0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
% r* {4 m% l4 _+ Q; a. iWhy bank will sell 借據給第三者???8 S+ N& B2 K0 j0 w: r1 p, \
I was so confused.....

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. c  h; n9 |& Q0 m講到尾都係賺錢* F$ \6 a& E' O, S8 J% c
so銀行可以不斷放款$ G1 ^# B3 U3 h2 Q; h4 U
美國的房貸問題散佈到全世界5 y( U3 T) k6 l3 c9 B

0 C" p4 F6 u. V* J: c5 I- Cmortgage loan
3 R- p; V2 E' x>conduit
0 d+ _/ `% N: s* Z6 `- V>RMBS(Residential Mortgage Backed Securities)' U- u8 h$ i. Q0 R
>arranger
, G! s/ L. Q, O) l2 m) @>CDO(Collateralized Debt Obligation)
5 A' x) V0 L& w" ?0 k+ h最後去到投資者

Kev

i thought it is the reason of rate of return.4 |7 k( W# n/ H# G/ m' g6 |
CDs could have different ratings, AAA -> F,+ P, H* u9 e- t) d# h8 Z4 ^
more risky ones would have higher premium (interest rate) as a compensation for an investment.4 \, r% k5 U1 |: E) x
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) L/ n1 L9 v2 i& _in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! K+ {& v0 w* x  t( s& l: s$ }
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 k( S0 x) ]3 U" u% V' `. u# ~* A
similar to bonds, CDs trading in the secondary market have different value at different times,4 C) P' q6 `3 h4 h! q8 V
normally the value is calculated by adding it's principle and interest.
) c9 i, ?1 l" k% Y/ N9 yeg. the value of the mortgage+the interests to be recieved in the future. $ e. P" \/ |! x
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.5 e* Y& s- H4 _+ \4 A  j

1 m( M* E0 \# r- Fim not quite sure if the multiplier effect does really matter in this case.
9 i3 H9 K$ G% u* h" A* Kin stock market, it's the demand and supply pushing the price up/downwards.4 b! M0 F+ O- |# d2 W
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ `  k1 k  y+ X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- q+ @9 L% r$ [0 J; i$ TThe 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. * C. ^7 o& ?/ _: `+ g! R
but the value of their assets did really drop significantly.2 g% y2 H  @1 x* E- q
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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.gif2 q6 N+ v* u. y: w
Refer to last example,1 j' v% h4 L$ k* F' M! U6 R
that means bank A have no money because we borrow 10 dollars from bank A * M- W$ ?( ^% C/ q7 |
Because bank A doesnt have enough cash on hand # i, d5 c2 a1 l5 R% `  k
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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6 k( L: L" O1 E- ?- P: U- JA->B->C->D->E! Q9 O5 `3 k+ M; z5 B6 `" P
so does it mean if E failed to pay D, 3 w+ @) l6 Z; L2 m# I
all the B,C,D,E have to go bankrupt?; I8 @5 ?% ~5 \  {6 t, [6 v

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the multiplier just tell how much money created in a whole economy,
. T* f. n1 A# i% Din this case it doesnt really matter how much money is created, " i5 a/ D* j2 r3 `% b
it's the problem of the debt itself.
% t, G: I  B7 U+ }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.gif6 y" u7 L2 r$ N/ }( H  y- R
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?; l- a3 }% n( Q( ]  S

+ a$ P4 N( b8 [3 s% }無可能淨係有人蝕錢無人賺架嘛...
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- J& t- x2 a* ~' b/ \% B7 a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  6 r* }2 @! l+ @3 S4 Z' d' ?
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) ^# x( E0 c# |- T
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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
' z; R, E# Y8 z* Z當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- Z' Q5 x8 N# W) B2 @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
! Q  V* ~/ a/ e9 _; ]% x# u個件物價係市場好既時候升, 例如15%先算,變左12蚊啦# ^) h3 U3 T* B( ^* i7 W
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
! e  ]* q1 p: ?# ^- j/ J6 V計番回報率就已經係50%,所以可以好好賺" F! P$ K  a% i6 l
前提係銀行之間要互相信任先可以咁樣借法! m2 f& V% Z! A. R
同埋個市場既前境要係好先得
# H3 |6 H, @% m7 N! _9 a4 K( [但當經濟一差,公司估值趺了,物價不升反趺
8 S! ?( X8 T; G6 D& x例如剛才說10蚊的, 趺到得番9蚊,
8 J) `: d) _* t, e* X6 A; n咁投資銀行一下子就要還11蚊, 一來一回變左虧200%, I/ n+ R# V) l" Y" g2 B
所以你就會覺得D錢好似蒸發哂咁
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3 I7 f6 I: A4 R2 o& g6 o你都可以當標野咁諗, 個樣野多人可以狂升值, 9 B, ~: @5 L/ A/ _  B0 k, y* 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 F& n5 V6 ]7 s) ?* ]6 D+ a
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 i# ^4 U. ^, a3 U7 t% R
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
+ a* A% o1 G' G1 W  r$ 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. s7 |$ Y, @( `/ H0 `
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 M, a/ k/ S( u5 j+ \" p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 {( Q7 T+ t) o% W' G! g' 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
5 X- A& O: T5 }+ O咁你話d錢蒸發左去邊? ...

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$ X& _7 C" u/ b正係咁樣8 O( a- o9 {& p8 a0 b
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6 V) J8 U5 |0 o" E# O
分分鐘佢地唔使還錢
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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,5 M0 p, }# W% U5 a
連國家都係問人借, 不停發債券, 印鈔票5 I% c$ a3 T: W! Q5 M) i/ v
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 s* r+ A: Q3 l. Q
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
: f+ h1 }, ^, m咁而家"爆哂煲"算唔算先至係變番"正常"???

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* \# e8 j$ Q! u. a其實係...+ z. M; F0 Q- w/ R$ O* q% i" L
因為以前未生產, 先消費5 q5 T6 J; l8 G
而家就要多生產, 少消費