0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif6 j! R8 C9 y" A" j: [/ _+ j
Why bank will sell 借據給第三者???( m. L- {" z4 D' Z
I was so confused.....

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講到尾都係賺錢
# r$ _+ X5 y, I7 p- F& nso銀行可以不斷放款
* o, ]( C2 ~  O+ e# @! D# A美國的房貸問題散佈到全世界. e- T! ?  D8 {+ U7 n
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mortgage loan 1 S( R1 S  z# F3 _" I
>conduit
# D3 D) Y- j# Q>RMBS(Residential Mortgage Backed Securities)
( q! x8 r4 p7 r# o5 j+ ?6 L>arranger
2 K+ u2 V0 @, v/ T8 Q/ h+ O4 Q5 E>CDO(Collateralized Debt Obligation)
/ O& R7 o' _4 B2 }, d最後去到投資者

Kev

i thought it is the reason of rate of return.1 a3 D7 X% s6 W8 ^2 o6 J& ~
CDs could have different ratings, AAA -> F,( ~7 i& ]) g# \/ r8 a' i2 A
more risky ones would have higher premium (interest rate) as a compensation for an investment.4 r$ H2 F  F5 p! x9 X' Q# v
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! b0 E! V& W! }: D) F5 [& k* {
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: ~2 N" ?0 X$ O/ f3 `6 H9 _
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 K  j& z/ Z  g+ v0 t
similar to bonds, CDs trading in the secondary market have different value at different times,5 V% k; F/ {1 q9 q8 O6 t0 W
normally the value is calculated by adding it's principle and interest. / I( {9 f4 D) R( w, u
eg. the value of the mortgage+the interests to be recieved in the future.
0 {; m& V/ p4 E: N  Wbanks 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.8 S4 A5 f# A+ Z; n0 g: g: l
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im not quite sure if the multiplier effect does really matter in this case.- U8 |3 `% q* p+ W& o
in stock market, it's the demand and supply pushing the price up/downwards.+ ~/ E* E2 a& W4 l% L9 |
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 ]3 h% ]0 W; u2 l& v" q- g$ m6 ~1 ~A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 S. K! d0 |0 d9 ?' K! k& n. P6 F
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.
8 C& @& N1 J; F" E1 pbut the value of their assets did really drop significantly.
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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) b8 H! f+ j9 S" B/ m  u
Refer to last example,* o. c1 W# o+ t+ S
that means bank A have no money because we borrow 10 dollars from bank A - ]* W. ]0 p( i: W1 n
Because bank A doesnt have enough cash on hand
! n% G7 s) n' d0 |0 ~9 m  a% J# H8 Rtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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& [* d5 _$ G  a: g) HA->B->C->D->E
4 }( Q8 Y# v1 p% Vso does it mean if E failed to pay D, 2 ]2 f5 ^0 Z# J; H* [8 q
all the B,C,D,E have to go bankrupt?
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. ~3 {# V. t. w+ D# q1 Othe multiplier just tell how much money created in a whole economy, ! a/ c9 A- b, V8 O7 A+ @5 n
in this case it doesnt really matter how much money is created, # P( [; R% M2 R2 b- w
it's the problem of the debt itself.
- x* i7 T. c  r' Z& ], P! {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+ e# U. m& _5 F  u
小弟一直都唔明...7 w, {8 }/ a8 ^% |; d8 a2 l

( U1 K( w, V9 D0 r$ x全世界都蝕錢，咁邊個賺緊錢呢?
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6 h. E/ w( g# A無可能淨係有人蝕錢無人賺架嘛...# q& `2 T2 T2 S# X* G
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敬請各師兄解答: {/ S1 C9 {3 n! u
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Thanks

$ W# o- J7 D* D2 A- c0 X) c那些根本係 紙上財富  ( v5 j/ s! T6 d6 F: G" X' O
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 graphic9 l( m6 A1 t% u

1 v4 ]7 o) l7 l0 r: ]) phttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
, A" I  x% {* P# j0 R當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# C: m1 u- v8 k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1 S$ V3 R8 v! b* E+ G: Z
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 M5 t2 }1 \2 M" }) T
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,& l. r) T/ H  s4 D) k) R
計番回報率就已經係50%,所以可以好好賺
5 e+ b& U: ?: P8 O前提係銀行之間要互相信任先可以咁樣借法* I  ]. J' y  o  o3 q) P' x
同埋個市場既前境要係好先得3 e7 F) a7 b2 {, T( Q+ R
但當經濟一差,公司估值趺了,物價不升反趺
  K9 }) Q  _: }  _6 q% U7 U# Q例如剛才說10蚊的, 趺到得番9蚊,
& s+ w7 ]+ [6 U) N咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
+ V' y7 y: J! h/ h8 x所以你就會覺得D錢好似蒸發哂咁% k6 E; Y3 Y0 E9 D. G
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你都可以當標野咁諗, 個樣野多人可以狂升值,
/ [' i3 b% f, n. l% G3 N! ~  a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,
9 g; p% L! T: S5 a9 C; k淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ j5 Q! Q* U/ A$ V9 `% ?' X
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
$ Y/ M$ G3 t9 r# d& P3 x; Q3 m# O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+ T- W: o( B% F! r# U$ c9 Q( \( \
唔係d錢蒸發, 而係比美國佬洗晒未來錢, & ?, Y, A* ~1 A8 V" u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- ?. {0 \* D9 Q5 L! |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. H5 M* {1 ~, u# V' W/ f
咁你話d錢蒸發左去邊? ...

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正係咁樣9 E; ^2 j, ?  E
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2 h. h& P/ Q& d+ g0 J% W
分分鐘佢地唔使還錢, _. O* [, t( ~- A0 l; u0 D
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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,
& V1 f0 e" A: K' Z連國家都係問人借, 不停發債券, 印鈔票
, J4 O  p4 i! ^( @( s* {' q# E一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
& ?2 X5 k( A& X: f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
' U, z4 v1 r% m/ }5 [* z; N咁而家"爆哂煲"算唔算先至係變番"正常"???

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& K6 y4 a" Y. B, @0 O( x其實係...: j. p# D* l/ I4 f( I+ \
因為以前未生產, 先消費7 k; X. M. \2 S, h. w! C
而家就要多生產, 少消費