0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ J! D9 h; U. Z% j7 h
Why bank will sell 借據給第三者???- F$ y4 ]) q( g6 u+ H
I was so confused.....

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  j* ~- x% a! {2 _8 O講到尾都係賺錢
; {% E# V- F: a% xso銀行可以不斷放款+ j& P4 m* L4 M" E; `2 j
美國的房貸問題散佈到全世界
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mortgage loan & D) f  N; E3 W7 E6 N) I
>conduit
. \5 v) e3 F5 u1 f>RMBS(Residential Mortgage Backed Securities)
* A/ x; w7 Z+ J& S$ I- s" |>arranger
* |2 S9 C3 R1 C- ?2 I>CDO(Collateralized Debt Obligation)
! A$ |/ ?7 m1 Z% u* t8 u& T, Q最後去到投資者

Kev

i thought it is the reason of rate of return.
! |. B2 G6 }6 s* n# DCDs could have different ratings, AAA -> F,
8 A& p0 H+ i. o, C0 D; u" V. @* Cmore risky ones would have higher premium (interest rate) as a compensation for an investment.
& x1 ^1 u1 c! w1 {main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, `; Z! J7 f# M0 |4 x3 J9 Zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 z; w; H3 \) ]/ G$ [- ?
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 n) Y! `0 w* O9 @) Z
similar to bonds, CDs trading in the secondary market have different value at different times,/ n; H6 D  }( @+ z, g( z
normally the value is calculated by adding it's principle and interest. % q0 n9 ]5 }0 @9 C
eg. the value of the mortgage+the interests to be recieved in the future. ! G) r* ^% g, l) |+ I
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 \/ j/ V. K' z+ F$ \

) Q$ Q" X' s# H+ I4 Kim not quite sure if the multiplier effect does really matter in this case.  k: |7 N' F& W# J* }1 a9 A% @& e
in stock market, it's the demand and supply pushing the price up/downwards.9 t! }+ I3 c$ ~' {  o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
4 q0 J6 c- y$ O+ e7 iA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! q9 [: {& z% {' x2 v9 L0 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.
. \2 N- K: C) lbut the value of their assets did really drop significantly.; X! c$ j) A" h  O7 z$ r/ S. R
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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  J1 o9 Q8 D2 J! d; b+ h
Refer to last example,
" _% Y0 U9 \2 c: o1 R( Zthat means bank A have no money because we borrow 10 dollars from bank A , J& Y* h: T# I) H" o% C
Because bank A doesnt have enough cash on hand
/ M. i& c- P; L) o0 s$ `therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E$ D% y! H$ g1 b
so does it mean if E failed to pay D,
9 y& J# _& I3 Tall 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,
; U& R' @7 R# Yin this case it doesnt really matter how much money is created, . D9 F# z- f* _! Z1 u1 i
it's the problem of the debt itself.
4 K% h% z7 c7 k- c8 othe 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
/ M  ^2 Y: o9 ]+ V8 j小弟一直都唔明...5 r7 {" `8 ]% _

& U0 e0 p9 g% M' L/ B  M4 e) R全世界都蝕錢，咁邊個賺緊錢呢?. F6 K7 L: w6 d$ c" q8 b

8 C! ?8 Q  k% Q5 a& ~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
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1 S& o' k" g) y* C" J' z% SThanks

9 b: `9 ~5 O$ v: ?2 T8 J8 u; J
那些根本係 紙上財富  8 r. |7 H% @/ L. s% m
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, ^+ B  U& N5 _- p3 K: b8 V

9 l* V5 E& `. [& u# ehttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產2 g1 D! e; V; s8 G$ [: m
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高, o9 Z# |) s8 [* m  r" C# {1 H: O
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
5 i" A  _7 Z+ z個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 H" v; K+ W6 ]' E4 E; f8 c扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
( E7 N( Q, i5 l) {1 z: B計番回報率就已經係50%,所以可以好好賺
: \* |8 Z4 A5 o: L前提係銀行之間要互相信任先可以咁樣借法* ?" I9 O' v0 r" m" W
同埋個市場既前境要係好先得
. x  f) \- s( w' B9 q4 R0 R但當經濟一差,公司估值趺了,物價不升反趺! r! r7 Z+ ~5 ~: E% ^$ }2 A
例如剛才說10蚊的, 趺到得番9蚊,
1 b' O+ d, w0 ?* }, S8 p7 j- j咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! H) s0 ^& c; u) d7 g8 ~% D" z5 I所以你就會覺得D錢好似蒸發哂咁
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& O: {! I* R" J+ z" l. D) ]你都可以當標野咁諗, 個樣野多人可以狂升值, & P! B6 E) t7 Q: h: d) M0 [  Z
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,
- Q: }: d, L- Z' O5 D8 m淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " y$ ^' |% g3 N4 P$ p, `
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8 N$ t2 u: J7 m5 }2 c1 P0 ^
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
9 }$ `9 |8 [( b0 H4 g唔係d錢蒸發, 而係比美國佬洗晒未來錢, ' k% I. u+ ~: P+ r
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: X4 u; F7 c8 O) ?( j6 c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1 N" @7 X! q  u& l) H) S' E4 p( y% m
咁你話d錢蒸發左去邊? ...

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  F0 w% [3 }; k$ O: P* B- P7 K% `正係咁樣
1 R* h% q7 t) L. x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
: r* e3 M; U7 l8 E. k) z; Z* f分分鐘佢地唔使還錢9 H7 A# l$ D8 n

) F, W3 |, G. e3 O, {$ B* q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,
$ P  D; c! f" G4 q* n* V連國家都係問人借, 不停發債券, 印鈔票$ d6 M3 F$ L5 k: _9 w6 {& M
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( A% v8 e9 z8 v& 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
& ^- J& u7 v1 F+ r$ W* a咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
3 V' f# h. }' u' M/ T& N) e! ]5 i因為以前未生產, 先消費, X; {* ^# ?6 o1 u( Z  ~; V
而家就要多生產, 少消費