0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif# P, o/ Z/ [0 y
Why bank will sell 借據給第三者???6 E  j. {! n* O7 r, g& h. B
I was so confused.....

. s  P4 a  R) j) x' m. v
1 w8 c, ^4 o- c# e' X% R% c5 B講到尾都係賺錢, \" X7 v$ j- Q9 h  K
so銀行可以不斷放款
; g8 g4 R$ V& W9 \7 L美國的房貸問題散佈到全世界7 y* G# p0 {; n3 u- Y
2 ~8 Y  W& P, B- f
mortgage loan
& a+ g+ B4 z- l+ R5 b/ V) ^>conduit; P2 p6 K+ w" F3 ]* i  l/ }
>RMBS(Residential Mortgage Backed Securities)% \- _) g5 L. W2 g# k8 a- }* R
>arranger
: S7 \+ w4 g( ^5 A! B; I( \>CDO(Collateralized Debt Obligation)- |! l, v/ v' r; d& n0 a
最後去到投資者

Kev

i thought it is the reason of rate of return.
6 {( |& f5 s% G/ {  ]0 @6 `CDs could have different ratings, AAA -> F,7 ]6 L3 Q3 b% h  C; |
more risky ones would have higher premium (interest rate) as a compensation for an investment.
6 P5 F( p( i3 t" H5 y- ]+ Lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! o0 s) X: V/ O# t* V* Bin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! l. P; h( b7 A& v# ?6 _0 Q2 X2 C- pAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 W) s0 y/ V" f' w+ x
similar to bonds, CDs trading in the secondary market have different value at different times,8 J0 k7 g: d* C
normally the value is calculated by adding it's principle and interest.
  a& u$ b8 H) u8 Deg. the value of the mortgage+the interests to be recieved in the future. 3 ~& R1 q* O' F% H% X" g
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.
" a8 E" j/ ~) B5 g
5 r, N$ A5 P' L  M6 \* k3 X% t; }im not quite sure if the multiplier effect does really matter in this case.
* s5 A" D& g/ E& Q# U0 @in stock market, it's the demand and supply pushing the price up/downwards.# O4 t' `& ]8 g! _) k
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; |- U$ o% X, }0 E( E3 W: C. L7 r
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ b2 {& w! _3 ~4 a4 P) l
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.
) K# }+ t$ ]' @& e* W$ K. ^but the value of their assets did really drop significantly.6 D7 z7 n# Q  j. P# V' }' m* F
( p$ Z2 T) X. Z$ i6 U
[ 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
* m* v* Q: R, C0 YRefer to last example,5 Q4 D/ M( p! d+ Z
that means bank A have no money because we borrow 10 dollars from bank A
3 g# ~: s' C: n7 S1 t0 d  S9 R* yBecause bank A doesnt have enough cash on hand
' O% w6 L$ F. r& m$ c$ c; ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

" v$ X, N. m; X. f- {5 }9 ~
5 h2 z3 l: G, B0 @

* ^$ [$ e4 X: G: ], _A->B->C->D->E
# y1 _' z3 B3 ~9 m" e  m1 p/ c) Mso does it mean if E failed to pay D,
* a; Q! R( [6 Ball the B,C,D,E have to go bankrupt?
* j7 @5 P' @3 M2 |) g# p- N$ g  O" S" Q' ?( t( E# h3 G$ l
& c1 r; g! ?( c# k* R
the multiplier just tell how much money created in a whole economy,
  A) V# K8 A* _in this case it doesnt really matter how much money is created,
: G  }9 B) N1 A6 M0 u1 rit's the problem of the debt itself.
% O1 V+ o. d- o7 F; ^" D; }3 a0 K$ A4 ithe 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
" o4 g' Z1 A2 M$ {1 J小弟一直都唔明...
# ]# _: h0 {/ Q2 G$ g
3 e# N" w8 e5 n. H7 B全世界都蝕錢，咁邊個賺緊錢呢?
6 j8 P+ T  H& y, V2 k1 b+ q3 s0 ~7 `9 J. o( M  o! K* z/ T* n
無可能淨係有人蝕錢無人賺架嘛...1 |3 g( M5 @6 Y
+ M, Z2 `% k' T7 _/ v
敬請各師兄解答6 E  \( i- |- f+ c1 p

& G$ e7 \9 n9 r  FThanks

3 G; `# t& C; u2 o1 R7 i那些根本係 紙上財富  
  z8 j! Y, n+ Q, g2 h  u7 x3 P9 e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
* P9 ]0 a+ v2 u  l+ T+ Z( ^3 C7 d4 H" x; q& K/ V+ o
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
: O  e3 a4 ^, T當經濟好,投資銀行相信會賺錢, 物價既估值相對較高- Z! ?8 B$ I( v9 `; n0 k9 G% p
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; O1 T3 }4 a5 f
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" H  z: @  O$ H5 z4 [/ x% F) ^扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
2 z; ~: d, z5 C0 u3 R3 G0 r計番回報率就已經係50%,所以可以好好賺% |" K) ?* H2 t! T- W
前提係銀行之間要互相信任先可以咁樣借法7 _  L# ^/ |4 J9 n' S0 i3 T
同埋個市場既前境要係好先得
8 |4 t1 b; B9 v1 t但當經濟一差,公司估值趺了,物價不升反趺1 h5 u0 _( _: }  d
例如剛才說10蚊的, 趺到得番9蚊, 5 T. k" g/ s4 h% O
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& K9 J9 X2 ^- j- k# a
所以你就會覺得D錢好似蒸發哂咁
& `6 m/ J( v6 V7 Q$ u5 a8 K: D
$ B7 J# `# ^1 m/ s你都可以當標野咁諗, 個樣野多人可以狂升值, # V6 E) W; S( R
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, . ^, D6 E- ?2 u/ u0 y% [7 e" `
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; N5 \5 D  ?7 f; D8 A4 h  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
9 y' p; b! h7 x+ @- n+ |$ 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.gif
/ S) E5 O6 l% X8 F: X9 k' H# |. b2 Z唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 m; X1 q0 Y2 L( n+ D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 t4 B& c! S+ U4 m7 C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
6 F, {3 w7 T# B" T) i1 S2 @) j咁你話d錢蒸發左去邊? ...

1 [6 R& L" c# C/ |5 V4 m
) S- }- f# n& P3 n( A2 L正係咁樣1 v+ u- _4 Q% T1 u/ K
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
; b1 ?& ^2 @( M$ Q' f分分鐘佢地唔使還錢5 _6 J6 q3 d. ~  v8 A% s  f
1 E' Y/ k3 L& y! \, z) i
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,
, x  n# w, S7 w3 M/ o( @4 y連國家都係問人借, 不停發債券, 印鈔票
( L! p  u/ Z, P9 W# H* Y一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
) ]( d5 x4 C1 W1 B# K8 @0 f- c6 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( n% r0 q4 K: Q+ h! V8 c' Q
咁而家"爆哂煲"算唔算先至係變番"正常"???

  K( L6 d: F( X: ?1 v2 O6 t) ]
. e3 K) P' x! x
其實係..., y- ?$ v1 y& N
因為以前未生產, 先消費
' p. m0 n$ \& h3 }8 N而家就要多生產, 少消費