0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif0 D8 b! o) J# @, p2 c
Why bank will sell 借據給第三者???
8 j9 t4 e* ~3 _8 \0 b) rI was so confused.....

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講到尾都係賺錢
9 Y- {9 ]$ T8 y" N6 Qso銀行可以不斷放款
3 w6 G1 {7 \! _* U/ j9 h美國的房貸問題散佈到全世界
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mortgage loan , O- x2 \1 V) [5 h0 R) V8 C. h' V
>conduit
$ B# D+ r+ A4 p>RMBS(Residential Mortgage Backed Securities)- Q5 n* H$ ^9 a8 S" z" V; J3 d
>arranger, z; f9 b: Z2 c
>CDO(Collateralized Debt Obligation)
, \( b9 Y. x+ `% Y2 i最後去到投資者

Kev

i thought it is the reason of rate of return.
, j/ F9 n4 k3 f6 h7 E4 v  Y$ v( `CDs could have different ratings, AAA -> F,
$ O- b1 I1 [8 o7 X4 Y. ~1 emore risky ones would have higher premium (interest rate) as a compensation for an investment.
% W7 v9 F( V+ i8 y! Wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ Z8 }1 P* Y$ ?% L+ ?+ P
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 u* ~: |& t, m$ B1 v0 q! q
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  L1 r8 U# Z  I% `9 G6 y7 w1 jsimilar to bonds, CDs trading in the secondary market have different value at different times,2 }8 c( B2 `: m0 {2 j5 u
normally the value is calculated by adding it's principle and interest. 9 c; [. }" Y1 y( g+ O1 Z
eg. the value of the mortgage+the interests to be recieved in the future. ) y9 s: |) R' |/ ~" ]6 u, X* O1 c
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.
, K$ \/ s% w+ Y. G) I$ pin stock market, it's the demand and supply pushing the price up/downwards.( N% G5 j; v' E
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- j& ^- r  ~3 o7 x5 C
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" s  g( U: ~1 w" {( |3 MThe 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. : M. C6 f8 r+ O/ u! s2 [( g
but the value of their assets did really drop significantly.0 M! n4 x6 l3 K8 D0 O* d

. ?7 a0 ]/ |1 D; M[ 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. x) ]# T6 B" H/ `& }9 V
Refer to last example,
3 O& O3 O: ~; L: a( ]4 uthat means bank A have no money because we borrow 10 dollars from bank A ( n$ l' k9 B# f
Because bank A doesnt have enough cash on hand   i* s7 r$ P, _' E
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
7 n9 G- p) N% U% pso does it mean if E failed to pay D, " Q  z0 B6 ~) L( a
all the B,C,D,E have to go bankrupt?/ M% r, H# x7 f
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# L$ j# X0 X% F# \4 Ithe multiplier just tell how much money created in a whole economy, 0 I, y4 Q3 r4 i/ R" |8 Q% E* O
in this case it doesnt really matter how much money is created,
7 Z- h+ @3 h8 X% }it's the problem of the debt itself.5 M2 J3 Z8 M3 G' F* p
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; J( u2 q6 j0 G+ O
小弟一直都唔明...6 a8 y4 ^) P( m; z) G, z! ?" ~
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全世界都蝕錢，咁邊個賺緊錢呢?
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' O6 g. v( t& H4 x; b7 D無可能淨係有人蝕錢無人賺架嘛...
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7 h! H: c7 ~$ Q+ J% k敬請各師兄解答
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; C; _3 D$ J3 ^8 ]Thanks

4 k% ^& D5 }- }9 ~" P那些根本係 紙上財富  
9 V) g& p! [( h1 V; D# ]" j/ _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 U6 a* t( v# U+ H" 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, }$ c. a( j3 e7 ~  ~
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; j$ M+ y7 [+ {/ e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, ^9 \* ?9 M' L; e0 V$ t' X) t  F+ c
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦/ ~9 j1 K# V% X+ Z) L( L
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
3 i6 f. r& N) }4 g6 @計番回報率就已經係50%,所以可以好好賺
* a3 e# X  z) c" E0 T0 S; }  m前提係銀行之間要互相信任先可以咁樣借法
7 y; [7 K# E# u" f* K. g4 n同埋個市場既前境要係好先得  f/ e; C# E, u1 V
但當經濟一差,公司估值趺了,物價不升反趺1 U* S" z: R& \5 S7 u+ n
例如剛才說10蚊的, 趺到得番9蚊, 0 h! U# W4 U- }4 K
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 @( q$ a& v% ~& r所以你就會覺得D錢好似蒸發哂咁, a7 N  O* u7 s% g/ q$ ~- w

: Z1 j0 b6 I! G! J/ \* o6 s: o你都可以當標野咁諗, 個樣野多人可以狂升值,
7 f1 l( y! ^( W+ x7 @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,
* o- t7 F. n7 [, ]  ?# T+ H淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * h5 e! P6 U$ m: A. H/ U
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$ y1 E% x- v/ Y% K
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
- r4 m( X; z/ n& x& [# t0 V: ?唔係d錢蒸發, 而係比美國佬洗晒未來錢, , ]: G# n* @3 f) [
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - P8 f! B$ g) y- |, p! s; z
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
% g+ S: ~% ?0 e$ }' R' ~( \咁你話d錢蒸發左去邊? ...

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' T9 H) E  `) o! \  ]正係咁樣
9 d9 c! u) g! w' R, H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
$ H) S* o4 T  ]6 h分分鐘佢地唔使還錢) P$ ]( R4 t1 k6 F% A2 C
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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,( C* B; u8 T" H$ \6 J0 u
連國家都係問人借, 不停發債券, 印鈔票
  F1 @7 c) x2 D  P一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ K/ C! u) u# U6 v3 [& b* h" N
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
) G1 T  V4 Q( j: F9 ]* P2 ~  p0 U咁而家"爆哂煲"算唔算先至係變番"正常"???

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5 M6 J! k; U: z* g4 I3 m其實係...8 T3 v3 F+ ]8 }/ S) J. ^0 x
因為以前未生產, 先消費# ^% f& f; g1 c2 j4 H% l
而家就要多生產, 少消費