0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
7 b9 ]( S/ |# b% F& r3 C0 dWhy bank will sell 借據給第三者???
$ W% U1 f) ~+ f0 M5 q' @I was so confused.....

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講到尾都係賺錢
  w- t# [8 ~6 j, M6 y  \& ^8 t' Wso銀行可以不斷放款
% @9 j4 {6 j9 M7 O6 S4 X美國的房貸問題散佈到全世界! F6 Z0 G; t9 h  i: P% ?" f

5 j& x; ], a) B, lmortgage loan   W+ V* o# e: ]: O
>conduit
9 `8 A5 p/ z- i6 e>RMBS(Residential Mortgage Backed Securities): A. ]" H1 Q- A$ ~
>arranger
7 v9 c$ w2 l4 x. q>CDO(Collateralized Debt Obligation). `+ U  j1 v- [' o! L0 r
最後去到投資者

Kev

i thought it is the reason of rate of return.& O: y/ o* t4 A
CDs could have different ratings, AAA -> F,* ]5 l# t4 b: n$ T* \: [
more risky ones would have higher premium (interest rate) as a compensation for an investment.
* [* \* |9 }! M6 o0 E6 a) ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' E+ `' e; F2 q- r, A' k
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: ^3 ?- h9 s/ d* S1 K: Z/ EAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 b) }/ M8 S% a+ }% V
similar to bonds, CDs trading in the secondary market have different value at different times,7 x6 u9 h% ^$ D* Z
normally the value is calculated by adding it's principle and interest. 2 l. L9 r# V9 `7 M. Z
eg. the value of the mortgage+the interests to be recieved in the future.
0 v) x; Q. B4 G/ jbanks 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., R8 P' T0 N0 g
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im not quite sure if the multiplier effect does really matter in this case.
+ @; m3 V, ]: P5 P+ \# M: F/ bin stock market, it's the demand and supply pushing the price up/downwards.
: _4 j* K- T* W" R/ TFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( y9 |: [( o5 X- k- B- p; \+ Z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, p& E9 D  ]3 M7 \* Q$ O3 G1 WThe 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. # P( u* u% _3 S7 Y& ]2 @+ p
but the value of their assets did really drop significantly.: M0 s/ o- P! ^, v8 z+ }
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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
2 i; C! [* x0 U: h4 gRefer to last example,
2 I2 G) f, Y) f' ^) Y* Ethat means bank A have no money because we borrow 10 dollars from bank A
, F# K  c' P0 u" mBecause bank A doesnt have enough cash on hand
4 n6 C: g! ?! t2 h  W8 [  u* t0 q7 ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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9 Z" b- `+ ^1 L/ e9 }; D1 Z; QA->B->C->D->E
- t! ?- _) q% U# p' B9 i5 Z; s/ Zso does it mean if E failed to pay D,
: w; x; L( ^  t7 ?# Dall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, ; R! X6 O2 D/ |
in this case it doesnt really matter how much money is created, ' j* [! g* y# m: B. O" I
it's the problem of the debt itself.) V& }. R: `- ~+ `
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
! K$ ]- t8 `+ q. F小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?, N9 ~7 I' |) U- W

  L' O2 {# P- Q8 o9 B& ?無可能淨係有人蝕錢無人賺架嘛...% `2 R% Z; X5 r) v
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敬請各師兄解答+ u, K; I: f. g% \. [. x
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Thanks

' B; F1 ?, o: A/ c$ c那些根本係 紙上財富  & `2 O: K( l" h, ~+ j
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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4 J7 ^8 s7 p. j+ bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產+ I( W7 L7 o  [! S1 }! o
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
. S4 V; G" s( s+ o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' {7 _/ z3 G1 o個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
, a2 k" a. {( t/ j8 {扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 {5 |5 N6 [* B, e+ T. j* p8 u計番回報率就已經係50%,所以可以好好賺3 z/ m( Q$ \# r+ `2 J; e9 ?
前提係銀行之間要互相信任先可以咁樣借法4 k1 I9 _9 [: u8 M8 x# Z, X8 }% E
同埋個市場既前境要係好先得
: o8 F' h& P! K但當經濟一差,公司估值趺了,物價不升反趺
! a/ g3 C$ i, b8 C* z例如剛才說10蚊的, 趺到得番9蚊,
% g, |& a6 r3 f! C5 ^咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
) D5 o# \* N& w2 J9 S+ [; |所以你就會覺得D錢好似蒸發哂咁" X) W8 s) ~6 ?( J, B0 S

6 Y8 o3 Y/ B9 B, ]( {你都可以當標野咁諗, 個樣野多人可以狂升值, 3 }2 s* |/ l& c& f; w
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, ( ]2 h! v5 |! h% z5 v/ l& r
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ F- a. V' h. ?8 T% u  v
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
; P, \; h5 V" t. r$ M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  p3 E* _% ?! C- k/ V( X6 t* h
唔係d錢蒸發, 而係比美國佬洗晒未來錢, % O5 I  P7 W" H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, / B- d" B. |8 J# 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
; K# V# y7 G) ?2 r- n% a咁你話d錢蒸發左去邊? ...

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: G8 q9 j$ h. S0 j3 o1 j正係咁樣- Z- a# r, {; F, w  M8 q* }0 W0 @
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
- Q2 \: v. W! s- P$ i. k分分鐘佢地唔使還錢
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9 ?2 P: c" T' t$ _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 A* k$ C+ O. h- s+ i, M+ ]4 O0 I
連國家都係問人借, 不停發債券, 印鈔票
( W' t- s$ M# t3 }5 S1 q9 _5 c, |) L一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 h3 A3 D' ~( S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$ j; z8 {) ~  s
咁而家"爆哂煲"算唔算先至係變番"正常"???

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) Q& n7 f& Y  u. r" J其實係...
8 r& V) ~4 A  s& {2 t3 C% L因為以前未生產, 先消費
$ C& u8 j7 a4 C6 K, R: n而家就要多生產, 少消費