0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif8 L9 g9 U' Q, p
Why bank will sell 借據給第三者???+ V( k  h) P9 M3 E) u1 h6 X7 z
I was so confused.....

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講到尾都係賺錢+ e. t, v5 q& ?( R/ ?0 e0 d
so銀行可以不斷放款; W0 b  D+ T  H
美國的房貸問題散佈到全世界# M# s. f$ S  G5 c5 S( }# \

3 I, |& E- ~( U& ?2 X7 kmortgage loan 3 }' N7 P- n0 u+ D. \5 c1 i" Q
>conduit
, q8 A9 g- \% b/ h4 ]# c6 ~>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)% d' ^2 P" K, G/ Q' k; W( G
最後去到投資者

Kev

i thought it is the reason of rate of return.  f) e) c- ]0 g
CDs could have different ratings, AAA -> F,
5 Y) g0 q, P6 u: ?+ Amore risky ones would have higher premium (interest rate) as a compensation for an investment.
) L1 O+ ]6 Q6 R" \main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 G, Z7 y! c0 uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ p! E/ }+ N6 y  s& @
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ m0 B, l7 s* N4 n& H! asimilar to bonds, CDs trading in the secondary market have different value at different times,3 T4 b5 \/ ]7 j3 b+ w7 l
normally the value is calculated by adding it's principle and interest. ! E% K+ ?; s! J' R5 E. e& T
eg. the value of the mortgage+the interests to be recieved in the future. + S) F" D; }, Y3 m0 o, ^7 g1 b4 @
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.7 ^6 y: s% n  w$ I$ |
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im not quite sure if the multiplier effect does really matter in this case.
( D3 U0 ]  J5 k4 lin stock market, it's the demand and supply pushing the price up/downwards.
" \% A- h* Y( k* ?5 Q" d/ S9 kFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ S  e8 o! t  l" n% \; j% zA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( V, t3 O5 Z& t8 ~$ EThe 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.
# Q9 Z5 z% M. e$ \& ]$ d& r3 w4 kbut the value of their assets did really drop significantly.
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+ E. J1 u& K, u+ t9 M0 r[ 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" K! O! r3 ~8 X) ~" i5 D! a
Refer to last example,
/ }0 w* F3 [% ?: _that means bank A have no money because we borrow 10 dollars from bank A
, x8 X' y5 P; F2 l$ q3 k4 O8 JBecause bank A doesnt have enough cash on hand   M4 s. Q! k" N
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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* H2 I, ]0 K# x1 V; @+ iA->B->C->D->E1 j- _- d) j2 L7 T
so does it mean if E failed to pay D, 5 b' \9 {9 T6 f6 A/ `
all the B,C,D,E have to go bankrupt?
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9 Z" d. ?9 k9 }7 e# mthe multiplier just tell how much money created in a whole economy,
5 b' _* Y) I) b* c3 c& S1 \0 G. yin this case it doesnt really matter how much money is created,
7 h" Z3 X- v3 R. r$ p5 s, t$ Fit's the problem of the debt itself.
- |2 ?4 R( D. B2 w6 Y* Fthe 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.gif7 Z! p: b( \! r3 s0 t7 O! ^
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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4 f, L; @* C' y7 ~6 O無可能淨係有人蝕錢無人賺架嘛...
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8 S. l, K) l3 r: B+ ?* @敬請各師兄解答* I- x* i8 _3 M/ ~
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Thanks

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那些根本係 紙上財富    D: m7 b# U$ ]+ T* T- m7 c
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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, G' h1 ^  y/ K0 ohttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產) g/ t# U& `/ L, P8 W
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高  o' |/ v5 Z" }! a0 k* B( V) B5 \$ }
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
7 C8 f4 v' a* ]$ W7 x$ e個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 I5 _- x: q" D% s6 ?/ P& s  f
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,) ], c5 U, m5 W( |1 g9 Z8 h
計番回報率就已經係50%,所以可以好好賺
/ C. M3 }& V$ u' Y前提係銀行之間要互相信任先可以咁樣借法& y; o% h+ Q3 p- w* E
同埋個市場既前境要係好先得+ V1 u0 r/ s2 B& l' \0 m3 i
但當經濟一差,公司估值趺了,物價不升反趺
6 i+ v9 h9 H  `: V/ o: @例如剛才說10蚊的, 趺到得番9蚊, 6 J. ^3 Z- t5 G9 h
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%! G* R# n/ y5 f5 |+ N7 Q/ ?. q
所以你就會覺得D錢好似蒸發哂咁8 h- N7 |; S+ _
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你都可以當標野咁諗, 個樣野多人可以狂升值, : B" r3 Z6 G/ W' v) u
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, 2 S/ C! c( a' C- `% \/ ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % ^, X4 m* |3 ?6 W% _" R( L% e* m" |
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 W( R) h/ E6 x7 [3 r+ L; u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- [: `/ m4 N! Z8 |) e
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
' B- k4 k# k6 @9 p9 Q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ d* D7 T5 A* x- m6 h# N4 N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
* o. x$ G, n$ w; B$ l  K; y1 I咁你話d錢蒸發左去邊? ...

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4 C3 s7 m: H$ M% c6 f7 G( H, D正係咁樣* z3 J. i4 @# E1 ^, l
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
9 S2 f& {, J' \0 u0 D分分鐘佢地唔使還錢! D9 Y, k1 r  K; R0 `& e: }/ i

" P8 T3 \) u* C8 L9 r. n* J7 w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,
  u7 X+ h. }0 V' u  L7 Z6 y連國家都係問人借, 不停發債券, 印鈔票/ V; |( q* J; D" n4 j  o# O
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! M3 r: w1 a. d* F6 ]  p! h
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
6 s% d. \  G$ V3 R! @咁而家"爆哂煲"算唔算先至係變番"正常"???

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& |- Z$ L5 y- M其實係.... d9 J; V. e8 _; d% m9 h( r
因為以前未生產, 先消費
9 W3 h9 n6 l8 `; ^0 o' c而家就要多生產, 少消費