0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif) X' d5 X' _: }: _  e1 n7 `
Why bank will sell 借據給第三者???
' Y3 q' q6 w3 _' G6 t$ UI was so confused.....

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( E, ?7 f/ Y9 O5 D5 D講到尾都係賺錢
! R: j8 e8 ?9 G# p3 {0 V& bso銀行可以不斷放款* v2 X5 X# p! E4 _
美國的房貸問題散佈到全世界' }$ t  E1 F" O; d% X0 b% Q
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mortgage loan , f) j! b, T- B+ z3 T" K$ y4 q( @
>conduit
8 {, ?# N! m- v2 x, X>RMBS(Residential Mortgage Backed Securities)  q) D  K, g+ J9 ?
>arranger
& [: U6 n, ?! ^& F: s>CDO(Collateralized Debt Obligation)
5 S" _, W# E0 S2 |3 C$ \  ?/ w! Q8 q最後去到投資者

Kev

i thought it is the reason of rate of return., _' Q: v7 l3 ]) Z' T) x. ]
CDs could have different ratings, AAA -> F,
( Q' C: V- U) c1 I0 Wmore risky ones would have higher premium (interest rate) as a compensation for an investment.
+ _& E! I  l& W/ N( Q: J& Emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 v/ |( V$ L. a! @/ b: v7 Pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, S1 s% u/ @4 \) o% zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* S& s( g9 I8 Q. f8 v9 J# \similar to bonds, CDs trading in the secondary market have different value at different times,, N& j$ [. g( h$ k" {+ H; l, a2 Y
normally the value is calculated by adding it's principle and interest. ' Y7 L! N2 J7 N- N
eg. the value of the mortgage+the interests to be recieved in the future.
3 a, B. e9 ?/ {0 j5 W0 \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.
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im not quite sure if the multiplier effect does really matter in this case.
4 r, [3 F4 ]% e. e2 D. Din stock market, it's the demand and supply pushing the price up/downwards.# R+ M9 h/ b0 I- q& x
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! u/ z5 P& M' i% P+ [A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 L; ^" k2 B& S! i7 J. r$ q% d8 i
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.
: L; `0 K  k) k, x  bbut the value of their assets did really drop significantly.2 H& \# s5 {$ |0 l. b. P
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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.gif7 h% O7 T" p) X4 h) Y% {
Refer to last example,
1 S4 l$ m1 Y$ l, }' q6 ^that means bank A have no money because we borrow 10 dollars from bank A . u& y! g- d/ |
Because bank A doesnt have enough cash on hand
+ |$ L% h! W( Y. F' K  k% [9 `: `( ftherefore bank A need to be bankrrupt ??? Am I right ?? ...

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, o, r6 |/ f) ?# {" x1 K1 |A->B->C->D->E3 L, Q( i; ~/ N: a/ ^
so does it mean if E failed to pay D, ) h( r0 l& U; x9 K8 ]& n
all the B,C,D,E have to go bankrupt?+ `8 m) B9 C" k% H" E/ m7 [
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* F; E) v! N4 uthe multiplier just tell how much money created in a whole economy, 5 x' C8 {9 [: l$ H
in this case it doesnt really matter how much money is created,
1 G. y! b7 r2 u5 T0 i2 M5 Fit's the problem of the debt itself.
* X  N: |! B: U6 I: x: Wthe 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! p2 d5 l8 A3 Q* Y; F
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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, m- D  Y: e$ I, [; R無可能淨係有人蝕錢無人賺架嘛...9 q! O( v* K" |
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敬請各師兄解答) E0 p/ _8 k) i

' t4 C7 e5 u" u6 w" Y2 V8 c: tThanks

0 I8 d6 v1 a8 f& l7 h那些根本係 紙上財富  
& M  h$ h4 ]+ _; [3 @$ y6 R( }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* R" y' Z& o6 B* 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; q+ D6 m, O/ F) Z' C$ C' |( V9 l
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
5 H- N0 |+ j$ ~, W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+ T% J- W/ `, J" T
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. ?" J6 D. X3 I) Z6 |- {
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ ]0 ?+ i9 B& A+ |, t
計番回報率就已經係50%,所以可以好好賺
0 ]  K) e' y, J7 L) z前提係銀行之間要互相信任先可以咁樣借法
" Q0 D- h$ J6 \4 _* d; ?同埋個市場既前境要係好先得, ]7 D" g; @: M0 O- V
但當經濟一差,公司估值趺了,物價不升反趺$ u$ b/ |9 D' I, q# M; m& g
例如剛才說10蚊的, 趺到得番9蚊,
) X9 r; \3 ?) K% k咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 {& w+ z6 {% W. n. {7 E% z6 \
所以你就會覺得D錢好似蒸發哂咁; O% W2 |  ~* f# q! y
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你都可以當標野咁諗, 個樣野多人可以狂升值, ! v5 B/ \. C% W3 _, o, l
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,
5 }! R# K/ R/ w+ ]淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # A6 W) i$ k1 J+ W, 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
1 N1 L$ y1 ^( ]- G) V$ Y% B8 G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. P0 K- |/ k. x* `+ Y! e5 A
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, s& ?. z( \% S, S) u淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 N* |+ D7 j6 h$ ?1 V  R3 {8 v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% Y4 ^" C1 I$ l/ o' k8 N& w
咁你話d錢蒸發左去邊? ...

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正係咁樣9 \. G( o/ m' s0 ~% O
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
6 W1 U2 |# T6 |# ?( \分分鐘佢地唔使還錢
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0 D8 _0 C7 F. a. `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,
7 F# q0 c( [0 B5 a! ]連國家都係問人借, 不停發債券, 印鈔票
2 y. `& X) R1 m: h/ D, ~- R一個國家好少出口, 而又大量入口 ,反映到佢唔多生產" r( z8 N5 B+ U4 _/ h5 G
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
0 a- B; M, n4 C% Y咁而家"爆哂煲"算唔算先至係變番"正常"???

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% a# t% }+ I8 Q0 B; J8 W/ J其實係...! u+ b4 m7 H  D% s4 ^& S3 p3 h2 P
因為以前未生產, 先消費
) F$ {8 S, j$ ^3 {: K& a  Y1 P3 n而家就要多生產, 少消費