0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
; A$ G, Y, p: A6 ]" X$ s+ nWhy bank will sell 借據給第三者???
* u" [# \$ v/ F6 \, H2 i& H1 _I was so confused.....

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  t, o' L) m* n* u4 M講到尾都係賺錢
- m' c; J& [& g) B2 K5 dso銀行可以不斷放款
3 T2 I( n# j5 K美國的房貸問題散佈到全世界
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8 A1 r: N* e  g3 v: q" @/ Xmortgage loan   c; J# A- k1 M, @
>conduit
, L' K# A( f% F>RMBS(Residential Mortgage Backed Securities)
& H5 @* J3 c, a1 Q6 N. W( b>arranger, \: a, H/ d7 ?% n1 B! _
>CDO(Collateralized Debt Obligation)+ c$ Z5 c/ q8 K# G1 y2 y
最後去到投資者

Kev

i thought it is the reason of rate of return.
: Y8 ^. `  x( ^; j& B$ ?. yCDs could have different ratings, AAA -> F,
% Z$ X! C  i9 Y! l0 l1 Tmore risky ones would have higher premium (interest rate) as a compensation for an investment.1 u/ y$ v% A" G" V& h1 B
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# }% [) x& i& U* U. O) qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 _& g, U6 Z; S, F0 l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 q/ p4 U* h, M+ N; ]! C+ X& H) F+ ]similar to bonds, CDs trading in the secondary market have different value at different times,* @% R9 b) d% j* x7 y
normally the value is calculated by adding it's principle and interest. 5 {/ _2 O  f( h! J  e3 K/ U
eg. the value of the mortgage+the interests to be recieved in the future. 9 Y5 M) v5 c+ N, w1 N1 O
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.
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im not quite sure if the multiplier effect does really matter in this case.. h0 K- E7 A1 Q2 j9 m$ K8 g1 D, h
in stock market, it's the demand and supply pushing the price up/downwards.
2 @% l8 T7 q- lFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 L' m' Q7 S1 p
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 m2 j" |5 g6 {( l6 c
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.
- m6 q/ Q1 j- ]3 x, a6 Vbut the value of their assets did really drop significantly.0 _% W: ^7 A+ U& b  k* `4 c: o

) s  U2 Y; b  l/ S3 x[ 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" U1 Q( e) d! T2 V! X8 Y
Refer to last example,- V) o1 X  \1 a  D4 X+ g) p4 h
that means bank A have no money because we borrow 10 dollars from bank A
, T# h! \$ s$ K- r9 z0 r/ @9 v7 SBecause bank A doesnt have enough cash on hand ; I6 ^$ f2 m4 e3 ~$ I7 t
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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& ~* F% x- o6 n% M$ N. uA->B->C->D->E
4 N$ @" f  h$ R5 yso does it mean if E failed to pay D, 9 ~' Q( ~8 W0 _" e
all the B,C,D,E have to go bankrupt?% U3 B4 u+ _( Y8 v" Q& p- [
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+ |, O9 J  E+ f4 ?" r6 b" {the multiplier just tell how much money created in a whole economy, # x% G' T- O2 o# q, ]- I
in this case it doesnt really matter how much money is created, + e; ]; s% e: E- q0 B  H: `( W
it's the problem of the debt itself.
  o$ w1 B6 k3 g1 Mthe 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
$ g$ m3 I* d2 E% V9 T3 S" j小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?" u' q2 i8 s  u, p# q) a1 q- z
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無可能淨係有人蝕錢無人賺架嘛...% R: ], k$ S% s  F, g% |( @. r
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敬請各師兄解答
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8 p. `- G2 i, X. j# y+ \& V4 `7 S/ \Thanks

! W) b+ G# R& W, M# T: d! ]那些根本係 紙上財富  ) [7 \! B4 T6 f9 M# @  |
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
! p3 n; a! v: i' L9 J4 w  y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
& L4 m) A- r4 i6 |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) ]5 p; H$ K1 K# ~& x
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
. {" z, `7 P9 _扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
: ?8 V; e% `3 h& _+ O; l計番回報率就已經係50%,所以可以好好賺
/ K/ P; z5 W$ k/ ]4 V% m5 h/ h9 Y! q前提係銀行之間要互相信任先可以咁樣借法
4 V0 u+ a0 m! Y6 k同埋個市場既前境要係好先得
0 ?3 `# G5 G' H) `4 w, j但當經濟一差,公司估值趺了,物價不升反趺
0 `+ K6 I6 u( N例如剛才說10蚊的, 趺到得番9蚊,
3 s. ]( }8 v2 ?咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( j: G+ \, T3 G9 `& c
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,
7 [* S% k6 V9 D* }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,   u8 |# @' H# u! Z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! Q  R8 @# e$ m$ z  c! p( x' 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1 o7 ?8 j) n5 Y' {
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& ]- }/ R' R" R2 U4 _: J
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
8 O' m1 y" N  P. d% y. _% z; E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 C6 ^  I0 J! X8 F4 w; l
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
3 |5 G# o. z% s咁你話d錢蒸發左去邊? ...

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0 c! F8 [9 f3 ?, o$ }1 l+ x正係咁樣
* l$ f7 |- E) m  j& x3 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4 O; O* z; L5 Q  b
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,
* u  g: O! D6 y- ^4 |- r# Y連國家都係問人借, 不停發債券, 印鈔票
! W' t1 w4 q1 B; m一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
+ O: x; {+ f+ [$ i0 \* `! A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
8 ]* W  h$ V3 ]3 J7 h! a咁而家"爆哂煲"算唔算先至係變番"正常"???

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8 m+ }& ?, L3 W其實係.... u. g# T0 |7 d: _: [8 p% g
因為以前未生產, 先消費
; U, B) q/ m! {$ I! @! l而家就要多生產, 少消費