0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif5 i: J$ N, i7 s" \, Z& ^: Q
Why bank will sell 借據給第三者???
# P, q3 R: z. X/ g2 [I was so confused.....

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講到尾都係賺錢
* t3 m; ?# J) l5 eso銀行可以不斷放款
. l& B3 g  `7 \. f美國的房貸問題散佈到全世界- ^+ q2 B2 u# t% E* m* d- V8 J
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mortgage loan
8 S, e! e3 E- h3 s# I: O>conduit
9 y  A0 J8 r& A6 Y3 \>RMBS(Residential Mortgage Backed Securities)- H. d- h& |: w
>arranger+ a6 w1 z7 q# s2 R% f6 R& F# }, t
>CDO(Collateralized Debt Obligation)
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Kev

i thought it is the reason of rate of return.
9 R; }5 ^/ C2 e1 g4 v6 |$ A: XCDs could have different ratings, AAA -> F,
; m4 e3 p6 Z# L% z- ?! O; jmore risky ones would have higher premium (interest rate) as a compensation for an investment.
8 Z% N7 e3 [- Y# Y: I! [! Mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,  K0 f- f! N% o
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 `5 H+ r1 Q% y  k. F0 \Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 p2 r& B: {! \5 m
similar to bonds, CDs trading in the secondary market have different value at different times,8 g8 |, l) r8 h8 m
normally the value is calculated by adding it's principle and interest. & f+ d. \) W  B8 c6 d& B8 n
eg. the value of the mortgage+the interests to be recieved in the future.
. B$ ?) O7 ^0 v; t: _: Q9 W% g8 fbanks 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.2 A3 z7 ?3 M/ p( o
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im not quite sure if the multiplier effect does really matter in this case.
  l) Z" R; Z8 h! q$ Jin stock market, it's the demand and supply pushing the price up/downwards.
, w* M) I: L* g# FFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 e2 {+ H6 V1 [( ~. [5 iA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 u, K1 k) l# M' W! K8 RThe 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. 3 @! R4 u: g+ C: k; m
but the value of their assets did really drop significantly.0 S. i! s) D* |

- _6 I: V6 S! K2 @/ P[ 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
9 O' I" K( z+ p$ a5 JRefer to last example,
* m" U1 Y6 ~1 n3 |. F7 I& vthat means bank A have no money because we borrow 10 dollars from bank A
$ \' p  W7 q! ?3 j  R/ p8 b7 m% e  x/ mBecause bank A doesnt have enough cash on hand
6 X' ^/ R1 S% a' J% Q. Etherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E6 U8 m" _+ k$ d. q9 x
so does it mean if E failed to pay D, ! }4 \: r( P# s2 P) @8 |
all the B,C,D,E have to go bankrupt?
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/ E- E- W) ?# s' Wthe multiplier just tell how much money created in a whole economy, ! w9 x- B% x, t9 j& Q+ n( W  S, r
in this case it doesnt really matter how much money is created, , }- q5 g% l) V# @
it's the problem of the debt itself.% H4 }; r9 A" L( c3 t' p
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.gif3 N) w  T0 l1 ~# O5 V
小弟一直都唔明...5 \) f* F% w( j2 W/ W- y+ r
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全世界都蝕錢，咁邊個賺緊錢呢?
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" k: z$ d% l4 x$ B無可能淨係有人蝕錢無人賺架嘛...  W" z; D' G0 p

, |/ `( m2 r0 q, o$ f6 N- q敬請各師兄解答
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Thanks

9 c( U5 v: ^; P) L4 G/ f那些根本係 紙上財富  6 Y4 T+ s- W& v2 e$ m4 E6 v
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/ R! f; ^7 K# [2 A$ O! h7 i8 ?
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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' V+ G1 X% @( x# s" O
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
1 d3 b2 b, Z6 j' Z& \- ?! L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
: `0 C: z, A" L1 T) r. H( Z$ Z, A個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% C( m/ w. x. f8 w+ e扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,2 O; ~% b' |5 v% Q' ~% S
計番回報率就已經係50%,所以可以好好賺6 o$ O" w- S' _* f$ J# y$ q/ c
前提係銀行之間要互相信任先可以咁樣借法
9 h. f' l1 z4 n6 a8 C" M同埋個市場既前境要係好先得& F' D) q: t& S8 G) P
但當經濟一差,公司估值趺了,物價不升反趺% D8 ^1 H2 [  G
例如剛才說10蚊的, 趺到得番9蚊,
0 v. g# h  D0 H( b7 u咁投資銀行一下子就要還11蚊, 一來一回變左虧200%7 g! u4 T5 ?+ z2 p4 h+ H
所以你就會覺得D錢好似蒸發哂咁' Q0 Y) V! f- u; {! Z) ]% E

0 T$ f+ g5 F+ k! h5 J- G1 i你都可以當標野咁諗, 個樣野多人可以狂升值, ( T# I' X; V. N: F3 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, ' J) m- E8 l' B
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 M2 i9 k) B" l8 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
9 o1 b3 ~6 b; w3 d* 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.gif9 p5 I+ }  @+ g5 \7 {/ U
唔係d錢蒸發, 而係比美國佬洗晒未來錢, , ~4 H, ^  s: _# T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) r/ C) p7 e" K9 j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
9 Z" D3 U  F, h% D7 N) f咁你話d錢蒸發左去邊? ...

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* p. D! W  I* L6 ?8 @4 c1 t正係咁樣
% ?' H% C- m/ ]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7 j; s+ U% _9 H, ~' M
分分鐘佢地唔使還錢: Q8 u; p# Z5 @. ~, t1 w# B
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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,
# ]$ {9 N6 B4 k7 e連國家都係問人借, 不停發債券, 印鈔票
) a5 t9 ]+ ~7 A; d一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 p2 N# @0 \7 _: W8 r% a( H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; v, O. O% N: A  Q* W
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...; v  v" a6 i- z0 t2 Q  J' a( P  \4 r
因為以前未生產, 先消費
3 V: I4 ?$ ?8 X1 G9 a而家就要多生產, 少消費