0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
, N* D% k% B: x7 t' rWhy bank will sell 借據給第三者???- k, P0 D' S3 N7 ~+ V
I was so confused.....

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; w' j  Z+ z& V. q  b講到尾都係賺錢
5 p1 e! P" `- s6 S9 _" C  lso銀行可以不斷放款
3 u% \4 p. @' c/ Z( d' y- w美國的房貸問題散佈到全世界$ V5 r7 ^( G3 t4 R+ b& F( Z# |

( h6 o% R. w; ~+ Vmortgage loan
9 w- A9 J0 R- {5 b4 w8 X>conduit3 r. u4 R0 j7 g. I% @3 O& ^" Y- n2 R
>RMBS(Residential Mortgage Backed Securities)) W3 v4 \: @) @4 W  W
>arranger8 k2 v  t& n) R5 O0 d( J7 B
>CDO(Collateralized Debt Obligation)
! L7 r6 t' G& C: d  v, O最後去到投資者

Kev

i thought it is the reason of rate of return.. M' k* t' z7 v; S* c. H9 Z  H
CDs could have different ratings, AAA -> F,, z, ~8 A/ @/ q5 R2 ?4 u
more risky ones would have higher premium (interest rate) as a compensation for an investment.
7 N$ R5 _2 l- O; bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ I6 ]" e1 ~0 y: p/ ^
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ K" f: H5 h6 c: [  A1 [7 JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ e9 D+ x# g' a% p$ D( _* hsimilar to bonds, CDs trading in the secondary market have different value at different times,
; r) j. B# [& Knormally the value is calculated by adding it's principle and interest. - U! e- s, }5 J2 J
eg. the value of the mortgage+the interests to be recieved in the future.
. H5 [. u( w- o0 abanks 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.; t3 u: b7 h+ ?( W: A7 o  M
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im not quite sure if the multiplier effect does really matter in this case.$ J8 R, e/ h# D" X5 p
in stock market, it's the demand and supply pushing the price up/downwards.) _+ n* a% A2 W
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( i/ o2 y. Z7 w
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  L2 \  [- k& nThe 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.
) v  Y2 z. }7 z# |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
; c2 J. j1 i# O5 a9 N1 \Refer to last example,
9 P$ [1 B7 P  `that means bank A have no money because we borrow 10 dollars from bank A
4 x$ z4 I3 J2 J' B! B  ~; HBecause bank A doesnt have enough cash on hand & F3 e3 ~, u9 h
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
% i3 D+ B$ {9 H! U- E2 Y0 ]6 Vso does it mean if E failed to pay D,
/ ?( X# T7 y7 \5 Y, M/ A/ ~all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
# ?- ?3 ], m# Z7 J1 W* {% R( X* win this case it doesnt really matter how much money is created,
1 w3 t  B$ L, ?7 `) M. k9 x1 Cit's the problem of the debt itself., G8 d, o# r) P) K
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
, q( S3 T% b# o7 F) c小弟一直都唔明...( R6 @" H, U$ I7 x3 ?: j

3 k/ P" V/ f! L全世界都蝕錢，咁邊個賺緊錢呢?
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) r; V$ K& E1 F; |& ]無可能淨係有人蝕錢無人賺架嘛...9 n- X8 [/ b/ ^* Y5 P3 w6 r9 P
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敬請各師兄解答% x0 N' D: ^& I2 i% y

8 t; m3 B( y; O& t9 PThanks

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那些根本係 紙上財富  . S8 Y9 v1 e( \2 V; L  }% d. {
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" f4 A- u2 I4 N( k4 G6 `5 [

/ {% S% d# t$ bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
- s/ s8 s! K+ ^6 c! A( J! D當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
0 }& z+ C" y1 W! e. R7 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
) H6 V; y0 w- Q: Y, J個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! \! p6 c0 e# `4 E( _6 t6 g, Y* v扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
. o. B" V1 B0 z計番回報率就已經係50%,所以可以好好賺) P* ]% i6 N+ [- G
前提係銀行之間要互相信任先可以咁樣借法) k" t/ ]5 T( }8 ~
同埋個市場既前境要係好先得* y3 t% b9 I  @0 ^9 d
但當經濟一差,公司估值趺了,物價不升反趺5 w1 E+ b$ ]' |7 T
例如剛才說10蚊的, 趺到得番9蚊, ( Y' S) B$ z! o2 \/ L; A3 j. o
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& k) z2 D, b' Q: m5 }/ r7 u, [
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,
) X: a# R! l3 u. F# _0 N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 X  W; P5 J3 H3 q; ?淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' q" w4 B8 \4 s: W/ u2 l5 {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+ E9 T- `* u% ^4 O# ]
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, T% i8 s) I: s2 T8 D& x
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
* y4 r( K: l! z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! l1 I( ]5 U$ k- `; t% c* o1 \- E1 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0 |2 I# ^) Z& ?8 F
咁你話d錢蒸發左去邊? ...

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正係咁樣% b/ I; K# w2 V
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; u6 {% T) h+ C3 T1 Y: ~+ c
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,
6 O1 C# {% U4 G0 q2 C$ ~$ i: E0 L連國家都係問人借, 不停發債券, 印鈔票
& {" q7 |: V$ @9 f& t. S' q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% O5 D( P! h/ G1 x2 t9 ?
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
$ l& y9 ^3 ~) a' P5 U9 a" L& A6 t咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
! Q# Q# f0 G0 m6 v3 [3 e8 w因為以前未生產, 先消費/ C$ P3 i. C! |' c9 M
而家就要多生產, 少消費