0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif5 o& g, e! }* H5 d6 @
Why bank will sell 借據給第三者???
3 q& q$ v3 s; ?7 ~# H8 qI was so confused.....

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4 K5 `0 _  j7 H' Z' C: o講到尾都係賺錢2 p* R0 {$ A% q
so銀行可以不斷放款1 q) E& G; d" v; Y. N$ W2 `% K# `( F& C0 |9 H
美國的房貸問題散佈到全世界
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mortgage loan
0 @' l/ ]% O6 h' E>conduit: R8 |- H8 _' B8 K/ ^0 Q
>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)
3 d; e" ]% x; }( Y2 m0 K最後去到投資者

Kev

i thought it is the reason of rate of return.
9 h; a5 l' j! O- D7 C* j) ]# ^7 q! {1 i! cCDs could have different ratings, AAA -> F,+ T5 U. _0 ^7 N8 q, M
more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 f! ~# R, K9 @1 C7 p  Hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# e$ w* R3 d0 Jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ V7 k6 z5 I! B" oAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. k% G$ |! L5 ~7 Hsimilar to bonds, CDs trading in the secondary market have different value at different times,- v6 ~; c+ y  D( ^4 y
normally the value is calculated by adding it's principle and interest. ( K: e0 P3 T4 H% _# ~
eg. the value of the mortgage+the interests to be recieved in the future.
1 g. j* R% P# 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.6 T% G& G, V- y
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im not quite sure if the multiplier effect does really matter in this case.! H9 m) {+ n- W' i, g0 [- |
in stock market, it's the demand and supply pushing the price up/downwards.2 M3 B& |0 d  x. m! D
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ A# l9 B8 g$ E9 T
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* k7 g( R, u' h, l, O
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 n# L- |8 D( h% {; z0 Zbut the value of their assets did really drop significantly.4 F3 G" g- x% z) F
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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, K6 t8 l; h% g* M7 T  {9 [; ~- I5 Z
Refer to last example,
# _1 G# c& |' z9 K4 d! Q: n  Zthat means bank A have no money because we borrow 10 dollars from bank A
# f. [! @  m5 U9 TBecause bank A doesnt have enough cash on hand 1 m, e6 ]6 O- m) c) S$ {# {( p
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E8 C7 }( U. X: a6 H' N' k8 V
so does it mean if E failed to pay D,
0 I& p! w% S# j3 tall the B,C,D,E have to go bankrupt?
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$ ]7 h# m1 t, D8 O3 h
the multiplier just tell how much money created in a whole economy,
8 a& f7 x6 E+ v( i9 p; q# kin this case it doesnt really matter how much money is created,
9 F0 Z5 e+ x9 Qit's the problem of the debt itself.. y1 F1 J+ F9 b, m: n7 f
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.gif2 K* z" }2 h+ g/ V
小弟一直都唔明...% W, K# k+ \" O6 k, N
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全世界都蝕錢，咁邊個賺緊錢呢?
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% Z: K8 E2 r2 `7 S2 a9 n" \; m4 l無可能淨係有人蝕錢無人賺架嘛.../ e8 U1 k* u9 Q: q

" P3 F! k2 E+ S% i5 h- c9 P. R: c1 }0 h敬請各師兄解答
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Thanks

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那些根本係 紙上財富  4 A/ q: F  ]' o; T$ k, x7 }/ }
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! b. I( `8 U. z  P: E# }1 W8 M. {: X
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高; l0 m  ~4 k8 [! ?) ~# x
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2 p" ?/ D; E9 |2 |3 t
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( H$ U) X, Q, J- |" X  Y' N9 b( S' M扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ i! D2 N0 r7 S% }4 ~' ^/ ~* S
計番回報率就已經係50%,所以可以好好賺
5 Z6 `; r& b2 F4 Q1 ?& {前提係銀行之間要互相信任先可以咁樣借法4 J8 d5 o% S. d2 B# ]* a; K5 `
同埋個市場既前境要係好先得
* P8 [8 N! ?  ?9 }* X但當經濟一差,公司估值趺了,物價不升反趺
9 @' F- I1 m, Y6 L: f- G; b8 m例如剛才說10蚊的, 趺到得番9蚊,
% c% c. E$ Z: O" k  @6 C咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% E$ e2 ^9 m0 I2 J所以你就會覺得D錢好似蒸發哂咁6 @) `+ p7 [% R
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你都可以當標野咁諗, 個樣野多人可以狂升值,
3 L" ^( A0 Q; f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,
3 C4 [( T" D$ H  Q, a+ [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ n2 I1 Q/ e6 r& R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
) C6 k4 d' N! @1 _7 V' [" d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.gif0 o9 y+ q  }& d
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ( f) U; w, P( P
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; s. H7 O& w" k+ S3 s. C5 d. 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
' u+ I7 g, p7 M* |( Y- n! `  f) c咁你話d錢蒸發左去邊? ...

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正係咁樣
% j6 y( n8 T- i' `  p1 ~- r* \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
; |! k! |0 z. m/ [# T; w/ X, l+ `分分鐘佢地唔使還錢
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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,
: d5 K* S* O& f: Q5 `5 v7 {連國家都係問人借, 不停發債券, 印鈔票/ P. R5 z/ `7 S! l% c
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產" f$ o4 c" S; Q- }# }
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
& I" I' J4 S% p9 g/ x咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
/ Q; W2 r" W, P' H# x: w0 }4 X因為以前未生產, 先消費) \( c0 u( H2 ?, A; H! z
而家就要多生產, 少消費