0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif3 e8 N& s3 u8 a4 |9 I
Why bank will sell 借據給第三者???# @( G( ^7 J1 n. G. X; i1 W# J
I was so confused.....

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講到尾都係賺錢
. [$ L( k. Z9 D  c& ~, ?1 qso銀行可以不斷放款
2 j- `2 d' a. W2 e/ k8 P/ E1 I5 @美國的房貸問題散佈到全世界/ I& @) X2 E! G2 Y1 V" ^4 o, F

% G+ M  s7 F; R8 U( ^mortgage loan
% {! U/ r( b0 d>conduit1 b. b2 x$ z  [$ w2 x4 Y
>RMBS(Residential Mortgage Backed Securities)
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) I2 V- ~) {2 ]: R# i>CDO(Collateralized Debt Obligation). A  t; h* Q3 l5 Q6 j& g
最後去到投資者

Kev

i thought it is the reason of rate of return.
  w; ~9 w9 u' c' t  [- eCDs could have different ratings, AAA -> F,! j4 E6 @2 H- e0 H* G( m! y3 m
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 \: m) ?7 q" q! f; H0 G+ O
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  _' R8 R5 a( _7 I* g; k3 u# bin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 Q, z/ \# t2 w
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 I% z( E/ w% T5 ^+ V
similar to bonds, CDs trading in the secondary market have different value at different times,
3 L$ ?' h1 K. Pnormally the value is calculated by adding it's principle and interest.
4 ^6 c: ^- }. K8 L9 deg. the value of the mortgage+the interests to be recieved in the future.
" [. f* Q& g: k' _# wbanks 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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6 Q! ?( Y. [. P* \, Iim not quite sure if the multiplier effect does really matter in this case.
+ X! x/ ~7 D- f6 H* _in stock market, it's the demand and supply pushing the price up/downwards.2 u  @% l) c0 k- j
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 {2 m9 D0 E. F; s$ ?
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 P( f0 h/ }$ Z, g9 G9 TThe 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. 7 v8 u- C( g$ d) ?. l; w4 M3 i
but the value of their assets did really drop significantly.
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1 S/ b/ {$ Q( F. `[ 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
4 H0 O$ V% b7 DRefer to last example,9 e$ B+ L$ R% l! M
that means bank A have no money because we borrow 10 dollars from bank A ' j: Q1 O1 w+ @% k! S0 t( {
Because bank A doesnt have enough cash on hand
* z3 h0 C) m  ?6 Y9 \8 ^therefore bank A need to be bankrrupt ??? Am I right ?? ...

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$ w) ^$ K) q; [( ~% PA->B->C->D->E! Z9 ^+ i: B' u
so does it mean if E failed to pay D, 1 B2 w) A0 `3 q2 h6 f
all the B,C,D,E have to go bankrupt?3 W8 M+ e& p0 c$ C5 [

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the multiplier just tell how much money created in a whole economy, 7 m1 E8 N) ?9 {* `1 Z+ n
in this case it doesnt really matter how much money is created, # a9 H4 y6 G; e# t
it's the problem of the debt itself.9 G) w% d0 c; \5 M. T1 j
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& {9 p6 W* L9 Z; ]
小弟一直都唔明...
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  H- z' C& o7 y0 \全世界都蝕錢，咁邊個賺緊錢呢?. E$ ?7 T& ?$ F: S$ `
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無可能淨係有人蝕錢無人賺架嘛...) S# d: K+ L3 r* w) e4 T
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敬請各師兄解答
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Thanks

" ?- ?: |/ n) q$ y, f) I那些根本係 紙上財富  
- x* w4 C, b* C- y  v# {- u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
  a4 G. [, E: Q5 q7 O! O當經濟好,投資銀行相信會賺錢, 物價既估值相對較高8 Z4 x! }' h& x. |
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1 }( X+ D: V/ E; S  e$ ?7 M; V
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ y( p3 J% W. [- r3 f4 y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,' [! Z6 [. R4 s/ T! ~
計番回報率就已經係50%,所以可以好好賺- E  `. v: F; t" A
前提係銀行之間要互相信任先可以咁樣借法; |% P6 l, e2 B2 m" R
同埋個市場既前境要係好先得
4 Y2 N' k$ r0 P. Q! o: `% g7 ]但當經濟一差,公司估值趺了,物價不升反趺1 {, ]9 w! w; L! x6 ~& m( N
例如剛才說10蚊的, 趺到得番9蚊,
7 p9 [4 _- H2 ]2 D$ @' R咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
" E6 `7 D8 s+ J! n所以你就會覺得D錢好似蒸發哂咁
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. G0 v4 o  I$ ]0 T你都可以當標野咁諗, 個樣野多人可以狂升值, 5 v* L- Z$ v5 P( {8 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,
0 c, b7 X+ j! o1 c! I; ~; y1 b淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 L( w' H3 U. o& T/ t- H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
$ W/ j7 X  j9 B; M2 K, n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.gif1 T) M6 X" u$ l/ P. {* f# V
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 4 ~1 W- r: S: t
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! M. C7 [! S% n7 ^! I& Q9 M% t$ I' ]
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. w; @5 I+ |3 U/ o- J& F# P
咁你話d錢蒸發左去邊? ...

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3 D6 g; m3 M8 w+ ]: i正係咁樣3 g  ^+ m' h! ]7 W
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
3 B3 q( M' k, A7 a. K分分鐘佢地唔使還錢) V' F, e! E2 O

; w7 E+ C0 u0 Q$ 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,
5 A9 R' D7 j* Z+ J4 m連國家都係問人借, 不停發債券, 印鈔票
' F/ n4 L9 U  U* E. p) l6 x一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 s0 c2 T) B3 h% w* I3 ^9 j$ n
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
/ a. s5 x9 p2 K: Z咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
! C" D, E" `0 K" w1 C. Y$ b% a因為以前未生產, 先消費
2 \8 i* c) ~9 z. ~& J: S而家就要多生產, 少消費