0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif& }' Q( t& w; G' k  H9 a) p
Why bank will sell 借據給第三者???
! F1 F) k* c' M7 yI was so confused.....

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講到尾都係賺錢0 R; V. p' Y* R, v- n
so銀行可以不斷放款" f9 {% h# c5 B! ~. {, d
美國的房貸問題散佈到全世界
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mortgage loan
- W  ]  N7 }2 W3 L' m$ Z2 o% x>conduit
3 M# v; O4 j. V8 m( Q/ l>RMBS(Residential Mortgage Backed Securities)" k! P+ z$ W7 ]* g
>arranger
) [1 K, D  u/ P  O6 J>CDO(Collateralized Debt Obligation)
( l0 Q: C7 @3 b9 C  z5 C% S: o最後去到投資者

Kev

i thought it is the reason of rate of return.
$ f4 ~# i5 T: b1 h, o0 }( }CDs could have different ratings, AAA -> F,
6 O) E+ i7 ^2 _7 W5 @0 n5 omore risky ones would have higher premium (interest rate) as a compensation for an investment.
$ ]' S9 ?" W4 U1 P/ m. ^5 I0 ?main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 v/ ?! k9 c  q$ f; o: Kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" _, g; D- S# A( `, HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% l9 [) w+ q# S9 G5 j$ k, l5 Ksimilar to bonds, CDs trading in the secondary market have different value at different times,7 l; H$ y1 Y0 E1 @9 l& M: n: F5 ~
normally the value is calculated by adding it's principle and interest.
  u$ N. x$ a7 reg. the value of the mortgage+the interests to be recieved in the future. 7 b& @3 G2 M6 V* f7 A9 d6 B0 y. o
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.4 t1 U/ R4 t$ k5 J0 m, ?

7 k( s0 s- j7 J- Bim not quite sure if the multiplier effect does really matter in this case.
+ _& Z7 j; e) ^2 d4 ]. Nin stock market, it's the demand and supply pushing the price up/downwards.
0 @6 e7 I, G6 T* R! L4 G, B) S! w- eFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 W0 j$ e( O& j
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! G( J# u- u! [( K- ]' u
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. 4 Z. G1 h3 m3 O# p- ]
but the value of their assets did really drop significantly.
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/ ~* w" p% w* Y4 }4 h( D[ 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! n, F% v5 o- t6 J2 Y% Y1 M
Refer to last example,
# b( {) q7 Y. V2 `3 Q5 _0 i0 ?. ~# ^that means bank A have no money because we borrow 10 dollars from bank A
" M5 T; l2 z. w/ @1 k4 uBecause bank A doesnt have enough cash on hand
0 g* u2 p% a9 x3 ~- u" _therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
$ h; N  T2 Y: X4 z/ s# _. Kso does it mean if E failed to pay D,
$ {- X, V# G" H; Yall the B,C,D,E have to go bankrupt?
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% e5 O$ z3 _2 l# [the multiplier just tell how much money created in a whole economy,
" b2 a' Z' j; @' ?3 Y0 V0 }9 G2 u! qin this case it doesnt really matter how much money is created,
8 C! B& k4 P& v! o$ o% uit's the problem of the debt itself.
- T( {" w7 d0 d* K8 C; Hthe 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% d/ Z& D- i0 m  _; J6 |
小弟一直都唔明...
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" p; {1 o2 c' x( o7 o全世界都蝕錢，咁邊個賺緊錢呢?
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: [9 w( q- l# A+ M! @無可能淨係有人蝕錢無人賺架嘛...$ j- v, Q7 V- x6 T+ O( {% s8 Q

' x6 f7 w8 {# u+ h" G" z  c敬請各師兄解答
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Thanks

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那些根本係 紙上財富  3 `" d9 N7 \" N, U. L
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+ `7 t4 X& g: k! v: \
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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- e- c; ]$ C+ ?: C5 j, E
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 Z" v! Z' l4 R: {" s& ?) F) K
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  r; ^" x6 E2 U0 G2 l; g5 k( L
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦/ g/ {" m( x+ d8 ]9 u7 ?
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ i4 T/ p) J/ w' e8 K
計番回報率就已經係50%,所以可以好好賺
9 `$ A, J; @$ }前提係銀行之間要互相信任先可以咁樣借法
: w6 M- T- U  n9 [同埋個市場既前境要係好先得
2 D7 P- g+ Q% y1 r6 N但當經濟一差,公司估值趺了,物價不升反趺
- ^! K: ^* m$ Q例如剛才說10蚊的, 趺到得番9蚊,
/ K" S% q0 R: U3 t& l& p$ r+ X咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 e5 s% I: `2 q% i. t所以你就會覺得D錢好似蒸發哂咁
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. A0 |# O5 e: W) A3 E/ e3 O" e0 J% F你都可以當標野咁諗, 個樣野多人可以狂升值,
9 F7 ?- v7 p$ R+ S* M/ v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 ^% l* o4 R+ E6 O8 s, C  T2 h. K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' [. M+ G4 P9 B) k/ Y' 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# K- K; |3 X# w3 m
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
9 Z! j- `* B! P: ?( k1 K9 N* v2 c唔係d錢蒸發, 而係比美國佬洗晒未來錢, ! ]2 s/ g) R' e, m0 {* [- E
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 K3 k. f7 b  d  N6 ^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
9 k5 N" O2 g; K" b8 h% H9 Z. A咁你話d錢蒸發左去邊? ...

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正係咁樣
% }+ U$ K8 [# Q( e& f) z& A% q4 Z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
! E" y5 d7 g2 i. j3 y( T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,4 K- M" W( h& Q' ]' S+ B; \: ^
連國家都係問人借, 不停發債券, 印鈔票) o: l( }) f& ~% U, w
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產- G9 G4 E- J; k* K! R6 R* 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
% j1 i; U: ?+ x  S( e4 L咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ r( {: F: |/ A% _  W7 g0 t. a其實係...! p% l) i: ?1 Y) R. k) A
因為以前未生產, 先消費8 V5 N' O* n( M9 G4 R
而家就要多生產, 少消費