0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
6 A5 ^+ B$ c8 w/ hWhy bank will sell 借據給第三者???
& j: @3 Y0 H- |+ }I was so confused.....

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講到尾都係賺錢0 i! B8 G+ x4 `; P& z
so銀行可以不斷放款6 P/ o4 U& p8 e
美國的房貸問題散佈到全世界( s* C  `- d6 W. e9 X% y5 @6 O
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mortgage loan - R  V1 w$ i- R- M' Y( D
>conduit
2 N! e  s( d) e6 R8 w8 p( O$ u; F5 l>RMBS(Residential Mortgage Backed Securities)9 c- H& C* S5 A* Q4 s! R
>arranger- a3 T1 f' i( n1 K9 L/ i
>CDO(Collateralized Debt Obligation)9 [  a4 P" `. j9 {- U6 h$ j
最後去到投資者

Kev

i thought it is the reason of rate of return.
4 \  D9 L* `$ s" H" t- B& BCDs could have different ratings, AAA -> F,/ ]8 y( y/ @% ~7 v: h4 q% E% b
more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 P/ }! E, G8 `- g% T- u7 m, `main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' R4 _! `6 X5 p, I% N
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.( v0 v1 v* ~* y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; w9 Q% r! a7 ?2 g* ^! o
similar to bonds, CDs trading in the secondary market have different value at different times,- ]" P3 }& e7 k) C7 i
normally the value is calculated by adding it's principle and interest. $ l! F% z/ n: @4 K
eg. the value of the mortgage+the interests to be recieved in the future.
0 q8 K$ R0 D% S7 i" V4 z* N! ubanks 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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! f* J$ I; ^+ Iim not quite sure if the multiplier effect does really matter in this case.
' _3 M9 U) J$ L4 J, ^) H, l8 f( Tin stock market, it's the demand and supply pushing the price up/downwards.
( Q$ q' y. R4 W0 A$ d7 W( \8 xFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
  Q% `) k( e8 u3 g5 RA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; s- p3 {' g- }$ 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. : L% K6 g# l2 I* L
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.gif  \, G% i1 E- O6 [" Y2 V
Refer to last example,+ i8 e3 A. ]8 F/ G, a
that means bank A have no money because we borrow 10 dollars from bank A
" u: P& m$ t! T/ Q: H# ABecause bank A doesnt have enough cash on hand : Q* F. a- r; B& U* x
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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# ^% E' m1 m2 U6 j0 T$ T. i- PA->B->C->D->E
' K5 p# I) s( s2 Sso does it mean if E failed to pay D, ! H( w) K0 x3 G/ V+ F8 w! E
all the B,C,D,E have to go bankrupt?  @. r) l. h. X

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the multiplier just tell how much money created in a whole economy, ' U2 _; n! e/ v/ Q! g+ }9 `% }9 z
in this case it doesnt really matter how much money is created, : s) b6 B3 z  q  ~  ]2 B' R% K
it's the problem of the debt itself.9 |* H1 B4 ~3 Q, O5 S2 Z
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.gif3 z0 x6 G/ z: X8 I" Y
小弟一直都唔明...
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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...
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敬請各師兄解答9 l7 q" h% R& }, ]

/ r, W- M. o- OThanks

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那些根本係 紙上財富  $ J: B+ d) f# ~
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
( O) k, h# ]0 |/ M1 B. e  j' M) N當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' ]3 ^: P( Y; B
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
% x. k" s+ X5 E個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 C4 d  A4 f" _
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- U- |4 B8 M  @- B
計番回報率就已經係50%,所以可以好好賺$ y# Q! o  e( n( s# ?1 N& q+ c
前提係銀行之間要互相信任先可以咁樣借法
) u! @8 T0 W  C5 Z: M同埋個市場既前境要係好先得& _: X- S5 G; G: V0 e4 f& S. w' y
但當經濟一差,公司估值趺了,物價不升反趺1 e9 u5 M7 Q3 D: _1 y$ @' ]
例如剛才說10蚊的, 趺到得番9蚊,
3 w% ?9 L. T) p咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
* U; d! q$ n; B6 E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, ; k' K1 m+ B" w) V3 Q% P
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,
, a& e" O" Z9 g# }  E, ^淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 A  T, x  E- M- |! \& m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' i7 Q) ^( Q8 o$ Q
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.gif7 z. v, E- R9 Z5 `* O0 ~7 r1 c
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
5 n% H7 \% L2 ?  S" ~淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % S9 D, e- L. c) \! M0 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
1 r: B5 r/ V  ]5 f/ Y咁你話d錢蒸發左去邊? ...

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正係咁樣
; c6 L. j$ ^: Q& y+ ^: @0 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/ C8 D9 y) u0 X0 F( f分分鐘佢地唔使還錢3 `2 J) w  O! d

; ^! ~: x$ B( N5 c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,
# \1 u7 S  o& L  ^2 O, y: ?連國家都係問人借, 不停發債券, 印鈔票$ \& r6 b# u$ M: f: c+ A) l
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產) l; f1 x$ ]3 l# G1 T$ 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: Q; ~8 y, ~1 M
咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ E3 N! ]5 G: i1 J, y其實係...
( i$ I2 Y0 X9 s; D! ]因為以前未生產, 先消費; m. |+ ?' x* A3 ]
而家就要多生產, 少消費