0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ }8 `3 Q/ \& L6 E4 @
Why bank will sell 借據給第三者???
( x! c' ?3 k* X+ S% T! fI was so confused.....

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7 \  p; e3 c- z: f: H$ x- I6 T講到尾都係賺錢
  q6 T2 a+ C( i/ S5 Iso銀行可以不斷放款/ n* w( |" d! A3 V9 U/ V6 B
美國的房貸問題散佈到全世界3 `  A6 c- j" \1 ^
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mortgage loan : O% N, z& T; _
>conduit
. O' }7 K" D/ V4 I0 F>RMBS(Residential Mortgage Backed Securities)8 l7 Y! v% h2 I$ C, h7 e$ l
>arranger
) }+ v$ c- G. {& D1 t: J7 x>CDO(Collateralized Debt Obligation)
+ b6 z; s; L8 q. v2 l) |最後去到投資者

Kev

i thought it is the reason of rate of return.- e, P" a% C7 [: c
CDs could have different ratings, AAA -> F," n+ y$ q, {" @3 i
more risky ones would have higher premium (interest rate) as a compensation for an investment.4 O+ w: i! P! f0 @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: K2 O- \. F- L5 z9 Z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 M" r3 ^0 r, e; w& u
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( _9 I" h" Z0 s/ w$ r$ i9 u- |; Hsimilar to bonds, CDs trading in the secondary market have different value at different times,, q# o4 m; h# D" {/ M" j
normally the value is calculated by adding it's principle and interest. - f$ k& q2 s8 j3 o/ }: k
eg. the value of the mortgage+the interests to be recieved in the future. ; Q/ I  L3 E, N+ K
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.9 }+ `8 j. F* X& k
in stock market, it's the demand and supply pushing the price up/downwards.
9 F, R5 ?& ~) j) Z$ ?8 EFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
- I) V. H& b3 ]$ A) `A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., R5 j; q; \* T& L; Z' b$ b* Y
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. " M6 r' P- {+ ~& K8 b" k7 ?
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.gif7 ]+ o/ H. J" t; ~6 O; e, ?# a* G
Refer to last example,
) `" g3 k" `! M5 B6 i" a7 ]' Tthat means bank A have no money because we borrow 10 dollars from bank A
/ r1 m4 t( d& fBecause bank A doesnt have enough cash on hand
2 C1 Y+ W, f8 ^- Itherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E: q( ]( Y4 w1 k, y
so does it mean if E failed to pay D,
8 D$ K6 J* V8 N# S# zall the B,C,D,E have to go bankrupt?
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4 Y9 z8 J; P1 V" othe multiplier just tell how much money created in a whole economy,
; b$ Z, Q- C. {1 T+ i, B- H0 Hin this case it doesnt really matter how much money is created, + t/ @" b& |% x) {
it's the problem of the debt itself.
, n3 z) S- x% v, Y9 o1 Vthe 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.gif1 \4 v$ v/ D, E8 t) z
小弟一直都唔明...& ?7 `0 a! j# s! `
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全世界都蝕錢，咁邊個賺緊錢呢?7 T3 F/ C% M' z- c- d. X8 W
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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( r6 O3 `' s* p$ O# h2 h$ _2 q

  j% O" a2 o7 R% @" gThanks

) Q- B  b, D. a& ?那些根本係 紙上財富  
: g% w+ i8 Q& y& h  ^2 [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 k* R4 f! x" I" ?8 r; g, v
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# E* [8 |' ~8 t* T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6 K; b4 L7 i2 o" P+ U
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
6 r& i$ p' F' y: q: S5 J扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- `) |/ {* }: c+ z; n9 A
計番回報率就已經係50%,所以可以好好賺
) ~: I3 e. L) I8 ^& R前提係銀行之間要互相信任先可以咁樣借法
7 R8 o! k# E3 m. J/ A- p同埋個市場既前境要係好先得! z+ A7 A) M" i2 R
但當經濟一差,公司估值趺了,物價不升反趺
% i. N) `& h9 F) x( z3 H例如剛才說10蚊的, 趺到得番9蚊, 3 F4 \8 U4 m7 O7 B9 N- c
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
/ u. x0 P0 g7 i( N4 A所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
- S8 ^: c1 J6 I% V. I# V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, , G0 R+ S' A& ]0 h7 Z+ i- n
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " B& i3 m# \+ L; `9 L7 B; J
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/ A; ~  W( R- E
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
0 r1 r7 P( ?. F9 v! Y8 C唔係d錢蒸發, 而係比美國佬洗晒未來錢, ! D3 }. S, U! f6 E) E
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) K% S1 R. c9 Z# v# L2 c5 W, `
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% I; W3 e1 b1 M. \0 \
咁你話d錢蒸發左去邊? ...

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& n. D/ X1 U+ F+ ]正係咁樣; i+ z4 t% I6 `' 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' ~3 D, B# b( N) e
分分鐘佢地唔使還錢% Y* C# f  U( [5 a. e6 s1 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,
: k( g( \/ F2 e9 P5 R! Z' |連國家都係問人借, 不停發債券, 印鈔票; F% r# U6 v4 l8 c# Z
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
) s, ~% _/ T6 g. D& x/ ?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.gif1 s' K$ e: x" a6 K
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...5 Y% d4 {9 D  p
因為以前未生產, 先消費
2 P/ z8 z6 B- J( `" ?8 C0 a而家就要多生產, 少消費