0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif! ^  ]0 I  u9 |- K% J
Why bank will sell 借據給第三者???: P- e  ~( `7 S* T, y
I was so confused.....

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% l, Y; c6 h( O  [, m* ]講到尾都係賺錢
( F5 D) }2 _  rso銀行可以不斷放款9 X! C5 o& H$ r4 k5 b' L' N6 G. o
美國的房貸問題散佈到全世界
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1 k% `0 k/ ^5 A+ R: Imortgage loan 6 e4 `5 E' m5 g' ?& u7 s* b
>conduit6 z6 z0 j7 {: f7 Z9 M# I
>RMBS(Residential Mortgage Backed Securities), X# o" J' E" q; e& D. h
>arranger
- K& t6 O2 h4 |% h+ o% Y( d, d5 s>CDO(Collateralized Debt Obligation)
: Q( I( E2 Q$ r: y9 `最後去到投資者

Kev

i thought it is the reason of rate of return.
  y; c" L; `5 f" vCDs could have different ratings, AAA -> F,
8 |; D6 R. n6 L" Imore risky ones would have higher premium (interest rate) as a compensation for an investment.+ d. ^9 c) M5 \
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 G9 e" }7 f3 G& S# Q! X
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) v6 n* @6 y6 r+ S% Q8 M0 pAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' h/ y# H% d) D" Y2 H$ v
similar to bonds, CDs trading in the secondary market have different value at different times,
( s7 R' Z  u* ~5 f0 _8 @/ mnormally the value is calculated by adding it's principle and interest.
; T0 \  ]. z( l8 ^- \. T- Peg. the value of the mortgage+the interests to be recieved in the future. 1 X) E/ U- y& N3 w
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.8 u+ l/ e3 Z5 w' W; [
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im not quite sure if the multiplier effect does really matter in this case.% d6 {8 L" ~" @: o6 d2 Z* I$ y/ T
in stock market, it's the demand and supply pushing the price up/downwards.+ N4 c( b: I4 [& \& `' w( i
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( m* {! W) w6 c; Z/ D6 zA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- G! q9 y  P8 O  m; ?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. / v7 Z9 N; w1 e8 F) `! y, \
but 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* ]0 i9 Z6 w4 O
Refer to last example,
6 t9 V$ Q1 M# @; \. ~5 _7 ~. w2 Ithat means bank A have no money because we borrow 10 dollars from bank A
" F3 f8 ~+ i5 l$ z2 wBecause bank A doesnt have enough cash on hand
; T* A" ]2 L" Y( ~& t! E6 m5 xtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E7 x, @+ _& R1 N
so does it mean if E failed to pay D,
, D# t! s/ ]- A1 O+ n, D8 Qall the B,C,D,E have to go bankrupt?) w0 ]  p6 o6 `
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the multiplier just tell how much money created in a whole economy,
% M; ?1 E$ c5 w; I# Xin this case it doesnt really matter how much money is created, $ ?6 q/ P# X0 E( p7 N! x
it's the problem of the debt itself.
, o! g6 V2 O3 W% L6 nthe 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
2 Q1 \. f( s8 o- Y) M, J4 d小弟一直都唔明...5 i$ T7 O, H& W# A0 P6 [9 r

3 ^7 O. c) \" V' o全世界都蝕錢，咁邊個賺緊錢呢?5 Y# m7 _5 z* `; i' C# K6 C

' c2 p5 ]# w# i8 g2 A! H7 t無可能淨係有人蝕錢無人賺架嘛...; U! L2 _8 Y9 ?- `

% Z- i5 H) E4 q1 q1 A敬請各師兄解答9 Q- V- D( @: W3 q& F3 O! f! \

# h' ]: L; @6 u: }! ~% s* r+ pThanks

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那些根本係 紙上財富  7 o! q1 _1 o+ s7 Z! n- ?1 r
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
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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
; G2 P4 E% z* L; K  m當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" n3 H4 ]3 b0 P! g# I$ l
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 H' K9 t- C% f個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 Z" ^8 O+ W9 Z+ @' \
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
/ s' M' N" G  \- Q# I) V3 L計番回報率就已經係50%,所以可以好好賺
! Z7 `- c+ a& n& M  \+ d前提係銀行之間要互相信任先可以咁樣借法
5 q' B4 z, R( p& E, E7 z& n! G4 _& Y同埋個市場既前境要係好先得
8 j* S0 k0 X; Y) m但當經濟一差,公司估值趺了,物價不升反趺* J# {2 z+ w. q5 d
例如剛才說10蚊的, 趺到得番9蚊, 4 m( ]" A  f* k# o. O
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 r  B( T  h/ {0 w2 ~所以你就會覺得D錢好似蒸發哂咁
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; Z! t5 ~9 \' s  @你都可以當標野咁諗, 個樣野多人可以狂升值,   m0 D, \. F, a. ^0 h# K! V- 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, 2 |8 H/ j$ R* P3 A4 l2 \8 p# u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) g- C* Z7 p& W  K
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
, B0 L( A* Y( i7 S6 z$ x& Q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
( U9 r# D1 p+ W4 d. S$ E唔係d錢蒸發, 而係比美國佬洗晒未來錢,
! O& S' |8 P, O( _! q8 h7 \淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & b  w9 A9 q5 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
* U) r6 o7 e% W* o1 q+ n1 @* L) u咁你話d錢蒸發左去邊? ...

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: d9 |0 O9 x- G1 z: l0 I正係咁樣
0 j& y7 q3 _# L- v$ A, o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
, u" i0 B4 T: o. y# D分分鐘佢地唔使還錢
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/ y* f0 |& g: v& |  L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 p$ b! g' G連國家都係問人借, 不停發債券, 印鈔票
6 G" N/ V* B4 t$ G一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
. h; ?2 H( C4 n; `4 k; 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, x. e# P; H+ f* X
咁而家"爆哂煲"算唔算先至係變番"正常"???

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% U9 ?0 G) a9 u+ Z3 W: {3 J; ?" C其實係...
0 O( p0 b# w; j7 G6 r/ b因為以前未生產, 先消費
) `. q- E2 F# U& P# T) v$ J& [! F$ @而家就要多生產, 少消費