0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
! i2 d# D! d( d5 R  t0 t: B. O* mWhy bank will sell 借據給第三者???9 r9 B/ S; k5 |& M! j! e' u
I was so confused.....

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9 h9 ^+ O, ^" z* A4 k3 n, D# I講到尾都係賺錢* T- Z) O' ]* h  a- [, K4 ^
so銀行可以不斷放款& y2 D( L/ U+ ~# H9 u% `$ B
美國的房貸問題散佈到全世界
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, l% N2 h) x6 Y' `1 hmortgage loan
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>RMBS(Residential Mortgage Backed Securities)
+ T- v5 k$ u) I>arranger
/ l8 D# [; y0 B8 B9 ~, D# Q" B8 M>CDO(Collateralized Debt Obligation)
9 I2 H# i: Q$ `& u6 v1 p* P最後去到投資者

Kev

i thought it is the reason of rate of return.# P) x3 R; H: V' k# t1 P9 ?, Q
CDs could have different ratings, AAA -> F,
9 K* w% F$ F3 G9 mmore risky ones would have higher premium (interest rate) as a compensation for an investment.& K: S8 M( @1 R, P+ B7 R
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 t7 F, L+ g5 @! w0 I5 Win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 k/ [  ~/ V% J2 @5 |1 F" [* T0 uAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! t' l2 a2 c1 U) V$ l% _
similar to bonds, CDs trading in the secondary market have different value at different times,( c- V1 y- f1 ?6 V
normally the value is calculated by adding it's principle and interest.
$ S! M! N+ G0 i+ U9 Weg. the value of the mortgage+the interests to be recieved in the future.
# S( U' _" z) @* Y. C1 _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 N9 |) M. J4 g  P% F* {# U0 O

, S4 m  A1 _# E3 N7 b. ?- vim not quite sure if the multiplier effect does really matter in this case./ b7 x4 _2 a0 |- @  S. n- [6 H- u/ z
in stock market, it's the demand and supply pushing the price up/downwards.& N  {( B! C7 G( o( q9 F# d
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ f. J( l$ m- S, WA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 F+ t3 Y. [+ w! `  t/ y1 ]) A1 CThe 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. ' O$ x- q' A9 H& S
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.gif5 O+ r) U: }7 D; F2 X: B
Refer to last example,
1 F5 K, j' r& ]2 @, p9 Wthat means bank A have no money because we borrow 10 dollars from bank A 3 H4 b/ A( e2 u$ r( m) H5 w% E
Because bank A doesnt have enough cash on hand
/ S! c) ^, T2 A3 b. ]. gtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E7 b/ J4 p) D6 I6 k7 S6 @
so does it mean if E failed to pay D, + }8 t; H* X: @
all 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,
, P( I& _- T3 Q8 I( s$ r( g) Jin this case it doesnt really matter how much money is created, 6 E$ \" Y8 i, S7 [7 s, S0 t! Q
it's the problem of the debt itself." W5 B% O- ^6 a( N& 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+ z6 u1 J" g+ Q
小弟一直都唔明...
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% u* d  P+ q' `" U( s; ?全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...6 q2 X8 O" G9 [" y1 G4 A% C9 P

, B2 t8 P1 N3 a敬請各師兄解答
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: P- X- O" H7 w, k% ZThanks

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那些根本係 紙上財富  / e) ^& c0 c" Z- p( }  t# o
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
& e# Q% m5 A9 \7 F* J當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# h- a" h. h/ P! E; v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
; `' v# u) T5 ^/ b: @個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
2 |0 m6 V" z+ s6 t& e扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,2 j% I0 Y. S3 g  ?' V/ ?9 ]0 R* Y4 O3 B
計番回報率就已經係50%,所以可以好好賺5 c5 {8 k7 V8 S7 m1 _1 y  N
前提係銀行之間要互相信任先可以咁樣借法
  J( V$ |& h  t# R* f同埋個市場既前境要係好先得- }! q0 ]4 \# V+ s3 o) }2 b
但當經濟一差,公司估值趺了,物價不升反趺
0 J5 p5 l2 I, l, Y' S例如剛才說10蚊的, 趺到得番9蚊, 2 x6 A" v0 ]4 U% j# X  h& ~. v7 ^
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
$ X/ Q" s% Q) G+ d# D0 P# `所以你就會覺得D錢好似蒸發哂咁
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/ D# E+ P# @" m% A) a2 d, {' f你都可以當標野咁諗, 個樣野多人可以狂升值,
; ^5 {- U% q2 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,
, {2 p8 c5 |: U淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( K4 Q  Q% Z8 u; Y
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
" S  I" S+ o9 U! J* r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) G. L  P% U8 S& z- \! z" l/ T
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
& e! }# m' q% T7 b淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - c+ N1 H1 {/ O5 m+ R4 u
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& C6 W4 G$ \
咁你話d錢蒸發左去邊? ...

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6 C' v6 s- O) Y  M2 V& _3 ?5 ^3 I正係咁樣9 E8 T0 J9 z: L4 A2 ~6 k
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 r9 O6 Z  j2 q0 Y# A! F分分鐘佢地唔使還錢
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1 @* q: x* m' t6 @6 t$ O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,9 r$ i# K6 z0 h: q1 f, a
連國家都係問人借, 不停發債券, 印鈔票
! n- u0 M$ z1 d; X; {一個國家好少出口, 而又大量入口 ,反映到佢唔多生產" t6 Y5 R$ A6 ~$ X# r& q$ z6 L& k
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
: b/ n2 @# W/ m# G4 Z4 o/ m+ ~咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...8 J, O& }9 R" H' g
因為以前未生產, 先消費
# {( N$ V! h- l' `! k6 E3 A而家就要多生產, 少消費