0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, E' X* K0 Z/ x
Why bank will sell 借據給第三者???. E' k6 f" ^( y& D5 N% I
I was so confused.....

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. t# {1 y% k, B# J4 I0 q& V講到尾都係賺錢
. u/ G+ m. b  x9 T# Y( n" Oso銀行可以不斷放款9 {' {( y4 D$ c" C' h3 G: v7 B
美國的房貸問題散佈到全世界
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3 f0 z- v  g+ R# ~3 ymortgage loan 5 S6 K  s* @$ z7 k, }
>conduit4 O* t2 N, U2 R+ V5 p! R# y
>RMBS(Residential Mortgage Backed Securities)
# X* K; B- K4 {" h+ s" h>arranger* E3 N6 c: V  Z" J% l* o
>CDO(Collateralized Debt Obligation)
, a. Q  \8 h" [4 J- Z( p最後去到投資者

Kev

i thought it is the reason of rate of return.
3 I$ Z+ G1 O" K' t$ qCDs could have different ratings, AAA -> F,
4 I, g/ p3 y; G7 h+ n1 g9 ymore risky ones would have higher premium (interest rate) as a compensation for an investment.
! [/ k4 L% h3 [/ }9 ^/ o/ \main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- t; i5 ~& f+ n6 d+ m6 rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* R  u5 Y; ^0 I" }* C+ E; L
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. \& l* }. q. }0 ^# usimilar to bonds, CDs trading in the secondary market have different value at different times,7 s$ d% c9 e# p9 \$ C) Q
normally the value is calculated by adding it's principle and interest.
. Y: e* `$ M* S! o5 ceg. the value of the mortgage+the interests to be recieved in the future. + q% l" Y+ N1 x. a8 Z
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.6 l) E- O& ]: T( Q

$ k3 f" d( A$ dim not quite sure if the multiplier effect does really matter in this case.
, M3 v& s& z+ v( c$ x2 S/ v/ Q- {in stock market, it's the demand and supply pushing the price up/downwards.7 A1 F# P: V& p# F+ N5 o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( _- J$ C! c& \/ L
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- q0 ~+ y2 F9 |/ x& G6 |4 O
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.   e, P1 N- @9 X1 h
but 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
) k( T. B3 D3 k1 k/ F$ S, f  R# jRefer to last example,9 I2 u$ s- H; R- [; i
that means bank A have no money because we borrow 10 dollars from bank A ! |& u( Y6 D- j$ f* [5 g; d
Because bank A doesnt have enough cash on hand ) a+ c- P! _# l9 X' k7 k
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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) s% B, V$ C7 r; XA->B->C->D->E
$ u3 e1 `$ M, H* e) T: Cso does it mean if E failed to pay D, 2 i- m9 J- h8 B  C# R
all the B,C,D,E have to go bankrupt?5 N7 F7 V, S$ P( l" {

$ m% i: m) l' z# u/ D; L9 X5 V, y% d$ m" l9 L% @+ C
the multiplier just tell how much money created in a whole economy,
: O) I" C9 k( ?1 c+ b2 B8 Rin this case it doesnt really matter how much money is created, * X& H: H! y0 H1 ~& r. b& M9 j5 q& _
it's the problem of the debt itself.% g6 h# ~# E7 W
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
& X+ _; d6 e& g5 v  J- f小弟一直都唔明...
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0 N+ ~& G( [) u( v& k& P全世界都蝕錢，咁邊個賺緊錢呢?/ m1 a6 Q% }' C. A+ Y& b
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無可能淨係有人蝕錢無人賺架嘛...8 W* {* n0 s8 ]7 [/ {2 L& p

. ^0 Q* E* Q1 z; u" X5 {6 q敬請各師兄解答9 w' I$ \, q* o# K
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Thanks

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那些根本係 紙上財富  ( r# U4 i. t3 \
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. K# k& J0 p# w
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
$ }; t: Z" t' ?7 o" 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: U8 |, Y  [& j7 ^
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 Z" p) p2 u5 T* c
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# A6 Y. P/ c) ?+ v- \. @5 F  D計番回報率就已經係50%,所以可以好好賺
, F$ Z0 ~: I# J前提係銀行之間要互相信任先可以咁樣借法* V' r7 t, n* l/ Q: L9 w9 s8 [
同埋個市場既前境要係好先得
" ]) @2 Q: h  a4 ~2 R但當經濟一差,公司估值趺了,物價不升反趺
  L+ |& c4 }# c例如剛才說10蚊的, 趺到得番9蚊,
( i7 m) p* h4 u, q9 p咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
. Y  u$ b; p- U" ^; C5 D  L所以你就會覺得D錢好似蒸發哂咁, c% ~; g0 G8 T5 ~+ u
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你都可以當標野咁諗, 個樣野多人可以狂升值, 5 @: d. z" \8 b; t% P7 y
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,
& h$ H$ Y- n; p  X; a; P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, ?0 [% a  }. k  S( n& g7 N. ?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 C8 z7 Z' t. B# P7 N" h( W9 V2 C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
$ p* L+ K( s# U1 i& J- |$ |唔係d錢蒸發, 而係比美國佬洗晒未來錢,
! V8 j* ]6 j; U* Z" p/ x% o- ?淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) s7 @% N4 p$ m" Q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 V, P/ C7 X' e* n$ }) L咁你話d錢蒸發左去邊? ...

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& s9 G; P& d/ x  P$ X. k2 L正係咁樣
( Y) M( t6 `  T- ^3 I2 B/ ]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 Y7 {1 J# V+ F4 q5 Y分分鐘佢地唔使還錢; i; Q" Q2 p' Z; T" y5 \
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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,
4 \: V4 ^( b1 E連國家都係問人借, 不停發債券, 印鈔票2 V# \3 k# X+ F! S: v
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產5 g! C& p" G3 B0 I9 r5 k# G% M
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
, Y( g& T! G9 g" I咁而家"爆哂煲"算唔算先至係變番"正常"???

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1 p% ]/ e/ i$ A2 H0 m: V其實係...
: z! z. h, u: v% {: Y$ D+ j! Y) |因為以前未生產, 先消費) P0 d- c1 j0 p
而家就要多生產, 少消費