3 I0 u9 B9 X3 z
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
! v' D& ]7 I& \1 u* X1 M分分鐘佢地唔使還錢  P/ q. s* z- g! U$ e2 \

9 g( z' s+ o7 n/ \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 R  ~7 s: p* G$ D* S6 b* G/ c連國家都係問人借, 不停發債券, 印鈔票: t, Y  N% m+ I/ N/ N
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
& F# Z6 Q1 ~- C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
  r4 Q9 k" @0 D# V咁而家"爆哂煲"算唔算先至係變番"正常"???

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2 Z9 m5 g2 I6 |其實係...6 X# g  R9 D6 C5 j& @3 Q3 O
因為以前未生產, 先消費
: A  r1 j0 B" r5 T0 G) q0 d而家就要多生產, 少消費