0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 H, `# ?- ^# Y! F; RWhy bank will sell 借據給第三者???
/ O0 Q' z9 d! P7 H) p" }3 `I was so confused.....

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/ t, I" h5 z: p. s講到尾都係賺錢3 m$ p% r, R- G; \
so銀行可以不斷放款. p) K2 c0 C+ R- Z5 x" I* x; F( J
美國的房貸問題散佈到全世界( ]) ?4 F: ~5 }3 _

0 v$ |- @0 o& ]' l8 O( Gmortgage loan
4 c8 |! U- C5 u4 r+ Z2 z4 }" f1 c>conduit
; X) `* ^; H( ?% `: e>RMBS(Residential Mortgage Backed Securities)8 n3 ^- X4 Q* {
>arranger& Z' j, l% r/ `1 Z# r9 J7 k. @6 Q
>CDO(Collateralized Debt Obligation)' l9 I" w6 b, L! `  |5 O
最後去到投資者

Kev

i thought it is the reason of rate of return.
4 ]7 h% ~3 G' f  x* x6 [) UCDs could have different ratings, AAA -> F,/ f3 p( p4 b8 L
more risky ones would have higher premium (interest rate) as a compensation for an investment.7 a' I& d( i0 {: i  a
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! y0 z& w) t" {% [5 M( A6 P/ V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; e- o7 ?( {8 n! R- d6 ]Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: K0 m+ R1 r( H
similar to bonds, CDs trading in the secondary market have different value at different times,
3 C' g/ V3 D* S: pnormally the value is calculated by adding it's principle and interest.
. i( @5 k8 r$ n9 ?2 weg. the value of the mortgage+the interests to be recieved in the future.
7 w6 _0 ?6 D- }* f2 a% w% d& o" x  Ebanks 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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" O; {: K7 p1 x' X5 b! c6 rim not quite sure if the multiplier effect does really matter in this case.% Y+ p+ j% ?6 R, c7 }  Q
in stock market, it's the demand and supply pushing the price up/downwards.- t: i& B: \9 x* T. p7 \- Y6 F# Z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ T+ j# S& q7 ]# }A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; L& y$ r- Q0 V8 [& LThe 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.
% k4 N+ c& O% W4 [7 H+ tbut the value of their assets did really drop significantly.
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4 Q3 {( u( \) H( @: Z[ 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" {- A# k  z* e# Q9 \" X
Refer to last example,+ P' _6 M9 Q$ M" n
that means bank A have no money because we borrow 10 dollars from bank A
+ c! g- Q) V  X7 c! L# ^6 o& }+ G% DBecause bank A doesnt have enough cash on hand
3 ~. r; O% A$ y% V; i  @) Mtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
) L$ _& [# I* ~so does it mean if E failed to pay D,
" a  K+ ^; p& H/ h! y! C" ]. lall the B,C,D,E have to go bankrupt?
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% w9 V. J- h# Bthe multiplier just tell how much money created in a whole economy,
6 F) ^5 q  `3 }$ z! R, @3 uin this case it doesnt really matter how much money is created, # |7 V) y, `9 B# }8 j
it's the problem of the debt itself.
; q/ x/ y. B8 sthe 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.gif0 K6 h/ ?& t$ u& h! b* g
小弟一直都唔明...) c: F- f* t  P, k( O  T( }4 b
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全世界都蝕錢，咁邊個賺緊錢呢?
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$ p6 }4 o' ^8 L" R; j3 E+ l無可能淨係有人蝕錢無人賺架嘛...9 G1 k, G5 V, A
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敬請各師兄解答% I0 g$ u. O" ^$ t) C8 k2 K

. L6 W9 }, U! p" H6 H  }3 n6 n8 O( ~Thanks

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那些根本係 紙上財富  
& P( o- d7 C8 a8 v; K( z4 H" b& L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 graphic1 [* _0 m9 y* v1 m6 `

- P( d9 _  t6 m) `7 H, u" ?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
% v' Z! {' p  W. l& m6 J( w! j當經濟好,投資銀行相信會賺錢, 物價既估值相對較高5 ?& v$ I$ q. J
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
7 j. m$ \0 k( J. t/ \1 a# ]個件物價係市場好既時候升, 例如15%先算,變左12蚊啦( j' {+ m, [: o% F& W( U
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ _; t& n0 z/ j. G3 R! A
計番回報率就已經係50%,所以可以好好賺
1 M& T. p  j" Q9 h6 \7 J前提係銀行之間要互相信任先可以咁樣借法
5 k7 Z3 Q2 _1 o2 S同埋個市場既前境要係好先得5 c$ p" _/ g5 Z# c' A$ ^1 n
但當經濟一差,公司估值趺了,物價不升反趺9 }1 j1 T* u* r8 J' `
例如剛才說10蚊的, 趺到得番9蚊, ) n; W1 `' y' Z* J# C* P
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%. g9 H/ ^# `& M  J. y
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,   O$ O7 X* B0 n2 M) U
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$ Z- p% s; k+ E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 R' T- o& t3 N' G9 }
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9 r6 r. G" S! y( X) \6 K$ _' Z: ^
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
1 k  |: V% a. M唔係d錢蒸發, 而係比美國佬洗晒未來錢,
0 [3 _7 b# ]# V' X. m淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; A/ s" M# m0 A  H' v! w7 B1 o; X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
, C" y/ I! a8 }8 R9 ~咁你話d錢蒸發左去邊? ...

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+ ^1 k5 _4 q9 P  [8 x正係咁樣
) N( }+ A, _/ b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6 g0 w4 h# {1 u8 u8 b$ i
分分鐘佢地唔使還錢) j% C) l+ T/ b, ]+ D
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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 u6 T& T) q4 ~. K4 B; m連國家都係問人借, 不停發債券, 印鈔票4 T4 ^" S0 k: j9 ]
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產0 e  V/ e- i3 L3 K8 z/ n
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
9 A7 o' i& G8 k* k+ B咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
! ]: ?/ {" G1 k% ^9 Z因為以前未生產, 先消費" @: |$ q5 `) Y0 n- l; I7 C. f) r1 {7 u
而家就要多生產, 少消費