0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif" r  g+ U9 h4 J0 s9 Q# c
Why bank will sell 借據給第三者???5 ]/ |& z/ ?' O" H
I was so confused.....

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  T4 V4 q0 v9 J% ~+ X; T2 ^; L講到尾都係賺錢
% Z1 s4 s& v" Q8 [' \  {7 d' w( Sso銀行可以不斷放款1 r+ F) c% G8 S2 Z
美國的房貸問題散佈到全世界* {- s6 G5 H5 _+ S
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mortgage loan 6 _" ^& n5 g$ A3 b; I
>conduit# i1 v' ]0 Q5 `6 k6 _' w, D3 }9 L
>RMBS(Residential Mortgage Backed Securities)
! H: b/ i+ {: `  K6 ?>arranger
/ }/ a2 y) L8 L>CDO(Collateralized Debt Obligation)
% C" |  ^- ^) P, c0 P3 d6 L最後去到投資者

Kev

i thought it is the reason of rate of return.
% n- c- U( Z6 w0 ?, T1 CCDs could have different ratings, AAA -> F,
3 h0 e6 E8 J+ {% V6 cmore risky ones would have higher premium (interest rate) as a compensation for an investment.1 K. d' q: ]" I$ X
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* s/ i4 b/ \; ^2 U: i5 `$ Y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., t# X: W0 R' S, J
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; s% Q$ A' }' T- r7 ]. I) Psimilar to bonds, CDs trading in the secondary market have different value at different times,9 _4 n/ g1 B5 T" [6 j1 |8 j3 T
normally the value is calculated by adding it's principle and interest. % I3 Z8 ^* o; _- V! ~1 Q. ]/ U
eg. the value of the mortgage+the interests to be recieved in the future.
+ s' G( l" A! a1 R  B% j; T# ?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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- g0 b3 Y" s- e$ \& D& r. Lim not quite sure if the multiplier effect does really matter in this case.
; R$ ]- r. c* |in stock market, it's the demand and supply pushing the price up/downwards.  N- r" {  I2 d4 b  y- y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* @+ v+ ~0 [2 C+ w# W
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* r$ v% t1 _( b' u: TThe 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.
) q9 N/ I; k/ y  A( j1 wbut the value of their assets did really drop significantly.
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1 C3 i/ F9 c6 `[ 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; R0 Y" _+ }+ D( m' B
Refer to last example,7 _; y: e- i8 y1 @# E  V
that means bank A have no money because we borrow 10 dollars from bank A , P, T5 a* F( u; B
Because bank A doesnt have enough cash on hand
$ |( W! S: G* W2 }therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
3 R2 R' p  G. k  S+ `so does it mean if E failed to pay D, 0 Y" U  ^4 W1 g3 N
all the B,C,D,E have to go bankrupt?% W. c5 ]. o( F5 P; L* f5 i7 e
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the multiplier just tell how much money created in a whole economy,
# z8 |; c. {/ Q- a$ Fin this case it doesnt really matter how much money is created, 6 U3 ?) |  Q# T8 p5 m0 T
it's the problem of the debt itself., B4 n5 V2 D. R+ h2 D
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
2 k% ?" X/ g' G& `! o% w$ ?6 ^. [小弟一直都唔明...3 P* s& X9 ^2 k" W3 e' b

& Q1 F+ Z2 |* ~9 N+ |7 l全世界都蝕錢，咁邊個賺緊錢呢?( m8 i* V  Y9 C6 k& f" Y6 t9 T
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無可能淨係有人蝕錢無人賺架嘛...; H2 L7 C, V" i, T( U+ v

# u* N6 f3 @& g5 [+ i敬請各師兄解答
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0 i4 Y& U  `6 A4 y; X+ NThanks

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那些根本係 紙上財富  ( N6 ~' T# E( I, e' {
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
! _1 R: h+ _5 ?當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
$ S& r2 k) r) ~# D7 y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
/ y) N" ?& _' D個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ Y, S! ~$ i# X! S3 H8 [; w4 y- n扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
( b8 m& W1 L1 n& p  c計番回報率就已經係50%,所以可以好好賺
- p, O1 x4 v, ?! ?4 [  O前提係銀行之間要互相信任先可以咁樣借法0 Q/ n  e) j) F& C! g9 O, P
同埋個市場既前境要係好先得
0 C' q6 E1 a% s& g但當經濟一差,公司估值趺了,物價不升反趺. g0 g$ V! H: W+ F" e/ U* F
例如剛才說10蚊的, 趺到得番9蚊,
/ ^3 ~- W, a0 B; f6 ^$ z咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
# t2 l9 o7 W- [7 ?1 K所以你就會覺得D錢好似蒸發哂咁% C7 S  E: G1 {( ?3 a

" S8 K! h5 d8 }3 C9 m! b你都可以當標野咁諗, 個樣野多人可以狂升值, # I$ S3 W7 D/ E9 }7 @7 ~
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,
/ [! I; W+ m. V0 o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , H. P+ ^0 W, |) H+ \1 W8 `
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- O) ]" J: q5 z6 v4 C; G5 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( b' O8 N6 A0 P0 F! i
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 x& _# M& Y4 K0 c5 d7 A3 V( z# R, M淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - g! }# ~* a$ g! S0 f& f9 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0 B6 I5 C2 W% K; P
咁你話d錢蒸發左去邊? ...

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正係咁樣
9 B/ \( P3 w0 a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
. j3 V: w( F" {/ k* E分分鐘佢地唔使還錢0 C6 @! ~0 P3 X  ?* G

  \% I# Q' k7 ?0 ^% P  s8 L3 H5 Z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,, b0 ]& h) g1 G% V1 N6 t( X& g
連國家都係問人借, 不停發債券, 印鈔票
/ G! A8 J$ F# g2 r1 t! t) Z& F0 L一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
- ]) ]2 [; E! B  U2 |- A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.gif2 T9 L0 r. u- r- T: Q% n1 \
咁而家"爆哂煲"算唔算先至係變番"正常"???

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6 v. e$ R. x1 p% b. A其實係...4 j3 r* o4 T7 |- p; B# U" A! q
因為以前未生產, 先消費
! c! U7 s- N$ q: l! v2 M0 e1 @而家就要多生產, 少消費