0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
1 L4 {4 ~) I5 _" s2 D4 |Why bank will sell 借據給第三者???
1 `- D$ f. u6 @$ a  oI was so confused.....

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( q8 o* h- e+ e) V& e( M  }, Z講到尾都係賺錢
1 d7 a7 c7 L  E' I/ @' ^  Xso銀行可以不斷放款
/ ^3 w! q5 a9 R( U, b' F6 y* p美國的房貸問題散佈到全世界4 ?  D7 j& N  n
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mortgage loan
9 s! O# U  ^$ g. \>conduit$ X- g6 ~* t2 |  o
>RMBS(Residential Mortgage Backed Securities)6 y1 v4 c* g* ~' L  [% I
>arranger. Q4 k  D  j3 [& c+ i% |1 `# A
>CDO(Collateralized Debt Obligation)0 o8 o+ I1 _( j; q) E2 n
最後去到投資者

Kev

i thought it is the reason of rate of return.
! y+ [9 f$ l7 b2 M8 T* XCDs could have different ratings, AAA -> F,
- K# s2 f" {- s; p1 c# @$ `more risky ones would have higher premium (interest rate) as a compensation for an investment.# H: |# f0 ]& K8 _  K$ r
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 o9 S$ k( V5 ~  V* ~2 _4 pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ h6 [: i* B% ^3 V8 A
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.  ?/ m* e( ]2 `0 l/ f" w, m
similar to bonds, CDs trading in the secondary market have different value at different times,
3 u$ t) N0 a" Z6 M0 xnormally the value is calculated by adding it's principle and interest.
$ }! |& G; {0 M6 Y; X( Keg. the value of the mortgage+the interests to be recieved in the future.
: Q  ^0 z% C8 p$ jbanks 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.4 |! E$ c  [/ L

( L& J" X; ~& S; i+ ^& xim not quite sure if the multiplier effect does really matter in this case.
; `( T+ j  B  ?5 J4 J9 vin stock market, it's the demand and supply pushing the price up/downwards." L8 D) M4 v7 }
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% i. n4 M4 c4 X' \0 eA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* N/ B/ G( P* |  H% J6 V1 cThe 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.
; b7 T+ c8 C  P$ O( S  ~but the value of their assets did really drop significantly.7 V) \( D" \6 {0 J! t

& B; L7 V/ S- ]4 b; f' K/ v[ 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.gif1 t8 N: H  \0 s& A) i
Refer to last example,
) L3 x' r& |2 G# ^$ [( ithat means bank A have no money because we borrow 10 dollars from bank A ( [# v, c5 j9 X: p! B  \* E
Because bank A doesnt have enough cash on hand , J+ F; X4 H% s- \+ F/ R
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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( k# k+ h& G3 DA->B->C->D->E( ^) W$ _& J+ |% N7 B
so does it mean if E failed to pay D,
. o. P; W2 y! r/ F% d# lall the B,C,D,E have to go bankrupt?  G- E) ^3 u( J: N4 G" a6 y) ~
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the multiplier just tell how much money created in a whole economy, & ]* A! x2 ~! }; y( J+ O) ?$ Q" X
in this case it doesnt really matter how much money is created,
. l# {. G8 e: D7 a3 V1 B5 O" _it's the problem of the debt itself.% q7 O; D# ^% d! Q
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
" Z7 c) y, W( H3 ^* i2 a8 Z3 o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 ~; M9 u, g7 F. Q) m無可能淨係有人蝕錢無人賺架嘛.... e0 K2 H. o# j( k
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敬請各師兄解答
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Thanks

+ C, i5 E/ L9 e2 T# X9 p, t那些根本係 紙上財富  
& v( X7 B6 x* [/ |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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1 h" R' J! l: o4 vhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
; o: `9 B: D! r+ T3 U% o當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
: x3 w. a0 m0 @6 j( f+ \6 ^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# A  B+ e2 j4 ?/ \- Y8 w2 I
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 o/ _8 A& h& F; {
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 R! |" R% i4 f" d1 Q4 Z+ O計番回報率就已經係50%,所以可以好好賺
: T- U# n5 L0 U2 \前提係銀行之間要互相信任先可以咁樣借法
3 Q0 \+ K$ x6 d8 w, C" q同埋個市場既前境要係好先得
6 X! H! b8 L- t( B但當經濟一差,公司估值趺了,物價不升反趺
' |5 |  k( \/ g例如剛才說10蚊的, 趺到得番9蚊, & X( N$ C0 G2 y6 Q% n8 M- L
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
3 u$ N1 k- k# }所以你就會覺得D錢好似蒸發哂咁0 A, c. B  L  e# M! [4 s1 J$ y

- R/ w/ G3 K6 M& C1 A2 |你都可以當標野咁諗, 個樣野多人可以狂升值,
' [8 h# |0 N' k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,
8 ^" t8 w) }8 F8 T淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % T  Y' M  p% \2 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* d' m0 ?* W+ F6 G5 U
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
  G# t8 P6 k+ U. K+ u' [唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 L/ q$ N. m7 ]淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; h1 O( }+ }7 X, 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
- C' b, z8 V: W3 p" {, o咁你話d錢蒸發左去邊? ...

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正係咁樣4 C0 R$ `/ {3 X$ A5 E5 p- X  t
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8 t( }& o* s& @, Y5 @/ `' q3 A
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,+ u* e5 z* }! z& {8 p: `
連國家都係問人借, 不停發債券, 印鈔票
% U6 D. ^7 @: |. s. t: X: U一個國家好少出口, 而又大量入口 ,反映到佢唔多生產/ [7 ]0 H6 j# T' M8 u, Q8 J
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* V; }8 N2 v; R% U+ o3 c
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...& S* _; q$ m" U9 S" a% J. u
因為以前未生產, 先消費
& V7 k7 C: A9 ?5 t3 a而家就要多生產, 少消費