0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif9 g* U8 ]0 f9 e# B
Why bank will sell 借據給第三者???! B2 s9 d) v8 X: V- @3 s) H
I was so confused.....

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講到尾都係賺錢- T# n" E. _& {4 I6 z( U
so銀行可以不斷放款" S8 e  g; w# s! `& o; g
美國的房貸問題散佈到全世界3 X/ i0 @& [8 u8 F1 g6 j
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mortgage loan 1 A5 [6 o+ w6 t* F9 b( Z! Q
>conduit
8 s9 `. }! u! e; I& U* d$ d>RMBS(Residential Mortgage Backed Securities)- V9 Q# O$ u  c3 Y
>arranger
9 U' f* `8 Q# J& }- R>CDO(Collateralized Debt Obligation)) j. f% ]5 s+ ]8 o7 U
最後去到投資者

Kev

i thought it is the reason of rate of return." k/ h2 U. c$ k' \* T
CDs could have different ratings, AAA -> F,( U8 r$ q% R* l/ G! V
more risky ones would have higher premium (interest rate) as a compensation for an investment.
2 a6 c6 c" S5 T  k% }main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 }3 k$ n! D; yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: t3 z# x" ]+ E# Z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ ]+ V# q3 N3 y7 C6 A/ L! Y7 ?) {similar to bonds, CDs trading in the secondary market have different value at different times,
! A* [! |! @/ v- }normally the value is calculated by adding it's principle and interest. 2 t. k9 `6 A; f( H6 w' J
eg. the value of the mortgage+the interests to be recieved in the future. * S3 r* y$ L( J9 |* U3 Z
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 S- c7 n5 Y- M* H
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im not quite sure if the multiplier effect does really matter in this case./ D" u" I& |# Z. j) O: ]
in stock market, it's the demand and supply pushing the price up/downwards.  J7 A* F3 F+ k, @" b2 J$ }1 s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
$ l$ Q7 j/ }  I8 y. N5 q4 ~A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  b" N  `0 ^8 I) y- x
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. ' Z: v; t% k- p' b' z: y
but the value of their assets did really drop significantly.
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/ ^2 w* T( R4 j/ E[ 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. \& T0 g0 I8 F# V
Refer to last example,
5 |! h7 e( p/ G. R, f+ @that means bank A have no money because we borrow 10 dollars from bank A
# ^4 u1 d- Q& L5 C9 d! nBecause bank A doesnt have enough cash on hand
4 E- o1 g/ ]' W$ k/ Gtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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3 M* l6 G9 k5 L( \9 H1 ?1 ~. h! FA->B->C->D->E0 z, t; ^% Q4 |1 p3 y* e( e+ y
so does it mean if E failed to pay D, 4 x8 |' |( ^& E- v/ W: {. b
all the B,C,D,E have to go bankrupt?6 i" N3 e/ r# q0 [9 Z

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+ E6 X- T5 V: V- D! j$ \the multiplier just tell how much money created in a whole economy, 5 v0 k4 ~, R, Y4 e2 q( m
in this case it doesnt really matter how much money is created, ' E8 Z  p4 j7 @
it's the problem of the debt itself.# Q! ^: K" ^/ n& u* C
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
  `  T: O2 s4 `6 V- ^& `) w小弟一直都唔明...
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+ E) @9 F' O) i  Z0 T全世界都蝕錢，咁邊個賺緊錢呢?7 c* o" }6 j; A1 T; q2 U
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答/ v6 v: ?; Q* k

2 x9 s2 f1 Z) e' q$ x/ |Thanks

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那些根本係 紙上財富  
6 g$ Z& }9 }3 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# V$ t3 E* i( S/ D2 H  w0 m/ m

3 _7 @2 M- `" |1 \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
; J5 R- y3 P: p當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
+ s2 Z: O  z. N' r- n& D( B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; D' H* a9 e7 b. t5 ~( b* V# t! R" O
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 n9 c. a5 Q. ]7 A+ a
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ i, Y$ l8 g: L' d/ D# |: M( y
計番回報率就已經係50%,所以可以好好賺" D( r0 o' [( l( i2 a/ O# h6 G
前提係銀行之間要互相信任先可以咁樣借法0 D9 R' M/ g+ o
同埋個市場既前境要係好先得( N9 {7 w0 {, a% t% ?4 `
但當經濟一差,公司估值趺了,物價不升反趺
- z" ^. F% H; Z: l1 c例如剛才說10蚊的, 趺到得番9蚊, . j, q6 o; y- H; |" m" S, i0 \7 X
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%  U8 x* E7 X  T
所以你就會覺得D錢好似蒸發哂咁5 h  w; I. H5 Z4 B1 m: U
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你都可以當標野咁諗, 個樣野多人可以狂升值, 9 Z: [2 I0 |6 X
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( X2 Z+ C0 {9 p7 [: L: y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% ~; t+ S1 B: s; Y1 ~/ 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5 Y* l1 s1 _: v2 I
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- F* R  X, x$ `; j: \
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
6 S& g9 U3 O9 P' B2 [) `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 W8 G4 J' W- {9 d. x3 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" W, f, E8 }8 w  u- l
咁你話d錢蒸發左去邊? ...

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正係咁樣/ C  p$ z( h+ v, x. 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
+ k' @, i( p3 ?7 [: D0 Q2 j分分鐘佢地唔使還錢
7 {) }4 l! {+ X' V) F$ v' {: Z- }1 ]. r: i  p# f+ N- s6 Q, r. F/ m% v# {# I9 \
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,
* Z# u* R, {/ @( M6 Q, P4 F  {# i連國家都係問人借, 不停發債券, 印鈔票  }' t3 b, q2 B, ]$ Y" W# i$ r: b0 v
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; T/ g/ V* i, R% o
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
  g& a- S; q, Y1 u" I. Q咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...: }0 q/ ]! M. y( f& y6 O
因為以前未生產, 先消費2 V/ Z8 L/ t) y8 J
而家就要多生產, 少消費