0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( i! ~# N+ R. y3 \% P  L) F' P
Why bank will sell 借據給第三者???
4 ^/ ?: t% r! q. u4 z$ N' o5 O, aI was so confused.....

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1 L: w3 h* G) L) x$ n( c講到尾都係賺錢2 j% `' m# A0 x+ [3 C  s
so銀行可以不斷放款
$ d7 `( b- Q3 K3 O4 h. a6 ~( p美國的房貸問題散佈到全世界
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mortgage loan 1 P6 H2 z8 I1 A$ g
>conduit
7 P& U; Q4 r. e/ u) \$ i>RMBS(Residential Mortgage Backed Securities)
% X8 k1 C+ J0 u% ]$ @! l/ t>arranger: P  S- h8 V3 f. O; m# r* f" }! z$ W
>CDO(Collateralized Debt Obligation)
& J% m+ D7 [2 r/ N4 S& {- P最後去到投資者

Kev

i thought it is the reason of rate of return.
1 ?) E0 p; ?4 l3 y/ C. YCDs could have different ratings, AAA -> F,
# C7 K" v" F  `" Z' C" pmore risky ones would have higher premium (interest rate) as a compensation for an investment.
' Q; ]1 v+ Z% g, a& Wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 p# p/ o5 E3 Z: A: G4 |6 c( T
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 g& R" U5 L& K/ K& @Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; S$ q, H- I: l7 w! Fsimilar to bonds, CDs trading in the secondary market have different value at different times,3 V1 l( K' T+ s8 U/ d. \6 m
normally the value is calculated by adding it's principle and interest. 6 c3 k9 Q  a( {' X8 F0 D" M  @
eg. the value of the mortgage+the interests to be recieved in the future. 4 }7 F7 _2 w3 ^1 s
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.2 ?3 t, c4 R: e5 D7 g( Y
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im not quite sure if the multiplier effect does really matter in this case., O* @% V( V; @6 A. y
in stock market, it's the demand and supply pushing the price up/downwards.
% G3 s' ~5 S. _; D* cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 X  g. a& W, oA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ E1 d% z" c) h! CThe 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. - u5 k+ ~( B! l6 N
but the value of their assets did really drop significantly.# X' p6 A; M$ ^- A
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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- n4 e2 P) v$ X. F6 M0 q* C1 K
Refer to last example,# V$ r2 r8 z# N* m3 w; K2 B
that means bank A have no money because we borrow 10 dollars from bank A
) s. U' u# S" XBecause bank A doesnt have enough cash on hand " E) _) ~  }0 O
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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" y* k6 u, \2 X5 i- x& _A->B->C->D->E! L! T) w+ ]5 I+ b* S$ i5 W, F
so does it mean if E failed to pay D,
, ^# V$ T# f, nall the B,C,D,E have to go bankrupt?
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0 @# W/ R) G2 N3 m% q  N% C) dthe multiplier just tell how much money created in a whole economy, " s& R7 j" i7 j; _  P  w
in this case it doesnt really matter how much money is created, 9 ?) _; H# c; v1 F. w7 ?
it's the problem of the debt itself.
- B; N0 s: S, l- C8 s- u- U1 Vthe 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) G  z7 x5 V# v& h" b. {4 c) [0 Z
小弟一直都唔明...
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! `1 P5 E! P- q* P全世界都蝕錢，咁邊個賺緊錢呢?- ]( B/ r# y% t" q- q
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無可能淨係有人蝕錢無人賺架嘛...8 q) Z7 O' h- v) e9 ^

) s0 s6 ?4 M6 C敬請各師兄解答" \4 K! V" A+ l2 J: T* Z
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Thanks

( _6 r5 Z0 T! v) C4 I  z2 Q# ?那些根本係 紙上財富  ( }$ v8 f$ C5 e% J0 ?4 n
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 graphic0 n  N9 U0 \9 p+ Q" U" z9 G& w/ i

7 K2 m3 B4 n, A1 k7 r5 s; _1 Khttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產5 N7 s0 s2 Y9 @: ^% @; Z# m+ k, w
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) x+ k8 X  y7 y' z3 s4 h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
) @+ [4 }- ?, i8 }個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
1 Z3 X% K, V! v3 M! i4 n+ A* X扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,5 \# r; E( n) \' C4 N. \5 j
計番回報率就已經係50%,所以可以好好賺
' |. d3 i7 N; ]6 S0 M" ?2 X/ A前提係銀行之間要互相信任先可以咁樣借法
* L" [" }# Z9 A& O$ C同埋個市場既前境要係好先得
, e( B" j/ J4 v* J& n但當經濟一差,公司估值趺了,物價不升反趺" l' D9 K0 _  ^( b4 A& f
例如剛才說10蚊的, 趺到得番9蚊,
" x& g* u+ h) m, e& [咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 l+ F# x  G- x+ x# |
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,
, U1 l+ H2 {2 B7 c0 i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,
  K: s4 N9 g" m  O5 f4 {淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 A- D6 P# U- |1 _! M1 X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 N+ ^  b; D! H! `: `& F( v
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
& ?; a  `8 B: j" n7 p唔係d錢蒸發, 而係比美國佬洗晒未來錢, - V5 H4 H0 E' Q1 d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) X; i! n2 ?& z6 C& d2 v  u3 _# n+ P5 u- O
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- l6 G8 k$ a% Q: j
咁你話d錢蒸發左去邊? ...

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0 a; O( w: i6 l! d6 b+ J正係咁樣& m$ H' A& ]: o" |, a2 T# F
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' J3 _. D8 E/ I7 _4 O5 m
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,
$ I* @$ H* `5 y連國家都係問人借, 不停發債券, 印鈔票
8 q! ~  i5 m9 n; q% ]: ^" a# H1 K- A一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
0 D1 U/ ?2 O; k& L6 E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
) F; ?$ ?% d( U$ n$ {咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...& a$ H9 ?3 \9 A$ ~& m
因為以前未生產, 先消費/ z) T) @: h' }. |  K4 r
而家就要多生產, 少消費