0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif* ~6 E* j2 x5 i) N# G
Why bank will sell 借據給第三者???
9 g  _- X% P$ X9 Z1 Z4 i! PI was so confused.....

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, O' }0 i; X0 _0 Y4 X講到尾都係賺錢
! m  b( [/ j/ \  r% C# n  f6 W; a# xso銀行可以不斷放款
) H3 ]7 y, G( W) a美國的房貸問題散佈到全世界6 ]) L: _7 L6 z8 L9 p4 x
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mortgage loan 3 w# f" M% Y. I1 ~
>conduit
/ f* O  Z! a- Y8 _& D  f9 K" u, n  O>RMBS(Residential Mortgage Backed Securities)' O/ z1 j$ [& p1 V
>arranger
( I3 f- f# T( n9 t  K* }>CDO(Collateralized Debt Obligation); }; `5 ]3 R& I' W8 u
最後去到投資者

Kev

i thought it is the reason of rate of return.) ~- A# @8 i' b" w# z% Z3 ?
CDs could have different ratings, AAA -> F,
2 L) f1 q! V$ S) e5 jmore risky ones would have higher premium (interest rate) as a compensation for an investment.5 t2 H! f; K; [! @( s
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! |8 t# r4 r1 U, kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! [0 r& |* ?/ t/ i
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 e5 I/ Z* _) Z  m4 r7 psimilar to bonds, CDs trading in the secondary market have different value at different times,
* B" t' @# g! t! ~/ v# ^0 wnormally the value is calculated by adding it's principle and interest.
, B" |% H) G5 H; g) G  Qeg. the value of the mortgage+the interests to be recieved in the future.
4 H: K# I- j4 T" B* r% ebanks 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.6 \  E+ L& @( G0 _
in stock market, it's the demand and supply pushing the price up/downwards.( A8 e, f0 `+ m: n- l
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) q2 _( e4 J4 J; ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 l# C& V) u3 N3 P
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.
( R1 N6 {6 z) N3 n4 G: v- i1 `- jbut the value of their assets did really drop significantly.
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: m! F! B7 [6 B4 B# }% O# w* B/ t[ 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
( j3 A6 J- Q! J+ p( O; A2 f, hRefer to last example,
4 |  d, A! A' gthat means bank A have no money because we borrow 10 dollars from bank A # j. H" R" Q; T' U9 l  h
Because bank A doesnt have enough cash on hand
: R$ B' G7 B% Ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E% Y, u1 l! W! b) E" X/ ~$ D
so does it mean if E failed to pay D,
' H# M" m$ e5 Q0 }all the B,C,D,E have to go bankrupt?
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$ W2 K( Y  U: T) K3 i1 s0 r, L$ B
the multiplier just tell how much money created in a whole economy, - A+ k, ~1 S2 Z+ Z8 c2 a* N5 N; A
in this case it doesnt really matter how much money is created, ! {6 j1 J4 g/ p
it's the problem of the debt itself.
' C9 S" q$ P7 T7 u' S, \" o, E5 Z& `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
" L3 Z" o. y7 f小弟一直都唔明...3 x5 Q6 s9 R6 K. `% j; J

0 V' g9 M% \0 ~1 h! q; J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...* Y+ O  [( Q& l- J; p& v
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敬請各師兄解答/ C' r# E, b0 w' H! Y3 S

1 `8 |$ a2 `2 [8 A) n5 cThanks

. b& o* N  |; A2 p! O7 ?- j那些根本係 紙上財富  
8 E8 H/ |/ _  R# B9 |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/ [, C; H3 U: J" y: B: f7 V' L
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# a; ?( C$ C: E& m6 u1 s3 r" ~6 ?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' ^$ t* L8 ~+ S3 k6 h8 q
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
: b" ?6 s( C4 i: s5 u% J& F扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
, W$ X: Z2 Y- j3 ?/ R計番回報率就已經係50%,所以可以好好賺
) Y4 J) d+ s, F前提係銀行之間要互相信任先可以咁樣借法
  r% n  V$ E( e7 E0 B7 X同埋個市場既前境要係好先得
' v* _7 g  ^7 i. B  H# w但當經濟一差,公司估值趺了,物價不升反趺
. P* [: Z5 T- T6 {* p例如剛才說10蚊的, 趺到得番9蚊, 2 V# S6 C+ D7 _) U
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" B" Z# J3 z& U6 o* }
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, - p7 K6 m6 Q) }# B( @! k
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,
% K9 {  {% O3 U" A9 N- G# x  {淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 E1 C* ?$ |# j5 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
  D" L' [( a: x8 E( S' K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.gif7 b3 N+ u: T( y+ c) I5 x0 V9 q
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ N) {) k2 {5 k3 a& \& S淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * f) y% `* X! R, f6 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
3 A" ?. L+ K% {( C咁你話d錢蒸發左去邊? ...

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正係咁樣4 K$ P( O8 Z2 U' N2 k
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
+ j3 |% @2 q6 z( @分分鐘佢地唔使還錢+ N2 ^1 |  G7 L8 `

, w0 H% W: E  `1 U. u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,6 ~4 h& U; Y% H8 n
連國家都係問人借, 不停發債券, 印鈔票7 [) L. w9 a5 a) ~, E/ @
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 q# f# a! y" 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.gif
: b9 X# @/ @! F9 s' \$ r咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
: ^0 Z4 c3 A3 x因為以前未生產, 先消費
4 B# z0 ]6 x2 D- n" _* |而家就要多生產, 少消費