0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif. s8 Y. n) c2 @1 u4 X: N
Why bank will sell 借據給第三者???
" h+ v4 _5 {. D0 E' kI was so confused.....

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講到尾都係賺錢8 x9 S6 ~. E0 E9 T) M7 ?* i6 O* J4 C
so銀行可以不斷放款
' w4 M; G* i6 z* f4 k" ~美國的房貸問題散佈到全世界0 I/ O( h  X0 f6 I
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mortgage loan 0 M* _+ h# d6 T" Z+ J
>conduit- z. u: j8 u3 \
>RMBS(Residential Mortgage Backed Securities)6 t) e6 P; P! Y" A. M; M( R
>arranger+ i; P# F. u; v0 M
>CDO(Collateralized Debt Obligation)
, V- S, p6 U2 Y# e8 \1 b最後去到投資者

Kev

i thought it is the reason of rate of return.
/ w: n& X$ o" p5 vCDs could have different ratings, AAA -> F,. b  D. q1 ^9 o, k
more risky ones would have higher premium (interest rate) as a compensation for an investment." Y/ A$ M' c: R4 B9 o# @- ^2 m2 W
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 x' ^: i; i; L; S6 Vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 c: C5 i0 i2 b/ g2 Y) H$ cAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; p: |5 W. g( J4 y
similar to bonds, CDs trading in the secondary market have different value at different times,7 n6 x& o7 I7 u  {9 }8 N6 E
normally the value is calculated by adding it's principle and interest. ) f4 H& d. ]0 H1 U& }/ V' x" e
eg. the value of the mortgage+the interests to be recieved in the future.
. H2 Z% b4 ~8 Z5 G* o) Qbanks 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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. R4 V. B! f/ k8 {& o4 g1 Qim not quite sure if the multiplier effect does really matter in this case.
+ W  l% e+ x9 din stock market, it's the demand and supply pushing the price up/downwards.7 \& J0 c& O" `( J/ o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 l: D% n6 ]2 X1 ]0 E; M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. Z5 d* S# O/ P; p2 `2 x, a
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.
& w) L5 M* p. @) M+ lbut the value of their assets did really drop significantly.
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% ^% ?1 ?8 X" ^  x2 [[ 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* {. K& }. t8 K) [( F6 G
Refer to last example,
% D, V8 P& |% D2 H; Ethat means bank A have no money because we borrow 10 dollars from bank A " w2 u& z& ^: r/ O9 e+ |. n
Because bank A doesnt have enough cash on hand
4 S5 |4 E$ f* M  Z5 t% z! wtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
. m) e0 X% {: z- \* Iso does it mean if E failed to pay D, & e( n( i0 E( G; ^
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
/ }0 C$ y# {/ r0 Bin this case it doesnt really matter how much money is created, . B" D2 g' M  l
it's the problem of the debt itself.( j, {' `: U& D0 K4 J9 Q9 e, _
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.gif7 W' h" C: t4 o2 o! C
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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& J& D, n* A3 ^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" v* w0 K* p5 g6 c3 ^7 Z4 D( I; S" f

" G6 `- ^4 X8 Z- i8 lThanks

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那些根本係 紙上財富  7 v; R  Z/ l6 O
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, t9 ^# W; I" c5 K4 w7 R
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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
; ?; ^/ g- l: r6 K( r0 N7 \5 l8 l當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% ^1 C! U1 H' R2 L/ P( h+ }' k& I
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% J+ O& g- g8 z個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
: s/ y! k, M* I$ Z" l扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,! y8 b+ J' i( S% c( G  j+ E
計番回報率就已經係50%,所以可以好好賺
7 c# g# s. g5 H: n8 K& ]前提係銀行之間要互相信任先可以咁樣借法( w. d4 s( {7 \
同埋個市場既前境要係好先得
% F: F3 S& ?7 W" e6 _$ J但當經濟一差,公司估值趺了,物價不升反趺
+ L' w8 g! g% F7 U" Y7 J1 c. {例如剛才說10蚊的, 趺到得番9蚊, . m; p9 n5 e/ E' ?& `$ I" ?) r6 ]: _
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
: H( B; C' f* u; v所以你就會覺得D錢好似蒸發哂咁2 N3 {9 l6 F3 t+ [3 o7 m
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你都可以當標野咁諗, 個樣野多人可以狂升值, ' Y/ S1 K4 r5 X( S' a! e+ r
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,
( O0 Y( |8 }+ g淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . {$ E1 |/ h  |1 H) ^& R/ 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; `& p7 Z) W8 e6 B1 A2 X
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
# Z" B( o  Z- g1 R, }: u唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 j$ o# P# b- M8 }7 I0 R/ z1 q5 x! @5 x
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 w. R) C  Y# K8 R/ 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
$ w9 z0 s4 ?9 W+ x3 X# P  N咁你話d錢蒸發左去邊? ...

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正係咁樣
  \. Q) Q* A; q' [7 @/ K$ U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- i4 C! M) l9 {9 H& D
分分鐘佢地唔使還錢3 w! y0 R, w7 \% G
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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,# Y! }3 y. p* m5 B
連國家都係問人借, 不停發債券, 印鈔票( f% O1 R+ O0 q/ _0 P4 x
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: x" n. v% Z) n7 f6 v
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# @. w; k/ D$ C
咁而家"爆哂煲"算唔算先至係變番"正常"???

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! E7 g: X: V1 c9 q其實係...0 u! `( b5 N7 z
因為以前未生產, 先消費
" S/ Y% Y5 b, o1 _而家就要多生產, 少消費