0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
& c  Z7 l( q$ f1 {6 B, |Why bank will sell 借據給第三者???
3 M+ ^( e% T2 Q. KI was so confused.....

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! G/ n, g% \/ [) j# V9 H講到尾都係賺錢
+ t  z# M( u! X6 W6 J4 Aso銀行可以不斷放款3 D3 j, x- X% C0 F  l7 I. h" G3 ?) D
美國的房貸問題散佈到全世界
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mortgage loan
% {# {9 J/ H5 V9 x8 t$ {7 I>conduit
7 C2 H) a1 Y* C>RMBS(Residential Mortgage Backed Securities)
- G& I. J2 _2 g' e* g>arranger
# Q; T, G/ l, [3 @" e6 R6 N; @6 h>CDO(Collateralized Debt Obligation)
- O: l7 d$ v$ j+ [, Y% H4 i最後去到投資者

Kev

i thought it is the reason of rate of return.
' h9 t4 L8 d. z8 S% \CDs could have different ratings, AAA -> F,% M1 Q4 K5 m; i: S
more risky ones would have higher premium (interest rate) as a compensation for an investment.! J4 q3 V; q/ U/ @( a1 L2 F9 k
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 E: F- q. e8 R' Y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- L4 T$ @' v9 V+ j) p1 }$ E2 JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 l' }* u9 u: ]. A# t
similar to bonds, CDs trading in the secondary market have different value at different times,
1 F- ?$ v& C% [$ Gnormally the value is calculated by adding it's principle and interest.
# W- K* D6 t+ y! U7 ]6 Q1 Ieg. the value of the mortgage+the interests to be recieved in the future.
5 N5 I% ]; I' I2 f, ]: wbanks 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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im not quite sure if the multiplier effect does really matter in this case.
5 g" y9 U5 V& e. q. e9 hin stock market, it's the demand and supply pushing the price up/downwards.
' y+ Q, H3 u; Z2 rFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ q! e2 |  n% b/ \7 \' PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: j2 i3 f( Z/ T- F2 }/ wThe 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. 9 J# L2 A! `7 d, L3 `
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' V- Z* P( |% l7 [2 L
Refer to last example,; N  f" E' b4 q+ [9 t( q( s
that means bank A have no money because we borrow 10 dollars from bank A
8 F0 P7 h9 A" D7 B( X$ A& z" L3 gBecause bank A doesnt have enough cash on hand ; @( M; d" s$ p5 `3 @
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
! W1 y+ u7 T+ r/ ?/ Q1 u. Vso does it mean if E failed to pay D,
5 y$ e. N8 b" i: Q& K- C" t1 ?all the B,C,D,E have to go bankrupt?
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) f& m, z/ U; Z# p4 ~0 Q  }7 e) j& l1 kthe multiplier just tell how much money created in a whole economy,
+ u/ W1 M3 ~- s3 b/ lin this case it doesnt really matter how much money is created,
# f+ z3 m/ D0 E" xit's the problem of the debt itself.
5 P$ K+ ~0 `/ g9 H5 e" M% W) ^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
. K& n3 w8 a: m) m7 q小弟一直都唔明...! _) o1 [: V- R+ }
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全世界都蝕錢，咁邊個賺緊錢呢?
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& `7 z3 p8 O# m) c, l. L9 Y9 [無可能淨係有人蝕錢無人賺架嘛...
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8 B2 R, Q1 H1 X( W7 |0 M. y敬請各師兄解答
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' H7 V' ~8 X; N9 [7 D/ ]- `Thanks

' R5 i* b5 j2 z" w9 e. S0 D那些根本係 紙上財富  
# [. B; F% |$ H8 V" T$ |8 f, Q) A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 graphic6 O% l5 s  Y8 X
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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
& _$ \3 A# p3 r& g3 p4 ~' n當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; j) ?9 v- A$ {, |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
9 i; C/ X' a6 h! S個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
' Q, b) U1 \0 h, X; Y/ F扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
1 J2 j- h4 m' o: N4 \計番回報率就已經係50%,所以可以好好賺) X/ ]+ Z# y+ O$ n5 h  s
前提係銀行之間要互相信任先可以咁樣借法
6 p$ s" P8 ]1 b+ ^3 ~: b同埋個市場既前境要係好先得0 a' a# y8 G4 o0 o3 b8 j4 Q
但當經濟一差,公司估值趺了,物價不升反趺) W. S5 s: ]2 u+ S5 w$ t3 S4 Q( X7 B
例如剛才說10蚊的, 趺到得番9蚊,
: G$ U" J1 r% b  M+ c咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& s& a- |' u' Y
所以你就會覺得D錢好似蒸發哂咁
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; X% M& W5 v0 P你都可以當標野咁諗, 個樣野多人可以狂升值,
& T  E. K. O0 l9 Z! r8 @5 k+ p# C- ^5 j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 [# G4 e2 c1 x/ V& j- N5 g淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 |6 `' a9 n% `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+ L, x& x: j8 b3 W' T0 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.gif0 W5 ], U! H0 C- t$ a9 U* a0 R
唔係d錢蒸發, 而係比美國佬洗晒未來錢, # O3 q! E1 e) E& E  s' a2 {/ x
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 l# H0 g* h# p) \) U; ]  m: P
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* ~( d0 ^5 K5 H$ @
咁你話d錢蒸發左去邊? ...

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% R! s: O$ l! L7 Z正係咁樣
$ P- I9 {& {; |# Z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
( N$ ^; T3 l! A/ C; k( T0 A分分鐘佢地唔使還錢
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7 I* E$ p! s, d1 M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,( g% N5 q" E% c% E. {
連國家都係問人借, 不停發債券, 印鈔票% K( l8 M* i; O5 M* c
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
. Q3 I% \+ P2 X( O; F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
7 ~0 y% @6 s6 E) L咁而家"爆哂煲"算唔算先至係變番"正常"???

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7 a+ d% j: n; C0 H! i9 B3 w其實係...( [4 B5 ~+ b) }
因為以前未生產, 先消費
- E, _% `9 J' T: K而家就要多生產, 少消費