0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif; H' t8 q) O( E
Why bank will sell 借據給第三者???2 R) t) n" h% m% V/ ^5 x( _
I was so confused.....

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講到尾都係賺錢
2 Z( @3 u% w* uso銀行可以不斷放款
& Y1 M% s6 ]) ~; [美國的房貸問題散佈到全世界
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mortgage loan
* \7 A4 |, X8 c5 w' y# @>conduit& A. V; V7 {) M6 Z) L; ]- w
>RMBS(Residential Mortgage Backed Securities)
6 c6 ?1 z2 L6 f% u; w% S; D6 t>arranger
! s& g- [9 _1 q: o2 ?' [; `>CDO(Collateralized Debt Obligation)
) K, j$ E" w/ ?1 u" b4 ^2 N4 z最後去到投資者

Kev

i thought it is the reason of rate of return.0 H: h+ Y+ O; Z* M) w2 i  j0 ^" R
CDs could have different ratings, AAA -> F,8 Y1 t- r1 s. z7 J$ J; E
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& S9 |# }5 j+ `! amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 v- z0 _! R/ I, H- {$ j3 K4 u4 m
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ y5 p0 z. ~3 k7 }( K6 }, y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 g' d4 T5 e+ x/ V
similar to bonds, CDs trading in the secondary market have different value at different times,
) }4 D/ U7 R7 X1 Dnormally the value is calculated by adding it's principle and interest.
. }, C. L; D4 N9 n  \* V6 O$ Leg. the value of the mortgage+the interests to be recieved in the future.
( n) k% D- O9 k& T! Lbanks 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.2 W! }( Y/ k/ {" {- ^) I7 w
in stock market, it's the demand and supply pushing the price up/downwards.
- U8 D# y4 f# u9 J. e9 ZFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 ~0 v" w. t5 {; @+ S  n
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 e6 Y1 }' E1 h8 }! {
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. ! e3 p; R: R' a: V0 L6 E
but the value of their assets did really drop significantly.
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" @" U& o' P8 P( f7 E9 h' L$ O[ 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
7 Z; R* \% }% {. M+ G( ARefer to last example,! W5 `) T) f& I0 i1 l
that means bank A have no money because we borrow 10 dollars from bank A
  K3 g  s0 P. @1 P# F: ?0 mBecause bank A doesnt have enough cash on hand
/ k5 c; k% J, |0 z, r" G( A0 h! ?# utherefore bank A need to be bankrrupt ??? Am I right ?? ...

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  N  {+ R0 O8 P8 Q9 B5 l' S& ^! l" wA->B->C->D->E4 I3 A7 \+ c' |! ?' _3 ]0 c
so does it mean if E failed to pay D,
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. T/ H: [0 g2 ?& Z; k4 G" Athe multiplier just tell how much money created in a whole economy, 2 h' a: _. d9 ?7 C& b% S- g: E$ z
in this case it doesnt really matter how much money is created, ! ~6 U6 v( a9 _( @/ l4 {
it's the problem of the debt itself.
& m& Z1 e5 m4 k* z: f, c2 W. uthe 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.gif0 K' [% i# l) Y1 L  ?. K: c5 h
小弟一直都唔明.../ _9 N& K  u& d- Z" _8 R6 ^

+ K  k) y3 g( D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5 G9 a! a8 p9 B! Y& `! ^$ G- U

6 i, U2 ?5 T! Y9 AThanks

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那些根本係 紙上財富  
! N& S6 E% i* M5 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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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0 K1 X2 s" F* q4 F" d" D
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
4 H  T3 J, p3 i& m# u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
" U. l* y) P$ a個件物價係市場好既時候升, 例如15%先算,變左12蚊啦+ X  N0 ?$ B/ Z+ u: i& O
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,. u5 h; E* @, K' L
計番回報率就已經係50%,所以可以好好賺# s4 i$ \5 q0 B6 N6 A' |! r
前提係銀行之間要互相信任先可以咁樣借法4 X& D; P+ {5 ]
同埋個市場既前境要係好先得: _/ {8 a4 j5 z8 N
但當經濟一差,公司估值趺了,物價不升反趺& X5 w# I0 P2 e9 z  P0 \0 i+ ~
例如剛才說10蚊的, 趺到得番9蚊, ) W3 A. i; v; B
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% _* v: [. @+ r5 q9 N所以你就會覺得D錢好似蒸發哂咁; k/ Q2 @9 h) _9 P9 D7 k

) P2 F' p' }8 a1 u+ u  A2 O& G5 V  `你都可以當標野咁諗, 個樣野多人可以狂升值, + }$ \+ ?3 I% n# T/ v0 b" y  E
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,
& _8 h! N# w- X% E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   y' ?' o9 A. f1 q9 g2 c( _
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; M8 e: ~; K+ c3 ^- x; \
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: x2 C3 M1 T' w8 G
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
4 ^- ^1 \" G; H: f2 S! w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ r7 z0 @- j7 }3 ~# T" _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
2 t( C& \5 G! w8 ~; V: H* s, P5 K咁你話d錢蒸發左去邊? ...

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正係咁樣& H# Q* k6 U3 p2 O) ~, e9 E
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
6 v6 z' w0 t% j7 h/ u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,/ B- W: l' D. Z, }
連國家都係問人借, 不停發債券, 印鈔票. S5 M' L' ^9 s" L
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 H4 f/ [9 @* v  k) b' p2 g
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.gif9 x1 N8 ^! g1 B! x2 N# f- h4 I$ l
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
- D# |8 \0 l& y3 V1 }因為以前未生產, 先消費% |6 H# x( x* C: ?' D( [# [
而家就要多生產, 少消費