0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
0 m- }5 H$ g) ]Why bank will sell 借據給第三者???0 S4 h6 x  ?5 A' D
I was so confused.....

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% d0 T: M$ p$ I$ c. k3 k講到尾都係賺錢
8 t7 ^* d4 V( eso銀行可以不斷放款& v% Z. l; D4 W1 }. o
美國的房貸問題散佈到全世界6 ?! w* A: _2 s: V

1 S/ \7 p0 K+ [mortgage loan + z+ ?' N" B4 O$ c. p4 _
>conduit
) N% K2 g5 x& o; Y1 {>RMBS(Residential Mortgage Backed Securities)# c. t. n5 E4 ~
>arranger
+ ?  k1 w, b/ y( v) U1 N>CDO(Collateralized Debt Obligation)
0 r2 l6 R2 s. \: K$ E9 P最後去到投資者

Kev

i thought it is the reason of rate of return.
& M4 m5 v* r7 |' \) d$ qCDs could have different ratings, AAA -> F,  C: ?4 w# X$ S  X9 k& K/ A
more risky ones would have higher premium (interest rate) as a compensation for an investment.
7 O0 m+ ?6 G  y! pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 Z4 r6 W; T. s+ [; n
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! C; x0 @( Y# e7 w; f! \; sAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 |% K5 s" b' r- \" e
similar to bonds, CDs trading in the secondary market have different value at different times,5 R. s: o" \* [' x7 U7 u! [
normally the value is calculated by adding it's principle and interest.
$ H1 Z7 s, ~7 O1 reg. the value of the mortgage+the interests to be recieved in the future. ' _% D9 q  c5 h5 k- q. K
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.
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1 z% t' l3 X1 Q1 ^/ kim not quite sure if the multiplier effect does really matter in this case.# `2 i: H2 b9 o/ m# T! X! V4 v; p, Y+ k
in stock market, it's the demand and supply pushing the price up/downwards.
5 U! D) B% @2 M+ M! [; yFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ R: O4 T$ P* MA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.3 [' _0 q. G$ ~* S  W) t
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. . ^/ z- l" w, v" W* h7 {! o* m- @
but the value of their assets did really drop significantly.! q7 Z9 \! R2 F5 \4 w

3 B0 ^0 i' E' `: ]2 P/ N[ 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  N1 p* {/ ?& I) k
Refer to last example,
" _; e* Q3 ?( v+ hthat means bank A have no money because we borrow 10 dollars from bank A
0 d6 u' m4 ?9 y0 \2 [Because bank A doesnt have enough cash on hand
1 v: A0 T: \, I. x, Itherefore bank A need to be bankrrupt ??? Am I right ?? ...

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! i5 F2 A, G2 Q9 T% ~A->B->C->D->E; \( a0 x/ z- k! O& r0 x: Y) K
so does it mean if E failed to pay D,
" K2 V7 J6 e3 y7 Xall the B,C,D,E have to go bankrupt?* X. ^) c" e( J4 e1 v/ p! I, [& `
9 h7 b& ]3 @6 E% a7 _

; o3 V# v7 Y+ {( fthe multiplier just tell how much money created in a whole economy, ' n0 U" z1 b3 T/ z2 r/ J
in this case it doesnt really matter how much money is created,
& w- O% H! p" N/ ]) v) m: f# [8 [it's the problem of the debt itself.
, W% N  W! V2 Q& M6 xthe 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
0 h5 |! y9 m" e! w小弟一直都唔明...# {) N5 x! ?  L4 [0 z' a* h6 h4 F

9 x  t' Q7 i' ?5 E6 J$ d全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...7 K+ {$ [% T  j4 k
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敬請各師兄解答
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( E4 a7 \8 k3 ~9 a# FThanks

1 k7 T% N$ @- z
那些根本係 紙上財富  
8 z3 J' F% Q- a: H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! \: ~9 F' G; h6 \
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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
/ c* S/ U. S" m當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- o+ B7 y- @$ Q+ C$ A% y5 o( [+ H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
) u: B, I7 e7 B9 E0 P; b個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 j) p6 g4 d4 [% ]+ A9 }
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,! |+ A; W# Y# k" r
計番回報率就已經係50%,所以可以好好賺8 r8 W# W5 \- t7 g+ i0 l1 [- V
前提係銀行之間要互相信任先可以咁樣借法
2 ?& V+ N" K# ?1 v0 U同埋個市場既前境要係好先得3 ~8 C9 w6 o; C
但當經濟一差,公司估值趺了,物價不升反趺
  d% n6 X0 r& y$ t; a7 E例如剛才說10蚊的, 趺到得番9蚊, ! J4 U% \" ]/ z+ u4 V; y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" r6 W) T. O; Q" j# Q* h
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, + M* u, x- C# p6 O
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 w# Z$ H0 {$ _- |淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   d( o* [" L! N! ~6 B( ~1 v
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: n( s3 P7 D8 m* |9 K2 ~  H: ]
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$ X% B/ I% {; v: [% F
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
- U. ?( a& K0 w- v& S  C淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* a4 C; y, n1 n: E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, H. m% d7 Z) R1 S- M
咁你話d錢蒸發左去邊? ...

6 d# I" S& }' _! a; |& w7 f! K6 |! _: b, m- ?; X
正係咁樣
5 W2 P$ M/ z$ C  I) t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
: i/ s- Y. \7 |% _! U& Z+ }! D" R) A分分鐘佢地唔使還錢. u1 o+ u: l  F- _# z5 |$ v0 R6 O

+ x$ L6 H: ?; ^; s+ v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,$ L2 j5 L" x2 C1 e. c8 k
連國家都係問人借, 不停發債券, 印鈔票
* ?6 q7 P1 U7 v一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: t' f: |/ b: K5 j
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* ~& \! {" \$ j- k1 o. f
咁而家"爆哂煲"算唔算先至係變番"正常"???

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: W; \: l( T2 y$ ~& O其實係...
1 S. P/ l, a( B1 }3 i; I因為以前未生產, 先消費
9 p  i) L; j4 M0 r: `" x( D而家就要多生產, 少消費