0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif& u; Y5 F1 h$ r5 [  I
Why bank will sell 借據給第三者???, e: M  _( S$ i+ J, s) Y
I was so confused.....

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講到尾都係賺錢
' _9 S4 p2 q0 j! h/ ^: gso銀行可以不斷放款
- o4 t1 o: v' d美國的房貸問題散佈到全世界0 @" `5 l/ N" G; K1 _" b
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mortgage loan
# H" G. [) x  l* U>conduit
& B/ n+ j3 ]3 i>RMBS(Residential Mortgage Backed Securities)7 g) H. _9 C6 m3 }5 ~3 U; a' k
>arranger6 v/ L- }8 A3 s$ ~' ?
>CDO(Collateralized Debt Obligation)
' L# a' D# P& [5 {: e4 o最後去到投資者

Kev

i thought it is the reason of rate of return.
5 j7 v2 l  R& H; O& ?CDs could have different ratings, AAA -> F,4 Q! p3 E3 t& W  o3 a
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 B2 d* d) C0 M6 [
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 i; ]3 T6 ~) e' Din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% N& A: u! n7 sAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  C  C1 v. n: Z4 i* X' B! E/ osimilar to bonds, CDs trading in the secondary market have different value at different times,6 ^, G# d4 w8 h- R% y
normally the value is calculated by adding it's principle and interest. 5 d- y. v3 _6 U" f7 O/ ~! b5 C* t
eg. the value of the mortgage+the interests to be recieved in the future. + E9 ~! A8 p3 ~0 z- l9 n
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.0 ?' ~; b, P6 V# U
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im not quite sure if the multiplier effect does really matter in this case.
9 @- m: s' n' i" o: o0 u. min stock market, it's the demand and supply pushing the price up/downwards.7 o# A' d  N0 s, {- @  }9 T
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 d+ P: A8 |) @( R* Z" ?2 T" A& z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ N* M0 {6 x1 R8 L- }- d% l
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.
. _, Z0 K: m: _% e! @' i, Hbut the value of their assets did really drop significantly.
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[ 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
) y2 p4 Q0 [# a7 U  [; D( DRefer to last example,
+ y3 W+ @- e% E5 O( xthat means bank A have no money because we borrow 10 dollars from bank A 8 Q8 m# a3 P5 X' T. P1 i
Because bank A doesnt have enough cash on hand $ K6 x, q  ]7 ?/ d& Y8 ^/ ^
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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- C* Y& d# T7 B) I7 T4 pA->B->C->D->E
4 }- y3 W5 d  c. a& Z: kso does it mean if E failed to pay D, 0 \9 Q! n0 W$ ^: @) z9 {
all the B,C,D,E have to go bankrupt?, M' w& {) g6 w9 y6 o$ E5 }

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, J3 J( N; i9 h- L8 S1 {the multiplier just tell how much money created in a whole economy, , y  L# q8 k! s+ Z+ y" B
in this case it doesnt really matter how much money is created,
; C0 I7 h; ~& U  `6 `0 Lit's the problem of the debt itself.
; |& X/ j! b; p! A* M" @2 M7 J0 [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& H  M1 ]1 O9 p  _% r$ E, 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?# Z, k5 P% M, g7 y/ o. n
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無可能淨係有人蝕錢無人賺架嘛...# \! n. L! i. y

4 K/ R: [4 Z0 O  ?" k敬請各師兄解答
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Thanks

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那些根本係 紙上財富  9 K! Z/ b9 ^: [4 r$ I
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 graphic3 V6 M& F* @: w- K! H

5 d2 @# F( V; r8 E0 h. [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
' e6 _7 T% s2 t: _8 r當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' N% p2 `) G% |% l0 Q8 f, T( n  U: I' m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 m/ a8 _* N) B3 K- K
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
4 E3 S) a. i0 m- B& P  ?* Q扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# n; u& A% s6 J, g1 [9 @( m7 u9 @! r/ G計番回報率就已經係50%,所以可以好好賺
9 H9 v$ k9 _3 j$ u5 J% N前提係銀行之間要互相信任先可以咁樣借法9 Y! k# D9 T( I- L
同埋個市場既前境要係好先得
& `+ d! f: c8 ~' j, ^但當經濟一差,公司估值趺了,物價不升反趺
# b+ S( C; Y' m) K' H9 b例如剛才說10蚊的, 趺到得番9蚊, 5 x/ w$ q5 P" W
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%5 u) D. p- S5 }
所以你就會覺得D錢好似蒸發哂咁) r) m6 r$ p% Y2 m: t- q# n/ v
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你都可以當標野咁諗, 個樣野多人可以狂升值, ; \' {6 [  b% 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,
& e- |) V2 A* F) ~5 i* w+ p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 u8 G8 U6 S  D* ?, @% m3 P
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; l7 G2 n. c0 f
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+ s5 f0 v5 ^' @! n4 P( U
唔係d錢蒸發, 而係比美國佬洗晒未來錢, / p1 A7 F, d& L6 f
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 Q7 x- Q' V8 ^/ A5 y3 J: [2 I# }
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
, k+ y7 ^. q' d0 o, o* V咁你話d錢蒸發左去邊? ...

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正係咁樣! }1 o( y# g7 n* u7 N7 {
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4 a: ^/ |+ k" m0 Z2 y; [
分分鐘佢地唔使還錢+ D$ p+ b# a1 r/ _+ s4 T

- t% {. W+ |1 `, z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," ~2 I( L# L5 z9 N1 p
連國家都係問人借, 不停發債券, 印鈔票4 K4 |6 Z; H! ^; q3 h
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產. ~$ G9 Z. s" ]
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* s( H; h  j. _' z* v咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...; L' f! {3 D) V' n
因為以前未生產, 先消費
1 Z# \  ?8 q- m7 C( e而家就要多生產, 少消費