0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif4 m0 H+ c1 j6 W; M# U8 h8 s5 h
Why bank will sell 借據給第三者???
) a! i+ H: |6 v' TI was so confused.....

- Q0 Y. p5 u8 i2 l& p$ P/ k# a$ \' N' s- y. |
講到尾都係賺錢+ ?) a" W( B' R3 J% q$ u8 d
so銀行可以不斷放款( \$ V' S1 }; i$ _4 D
美國的房貸問題散佈到全世界
7 j* k, ^/ _3 L2 U7 q( _2 D5 o% C/ Z2 R* Y
mortgage loan & z. D5 B) t, U/ y# y
>conduit
: q# x/ X& l5 f! H* _4 T>RMBS(Residential Mortgage Backed Securities)
8 P5 X, \& f* K>arranger
9 W  C, `- n9 z0 {* ~>CDO(Collateralized Debt Obligation)
- j, `* u) a0 J! Z& [4 A$ S最後去到投資者

Kev

i thought it is the reason of rate of return.
+ c, x3 ~& W/ ]( w& g4 ^CDs could have different ratings, AAA -> F,
3 @/ ^# r: u4 |* rmore risky ones would have higher premium (interest rate) as a compensation for an investment." Z  j2 s: i! G- o/ [& K( H
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! T" B  \/ |% s0 i% A
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 u% H; N: E% ?. o2 o5 T$ M" C
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ y7 {6 A- J) F* {
similar to bonds, CDs trading in the secondary market have different value at different times,' i0 P; [8 @. U$ P' w- ]5 a
normally the value is calculated by adding it's principle and interest.
: A, L+ O$ N. I/ neg. the value of the mortgage+the interests to be recieved in the future. 0 N7 j6 C  K* P7 l  {
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.
4 a9 i+ p# z! w* P: Z# v: [# H
7 G. A" b/ g+ [1 h# }im not quite sure if the multiplier effect does really matter in this case.
! U! _9 R; a$ k3 c; G& Vin stock market, it's the demand and supply pushing the price up/downwards.& B, U6 I* G5 B" \. e! M: ~7 q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ a3 \# W& `$ U3 w5 b3 G9 z; c7 ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* ]: L! |$ F2 f4 U0 J7 Q
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. + E- W! o, d( y* t( ]
but the value of their assets did really drop significantly.
- k6 w$ B7 e8 U* d+ l
/ s% {2 F' Y6 w6 w[ 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
! J7 z- n; k; b8 A- i2 `Refer to last example,
0 {" Z) I& F! n5 K+ w4 uthat means bank A have no money because we borrow 10 dollars from bank A / {5 L' [( T" E6 V1 H) s1 ^
Because bank A doesnt have enough cash on hand
' M6 Z- h2 ]4 S$ e9 l! Y( Ftherefore bank A need to be bankrrupt ??? Am I right ?? ...

% u' v# d( g* p# p, ]# Z. A2 Q: B, O" @/ c* [
" ^. i: B2 e. e/ x
A->B->C->D->E
0 @0 A5 S; c, g, gso does it mean if E failed to pay D, % @) Y* _, K% f' Q( P
all the B,C,D,E have to go bankrupt?
6 {( s' r: N6 T* T7 J8 o; P" |: `* `1 X2 v

" i" `4 k3 ~! I0 Q. g1 c4 qthe multiplier just tell how much money created in a whole economy, - q7 F2 l! B' I( _
in this case it doesnt really matter how much money is created, $ f8 ~  y0 `9 p( d
it's the problem of the debt itself.
- F; K: t  c. [. W! z( v- s- Mthe 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( R2 L2 e4 ~& C/ R  p0 B/ \
小弟一直都唔明...
: |" T, t* \# D' t. R& f4 O+ ^. \7 B% Q5 n$ h& _
全世界都蝕錢，咁邊個賺緊錢呢?+ n# u4 O! v1 ]- t6 l+ P/ D: G8 A* u- k
) u8 R' a! K& @) e- h8 j  ]2 W) Q* f
無可能淨係有人蝕錢無人賺架嘛...
8 T* m. X" O, a) P0 P5 R; K) _6 D) C# ^8 T; t* m+ j3 {
敬請各師兄解答
6 T( [( m' f! S# c
( u5 h0 D2 {! k6 m3 ]! q1 oThanks

5 R- @% Z8 V; c
那些根本係 紙上財富  
+ t& j, h: b9 a* t! d8 ~5 s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 graphic5 y& q! `, z% q: d0 _2 [  O7 @
4 S2 s1 s! Y. k
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
. t: y9 P" w* r' j: {6 k, _當經濟好,投資銀行相信會賺錢, 物價既估值相對較高0 p4 r- u1 D6 i' `8 F1 x
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/ g+ u6 f6 F/ `- Z& y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" r; K$ A! s: a: @! N! v; x9 `扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
: B" I. D& W' ~( _計番回報率就已經係50%,所以可以好好賺
( e4 n$ U0 E- ]- Z* p- @前提係銀行之間要互相信任先可以咁樣借法
( x! C3 x( B  C  ?3 B3 R6 v同埋個市場既前境要係好先得" E6 ^) ?7 k- H( B: e1 G  T9 Z
但當經濟一差,公司估值趺了,物價不升反趺
8 S/ h, h$ H1 j( \. T" e; L: V5 |4 p例如剛才說10蚊的, 趺到得番9蚊,
, _' h0 ~* T7 K8 ^咁投資銀行一下子就要還11蚊, 一來一回變左虧200%5 a0 c$ ^4 S' }: I' @7 |9 ^
所以你就會覺得D錢好似蒸發哂咁
' P; x' ~( o* e) t' o+ O( {/ q
8 e6 P9 x) L' u' R. r9 c* z; i你都可以當標野咁諗, 個樣野多人可以狂升值,
% D' G! w: R2 N* q- s+ v& {7 N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, ' j! A4 e' y# J/ W, P- g5 Y4 N, s) q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" d2 h7 ?2 Y/ V4 O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1 b4 K2 H8 A  [& _7 f3 n
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
* M; f' M9 M, T. k% a, o) |; m3 W唔係d錢蒸發, 而係比美國佬洗晒未來錢, 5 |# h$ F& P( ?0 L! g' j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   h6 C2 i9 I8 x) 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
7 G- \1 \8 c# H" @  X" S5 ^6 E咁你話d錢蒸發左去邊? ...

6 ?$ Y1 `! V: [) f7 a

6 P, X& |$ _7 a5 e正係咁樣
. X( F2 |% l: x1 J0 ~4 e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
) L+ @% H7 `3 K+ c" |) m; T. X分分鐘佢地唔使還錢
2 g$ x  i8 ?3 O. v( g5 h$ B$ v
* L1 C$ h* _3 f, G; N/ H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,
% ~! d! d- u. \' }連國家都係問人借, 不停發債券, 印鈔票
1 P, u2 O8 A  t& V) S# z: }一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
8 t1 u% j, u2 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
3 m. i# ?8 N0 F7 F咁而家"爆哂煲"算唔算先至係變番"正常"???

3 ~+ _- J  l* z3 O+ M; o2 K0 |
  l5 y4 _# q% u8 x2 B3 u8 n# [/ q' ~其實係...
2 R  H9 e: A: P0 N# ~因為以前未生產, 先消費; P' o3 J) n6 G1 [& E( Z6 e" Y* \
而家就要多生產, 少消費