0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif+ I& y2 _" F$ y- z* u( r
Why bank will sell 借據給第三者???* x+ O9 {$ Y; w6 ~9 }1 T3 g
I was so confused.....

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講到尾都係賺錢
; Z  i* B) ?! J" C8 r4 {so銀行可以不斷放款7 p" ?$ t/ C3 B; C% o8 i+ p
美國的房貸問題散佈到全世界* [" K/ [- @# A# y1 |$ F4 _- T7 {

- w3 P+ ^7 v5 H/ y7 j4 z. J" a/ _mortgage loan 4 ^6 l; q2 U* G2 I4 e- p' X
>conduit
. C2 y0 g! ~; [  ?* Y8 {>RMBS(Residential Mortgage Backed Securities)0 b& x2 F8 r' r; c# A, P$ l
>arranger8 E! f$ ^  G: a5 ]9 \8 i  `- B
>CDO(Collateralized Debt Obligation)/ ?" y0 l5 B  C- n) m1 {& _
最後去到投資者

Kev

i thought it is the reason of rate of return.. h) Q6 c( H1 T" L+ H! R% m
CDs could have different ratings, AAA -> F,
; _' m5 m( x) s" nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
5 ?9 [* @. `  g" o6 B8 Q( o' `main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ \' O, c+ }, [" \6 K+ g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; K' Z- V, ~/ \  x7 gAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 a8 j$ ]( l  A! t! Y. [* Vsimilar to bonds, CDs trading in the secondary market have different value at different times,
- B! r6 L; G3 d, Enormally the value is calculated by adding it's principle and interest.
. h  C7 s4 L9 H7 G( ^/ i* geg. the value of the mortgage+the interests to be recieved in the future. : P( r1 [" f- U
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 j' |5 U1 [) N- q1 s
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im not quite sure if the multiplier effect does really matter in this case.& W* p/ a0 r1 y! W) q3 e
in stock market, it's the demand and supply pushing the price up/downwards.3 _+ Z7 o& [  d6 }9 r5 s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- N! E: U/ m4 o+ b' U
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% B0 g% ^3 S( k: \; d* @( r
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  V; c5 b( u
but the value of their assets did really drop significantly.
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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; D8 \, s! Z* j5 x2 p$ ~# W" _5 Y
Refer to last example,
8 B6 r/ ^, H( v8 _) ?. Gthat means bank A have no money because we borrow 10 dollars from bank A 9 U4 R  G/ |. e, e1 \/ [
Because bank A doesnt have enough cash on hand
% @3 B. f0 B+ z/ q+ o% Wtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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) }$ [% Y/ Z$ s  {/ zA->B->C->D->E
9 _, `  W( M" D4 }! pso does it mean if E failed to pay D, % j% o1 I0 O5 d4 d% i
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
& T$ d4 o5 O2 ^in this case it doesnt really matter how much money is created, 3 p. e$ G9 L7 a1 G5 s* j" Y
it's the problem of the debt itself.
* S* |4 E1 R/ X, Dthe 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
5 ?! o3 D3 H, e9 h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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8 k$ S3 l+ Z7 u( D( p/ w  O無可能淨係有人蝕錢無人賺架嘛...
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* s0 c' `% G9 o$ V0 S* `5 K敬請各師兄解答1 D9 T, c4 F, u& |: {
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Thanks

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那些根本係 紙上財富  
4 F4 f9 [- q1 _" O7 }% _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& [  m8 y: v! u6 }' y
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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6 ^' \0 `% x3 J9 [8 D7 [
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, U+ C* e  A8 }7 Y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$ I# c. Y# M3 m+ y, k
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
7 l& L6 x% B; O/ X扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ `6 x/ B' A  O: b  l  B# _& x! Q
計番回報率就已經係50%,所以可以好好賺
2 D/ Q/ @2 X" x  y; Z& F, a/ N  |前提係銀行之間要互相信任先可以咁樣借法$ O* U. W" w- A6 X7 e
同埋個市場既前境要係好先得
" h  ^  U5 Z9 w# t, v6 x但當經濟一差,公司估值趺了,物價不升反趺
3 G# E0 Y3 R$ v例如剛才說10蚊的, 趺到得番9蚊,
7 t5 w$ D# F$ S5 L) V8 T咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% m4 Z3 J" ^" I
所以你就會覺得D錢好似蒸發哂咁
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/ G# F" ?  v( H) j0 r你都可以當標野咁諗, 個樣野多人可以狂升值,
5 U9 E+ I: D) _) o- k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 e$ z0 T, n  b' ]淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( O. e9 l& |, A" C8 d
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% \3 o" r' b0 U5 e& P7 i3 k
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
5 `) A8 [! ~6 o( a" C唔係d錢蒸發, 而係比美國佬洗晒未來錢, ( N7 u: l7 x* W' L. S) [! t8 ]! }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " `. O$ n1 R% t. G$ 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
+ E! `4 W" u" R! D咁你話d錢蒸發左去邊? ...

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( p: |) p) W9 M# B3 h正係咁樣/ \8 _) }2 g& ?& {0 o! m6 l. q
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
! Q" W  I* ^; ?" @1 D. B, G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,
3 I% ?0 i4 W" q5 s連國家都係問人借, 不停發債券, 印鈔票
% ?$ m! M7 Q+ B2 c; {( g一個國家好少出口, 而又大量入口 ,反映到佢唔多生產1 @  S5 _$ C+ T+ {5 w
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
! M) n% [: q1 V+ s( t+ N* H2 L$ P咁而家"爆哂煲"算唔算先至係變番"正常"???

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- Q! g- M3 V$ l% v其實係...$ G* C) w) K2 `7 W) W7 C* f! h
因為以前未生產, 先消費
! X- J* ~' C* J3 ~- |1 W8 K: O; c5 V而家就要多生產, 少消費