0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif' V; ?. L7 {; @" t& X' O' j) M1 I
Why bank will sell 借據給第三者???/ ]/ h" g) e2 A  X( e6 F. Y1 ]; Z
I was so confused.....

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講到尾都係賺錢
. }+ ?8 Q6 g- w3 i/ ~, G% u6 mso銀行可以不斷放款
/ E+ @/ @# f4 |  F; A: Q美國的房貸問題散佈到全世界
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mortgage loan ( q* u5 ?( L2 Z+ Z) _4 O
>conduit  v. J: l3 |6 `! ]" O4 c' D- `# u' m
>RMBS(Residential Mortgage Backed Securities)
( z1 D' c5 M  |2 p4 a. v  L6 U2 I>arranger
. R; ^9 j1 ~0 X9 H7 J1 G( r>CDO(Collateralized Debt Obligation)
7 y( p; ]# \4 S, X* i! q最後去到投資者

Kev

i thought it is the reason of rate of return.
7 y4 o/ i0 V3 l( G( n4 K  G. e6 yCDs could have different ratings, AAA -> F,7 C* ?# R. |" W/ k7 T
more risky ones would have higher premium (interest rate) as a compensation for an investment.
5 I$ Y; a: r) cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ H5 j; f5 a( Jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 t- T& p- L. MAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' o4 q! u" s# |" O9 C5 |: C! F: Xsimilar to bonds, CDs trading in the secondary market have different value at different times,( J) Q: A" }* R
normally the value is calculated by adding it's principle and interest.
/ s& b8 d, q' p. }1 Qeg. the value of the mortgage+the interests to be recieved in the future. 1 I$ a; M- n* i! e( c
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.% b* [4 d+ Y: Y4 z* f# j
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im not quite sure if the multiplier effect does really matter in this case.
& a2 \2 ~+ t3 n4 V- Lin stock market, it's the demand and supply pushing the price up/downwards.  m& q* A4 F/ E/ A* k- x4 N' l8 q  {
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 b; v# u$ D; V, d+ L
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 {2 d6 e% D1 c4 q* DThe 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.
) n& `8 ^  W, c, vbut the value of their assets did really drop significantly.' g0 S: r- z$ t( }' \3 W$ J  y
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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
2 h7 ]' ^+ r& BRefer to last example,
- t7 g  x6 t+ `that means bank A have no money because we borrow 10 dollars from bank A
$ p' h. m" m  f' j: Z, |Because bank A doesnt have enough cash on hand
" [6 l$ P1 }9 u. Otherefore bank A need to be bankrrupt ??? Am I right ?? ...

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( \, ?# _; X3 x1 _, _A->B->C->D->E
- g, [) ^" A* S/ |# {1 G4 yso does it mean if E failed to pay D,
0 p. r5 r' E. Q1 r. tall the B,C,D,E have to go bankrupt?; O4 O/ b9 P2 M3 F" J% n- s, g
4 m: g4 L" m! F" x1 [

( [0 n6 z6 z( s0 ?6 s5 U5 Lthe multiplier just tell how much money created in a whole economy, * j% Q( `. ?. P% W5 j' H
in this case it doesnt really matter how much money is created,
, q+ g0 Q7 b8 Nit's the problem of the debt itself./ z; _2 S  B% T, }  O7 x
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
, m& U2 S# B! S3 f+ N小弟一直都唔明...  k. A/ `8 d/ c# c$ m( i& f

$ ?; q, U1 \. T全世界都蝕錢，咁邊個賺緊錢呢?
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+ X6 m6 R( o! |! _無可能淨係有人蝕錢無人賺架嘛...
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7 ?) ?2 U- t6 O敬請各師兄解答
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Thanks

9 ?$ F& |8 x! j! G4 Y那些根本係 紙上財富  
: ]6 \8 V- Y1 x+ y' u7 B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 z3 D5 }* Z; t" `

0 N4 h, w% R  }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; E- `/ J" ~4 p0 X" _當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" p( _$ ~9 c* j! ^/ W) Z# a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
* X  h: Y; @8 ]  z3 \7 B3 }2 c個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% _* X8 I/ K$ d: x8 m) ^8 \4 X6 v扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 a2 p* f1 t, Y7 |( I
計番回報率就已經係50%,所以可以好好賺" e/ h  F$ h  @
前提係銀行之間要互相信任先可以咁樣借法% ^6 C0 h' k' @+ o7 j
同埋個市場既前境要係好先得5 u" T+ n; F4 M. {' e$ r
但當經濟一差,公司估值趺了,物價不升反趺6 q5 D# x" y. X' t9 g
例如剛才說10蚊的, 趺到得番9蚊, . ~, C; B8 O  K9 j$ X' H2 K
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 o7 \& N6 {( P& P所以你就會覺得D錢好似蒸發哂咁9 N" U' o  i. n  {8 f, y
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你都可以當標野咁諗, 個樣野多人可以狂升值, 4 _1 V8 d' d, u0 J8 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,
+ r8 ]8 J1 f# u4 Y7 G8 t2 b淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 s( b' I+ I. X5 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
8 ]- T; \9 F% v7 d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.gif5 j/ b* s4 x1 Y2 r3 u
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 5 }. v" M" G& [; G" J
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 R) G$ G, S, w( B) [+ [' ^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
5 y7 E+ C9 N; _7 C; M, a8 Z, U咁你話d錢蒸發左去邊? ...

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- ?% s* [2 Z$ h4 E1 O正係咁樣
+ q9 v8 s/ B, J5 b. 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
1 l. J/ S3 S5 T' T4 n2 h6 T& i9 {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,
- V/ ^/ g& @' q5 z0 z2 t! Y) G連國家都係問人借, 不停發債券, 印鈔票
5 n$ Q. ^6 @8 Z- G7 d. X一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
& O9 B# {8 W8 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# U( ^# p6 h# N' I/ t4 z
咁而家"爆哂煲"算唔算先至係變番"正常"???

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& C. s' R: n7 ~$ W) L  W4 |' h6 I其實係.../ e  }$ n% ~4 d) J$ A
因為以前未生產, 先消費
" U! R! u7 s% v1 ]! T) j而家就要多生產, 少消費