0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif1 ]- R1 a3 U" w8 E5 H
Why bank will sell 借據給第三者???
' S8 @" H2 o' @. U* g) fI was so confused.....

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2 y! y& t7 ?. u講到尾都係賺錢
3 ]6 t% N0 V6 U" G* I/ Cso銀行可以不斷放款8 T% V6 L, ]3 ~' O8 F6 o
美國的房貸問題散佈到全世界0 Q! X9 k3 J9 x5 f. _6 q+ E
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mortgage loan : J0 G1 V( b2 t$ `* s" A
>conduit" {9 o8 H! i+ p- s
>RMBS(Residential Mortgage Backed Securities)% g% U, e! y/ `2 c! A2 _
>arranger2 w6 s2 d, ?5 g+ r4 F1 V7 i4 M7 ?, Y
>CDO(Collateralized Debt Obligation)
, E4 \6 ]( w$ ~8 |最後去到投資者

Kev

i thought it is the reason of rate of return.' F+ a/ e3 N! S. G3 o% r) U
CDs could have different ratings, AAA -> F,# e  n, u- w: A3 A/ G1 S9 ]
more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 b5 D: ~: |( [$ P# t; Y& y& cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 X. S: t# g; j1 o: A
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 F- k0 i  K9 k5 `
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( }+ n- n1 `. `2 n  A. P
similar to bonds, CDs trading in the secondary market have different value at different times,
3 t0 s$ N$ @6 R7 jnormally the value is calculated by adding it's principle and interest.
! v! p" U9 I4 v. \5 c! ueg. the value of the mortgage+the interests to be recieved in the future.
0 ]: s7 U4 O9 J1 ]3 L$ y3 [' sbanks 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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, D5 j( j# v4 t0 m$ n3 W. Wim not quite sure if the multiplier effect does really matter in this case.
. J# y1 Y; ?1 J- r* l$ T% Ain stock market, it's the demand and supply pushing the price up/downwards.9 A( t: z' p0 W: g1 O
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* E3 {1 t) \. r$ }; ^7 `7 S
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 {0 m6 ~8 i$ C; L3 U; W) ^) J
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.
, ^0 u6 I) [2 k! X8 b( Fbut the value of their assets did really drop significantly.4 P9 T7 O3 F1 r( u' ?2 u

* {: _' w9 X( t1 ][ 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 a/ U) X/ J
Refer to last example,
/ j! G! j3 s& Xthat means bank A have no money because we borrow 10 dollars from bank A ) O5 n' |& l) {5 e6 O5 q; i$ _
Because bank A doesnt have enough cash on hand
0 P+ g7 K' S* g8 ntherefore bank A need to be bankrrupt ??? Am I right ?? ...

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7 z2 U, v1 k+ K( N1 TA->B->C->D->E
7 s- n1 V  P- e! _" V+ n' C2 xso does it mean if E failed to pay D,
4 z5 k& X* V6 b. K: }" 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,
! e* Z; E" {+ S1 y* S$ ]in this case it doesnt really matter how much money is created,
* ^$ o, e* o' S% X& ^/ l% G8 ?it's the problem of the debt itself.
; F* h  |2 D& b: dthe 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) @! ^+ |( U+ ]. {
小弟一直都唔明...8 A: T. E" K0 M% I3 @, w" K
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全世界都蝕錢，咁邊個賺緊錢呢?
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# y/ e/ p7 d$ H5 L: y$ V: T無可能淨係有人蝕錢無人賺架嘛...
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7 M/ k: u- p1 p2 F敬請各師兄解答
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0 O7 X2 B# ^- m7 d/ ]3 h1 zThanks

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那些根本係 紙上財富  : x% w/ B) p; a! ^9 p6 W: h
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( K7 u4 g/ t, M5 C! }/ G
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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9 T- r* Q0 d( ~- n. v0 g9 b
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 l) l+ I. O7 d. X; W/ K3 j8 F4 e
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
8 V: m/ J* g( v6 l8 A4 x- C個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" \5 w: Y$ P5 i/ G5 H/ e
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
3 {( ^$ C4 G  ~) j  P6 X) P) W! P, @計番回報率就已經係50%,所以可以好好賺
' L8 k0 g. [! f0 \- Q. P" ^前提係銀行之間要互相信任先可以咁樣借法/ O5 d4 k( Q$ |  F
同埋個市場既前境要係好先得. t7 A$ V; |" I0 Q1 ^  O  R
但當經濟一差,公司估值趺了,物價不升反趺( o/ S- N- d8 J% g
例如剛才說10蚊的, 趺到得番9蚊, 4 w8 J. {1 d6 m7 |" j% ?) G
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%  a$ J6 V; c7 S* _3 _* G2 h. ^
所以你就會覺得D錢好似蒸發哂咁
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: d3 l5 E, H9 E  v' U5 @你都可以當標野咁諗, 個樣野多人可以狂升值, 3 p2 n& M+ H- A
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,
6 p8 e7 q) w4 [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- o1 u* Z  Q4 B) t& K2 n7 Q- a8 [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6 r1 t2 t6 {9 _" e0 y- z
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
" p2 a; U- |+ Y2 h  b; L- j唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 N: f* `+ E& p4 e% e# u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 o& Z' ~) {: p0 ^
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+ v8 V* U- ?2 S- `% N' S
咁你話d錢蒸發左去邊? ...

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7 g% z( S" W( t* ?4 V" ]正係咁樣
. _1 i5 h0 g: X7 H( W7 ]% p1 t' t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
5 T7 ^8 [" \9 F2 u, d4 Y分分鐘佢地唔使還錢
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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,
+ r' I  \8 b4 g8 i" K連國家都係問人借, 不停發債券, 印鈔票. _0 m* r3 C8 x1 _2 [
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% a6 Y, i; @+ U0 P( e3 m
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
2 ]8 `7 x; E' ~+ m, U9 ~咁而家"爆哂煲"算唔算先至係變番"正常"???

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* U; }% F! A* C5 s2 |其實係...
$ v, L* u4 D6 w8 c* y" ~1 m因為以前未生產, 先消費
: @3 p% V8 W1 ~, e( M& m而家就要多生產, 少消費