0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
( z' w4 ^; q  X! H- rWhy bank will sell 借據給第三者???
% T3 |* P1 e; C! y* ?) I6 ^I was so confused.....

, |3 \, t0 z9 s4 @) T" y3 I
  ^; q( ]4 T4 d講到尾都係賺錢3 B) I) r! D- L9 P0 n: c
so銀行可以不斷放款
- R  {. {6 j9 [6 u( ~0 f. w美國的房貸問題散佈到全世界7 W  U: O0 [1 h; e4 e8 H& x
7 W. ?% Y  \2 ?: p" q9 S# X
mortgage loan
$ c3 D, }* U0 }- Q( [$ q- g>conduit
) ~" q- ?% N/ W+ [% n, H1 q1 N>RMBS(Residential Mortgage Backed Securities)5 u8 x& G: o! O5 u0 Q6 M3 R
>arranger. q& j3 y0 T# o" m' m
>CDO(Collateralized Debt Obligation)
6 b+ v% p, P' d; u最後去到投資者

Kev

i thought it is the reason of rate of return.
2 J0 L7 i6 a0 h, Y) S/ n9 v0 \CDs could have different ratings, AAA -> F,
1 W3 u) I) C" s: q7 D2 Tmore risky ones would have higher premium (interest rate) as a compensation for an investment.7 R+ l: E2 f7 s! i
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' ]1 ^# @2 c- W
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 f; Z* N7 T, V% g7 J) q: m: Z( CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# N; _0 k6 ]+ \9 J  u' vsimilar to bonds, CDs trading in the secondary market have different value at different times,
8 l# N8 q5 ~2 d5 Wnormally the value is calculated by adding it's principle and interest.
. x: S% w9 R! @- Q5 O1 u7 b4 t# yeg. the value of the mortgage+the interests to be recieved in the future.
# C! ^) ?1 X/ K1 N/ rbanks 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.
& l9 `4 J% j' f- v8 |
3 h0 _' L) e- F  p! @im not quite sure if the multiplier effect does really matter in this case.1 L. }# N2 [1 D1 ]
in stock market, it's the demand and supply pushing the price up/downwards.3 i5 }: D* Q2 ~5 P* _
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 U6 E+ ^& O# ^& L3 sA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" ?" R+ G) A7 C9 B- e2 q9 ~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. 1 J8 {$ _2 ^) [" }, K! D& z' a
but the value of their assets did really drop significantly.
$ t. p, I8 K% w' L- h( R  `% a) U# p' O. \$ 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! ^2 \8 u% @) L, Z+ t
Refer to last example,8 J, K1 V( H- P  E0 x: v
that means bank A have no money because we borrow 10 dollars from bank A
2 A, Q6 C4 y( {Because bank A doesnt have enough cash on hand
; D" `- h4 D% F$ S- p7 E# c' Ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

& V. V/ s9 b7 U- W' |0 {  {
* O0 X2 [- ?$ n1 i, L
! a6 x0 v/ e& B" P/ [! l( h
A->B->C->D->E6 R+ F! O, H9 k4 C; D$ j
so does it mean if E failed to pay D,
' K* k; d: B0 T* A5 u+ \" uall the B,C,D,E have to go bankrupt?
; Y) S1 z, F' Y% [2 Q
/ i( D1 v9 r6 F4 v' R/ u$ K& g* a0 k+ W
the multiplier just tell how much money created in a whole economy, ; H  }; @' `) w( B. G7 P
in this case it doesnt really matter how much money is created,
" Y* w# X& i8 Q$ Y# h# |it's the problem of the debt itself.
8 D, q1 I% G+ z" B! r+ _/ N9 Lthe 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$ ]3 J( o* x, X/ n  s+ v4 G) }* V
小弟一直都唔明...6 i3 I  ?. L3 \/ K: y9 I

8 U& }$ S$ t- y, P9 D: A全世界都蝕錢，咁邊個賺緊錢呢?
6 s8 V0 d+ g! N+ H5 q" I* B& T3 M. |5 a, Y5 I
無可能淨係有人蝕錢無人賺架嘛...* h8 n5 ^9 ~' @# L
! T" P; ?% z) |
敬請各師兄解答8 o, Q8 N4 N/ }. k& r* P
6 V" [5 A  {) k2 t* q! f
Thanks

, B9 [6 G% [' G那些根本係 紙上財富  
7 y( _3 k  l1 }2 I$ W( H/ 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; w, J7 _' e# ^2 J# m/ i

+ }- G- l) _. E# Z: J) C5 [2 s: whttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
) h4 [, r/ r0 |. l  Y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
! J* g9 h1 W- f. y+ Y  `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1 o  j4 l: Y8 f2 C1 H
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦) v! Z& d% L2 u: ~$ a
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 f* _+ E9 u6 a% j# [! Y& s! O* Q! ?
計番回報率就已經係50%,所以可以好好賺
( p7 }! J, a$ I9 O( h9 r前提係銀行之間要互相信任先可以咁樣借法. U, `2 p- y- U- i  \
同埋個市場既前境要係好先得& t+ N0 ?4 l  [0 ^
但當經濟一差,公司估值趺了,物價不升反趺2 x( d8 A  S% s
例如剛才說10蚊的, 趺到得番9蚊,   D0 y% x3 [( H( j
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' L8 M6 N6 ?2 y! C6 r7 @所以你就會覺得D錢好似蒸發哂咁
) C& K. j3 w, o# D3 _1 E
& R: ^& S5 \+ _你都可以當標野咁諗, 個樣野多人可以狂升值,
& y  L2 M; I, N+ ]' t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 d$ C; j* Y. x3 T& n淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % i" F0 k0 z3 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
; \/ V) e0 B2 v: g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
/ a) q: ]  f$ C' I唔係d錢蒸發, 而係比美國佬洗晒未來錢,
0 f9 y, s7 O8 y. h淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" v0 d6 b# D* x% J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% w" I) x) N. y# `1 A; B2 u咁你話d錢蒸發左去邊? ...

; D. e4 Y% V! O# X# J& n+ P
% k' M! i1 Q- D; N8 {正係咁樣4 t6 w' H' Q% X- r( |0 ]6 p' D
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 o- `$ o1 b) |/ r分分鐘佢地唔使還錢; ?8 T7 u2 k: w8 n
( o5 {+ |& A* R0 }% E. ^
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,6 |3 D5 X  z- H5 f7 Z% ~
連國家都係問人借, 不停發債券, 印鈔票' m, q; q" x  B/ G
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
" U. X$ K; C# q0 {$ O3 \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$ V0 Y3 C- @! o
咁而家"爆哂煲"算唔算先至係變番"正常"???

- h6 ?2 F, G" h9 \0 f

9 s8 D/ d3 O& o: n其實係...; Y$ b7 q  P% K( X- _
因為以前未生產, 先消費
$ a( d* E$ P0 T1 L0 z而家就要多生產, 少消費