0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif7 x) B4 ]2 S* Q, V* s; j2 R4 N) [
Why bank will sell 借據給第三者???! J9 f8 i  q+ b# H: ~! y* _
I was so confused.....

$ |4 ~: `0 z5 {, |3 [$ D" o  q# M- a! c0 r; h& M
講到尾都係賺錢2 v( h; b5 R9 t
so銀行可以不斷放款8 R. P: _. a4 c8 p1 t0 E* d
美國的房貸問題散佈到全世界8 C' K( E. Z1 W3 X; F3 M7 g
( |  A& R* A2 x6 p- D. J7 Y
mortgage loan
6 y5 `9 w! y2 b1 n>conduit& r5 N6 P& q$ I9 p9 I+ C
>RMBS(Residential Mortgage Backed Securities)
! z/ p" ~5 x) t( G>arranger6 @; W1 u- T! w% G' W
>CDO(Collateralized Debt Obligation)
' }' @  M# v2 j5 x' Z最後去到投資者

Kev

i thought it is the reason of rate of return.
6 u2 i8 c1 W7 r! }: |- lCDs could have different ratings, AAA -> F,5 m, z' V0 K5 s% x9 v
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! _$ h( ~4 f% _( V, umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 u* a# U$ X( jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& r1 e! {3 i2 K8 p) V3 y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." g" B5 g( ?) Z& a7 @% o8 W
similar to bonds, CDs trading in the secondary market have different value at different times,. Q5 _; l0 B1 y1 u
normally the value is calculated by adding it's principle and interest.   G6 w: A0 b' S8 {/ X5 H% q
eg. the value of the mortgage+the interests to be recieved in the future.
1 ]" U+ U$ F  R5 Lbanks 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.
3 ^3 _/ a# B& q- V! ?
; W6 @: g& n* Oim not quite sure if the multiplier effect does really matter in this case.! o1 ^$ G7 A. s
in stock market, it's the demand and supply pushing the price up/downwards.$ [5 K$ X  x2 J9 h% J+ M
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 ~7 B0 n! w0 {: ~8 Y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
/ G- o7 J# a  E- VThe 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. ; O0 W$ |& O. i/ C) V& s
but the value of their assets did really drop significantly.
# U3 G/ W" d+ x" g$ M1 p
+ C& d' C6 N4 N: w/ g4 y[ 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.gif8 n7 P+ y0 l% ]+ \. O
Refer to last example,
5 N. N' Q: p: `( t! _that means bank A have no money because we borrow 10 dollars from bank A ! m; a% \" u; Y" E5 o8 O
Because bank A doesnt have enough cash on hand
( y* i6 T8 T+ a" c: f* Xtherefore bank A need to be bankrrupt ??? Am I right ?? ...

6 E' Q4 _- j. B: C/ Q2 x
3 ?- U$ G* {! w% e7 S0 x: F4 @# q" Z" A6 N2 f/ D( e9 ?( s- Q
A->B->C->D->E
  K% @! L3 R, p7 f0 ]. {so does it mean if E failed to pay D, 8 ?4 M" Z- ~3 M
all the B,C,D,E have to go bankrupt?+ p% H; d* g4 {+ E5 \4 T( M, j+ g# Z; p
  ^4 \3 n  e: u0 A- w! r

  C0 t* Z* L+ o% z% Cthe multiplier just tell how much money created in a whole economy, . c& z0 _  k# o- z" O' N5 c; u
in this case it doesnt really matter how much money is created,
/ y! Z* U0 g/ |& M, K9 rit's the problem of the debt itself.
. E$ q0 u* \+ q; B: G# 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
; ]& x# j& {/ D! n" x! L" V4 ?小弟一直都唔明...
6 T8 D7 s$ `8 F+ H0 b2 g2 |% X  g4 O6 \9 {- M  G7 |# o: V/ L
全世界都蝕錢，咁邊個賺緊錢呢?
( f& O7 e/ Q& s' [) U
0 ^, J4 ~% k9 j' F+ z: q無可能淨係有人蝕錢無人賺架嘛...6 `5 F" p. E  b8 u7 \0 W  L

7 s* z" s+ x& l# n" C$ m1 h敬請各師兄解答2 z8 x- {: r' X. P/ M- ?

0 A% o8 @. B0 P+ G* GThanks

$ Z6 `3 g) e9 ^9 o+ _9 s- E
那些根本係 紙上財富  
9 |* O( Y% R# P" E$ z3 w/ b" 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( o! F; Z# {' [! U7 m) b! ^
6 l# ]! N+ H1 G$ d5 _- \
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' d0 C) o+ ]% ^2 i# ~8 c! b
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; ?: I  j; @; a; X( g4 {1 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
& T! |( ]) i( c0 H! g個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
2 K9 [. H! ], E; ?( d/ i扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,2 q! m  a8 U2 C2 G
計番回報率就已經係50%,所以可以好好賺
# Q8 _7 l, q, c; K8 d- c/ V5 ]9 a, v前提係銀行之間要互相信任先可以咁樣借法
- J; T4 T9 a+ v2 l- [# `  y同埋個市場既前境要係好先得
  g6 _4 T7 J2 H2 e5 _但當經濟一差,公司估值趺了,物價不升反趺
3 c2 R0 v. Y+ {9 K5 s, Q  m例如剛才說10蚊的, 趺到得番9蚊,
  c  |. W4 }7 R7 ]1 O( ]咁投資銀行一下子就要還11蚊, 一來一回變左虧200%+ G1 P8 _1 O+ q% ~- x: E& o+ B0 ?
所以你就會覺得D錢好似蒸發哂咁
. X0 i" y7 L/ |1 d$ n/ `4 ?. g9 S0 C
你都可以當標野咁諗, 個樣野多人可以狂升值,
  z2 I1 Q0 M: G; Z" y' z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,
% s% M% Q: p# o/ ?9 R2 {  Q4 r淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 g2 p& s+ y3 v6 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
, r: b1 D5 _* r3 N  o3 \; 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.gif9 ^% ^/ ^# W/ n; \% k  k8 j  e
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
1 f' N& q* c  s7 P1 \淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ T+ p7 a/ p, u8 ]  U4 h
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
$ d7 Q  Y. l& [9 V  W, P) h; ~咁你話d錢蒸發左去邊? ...

" W& o' o3 v0 O( i0 j" Z0 x' q- P7 @
正係咁樣
/ u" r: l% [( f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* q3 d! L& y. }' O* |* z9 _分分鐘佢地唔使還錢
$ K8 ^+ m3 j( ]( c% P! ]' k, d" j" [$ L1 P
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,. O+ S5 t1 Z4 F) @& c& r4 c
連國家都係問人借, 不停發債券, 印鈔票
7 z9 P) ^  h+ T0 y/ t7 x- d一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% M7 h% l- Z$ E- f- ?9 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
. C! L( h: {$ L& l" [, T咁而家"爆哂煲"算唔算先至係變番"正常"???

- k6 Y' t! ]# Z- o) b, f% N$ t/ A; G. G
( a2 R& e: a, L3 Y) G0 n6 }6 k其實係...
# C! x2 g- `/ @) N因為以前未生產, 先消費
, [0 s' G# f" v而家就要多生產, 少消費