0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif5 Y7 r  i( e: s
Why bank will sell 借據給第三者???8 B" b# U4 @. W" q
I was so confused.....

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& e5 E. u) I% b( V講到尾都係賺錢
* a6 _/ ?6 P# K" g+ z1 F% jso銀行可以不斷放款
$ P, h. q. m8 l* l美國的房貸問題散佈到全世界
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9 s& ?7 g5 Y! ^7 Cmortgage loan & Y: T1 q6 v2 y; j7 B1 s
>conduit0 x6 G. D6 d9 j4 _, s: m
>RMBS(Residential Mortgage Backed Securities)5 [% H& w0 {7 }
>arranger( S# u2 b8 b) L6 E
>CDO(Collateralized Debt Obligation)
8 x+ f6 m4 X% _: w最後去到投資者

Kev

i thought it is the reason of rate of return.
( A1 b. B/ j2 c6 v( uCDs could have different ratings, AAA -> F,
$ d7 [5 b$ p0 \# Z) D- Nmore risky ones would have higher premium (interest rate) as a compensation for an investment.( R2 y: j+ }7 s: |3 Z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; i- \: A+ l! R+ K4 Y4 c( bin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; g, z: r8 ?8 q& A# u' ~1 {% g  DAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% f& q, y! Q+ m2 G% c7 q
similar to bonds, CDs trading in the secondary market have different value at different times,
/ j/ y9 f1 g* A- knormally the value is calculated by adding it's principle and interest. " L7 u3 r( J! a# Y( ]
eg. the value of the mortgage+the interests to be recieved in the future. ' A: |$ |! O! _
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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im not quite sure if the multiplier effect does really matter in this case.- U# H' y7 B$ ~3 |
in stock market, it's the demand and supply pushing the price up/downwards.
3 t5 s% E3 b& C4 WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& u/ P. e  m5 {& {& }. vA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- z1 c2 y2 w- e4 D
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.
9 B% B, Y0 X( Z- Q& ?$ {3 Sbut the value of their assets did really drop significantly.5 P4 n+ b9 F( s0 u  W

- Z( [% u" J" m% ?) f[ 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.gif5 h; n7 U& C6 N  D9 h
Refer to last example,
9 M% g$ l( q& x0 D! y' x: Rthat means bank A have no money because we borrow 10 dollars from bank A * m9 {  m& A: I# I/ t( L* k+ @$ V
Because bank A doesnt have enough cash on hand 1 z3 j6 K- J( _+ S, T- z3 k
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E8 d: T& b$ P( {, w( I. Y0 q* z
so does it mean if E failed to pay D,
2 L7 h! n$ W& Mall the B,C,D,E have to go bankrupt?
$ w/ Y  G4 Y. i4 X. q6 v. p; D- j! N- Q" h

3 E8 W  W2 z- `) G. d: n# Athe multiplier just tell how much money created in a whole economy, + m9 e( Z; {% D$ ?# |$ n& ?- e
in this case it doesnt really matter how much money is created,
& \1 Z. m# O: @# `( mit's the problem of the debt itself.; J. I8 I. H3 m# E! H, ]
the 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 M% b+ m: x3 |8 z  O% c5 b- e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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2 H4 h6 g5 x" S. W無可能淨係有人蝕錢無人賺架嘛.../ Y7 Q$ G7 c9 h% c) e7 v

( W% v  p  B; u# H6 y敬請各師兄解答0 f3 v" `! m) b( i& g+ ~$ }1 L

5 k$ S; o8 f! U$ i. @8 R+ vThanks

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那些根本係 紙上財富  
5 q, q# R" G# z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 graphic7 Z0 b; Q& m5 q+ d3 F$ ^8 G

4 l) p- o2 O8 H9 m/ e( q( N" c' 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
: N" G9 r( M3 i$ Y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' r6 ^& |+ L! ?% i2 E7 J* g
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2 `! X: z& [3 `$ |
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦; n+ |$ @  R% i7 g" C
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
! x; r% d0 W) |1 |  e0 @7 P計番回報率就已經係50%,所以可以好好賺
/ k5 R8 F5 w) v2 g  f前提係銀行之間要互相信任先可以咁樣借法
& g! u# N# Q5 N0 N, t- W" }同埋個市場既前境要係好先得
1 n0 _0 Q% e" y但當經濟一差,公司估值趺了,物價不升反趺. t" _0 L, t, q9 t; d* x% n3 B
例如剛才說10蚊的, 趺到得番9蚊,
* R5 N0 p6 o* Q, {8 |0 V' t咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 G6 U+ P* Q# d! Q: ]( Z所以你就會覺得D錢好似蒸發哂咁
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9 \- |% K6 S+ `1 h& A  E0 x7 v你都可以當標野咁諗, 個樣野多人可以狂升值,
$ y" B! d: ]9 j+ Q6 J: R6 G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, 0 y- M0 `& b! _5 @
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* n& P0 o2 G. ?1 L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 \2 n+ `8 |  B- ]7 |2 c% N& g+ B
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+ Y. m# R' t% e6 X9 K. Q7 \
唔係d錢蒸發, 而係比美國佬洗晒未來錢, % k4 |" O8 l, l9 T6 C3 w
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% Z) E, T* b, O, e& A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: e2 U3 M( O5 [' D3 q: B: ?
咁你話d錢蒸發左去邊? ...

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2 F* m8 ]! v* n$ |) \正係咁樣
. B& D: P7 {( W0 C2 s! ~! o* r1 s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
  W" F. H. q: N0 u分分鐘佢地唔使還錢
8 A! b! L5 c- q) O8 ]6 _% p5 R3 ?4 e# W+ w% x
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,) b6 x+ k, v0 v
連國家都係問人借, 不停發債券, 印鈔票. |* m7 {! X5 B7 }5 |
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# a. f' w, X( h( B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
" _; q' L4 m# S咁而家"爆哂煲"算唔算先至係變番"正常"???

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* K  Z9 Q( n/ n3 f* i: X  `其實係...0 [$ z# N* h/ l4 M+ F) v
因為以前未生產, 先消費, k! h% e+ o* |3 k5 a) o
而家就要多生產, 少消費