0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
( l0 u  a$ `3 A- S' Y' ]Why bank will sell 借據給第三者???' G- d3 \; O, v% l
I was so confused.....

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# v% Y( S6 P" T3 x- G講到尾都係賺錢
! ]- E% Q! i/ w6 @& y# j' p3 Vso銀行可以不斷放款& [4 o) W, N8 b& D7 f
美國的房貸問題散佈到全世界
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& ~0 H! z) ^& ?* Z  y3 m) fmortgage loan
2 B! f9 @3 g) U- z- a' z>conduit
; A  [) s/ b  w" O7 Y& |>RMBS(Residential Mortgage Backed Securities)# D( h( k; W% I+ D: B, u
>arranger
4 s. }& S; [( C1 C: T- O>CDO(Collateralized Debt Obligation)
& G0 F3 E* a7 R& Z最後去到投資者

Kev

i thought it is the reason of rate of return.6 L- @+ ?" p: Z& n
CDs could have different ratings, AAA -> F,9 c) V1 r2 C) _0 }: o
more risky ones would have higher premium (interest rate) as a compensation for an investment.4 q. Y5 X9 Q1 T0 l
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 q4 ]( o+ P2 {8 U
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& u) N. Q! ~5 L6 [' nAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' X6 _6 G1 q9 @6 Y  U$ w( w
similar to bonds, CDs trading in the secondary market have different value at different times,
. S/ Y( O& {% J; G7 `0 q3 Znormally the value is calculated by adding it's principle and interest. , Q. V: z; I3 h6 }3 y; c
eg. the value of the mortgage+the interests to be recieved in the future. $ {, O, d& ^7 K/ u1 i2 F% g% K% [
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.: `" W4 [: a1 N3 S% p5 \7 U

# }3 n2 L' X' _8 G. o% B5 nim not quite sure if the multiplier effect does really matter in this case.
+ B4 l2 X3 u  S/ F% n9 Min stock market, it's the demand and supply pushing the price up/downwards.
. {. q( j/ I' T5 ~* hFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 I8 x& N5 ]9 ^$ l2 UA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction." ]* A6 ?! @1 _
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.
& [& z) x, d- \' gbut 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% \/ v( V9 T* N. U, n
Refer to last example,. N' J, B% b6 b
that means bank A have no money because we borrow 10 dollars from bank A & `, b) _% K9 J, F5 ?4 T
Because bank A doesnt have enough cash on hand - X) H# g% `- [: w0 m: i2 T
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E2 z4 Q2 A0 u0 X+ D1 k
so does it mean if E failed to pay D, 2 l' X) X) K2 u: [' N# d
all the B,C,D,E have to go bankrupt?1 o2 R% r  I% t% t

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5 p+ K- ]% O" C7 ethe multiplier just tell how much money created in a whole economy, " W. ^7 l6 I' m  ?
in this case it doesnt really matter how much money is created, 5 a3 p5 O" b( I$ P- ?" X
it's the problem of the debt itself.- a% e8 D0 Z+ L1 ?. i  O1 ~
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
9 Y$ M6 B+ e, `* q2 P. r% |小弟一直都唔明...
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2 U  h% E3 @3 F. F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...
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敬請各師兄解答' F# x4 w; Z% T$ s$ w& M

8 i/ o( F4 |+ U4 ^; v# @Thanks

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那些根本係 紙上財富  
  g8 v; Z: ^$ n5 Q7 q; U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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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, [" E* c/ Y. [7 N( [
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高* Z$ l* g( T, X2 N1 |" ^
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6 }, ]* \7 j" E6 ], l
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
9 r8 B, K, R3 ^, p7 l扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
1 w& c  |7 c+ O) F( q. g7 J計番回報率就已經係50%,所以可以好好賺
9 V* V' J0 w3 x5 ^' J  o前提係銀行之間要互相信任先可以咁樣借法- i& Q$ U, o* D8 D. {+ v$ K. w
同埋個市場既前境要係好先得/ l8 R, Y( O5 S; _, F/ R
但當經濟一差,公司估值趺了,物價不升反趺
$ ^  Z- Z5 \" r例如剛才說10蚊的, 趺到得番9蚊,
, a$ b. \  e+ I咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
# k5 n+ y0 g/ p5 r所以你就會覺得D錢好似蒸發哂咁1 p; X( y  c0 y. K) B8 g9 p
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你都可以當標野咁諗, 個樣野多人可以狂升值, 7 R! E. I4 y9 Z- a) G, i# 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, & k$ Q* T, z+ h0 L) g( f
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ |6 G# d& D4 f1 ~/ U) |) 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
. R2 k/ S1 v; f  n7 _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
- H& o. X0 t0 q+ w$ F" R唔係d錢蒸發, 而係比美國佬洗晒未來錢,
/ z( k# r! \' ^. p: I9 I淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) Q+ j, C/ l2 E2 f; l) l6 w
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3 Y+ w) Y. c. {4 Z3 \2 F' G  q
咁你話d錢蒸發左去邊? ...

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正係咁樣
5 k9 f5 F* b! |5 h) \" P! M% y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
* q: x$ N& g6 F2 ~% ^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,
: W9 v  @0 J: `' I連國家都係問人借, 不停發債券, 印鈔票" i7 l; A: W, u; j: z5 o/ I
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! C. i' Y4 s- G6 Z4 z0 L3 k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: v0 z- z5 o8 V% l9 K
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
$ _" f7 x8 P& R1 \/ ~因為以前未生產, 先消費, s& c, ]" n! H' ^0 E/ T! T9 M  v! I
而家就要多生產, 少消費