0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif) M4 ~, W- o" l4 H
Why bank will sell 借據給第三者???
' m3 r, L6 m# \* D+ X% W. vI was so confused.....

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講到尾都係賺錢8 i! O# A4 O& d
so銀行可以不斷放款, E/ X: d  V( M# q
美國的房貸問題散佈到全世界" o' h# Z/ D2 q' z2 Z; ]8 @

. {3 D8 ?1 ~* ^mortgage loan
; t$ f" ?- U! Y, ~7 y+ c' n  {. M>conduit
. F+ s( p. t) l6 G# A9 \9 Y$ n>RMBS(Residential Mortgage Backed Securities)& |5 P! V2 [. G. s: `( ]
>arranger" Y4 ^8 L: e! t, ^
>CDO(Collateralized Debt Obligation)0 ]. i+ B! {0 F$ k
最後去到投資者

Kev

i thought it is the reason of rate of return.8 A8 F3 p2 A& w
CDs could have different ratings, AAA -> F,; d1 ^# y8 d  s7 p/ [
more risky ones would have higher premium (interest rate) as a compensation for an investment.- T3 G$ P6 P; @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 ]3 V8 |8 X9 M: M" L
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.) Q$ F( K' U7 y7 ?! W
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; ~0 |/ `7 q& x
similar to bonds, CDs trading in the secondary market have different value at different times,0 m& t' i+ O; L
normally the value is calculated by adding it's principle and interest.
' _- U" f, C# D5 h4 D: Aeg. the value of the mortgage+the interests to be recieved in the future. ; r6 i% q( \# l( q% m
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.# i' o8 U0 j2 z& N8 {

4 f& W& z* G" K6 J3 V6 Lim not quite sure if the multiplier effect does really matter in this case.8 M, p8 Q. q2 b0 Q/ g
in stock market, it's the demand and supply pushing the price up/downwards.
, b7 o' Q: g" e6 I/ GFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ d" n  i1 X8 M5 @+ c& e% K5 P/ l0 C' bA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ o1 h" Z$ @: o( pThe 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. ( U: V  a( J* q- Q4 y( x% z
but the value of their assets did really drop significantly.
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8 k* k% L- h4 k7 k* h& e6 q[ 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
0 K0 C& E2 d, [! TRefer to last example,! @% n- J; G* F
that means bank A have no money because we borrow 10 dollars from bank A
- M0 F1 O# p9 ?5 hBecause bank A doesnt have enough cash on hand 7 N* N! o1 F7 I$ k
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
5 x; K1 c6 N6 i2 N! Y% o( p9 Iso does it mean if E failed to pay D,
6 Z* @2 E$ _+ k7 z4 r" u" i" \4 q7 Q6 Oall the B,C,D,E have to go bankrupt?4 B8 j( J. z, t& r- a" f! n

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6 K- U2 K5 `. |$ W( p) X" E5 N" n: Gthe multiplier just tell how much money created in a whole economy,
. _2 O1 n: I" v  A; _4 Cin this case it doesnt really matter how much money is created,   z! d1 l% G* o/ b- i' |
it's the problem of the debt itself.
2 X+ L; I" }6 e' O& u% I* Qthe 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. X9 n$ h) U! J3 `* w
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...* T* h# y/ Y. H
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敬請各師兄解答
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Thanks

, T& d) G( Q3 C那些根本係 紙上財富  
$ i& L2 M( q6 M9 Z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* y$ F! v6 n1 Z
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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 M9 ^3 a. w9 ^
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) L& v( w" {  U: \+ q
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
# @# g. G- {9 i個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
5 b! v- Z$ @+ Q  k/ o6 k! ?扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
! k7 Y/ |' I. D! s& t" |) L計番回報率就已經係50%,所以可以好好賺7 f- a5 n$ |4 n" H! X  q# E
前提係銀行之間要互相信任先可以咁樣借法" i# l2 P. ^1 h: d+ }9 T, r. e
同埋個市場既前境要係好先得. U8 W8 ?$ [8 x' p
但當經濟一差,公司估值趺了,物價不升反趺, x7 _% [0 [- I
例如剛才說10蚊的, 趺到得番9蚊,
: z4 }' {: o3 p9 K7 z9 m" q2 @咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 I4 D$ ?0 Z% d0 C2 h  e) S4 B所以你就會覺得D錢好似蒸發哂咁* d1 p1 ]! {. O  E2 }$ V
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你都可以當標野咁諗, 個樣野多人可以狂升值,
4 m- g. d" o; Q! {9 G! ~+ d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, & _  z5 r( _4 ~% T# b) M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  `$ v8 U2 l, 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
! u, P# Z$ [" K5 Y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/ V, a, g( Y! `. ]6 @
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ! A' a# e4 M. G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ P, l5 P; y; ]* j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% A" P" h+ d: R8 d# R: W咁你話d錢蒸發左去邊? ...

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& L7 u+ l$ N9 g! g+ b正係咁樣' Y) @8 E7 g9 U, ^( f3 r
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 }2 \! h. |# V9 F4 G7 K
分分鐘佢地唔使還錢7 W% a$ I: n6 m) n! c
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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,
7 y2 v7 w) r/ K連國家都係問人借, 不停發債券, 印鈔票
8 o- ?. v4 N% E9 J0 H: m一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ y" [. k8 \$ ^: Z
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
& x5 t2 `9 t5 n9 N9 U2 D咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
0 I3 r! N" d& Q1 U, ^5 z) K因為以前未生產, 先消費9 t, W  g* c# Y1 T. O( z8 v
而家就要多生產, 少消費