0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif- r6 P$ C* }6 a7 |1 g* @
Why bank will sell 借據給第三者???
% A% n5 H! b* {& y8 dI was so confused.....

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講到尾都係賺錢3 r" \$ y3 O" d9 G
so銀行可以不斷放款6 o5 s" }/ r8 `. J* m
美國的房貸問題散佈到全世界
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mortgage loan 0 z+ t8 t. m3 D# V2 v% x+ j! Z( {  r
>conduit
' ^- @) O- G8 ?0 S* m6 v>RMBS(Residential Mortgage Backed Securities)! W# s. u1 F, }+ \' T
>arranger
; z* l% _2 J3 b>CDO(Collateralized Debt Obligation); W: v8 W; G0 t9 T+ N
最後去到投資者

Kev

i thought it is the reason of rate of return.% X7 ?5 U. U- I4 i( \2 r7 M1 ^
CDs could have different ratings, AAA -> F,
' i; Y9 X5 U7 |/ a" q2 {more risky ones would have higher premium (interest rate) as a compensation for an investment.) K% s- ?  e) D  @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 f5 I3 k  I1 m
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% T. P, L( Q- n6 F
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 J0 a# T9 Q+ C. P& Msimilar to bonds, CDs trading in the secondary market have different value at different times,! @( K9 E3 A* @; e6 n
normally the value is calculated by adding it's principle and interest.
, @: Q% @& r0 J( n0 u" R- ?" C' seg. the value of the mortgage+the interests to be recieved in the future.
* X3 |+ ?; V1 Sbanks 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.9 Z: `& y4 f2 U/ s% a! t. s& r# _
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im not quite sure if the multiplier effect does really matter in this case.
# h# O. A) S0 z! Xin stock market, it's the demand and supply pushing the price up/downwards.
: f5 v0 B4 b9 `For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, ?# |$ ^1 V3 q, V5 Q) X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 m$ z4 z) l  |- p0 O. L8 z4 h8 H5 DThe 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.
# G0 ?  f: ^- U& K# gbut the value of their assets did really drop significantly.% Q  F9 f2 n, k/ ]
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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
. g) l6 @1 e3 q+ H: J4 QRefer to last example,
1 n( A- v9 P! H. I! ]2 jthat means bank A have no money because we borrow 10 dollars from bank A
0 {- n* C1 e  e5 v0 IBecause bank A doesnt have enough cash on hand - v: H+ z) _0 I
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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3 {, B+ Y6 d3 `. W" j, S/ HA->B->C->D->E# O# P( S, T0 q" V# W2 X/ L
so does it mean if E failed to pay D,
* E( b) q' ?8 j1 F% O+ _! J0 z% {all the B,C,D,E have to go bankrupt?
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. e0 c/ t9 ~7 B! O( Y& Z+ j: [the multiplier just tell how much money created in a whole economy, ) i1 E  R$ S3 u' j" `/ ~) m7 m
in this case it doesnt really matter how much money is created, 7 M5 }/ ^5 [  M" g' H# D$ Y
it's the problem of the debt itself.1 Q3 b( E! p1 G; ?3 T+ H4 ?2 s
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.gif5 ^" c. U7 W# T4 |1 m
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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3 T5 J7 c# l  Q. b) M3 l無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答3 x9 R/ Y  c3 S5 Z/ J* n
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Thanks

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那些根本係 紙上財富  
( Z$ ?# n4 ?% {4 l2 i- s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 graphic6 O1 H  \) v! h# {
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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
6 y. e  U+ n( ^, L. [( K9 S% V' l0 y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
4 W# S4 g" ]2 G6 Z3 d' ?2 Z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  _. y; s* u  O
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
: h& K& `  V: P7 o1 g, [4 n扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,7 E: R4 S2 y( i# R3 j2 i
計番回報率就已經係50%,所以可以好好賺0 U. V; M/ Q) ^% H8 X* w7 S& P
前提係銀行之間要互相信任先可以咁樣借法
) Q" ~* W) B) L, @% r* U同埋個市場既前境要係好先得) e0 G. ^$ _' P* @: t
但當經濟一差,公司估值趺了,物價不升反趺
5 u6 J, ]2 l- f例如剛才說10蚊的, 趺到得番9蚊, - w3 C. g1 t5 V1 e: c- @2 U
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
: Q& x: u8 h" S6 ^' u) `所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
8 k( X2 i2 y/ I# ]0 I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, ( \" \. M+ Z3 d7 n  u$ i6 ^2 N# Y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 n8 \" m2 T& v% `% H9 Z1 K- w1 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# o/ G6 Z- d* z* C; R8 X) C/ Q
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  E4 ~! I: H1 \) [
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
4 A( c( \) \# S# y% c0 F9 p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ Y  I4 F  c: H+ 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7 H+ r- Z8 I6 `  s; A
咁你話d錢蒸發左去邊? ...

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$ Y2 `2 W5 B8 `; c3 ~正係咁樣
% l5 t$ `1 c1 G% U% i8 d8 ]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% c& }& ?! ~5 }5 ^
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,+ a& O( Y" i" f7 m
連國家都係問人借, 不停發債券, 印鈔票, g! `/ n: `6 h3 F; z+ c
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: N% e. C9 m% k  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
- R# e! g2 W% g! ?' L( p) x咁而家"爆哂煲"算唔算先至係變番"正常"???

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2 E! U1 g" b! @9 h( C8 j其實係...( ~/ @3 h+ V) ~9 ~+ r( y8 v' g
因為以前未生產, 先消費: t; J1 Z" V; G' R& t
而家就要多生產, 少消費