0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
1 L6 J" o4 V4 `! ]Why bank will sell 借據給第三者???
1 Z! [, w0 Y5 ~1 A5 w+ ?3 e! aI was so confused.....

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講到尾都係賺錢
. I7 t; V) y! @4 |( Qso銀行可以不斷放款! W7 m9 V$ J0 C! w6 ~+ \
美國的房貸問題散佈到全世界. I& E! A9 o9 B; }

4 `) w2 w" H9 _7 @, Cmortgage loan 0 P- T) _3 S3 n$ X
>conduit: e' S. N1 x) N2 N6 E) r" {- Z
>RMBS(Residential Mortgage Backed Securities)) f- [7 _+ i' d' M8 l9 n' Q* p
>arranger' Z/ @& w3 v8 a2 x$ W
>CDO(Collateralized Debt Obligation): Y; m  B1 u- D" _  q+ ?- c3 `! W
最後去到投資者

Kev

i thought it is the reason of rate of return.
- ^5 z- c* J( k1 h, w% F' O$ W2 ^CDs could have different ratings, AAA -> F,
# l! z5 e4 u2 |4 O% g0 Z: @& Ymore risky ones would have higher premium (interest rate) as a compensation for an investment.' M% T' s8 W4 K
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 M( ?% m' n! K; ?in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) @- J) X5 }6 r. D7 X" U- F+ P! r  [Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: Q& f7 j5 n, E1 C) ~" e
similar to bonds, CDs trading in the secondary market have different value at different times,$ ~# ^9 C; h5 a/ W* [! m( F  G9 [( s
normally the value is calculated by adding it's principle and interest. * R& r; @# I8 E$ W# [
eg. the value of the mortgage+the interests to be recieved in the future. / }, j5 q5 O+ {( Z4 O# Y
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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/ P+ W, b+ E2 J0 M$ |7 B( u7 ]im not quite sure if the multiplier effect does really matter in this case.) v% _4 D8 \" x/ Q
in stock market, it's the demand and supply pushing the price up/downwards.
6 z6 _( F+ T" s( [: m1 N4 ~For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 \5 K0 N0 L  s; M  G
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% W: S! ]0 l9 z% Y/ R
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. ; G: [! P4 l) K: Y. l
but the value of their assets did really drop significantly.
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/ C7 P" N4 g5 Y( F[ 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, N" b- P/ p* n  A! q
Refer to last example,
. P/ E- s9 D$ G; d4 jthat means bank A have no money because we borrow 10 dollars from bank A   L+ e3 a* f4 U0 t0 }
Because bank A doesnt have enough cash on hand
" q7 P$ J! T& ~9 ctherefore bank A need to be bankrrupt ??? Am I right ?? ...

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2 Y- J  P: c0 O( z! q4 xA->B->C->D->E! B( s2 b. n, A  W5 d! q
so does it mean if E failed to pay D, . I' V. \5 p( W/ t: h0 v. L/ ~
all the B,C,D,E have to go bankrupt?, [! [! F$ ~) a( v1 s2 N

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the multiplier just tell how much money created in a whole economy, $ q5 v7 L3 S. }2 I
in this case it doesnt really matter how much money is created, : @! _  ]1 Q# j7 G1 N6 g. e
it's the problem of the debt itself.
4 h" O' W$ V$ K3 t1 T# R# Cthe 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.gif4 O- |/ s, f; }" U" E! U' _
小弟一直都唔明...: f" @6 M- t# S" k8 |  c: Q
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全世界都蝕錢，咁邊個賺緊錢呢?. E+ Y2 g% G8 @7 a+ @7 H
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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" P4 Y' D( r! n

4 U- y, Y( p' M1 RThanks

1 Z7 u, N* b+ f$ z5 z那些根本係 紙上財富  
/ d; {! l) A2 R: C9 f0 h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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  a  Z% I" n- T- ehttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
( m9 |% y& @# j當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
9 ?* y2 v% X) h: ~% ]. V) S8 }  z8 ~8 p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
; h2 l% F# y* F個件物價係市場好既時候升, 例如15%先算,變左12蚊啦0 o6 `8 Q, p+ f" u5 @
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
1 p" b7 b- h7 }; w計番回報率就已經係50%,所以可以好好賺4 g9 Z% {) m- B7 {' }8 e  P% `& c
前提係銀行之間要互相信任先可以咁樣借法
# z/ j5 w' P1 C6 K- n同埋個市場既前境要係好先得3 m* D. a1 L* Q' l; ^9 {
但當經濟一差,公司估值趺了,物價不升反趺
+ {: k& a/ H9 q& Y$ q0 L例如剛才說10蚊的, 趺到得番9蚊,
3 ~! o4 G5 U, [咁投資銀行一下子就要還11蚊, 一來一回變左虧200%0 M* _) Q0 ]6 a, Y
所以你就會覺得D錢好似蒸發哂咁% S/ F; x% a, h" p
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你都可以當標野咁諗, 個樣野多人可以狂升值,
5 U# [% u9 U, A4 g: {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, % I# j3 W0 W! ?3 W5 P5 r. U  x4 [* R
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 [8 M+ b+ ]- h) w- L  h4 s% T  }! v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+ t2 i7 }* b- Y, f2 |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- f* _# P5 z  L
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
0 l! |. h2 L7 W  o* X. r2 e淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 o6 n; n, }# }# F8 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
/ |" R, P* y( k. ~' q5 a( F咁你話d錢蒸發左去邊? ...

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正係咁樣
0 b9 U! V* F. G4 w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4 n# }$ @  m! i. u% |* K4 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,
5 a4 Z! @, O) N5 Y+ p* q連國家都係問人借, 不停發債券, 印鈔票% V3 P( L: @! D
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
+ u+ s3 l7 v# n* T) s% M+ t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
+ F" r3 H( o% m* {咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...5 }& ~! ~2 w: A' D) F3 c
因為以前未生產, 先消費5 J' x1 o* F7 C2 v/ T; F/ e+ v
而家就要多生產, 少消費