0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( j  H4 i# L' L5 a) l, `& c& u5 ]# v
Why bank will sell 借據給第三者???% U2 e, N7 v& \( _& a
I was so confused.....

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講到尾都係賺錢
/ |* c9 m) X+ Y( Oso銀行可以不斷放款
0 |, I* w& W" R" p2 z美國的房貸問題散佈到全世界* c* |$ r% P# e  U" w

/ Q# R% F1 O% F1 a7 W/ K! Kmortgage loan
* i6 u' T# q4 Y! \/ @>conduit) i# S# p' j+ `+ I5 I+ y: g7 _4 C; z
>RMBS(Residential Mortgage Backed Securities)
" I; w: ^; Q; n3 |>arranger
- z, m& U% r4 H- b. @1 ?>CDO(Collateralized Debt Obligation)
( Z! _# B/ Y% g  l最後去到投資者

Kev

i thought it is the reason of rate of return.
% {7 B; M0 X- G$ h) bCDs could have different ratings, AAA -> F,
# F. a/ }1 J4 i- m! q( Ymore risky ones would have higher premium (interest rate) as a compensation for an investment.% M/ q* A+ `- @, |
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 ~$ v, h0 e  b- b/ `0 E; C
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& D) ]$ o8 ?6 y5 U& a- o0 g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 E8 Y' G- B' A' ]( |similar to bonds, CDs trading in the secondary market have different value at different times,8 O' S) q# n# M. S7 c7 p+ g* u0 Y
normally the value is calculated by adding it's principle and interest.   h* a; J6 n! U7 l
eg. the value of the mortgage+the interests to be recieved in the future.
1 U  {+ x- h9 y: i' ubanks 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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+ S) o2 S. C( ~7 u  a/ h" uim not quite sure if the multiplier effect does really matter in this case.) L* b) H! x+ q. d6 e
in stock market, it's the demand and supply pushing the price up/downwards.
# g4 S; {, T8 y8 ~. ?: |For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; C4 X! y$ z& ^- `0 c; W; MA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! j- t$ l/ M' J9 {# r  jThe 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.
6 I" Z- S6 N' k7 d; R' J* a* Cbut the value of their assets did really drop significantly.
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$ H. A. Y2 p% F8 g[ 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# ]1 `7 A( j+ d$ W7 L
Refer to last example,
1 ^- d* N/ J: R  I( \1 s) xthat means bank A have no money because we borrow 10 dollars from bank A + w5 i; i4 N, Q6 P' Y! a) O
Because bank A doesnt have enough cash on hand 4 @2 @& F; w4 X& g2 Q9 m
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E: s; t" V8 E2 _
so does it mean if E failed to pay D, - f  S. f! }! t; I- Z( A0 g, Z
all the B,C,D,E have to go bankrupt?  M- P) X% I- v$ q2 y

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the multiplier just tell how much money created in a whole economy,
; Y) O7 g5 u1 Z) ^* ain this case it doesnt really matter how much money is created, + Z8 v4 V4 q, l1 J( r
it's the problem of the debt itself.
/ m! x' C$ c# othe 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
* H2 v) R2 _6 ]小弟一直都唔明...$ p& t, X) F8 a9 j! l
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全世界都蝕錢，咁邊個賺緊錢呢?1 N3 v) Z, K4 z% M% p9 [

. @9 ]6 ^6 u2 Z# _+ ^無可能淨係有人蝕錢無人賺架嘛...8 ]' @2 I& H( M" ^5 ]2 w

' C" @+ m' K( P敬請各師兄解答" L" b/ c1 y4 q4 @! c

" d: o, l( Q; h' y( G! oThanks

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那些根本係 紙上財富  
/ V8 d6 Y: I# k! F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 graphic9 r( O' D2 H9 C* M7 V

' L0 t  N. L. o7 Y- A; x* nhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產4 b7 u: W0 W6 F4 V, C* Y
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高/ [' H, S& S/ G$ q8 i
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
* l; @* \$ U& v個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. }9 Q# f2 ]+ ^1 h2 W: Z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
- y: B' e+ b# _) c4 {計番回報率就已經係50%,所以可以好好賺+ n3 z, Z- g6 Y! `( Z7 S6 A
前提係銀行之間要互相信任先可以咁樣借法5 m# F# u1 x9 n. @* S
同埋個市場既前境要係好先得) y. m. N: o6 K& n1 F' ?3 F4 Y9 w
但當經濟一差,公司估值趺了,物價不升反趺, y+ R3 ~& y3 z$ ]! J
例如剛才說10蚊的, 趺到得番9蚊, : ]3 X) U5 _" @$ F9 z
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
2 C' h$ P4 t6 s! P所以你就會覺得D錢好似蒸發哂咁
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0 A% r* l: E! m/ `你都可以當標野咁諗, 個樣野多人可以狂升值,
. q! n! ~9 ~9 {7 H0 I! q8 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, - b( e9 p9 u4 i1 a$ o6 Y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 O% m, f) B; T3 K  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
% Q( v* P0 {* [5 v( a2 b8 N3 B9 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" m0 h+ M1 r9 T4 P( d1 C6 ^
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 t6 E, N: Z) F. J- L  z1 C* C
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 O! l! m# p0 G* U8 f$ ?# F
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, {2 ?0 \2 ]5 u9 O+ x9 K
咁你話d錢蒸發左去邊? ...

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2 R1 y6 u- o7 B1 T. T0 W& [4 ^正係咁樣4 X  A, F, E" j- ~( [$ k- k- W# q) 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 x! `% s% |' i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,) W2 T; v8 N1 z* h; C( m$ p
連國家都係問人借, 不停發債券, 印鈔票
1 V! l( k$ w: U% S4 \6 a5 U/ o一個國家好少出口, 而又大量入口 ,反映到佢唔多生產" j) A: R- i* d. N9 `* v
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
! w9 O9 N/ T: ~( j咁而家"爆哂煲"算唔算先至係變番"正常"???

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& g) F9 a9 G( v: z5 M- j& `! u- B其實係...
) H$ U) \8 S0 m因為以前未生產, 先消費
9 Z; v0 T7 _1 n9 R* ~0 K而家就要多生產, 少消費