0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif  Q/ C( Z# G7 K# d7 w* d
Why bank will sell 借據給第三者???
+ T+ ?6 @+ ~4 \I was so confused.....

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. x! s7 L% e: U3 e5 @6 w) ^0 B# d  H講到尾都係賺錢: _  s4 h( _8 Z) z( [" p
so銀行可以不斷放款$ i  ?' ?9 `7 x7 B8 i' ~
美國的房貸問題散佈到全世界
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)! N" Y3 {4 A; t7 ~- [0 u4 u2 k7 j3 K
>arranger
# t& Y1 P" b: C: c) p>CDO(Collateralized Debt Obligation)
% J& l8 F3 y7 b$ N, c6 K- M, ^最後去到投資者

Kev

i thought it is the reason of rate of return.
0 @  n6 J/ C- g, \; UCDs could have different ratings, AAA -> F,
" ]# Q  I8 e2 ~* R$ q( m. |more risky ones would have higher premium (interest rate) as a compensation for an investment.
  g& f0 @3 l0 W( f$ D1 C8 bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 w0 G- E1 K7 `- H0 Z. }, A
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- p5 d5 e5 T' S" EAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, f& b$ C& e% ~, b0 o) T+ wsimilar to bonds, CDs trading in the secondary market have different value at different times,
2 Y' l5 V7 q3 e9 unormally the value is calculated by adding it's principle and interest. * J: y/ i$ m$ R
eg. the value of the mortgage+the interests to be recieved in the future.
4 o" u9 r) n; l. W$ @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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( W7 l1 p# ?0 Cim not quite sure if the multiplier effect does really matter in this case.
+ \( s, i0 y4 l! Q7 ~. ^in stock market, it's the demand and supply pushing the price up/downwards.
* b; i% U& `% H1 i" H5 U9 LFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( b$ X4 z  G' ]+ j; B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., t: O( E  A. s1 y2 X! d: k
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. / [; S. [7 O( U0 B7 U9 @
but the value of their assets did really drop significantly.- K$ |6 P7 M0 Y7 ^2 a

4 B% o; r( w' o; M1 _1 e9 D[ 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
2 e/ }$ M, `  {( ARefer to last example,/ L9 o7 R: r$ Z1 E9 N( b
that means bank A have no money because we borrow 10 dollars from bank A 3 c4 g6 X& k2 p4 [5 v0 S
Because bank A doesnt have enough cash on hand : C1 j  c% a$ L/ U4 E. J2 K
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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( c; ?( T8 P7 b9 UA->B->C->D->E
# t/ I/ E4 m) W; Q1 x; Dso does it mean if E failed to pay D,
% k( V; k/ H+ Z9 Hall the B,C,D,E have to go bankrupt?
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' u0 H3 @/ N4 [  l& G4 ^
the multiplier just tell how much money created in a whole economy, 1 o* k" m" Q& n) D8 R0 J& h6 \8 D$ e7 [
in this case it doesnt really matter how much money is created, ! Z" _6 Q2 F' }& Q, w: k
it's the problem of the debt itself.
# d: Y5 N6 C' tthe 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.gif6 G6 C& d5 ]* a1 v
小弟一直都唔明...
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4 _3 @: b+ C* E* T1 B9 J全世界都蝕錢，咁邊個賺緊錢呢?& n' d% n4 |' q- l2 ]3 [5 y/ C* S0 i
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無可能淨係有人蝕錢無人賺架嘛...1 f5 X3 {+ `, K8 G  X0 |- I

; O: W9 f. t- y0 a  S$ a敬請各師兄解答# M# r, I( X: u5 N! a  K, f

2 J! j3 j7 t/ Q- r! _! N1 F9 P* BThanks

2 S* f0 X" R. S. n; d3 v那些根本係 紙上財富  
+ ~% \, [( L5 D) O' U2 l1 F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/ v  }6 _. e' \, M) v) q
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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 s2 A7 ?- c# T" A' N/ D. ]
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) Z2 k. A8 f# {: h' y  d
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$ P( _, D" E3 ~1 F( b
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 U. ~2 |8 p% W$ H/ A" p7 L扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,& B9 n7 O# ]6 t. l6 x; Z
計番回報率就已經係50%,所以可以好好賺
& \2 ?/ J5 E2 F; r前提係銀行之間要互相信任先可以咁樣借法- i! V0 F) |1 M" d  D0 }$ m$ H
同埋個市場既前境要係好先得6 h9 _# i$ j; J3 Y- J0 C
但當經濟一差,公司估值趺了,物價不升反趺
/ z7 d! j- J  B9 B7 l! [7 `例如剛才說10蚊的, 趺到得番9蚊, . l: q9 b9 |6 D0 a% d
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
4 K; j$ N' _+ ]3 B3 ~所以你就會覺得D錢好似蒸發哂咁
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  |, e! h% K. k, C/ p- w你都可以當標野咁諗, 個樣野多人可以狂升值, 7 W4 K. S) _9 W" z% L* E7 Z. s, w
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,
, z  a; {, _/ d  U$ {; t淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   m: U* `" Z" G/ f( d0 t
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
, g" x2 L8 U6 E  |9 o6 e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, e% d7 a6 ?5 v
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 7 |% X( a- R0 D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . L# l+ Z8 d; \3 }: _
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 [; _& J. x2 {! ?/ p$ \; h咁你話d錢蒸發左去邊? ...

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/ g  j( U6 [8 R正係咁樣5 O  _% L) w/ |2 Z' Z2 _9 y: [% i
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# ?/ ]/ D8 l6 n5 b6 [' g# [! u
分分鐘佢地唔使還錢  M. ^" E9 |2 ]
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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,! E7 q+ q+ m' b
連國家都係問人借, 不停發債券, 印鈔票
! ~" o8 |) M; v) b一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( J8 f9 T) j& i0 h9 u# p1 {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
1 F7 s9 {: {* V6 A( j8 o6 i咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
/ A5 A* O8 c3 z0 M. c因為以前未生產, 先消費) d6 ^/ M: f2 Z" \
而家就要多生產, 少消費