0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif0 u5 j4 k  D, y/ ~) {6 `  B
Why bank will sell 借據給第三者???
. J" |9 D3 D7 b& g  hI was so confused.....

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1 w* [5 G3 a: @0 G- j講到尾都係賺錢
2 W" S0 [, o  {! t/ {so銀行可以不斷放款
( }$ ~0 e% ^$ A. Q$ [, A美國的房貸問題散佈到全世界
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mortgage loan . o) _& z* A- g
>conduit0 u  S" c( {0 n+ q7 ~2 k
>RMBS(Residential Mortgage Backed Securities)
0 n- W5 M% A+ K>arranger
, _" C* ]; j9 L' U$ A>CDO(Collateralized Debt Obligation)/ u. ~$ d: |! J" U+ C
最後去到投資者

Kev

i thought it is the reason of rate of return.
5 `9 M7 \9 C& l& DCDs could have different ratings, AAA -> F,, W+ R! Z* r5 |& Z7 U# N
more risky ones would have higher premium (interest rate) as a compensation for an investment.- f2 l9 z  J" C+ X0 c2 P' \
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! k4 Q& I/ ~* v( a, T7 ]
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" U$ y& H. u# ~" G& [: q  s. _/ v  ^Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ k& C2 s' ]0 b* Xsimilar to bonds, CDs trading in the secondary market have different value at different times,( `2 t& e. |4 c% b" O# F* O- Y
normally the value is calculated by adding it's principle and interest.
" T+ R2 F$ [- z: [! ~; Leg. the value of the mortgage+the interests to be recieved in the future. 1 p2 w0 m. U' h/ a/ ]
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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( J, d" y0 {+ ~+ g! s5 Kim not quite sure if the multiplier effect does really matter in this case.
; D& C/ j9 k9 [! [9 z7 W- P$ qin stock market, it's the demand and supply pushing the price up/downwards.& `1 x4 a8 u# M( Q3 I+ Q2 r4 H
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 c; C* d" M1 K6 l. u9 ]
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 v8 b8 C7 ~8 q& g
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.
7 ]$ q3 A; @" ^* gbut the value of their assets did really drop significantly.- W4 n5 [- A+ R2 U

7 l! }# o% A6 X  O' G; t" 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
1 W4 {. n+ |) k' i$ URefer to last example,9 D4 ^4 x0 Q' A2 j1 p
that means bank A have no money because we borrow 10 dollars from bank A " x; ]9 m! i! Q6 r! e! ^: Q
Because bank A doesnt have enough cash on hand 4 J3 U4 G/ W5 o; h& I8 r) F) i
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E& J5 T% x( \* A0 x% v# Z; e
so does it mean if E failed to pay D,
0 k- x9 R! O% y$ P" Fall 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,
1 m1 \: [6 a4 U, {, g. E# fin this case it doesnt really matter how much money is created,
( i7 g' H) t- `8 Iit's the problem of the debt itself." {4 Q6 C3 |  }3 F' b( X
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.gif3 G, B) y$ r8 W
小弟一直都唔明...* H1 Y9 r1 \1 X

/ l7 J- l6 r2 n, Q' e2 r全世界都蝕錢，咁邊個賺緊錢呢?' N- P2 K& c3 E% @  V3 p4 i
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無可能淨係有人蝕錢無人賺架嘛...2 p* x! L4 {8 R. b, T
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敬請各師兄解答
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Thanks

( C, b: G, D+ m( T. a' |; n2 q' c那些根本係 紙上財富  
6 A' ~, G1 @' G( U, f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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0 J9 f) |6 w( L( z4 m- d* mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產3 ]4 L( v" G; I
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" e# Y" X9 K: d& U9 P' G  Z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' J  r8 G4 m3 U& {7 Y4 `' B& {) W
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. R) j+ p. j* r; Z; f
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ ]* B: o; `3 y
計番回報率就已經係50%,所以可以好好賺( E0 O' ?) G9 p
前提係銀行之間要互相信任先可以咁樣借法
/ X+ b2 g1 T" Q1 m. w同埋個市場既前境要係好先得
0 ~  X0 }/ u$ s4 H+ S' u! w但當經濟一差,公司估值趺了,物價不升反趺
. U3 o" l$ T% o5 Q1 U例如剛才說10蚊的, 趺到得番9蚊,
4 H& J& Z4 d0 ^- D, o. `; u咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
+ _$ V. K6 q" {6 `4 x所以你就會覺得D錢好似蒸發哂咁! B* a0 s9 w, b9 p7 j
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你都可以當標野咁諗, 個樣野多人可以狂升值,
: |' h3 f) v' q8 F- v" G/ 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, 7 W5 {' b7 [- w6 Q( z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 b- K4 v; T  x7 n& n7 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5 o- e* C) Z8 i5 A, |5 ^
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.gif9 e$ R; `) {  U: J+ h6 ?* ?1 C
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, o+ p( l5 o1 ^; a5 \( d淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 S  c& z  |* R" z0 h. h
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  ?9 F5 \1 h3 L* h
咁你話d錢蒸發左去邊? ...

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; ?) P. i; H6 J8 A' X' R) L9 a/ A正係咁樣7 s4 x1 Z* l1 d* a! s
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9 d2 x# E$ k1 J; m8 k+ R
分分鐘佢地唔使還錢, o2 A+ T" r# }# z, 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,: ?( g4 r1 j% y, a) s. a
連國家都係問人借, 不停發債券, 印鈔票
" o2 }. y- e  C9 s一個國家好少出口, 而又大量入口 ,反映到佢唔多生產0 g/ N' ?% s6 i( v/ 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
0 G. y7 v" T9 a5 ?, K5 @. P6 R咁而家"爆哂煲"算唔算先至係變番"正常"???

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5 K4 w, _* g- M3 h2 Y# p其實係...) K4 ]* c4 L6 G  a) V  x
因為以前未生產, 先消費7 e6 y! [- P# J- c- c9 I
而家就要多生產, 少消費