0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 |/ j5 R& y5 C1 d5 ~) `Why bank will sell 借據給第三者???
% e, B; J& y3 m9 R% [* l$ ?% U6 GI was so confused.....

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9 e% t; _. u' C/ o( Z講到尾都係賺錢# k( a9 T( O0 |
so銀行可以不斷放款
# M; r& l, ~. i美國的房貸問題散佈到全世界3 T5 l1 Q$ H; n1 D  k1 t
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mortgage loan
* s. L$ m8 z7 H, M>conduit
& }. k+ _9 {# x! l( d9 p( U$ L: y" e>RMBS(Residential Mortgage Backed Securities)
6 R- U7 O0 _; L- G  O5 v4 K- b>arranger
4 h% i' A6 I3 k/ M# r5 e4 T4 l>CDO(Collateralized Debt Obligation)% J6 `% f6 R& b( c
最後去到投資者

Kev

i thought it is the reason of rate of return.& R3 S  A4 n  j/ E" G, G/ e
CDs could have different ratings, AAA -> F,
3 M+ m$ X* Q8 L1 \) c) W0 ?. I$ ^more risky ones would have higher premium (interest rate) as a compensation for an investment.
0 J' G9 H$ N  f' x2 `9 U! ~+ Lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 t2 h0 K+ q, Y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ i) H3 W/ W. l% M) F  c
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# J' c2 K% r$ I& s5 g2 v8 f3 m3 R
similar to bonds, CDs trading in the secondary market have different value at different times,
; y6 y  x" P* t1 _* P, knormally the value is calculated by adding it's principle and interest.
6 Y' ]" G. F( ^  Q# Qeg. the value of the mortgage+the interests to be recieved in the future. . d( u3 J6 V9 ]6 q: U
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.
$ w9 a9 f# k1 b! b# S& J$ cin stock market, it's the demand and supply pushing the price up/downwards., n5 U8 Z" F1 x) k4 [6 g9 }
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, F* q1 d& l8 |! H& I# CA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  Y) v+ l- z3 ]6 e/ E# }; i
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.
  i' B' `2 G: {) q/ y7 Tbut 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
% Q6 ]: @, D5 I1 Q4 z0 DRefer to last example,
1 @9 H9 E& i8 \' Mthat means bank A have no money because we borrow 10 dollars from bank A ; v: Z$ l) T: ^* l5 o
Because bank A doesnt have enough cash on hand ( z" i! u6 U: f& |, J7 o
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
" t' ]  p/ ~% O( Sso does it mean if E failed to pay D, 7 b# \' \% x9 n6 A4 D
all the B,C,D,E have to go bankrupt?' i0 Y" A& |! V' M
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' m' P3 a& C( F, a; i. ^the multiplier just tell how much money created in a whole economy, ( Q9 v  w( \3 ?. _
in this case it doesnt really matter how much money is created, , h& J" c  _! D, b0 W' _' @
it's the problem of the debt itself., h& X3 H8 u/ q3 @9 h9 N0 o
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.gif9 f0 q5 r$ s3 J
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?) G" b7 t% J1 b" }6 z$ p, `3 L% W
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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
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Thanks

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那些根本係 紙上財富  - ?5 }$ {, \! I1 x
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' a1 K; q- k* f# [- f+ I
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: y  h) h9 [2 O4 n; N! K; `! 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
3 O8 r6 A/ H! _7 b個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! \6 W5 Y. V% V* d! Z/ }, K2 z扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,4 L5 j0 m8 Y8 G# @8 _
計番回報率就已經係50%,所以可以好好賺
9 X+ C! V4 S2 ^1 d& p* {前提係銀行之間要互相信任先可以咁樣借法4 ~+ ~  U/ [- J7 F& ?6 I3 U  a
同埋個市場既前境要係好先得! |. a2 J* v, z$ a- S- d
但當經濟一差,公司估值趺了,物價不升反趺7 F4 O3 J, l" q7 u
例如剛才說10蚊的, 趺到得番9蚊, 8 _. w, X$ q& \, r! n+ Y0 g
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 S  W  c( [" ^. r! t6 c2 y
所以你就會覺得D錢好似蒸發哂咁% z/ @/ `" ~+ i2 r) j; S4 U

* M! s' J* J, G0 E4 e7 _你都可以當標野咁諗, 個樣野多人可以狂升值, : o: i. ]9 ^" J1 x2 f
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, / G, A8 K- Y9 O3 Q4 u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 }- f2 @! I. \+ 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
3 i9 }$ `- h- f+ }9 W& r  i/ n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.gif5 o& P4 v2 r; u' {; W5 G: }
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ' t0 I& D% K+ d1 x( z3 z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" l$ f6 }" c) H3 }7 ^$ E4 I. X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
5 w% n- i' @7 a0 x) S% v咁你話d錢蒸發左去邊? ...

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正係咁樣4 [3 t, j8 c1 h% [8 U4 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
, t# q; L9 }6 M- ^/ u( o分分鐘佢地唔使還錢
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9 T* P8 c& E$ S$ i9 Q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,
! U  ~0 g! }% k連國家都係問人借, 不停發債券, 印鈔票$ h% q' @+ V0 A: [+ E- C
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
- X& b( J, m- b4 v! q( ]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. p1 ^& r: z: h& U5 g# ^. L& M9 U
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...0 m3 [0 R) v3 P' R5 ^- J& V
因為以前未生產, 先消費- g& }4 m( \/ O# D9 g$ x' t$ i
而家就要多生產, 少消費