0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif7 q' B7 T0 a  B# h7 F
Why bank will sell 借據給第三者???+ s" r) G, r, N% a3 |5 v: r2 Y
I was so confused.....

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. `) Q% r6 [, t& ]. Q講到尾都係賺錢+ L5 M+ x3 ?0 d6 M, _# {
so銀行可以不斷放款/ B* T, P0 n# j5 ~1 z" t2 ~  p
美國的房貸問題散佈到全世界
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mortgage loan % e9 h) G6 t4 v$ c+ K
>conduit; s, d7 `" U. c
>RMBS(Residential Mortgage Backed Securities)$ b6 c$ }4 u, a$ R0 X/ F! N! M+ J
>arranger$ e, T( _  z3 t+ G7 [
>CDO(Collateralized Debt Obligation)
' l2 b9 S9 q! V  R1 v5 h最後去到投資者

Kev

i thought it is the reason of rate of return.
+ ]8 N3 V7 o3 x! o, Q3 eCDs could have different ratings, AAA -> F,
" \; W5 X8 z1 i/ [7 omore risky ones would have higher premium (interest rate) as a compensation for an investment.: p8 t8 q4 `* G* J) B) E$ I
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, v0 K! `/ z2 |3 _# {in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; b2 |! @1 ~7 y* o* ]) _
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 S# v$ ^+ Z4 m. D
similar to bonds, CDs trading in the secondary market have different value at different times,
+ `  S! U4 T9 N* j; c$ }normally the value is calculated by adding it's principle and interest. ) ^! t5 `4 L+ c
eg. the value of the mortgage+the interests to be recieved in the future. ' U+ c4 \' t6 j1 o1 R
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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# [2 I! Y% G$ m% R; Y4 \im not quite sure if the multiplier effect does really matter in this case." m7 P4 L% L6 ~" w, T% s
in stock market, it's the demand and supply pushing the price up/downwards./ W& b0 D# J% R. v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) J$ I) X1 J& ]4 e: F& M& a8 v+ c* F
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; s  a8 ~8 K2 [( H  KThe 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.
- ~' y; F- i8 U- N% Zbut the value of their assets did really drop significantly.2 B4 z! s: W7 u" y, j' P; U
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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
. m( W6 [2 g8 m$ i+ E  }: ~1 ^Refer to last example,
+ _/ a& f8 F) z  hthat means bank A have no money because we borrow 10 dollars from bank A
# F! O. I  Z2 R5 M/ F; PBecause bank A doesnt have enough cash on hand 8 x/ d! c5 f% S; o0 I1 U" ]- D, W
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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4 E2 S( v# ^6 H$ X& G( ^" H! l7 d6 @A->B->C->D->E/ r- x" O" k  G' [
so does it mean if E failed to pay D,
9 a$ Z( D/ z' H, mall 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, $ ]& B) _' I& D: }% p/ [4 s  {
in this case it doesnt really matter how much money is created,
: p3 ~) E2 M" z. ]6 Z7 U2 j/ v5 Uit's the problem of the debt itself.: _) t! G* m( N1 T. K
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: B( W9 j# G$ x! d! j& i: J
小弟一直都唔明...
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/ h$ Q5 ^* f/ F2 p0 p" I9 y全世界都蝕錢，咁邊個賺緊錢呢?# _+ z; a* P) P) q

. i* H* V( [9 P無可能淨係有人蝕錢無人賺架嘛...1 o: r" N3 ?! e& J% ~6 y
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敬請各師兄解答) ~0 M9 k' K' a* _* `8 j

2 m8 v( N! ?6 W; {Thanks

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那些根本係 紙上財富  4 i8 f, L+ d7 p0 ^
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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8 S# x  C8 ]! @# |! P! f3 O; whttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
+ r# G) T3 t/ S, T" M7 V$ T8 M; E' D當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
4 c4 b  p% A7 Y  s% c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! N4 o, \: \: z/ @
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. f1 I% u; }- A, s
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
7 G3 C4 I, T3 U# p% w; R; k! z計番回報率就已經係50%,所以可以好好賺6 }- Y8 ?1 X! ^3 c4 B: T* _
前提係銀行之間要互相信任先可以咁樣借法
& R# d3 y/ N; n% e同埋個市場既前境要係好先得
! i' U5 s! u! u3 I8 B但當經濟一差,公司估值趺了,物價不升反趺# k1 ?( n& V( S, g; q& r; I% d2 P) J4 F
例如剛才說10蚊的, 趺到得番9蚊,
( a; B7 V. H' Y: P' L咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
2 L% B1 |$ a9 g* [所以你就會覺得D錢好似蒸發哂咁5 W) p/ a' }! a( \# I- O& h. c
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你都可以當標野咁諗, 個樣野多人可以狂升值, 9 y2 W+ z2 G* e( b
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, $ J2 ^" ?6 G# L9 ]# Q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. i1 P6 u( W4 d- 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& B2 O! H. m5 L9 ^
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
6 ?2 \" c, X3 J3 G& k唔係d錢蒸發, 而係比美國佬洗晒未來錢,
* U% q: S- u; E9 E4 m; `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 Y3 C; J7 O$ v  j8 }+ G/ 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2 ^% _7 U* X% L$ K* f; G
咁你話d錢蒸發左去邊? ...

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# o' F3 O" j* L% ~- j/ G正係咁樣
& x& G9 M5 ]$ }' |/ h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
5 o8 b* {1 I$ I1 s% b" ~9 Q分分鐘佢地唔使還錢! G* r. o) m, B9 O
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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,* U7 Z) Z+ H4 w& N% t
連國家都係問人借, 不停發債券, 印鈔票
; o1 |$ l% p( v, {! b一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: p$ C1 N9 o# z3 T- H+ K  w: 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# ]/ H( t; n# l3 [5 ~' C! z+ z7 A
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係..." \  o5 u$ u' \' T7 H
因為以前未生產, 先消費
8 B4 e% f+ h1 i: d$ c8 B  `/ D, I而家就要多生產, 少消費