0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif+ N( y$ L" o/ N2 `2 k+ b& U
Why bank will sell 借據給第三者???" u3 h% l8 ~! k- x& M4 Q. {
I was so confused.....

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講到尾都係賺錢
1 l: r& W. A$ r$ o" M' E% n, d) Iso銀行可以不斷放款
; i* F' m1 H; @3 w! a3 q美國的房貸問題散佈到全世界
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mortgage loan
6 Z5 A0 W' h" K5 \  u- H>conduit. t0 i' C2 O: A+ @9 i# W5 o  Q
>RMBS(Residential Mortgage Backed Securities)/ |4 z, A- T( O: i. o8 |
>arranger
/ }8 Q2 Y+ K3 G% x1 n: X2 G>CDO(Collateralized Debt Obligation)
9 D% _$ C6 y9 Y9 V) n1 m5 \最後去到投資者

Kev

i thought it is the reason of rate of return.! c! w0 g3 C+ |% H; H( V- T$ W
CDs could have different ratings, AAA -> F,
2 s( y. O9 Y1 t$ d$ n: Nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
6 @& R3 Z# N" G4 \) g1 Gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ x" T5 r( T! T6 W
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, H; S: @! j; S( A7 I6 @Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! e. c: M2 ~4 c) V8 I6 `
similar to bonds, CDs trading in the secondary market have different value at different times,
: d7 v9 _% d; a  r9 `8 Tnormally the value is calculated by adding it's principle and interest.
; m2 X. a  L) q  w. l6 z- T7 V6 ?eg. the value of the mortgage+the interests to be recieved in the future. 1 G& b) E6 N. A8 T
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.% P" ~: y, k) m  B6 r

' j% H4 M" O5 w9 J5 `# G6 P% \im not quite sure if the multiplier effect does really matter in this case.( E5 k0 u. Q) D) w: f) J; F/ p
in stock market, it's the demand and supply pushing the price up/downwards.5 a% V7 x( f: K/ K: ?" @
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
4 C; |" M2 C2 |A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) p9 ]( L$ _! H$ v8 o9 v. iThe 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. , Q- F( n( `- Z4 i" A2 o$ v1 E
but the value of their assets did really drop significantly.% `* _2 z! I* ~9 K4 F
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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
; V6 x  J$ T2 TRefer to last example,
$ |. H, X* K. d- }1 C$ ~& ]that means bank A have no money because we borrow 10 dollars from bank A
1 r1 v) q8 g' k7 c- y/ tBecause bank A doesnt have enough cash on hand
  `! ~& Y, D$ K% V2 s$ e8 g; W, ]) jtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
" N' y9 x$ y% [0 S" y, Xso does it mean if E failed to pay D,
  `3 g' W$ k2 Z7 O9 S$ U. r: lall the B,C,D,E have to go bankrupt?+ `4 m. T* `) ], _  h! e
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the multiplier just tell how much money created in a whole economy,
) f9 l4 U* V8 U7 d; g( ein this case it doesnt really matter how much money is created,
2 q) y- c' n* J0 O; Rit's the problem of the debt itself.
/ u* w5 n, T" U/ f1 K0 U: D6 y3 X, I) ythe 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
/ H+ c. X$ X8 M/ h! k小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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' {0 O# k' O* }( J3 m無可能淨係有人蝕錢無人賺架嘛..., U" l4 v: d3 T4 \2 ^

8 v+ H3 ]4 U9 J5 v" E& g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  ; d& O- m9 q4 W" 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 graphic4 m& R% L& I7 H4 D) F

# D$ Q4 U5 }  m; Ihttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產3 E8 l0 X0 J, `0 I* |% B* A0 p" U( G
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
0 }6 ]+ Z! o6 \- x3 s+ n3 ]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
9 [2 A. E: S! V/ e; o個件物價係市場好既時候升, 例如15%先算,變左12蚊啦6 J) d8 w; V% F" t, l) b& s
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
0 ]8 X+ F, W# r5 v' j! W9 \計番回報率就已經係50%,所以可以好好賺( n+ e6 [4 z( ~: n3 A8 L
前提係銀行之間要互相信任先可以咁樣借法" ?0 r- ~; S/ `# P
同埋個市場既前境要係好先得
4 j* O( E) w# p: L0 m5 T, @但當經濟一差,公司估值趺了,物價不升反趺! I' m! A0 z9 B' K0 @
例如剛才說10蚊的, 趺到得番9蚊, ) ]% j! }$ o  F% V$ n+ H+ O
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& C# }9 f2 F. Z5 R' H
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, ! g/ X. R2 j6 W! E6 T
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, % v( n& c8 M0 a6 {! R( c
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' K4 q) c$ o, a0 l1 W6 R
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+ J+ M& {+ [% y$ r7 H9 w: Q' 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.gif3 ~/ s2 P/ t* N
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
1 N, N' D4 v  q, U淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & I: F: @4 R( C+ J, W
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
+ H& h$ S0 R; @4 m咁你話d錢蒸發左去邊? ...

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4 `: {, @8 Q# j* u* W8 Q正係咁樣5 }4 p% w8 C" y6 n
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. E, @1 C9 w' M" t* }' w
分分鐘佢地唔使還錢1 w1 g6 y8 P2 Z* s" g0 @8 h

9 N' d5 F+ P" m/ _! c  J% w! V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,1 X$ L) b9 l4 Z" n- P
連國家都係問人借, 不停發債券, 印鈔票6 {7 j; X1 o, r8 O1 D
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% R, B! M! |1 }- w* O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% O: Q8 K1 ~! O" t0 e1 \
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...' t. S. k9 S* r. X" ]) N
因為以前未生產, 先消費
/ ?1 q/ e9 b! d3 p而家就要多生產, 少消費