0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif8 `- ?* @' K" V7 n2 @
Why bank will sell 借據給第三者???6 m6 e. x6 i# J1 `  t
I was so confused.....

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講到尾都係賺錢( l$ F# H  L" z6 s
so銀行可以不斷放款$ D9 E6 C: c& t7 E7 L+ P& B* {6 r- f
美國的房貸問題散佈到全世界5 U; \* f0 P0 j3 U8 [+ u

# F( w. k9 p+ r: Z2 W" @6 Jmortgage loan 7 j; R, W4 e4 H9 {0 |3 V
>conduit- X  w' \8 y3 k8 E! Z& S: L
>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)$ N! i+ d- T  _4 p" _* V* V
最後去到投資者

Kev

i thought it is the reason of rate of return.( ^/ S3 B" D( J/ Q, @: H" b
CDs could have different ratings, AAA -> F,
. a4 R: ~, I8 G% B8 B' Cmore risky ones would have higher premium (interest rate) as a compensation for an investment.- r9 M) I6 O7 h& t: m9 h
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 r$ h4 j& a- g# n% m! n% @in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' x& X, w5 g, ]# V. \% Q8 a0 ]$ B
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- ~/ U9 r$ c8 x* l. }* H
similar to bonds, CDs trading in the secondary market have different value at different times,8 F' e- j# W+ H. B! ]5 Q/ D3 t, c
normally the value is calculated by adding it's principle and interest.
7 A8 t3 q4 @, u' d2 Weg. the value of the mortgage+the interests to be recieved in the future.
6 n7 R5 o6 y4 o4 |" \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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im not quite sure if the multiplier effect does really matter in this case.
" [# Z3 p; Y2 J1 v, Nin stock market, it's the demand and supply pushing the price up/downwards.
1 |6 M$ y- Y- C. ]0 z: dFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 s9 l* g) X5 o& M% o/ rA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 [* O1 m' Y4 e) Z8 O) \" E( H1 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.
: j6 G6 y( S$ U  \: B' x2 z& Xbut the value of their assets did really drop significantly.
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- V) [) f$ G6 M- W[ 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! H* j4 j5 T+ I7 ?/ p' ~. f# c% v- @
Refer to last example,
1 _& D( M# j, N" _$ F4 Wthat means bank A have no money because we borrow 10 dollars from bank A
  y( O7 o( ^) A  V; r0 R- XBecause bank A doesnt have enough cash on hand + @+ ]$ \7 g' D% L* L; }
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
  Q. S& ]* [- S; c0 J+ Pso does it mean if E failed to pay D,
9 `0 e. y9 B# B# J% T- xall the B,C,D,E have to go bankrupt?) ?5 x" q8 P9 {! f# m

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the multiplier just tell how much money created in a whole economy, 1 c7 s+ J$ E- c1 }3 o2 z( h" U1 T
in this case it doesnt really matter how much money is created, % b0 k" F4 H7 C  W6 ?) O& o
it's the problem of the debt itself.$ N# x& G. _7 `) J6 ^$ _/ A
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! I5 ?  B+ s5 n  m: L4 x: v
小弟一直都唔明...
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' }. l. F1 b& C2 {全世界都蝕錢，咁邊個賺緊錢呢?8 A8 A- r7 k# u& a
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無可能淨係有人蝕錢無人賺架嘛...
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& a9 t5 d8 Z! y敬請各師兄解答, p8 s3 B# c6 R. k- [, p. t/ X

3 `! H2 q  g: N1 mThanks

1 r% F0 h1 n2 S( I8 T6 ?* H那些根本係 紙上財富  
3 ?' Y3 e, g- |1 K# A. @5 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 graphic1 u5 y  I) L- }3 `

7 s. s4 V- F; A/ b2 q' Fhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產1 Y1 T* F7 T! a7 L# r
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
( G8 z( V" }. ^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' h/ P2 j4 I; a2 h" L: E& I% \
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 Q6 o# H% ~+ K扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,; i7 H2 Q* W) `
計番回報率就已經係50%,所以可以好好賺
2 s$ M4 y4 V6 H, z1 K+ E) p) u" R前提係銀行之間要互相信任先可以咁樣借法
7 t: G  t0 p% d( W同埋個市場既前境要係好先得. A5 e( O# G4 H4 J8 t
但當經濟一差,公司估值趺了,物價不升反趺
! C3 O6 V+ g8 f$ u: _+ b6 T* D例如剛才說10蚊的, 趺到得番9蚊,
( }! e4 l; B5 W+ Q. b/ T咁投資銀行一下子就要還11蚊, 一來一回變左虧200%; l8 A  v& h0 F3 e7 h
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, " x! Y" Y5 G+ H& ~  Y; u
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, ' A/ ]4 Q9 B- p& D7 L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 T* ]# q: I' b& c9 q9 G4 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" ~, _' Y' x; T7 [. h# 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
# d! B* d1 k8 X: W+ j* y7 Y唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" s3 J( s2 ~" _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, F; k+ {$ R" N2 w0 |3 x  Y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8 C5 |% @2 X7 h
咁你話d錢蒸發左去邊? ...

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正係咁樣: }' A/ ]% `- [8 ~7 E' S
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
+ n/ g5 R! Q, C4 T* f$ o分分鐘佢地唔使還錢
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% r4 N6 W, _6 N% I9 \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,% `$ n) ^& O. i+ ]4 s
連國家都係問人借, 不停發債券, 印鈔票& V0 G+ Z7 s3 t1 {; ?9 C7 J
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
$ t3 O% u. f9 R! l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
/ n6 ^; c1 g# d- D; [1 [% r' }咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
5 }+ c/ C% n% M8 a因為以前未生產, 先消費
: ~; q$ x0 u* N* ^" E5 E而家就要多生產, 少消費