0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
0 G! N+ Q! K3 ]8 P' f3 ^4 ^; HWhy bank will sell 借據給第三者???
$ w* x, C- K* Q9 Y" }! G& S) \/ W) pI was so confused.....

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* S; B: O: o1 L% L$ C講到尾都係賺錢6 `' x) q$ v+ p( V! ^* i
so銀行可以不斷放款# x1 Z5 D5 F! M! d
美國的房貸問題散佈到全世界  E0 n$ s1 d7 N; R
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mortgage loan
. {% }! g) [1 n; l% D* k$ ~>conduit
' I8 w3 ^8 V- Z$ s+ c- T9 D& W5 {, m>RMBS(Residential Mortgage Backed Securities)3 t, d. M) X4 i" P, B
>arranger
; g5 m7 [) k2 e0 u' F3 X* \- t8 L>CDO(Collateralized Debt Obligation)
4 x$ J: Y7 U$ W) R3 l( K+ ?最後去到投資者

Kev

i thought it is the reason of rate of return.! m% K; i( x* l6 h3 q( M" m! J
CDs could have different ratings, AAA -> F,
: G: A; |1 W( E* U" omore risky ones would have higher premium (interest rate) as a compensation for an investment.
# G4 S: W. S. I3 n6 `4 pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) y$ L, }; X3 I  c5 z# c% s6 N0 Jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 D- u0 I) o/ C8 d# a4 N
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% f, S8 l; K9 ssimilar to bonds, CDs trading in the secondary market have different value at different times,
$ }2 O. {; ~! A) Cnormally the value is calculated by adding it's principle and interest.
* E' n* s6 i( e9 H" N4 @, Xeg. the value of the mortgage+the interests to be recieved in the future. 5 i1 W8 [+ L2 H* e3 [
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./ C* {8 \1 ?2 T# _0 r

8 |- P& Q- h. m3 W  nim not quite sure if the multiplier effect does really matter in this case.  D$ H* K1 R4 A# y* U& O4 h1 D
in stock market, it's the demand and supply pushing the price up/downwards.$ @( S1 a4 ~& V, s, m- ?
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 c' [3 o( E0 I( `) J$ Z3 @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' ?5 W( L: w5 u( E% T+ b
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.
8 R  d9 v/ W+ D  Pbut 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.gif( Y9 Q, m3 k6 i( U! w, G# M9 f; R
Refer to last example,& e$ H' b$ f  Z5 e2 V9 N6 i
that means bank A have no money because we borrow 10 dollars from bank A
* j& |7 A, X& H  T: v0 kBecause bank A doesnt have enough cash on hand ( m6 w4 k' g: w1 L1 ]
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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( ~3 F$ W5 j& X$ yA->B->C->D->E
  k* V: K2 j* B" s/ U& Tso does it mean if E failed to pay D, # h9 G% U; o+ f2 g
all the B,C,D,E have to go bankrupt?. X3 y5 w+ Y% Z+ T' o# V1 ]* W

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the multiplier just tell how much money created in a whole economy,
1 I8 z  P9 @  M- \- r; |in this case it doesnt really matter how much money is created,
* X5 k* M+ L$ f: V5 Nit's the problem of the debt itself.
9 m' k4 ?- B( W% m. fthe 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" w* F) x5 i; ~3 s+ p  G- z0 e
小弟一直都唔明...
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0 r4 G5 O8 H" X# ]! O* r全世界都蝕錢，咁邊個賺緊錢呢?/ n5 e/ P, f6 a7 h. L
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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
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Thanks

' _- i/ M* Y" }) D那些根本係 紙上財富  
8 v  G( u% V' G. W5 j3 C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& S+ o6 J; d! a; `0 I. d

9 T) J3 ]* t+ j. L- Z2 zhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
/ L- n! y! D" K# D7 Q1 h# y$ x! e0 c5 s當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 V/ d2 Y5 n" E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
4 f' E3 U) O1 [8 ^# J: w: t; \個件物價係市場好既時候升, 例如15%先算,變左12蚊啦: s! n' J) r; d% u) Q& [( N
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
6 v. H; I7 Q. \4 N計番回報率就已經係50%,所以可以好好賺
; k9 C2 A9 Q* S: y6 x! ^1 p: Q前提係銀行之間要互相信任先可以咁樣借法6 j: ~, K/ I7 q5 A1 y# K
同埋個市場既前境要係好先得) @3 |3 r* j- P2 H2 K' w
但當經濟一差,公司估值趺了,物價不升反趺
1 o1 M7 ~! _/ `, {9 _4 W  n" H例如剛才說10蚊的, 趺到得番9蚊, ( K9 [, a9 Q: M( u% h0 H
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) o0 @, @- ^; l2 z1 a0 C: \% j
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, ) `1 a( c% V% w, g4 i
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,
& Z( X& H" ~' c淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; Z* z. c6 m4 |) V+ {* _8 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
% d" y8 D8 n2 \" h4 u/ `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.gif4 f# b. e; a6 h  B, P4 B6 e$ w
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
* [5 f, r( i" ~9 F淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; L5 A0 h& z0 r3 _# v7 S( I0 q
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
( ?- B0 n: l2 Q$ I咁你話d錢蒸發左去邊? ...

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9 u' I4 D8 m' @8 ?  a9 G. U正係咁樣7 i- U) K5 ?6 m$ G  G! E7 P, \
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
: U. |4 F7 ?; m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,
4 ~( ]$ p! Z9 q8 T連國家都係問人借, 不停發債券, 印鈔票
# V' k* h1 V- T8 y! Z2 [一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( C- G( {; \3 O% {7 D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( Q( @! Y" w0 }( y# D# }: E8 d咁而家"爆哂煲"算唔算先至係變番"正常"???

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" K5 G4 G; D1 g% R其實係...8 R8 T. t5 F  ^
因為以前未生產, 先消費
8 E) L. d/ v6 t9 ?9 g& L而家就要多生產, 少消費