0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif$ J1 T# Q6 q, {5 z$ p9 m* {
Why bank will sell 借據給第三者???, F- A8 j! ?* k6 ?' X$ F2 p- d6 K
I was so confused.....

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  X2 W4 w' W% s& |% R  Z# o講到尾都係賺錢
8 ~7 B8 P; Q+ v5 m& K& e% Vso銀行可以不斷放款8 K' c+ i1 P0 g9 q- y
美國的房貸問題散佈到全世界
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mortgage loan
. P% R1 q; j4 N# h9 A>conduit
7 Z0 B& I8 |& C. I1 G2 H0 p>RMBS(Residential Mortgage Backed Securities)
& S9 F9 @" G5 P>arranger
0 |& i/ J: w3 \# v0 F>CDO(Collateralized Debt Obligation)
/ j% @( ^; h1 r最後去到投資者

Kev

i thought it is the reason of rate of return.) v% E8 h& k# U# `& _2 n6 z& y1 b
CDs could have different ratings, AAA -> F,
7 L) e+ ^6 s7 _more risky ones would have higher premium (interest rate) as a compensation for an investment.
, x; N$ i" A2 }$ c. T+ Rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 a% D) J0 L; \( o7 C% e
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- v$ K, m# k/ ~) @; H) D0 SAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 ~( S1 ~0 P% l3 l& l
similar to bonds, CDs trading in the secondary market have different value at different times,# q7 w$ ?& N* q$ U9 v' S" V
normally the value is calculated by adding it's principle and interest. ! ]! k1 T$ g+ u2 a- g" l) p
eg. the value of the mortgage+the interests to be recieved in the future. 4 [+ J8 r1 T1 w/ _+ 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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' D9 d& `# q+ `7 i8 j- B9 ?im not quite sure if the multiplier effect does really matter in this case.
, u, A2 P. S. f: z! Ain stock market, it's the demand and supply pushing the price up/downwards.* e8 @6 e7 s# u( S8 K' O( y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
  P8 M3 U: D: ^- L6 z3 uA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; g: h8 @1 b0 I, {- r  AThe 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. $ n( V4 |+ J9 @5 P
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( M5 w5 P& K* f5 _
Refer to last example,- t9 E% o; ?5 I. i# O1 m; A# ]3 A
that means bank A have no money because we borrow 10 dollars from bank A * F5 W9 j( {1 g0 e: Q
Because bank A doesnt have enough cash on hand / p) u/ P; J2 z) n
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E- Y: `/ r3 m4 o# N% E3 k
so does it mean if E failed to pay D, 7 _. Z3 s, k, |8 a
all the B,C,D,E have to go bankrupt?, a3 J* m* G% ~- \
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' n) M% t0 \9 d6 [: H) A" s$ R( Cthe multiplier just tell how much money created in a whole economy,
$ S$ m2 c5 x8 u7 }) V( R, qin this case it doesnt really matter how much money is created, 0 ~9 I: l1 G6 m0 D: ?
it's the problem of the debt itself.0 ~4 U' j( w' D3 e
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
3 T, N* l. q" N; g. l小弟一直都唔明...
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/ d4 s- Z1 R6 N- p1 h# U全世界都蝕錢，咁邊個賺緊錢呢?7 U0 T, C( ]# {  Z6 {# D" E
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無可能淨係有人蝕錢無人賺架嘛..." ?+ J% q$ e2 t' ~- F
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敬請各師兄解答
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Thanks

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那些根本係 紙上財富  ' g/ F) D. G# Y$ f/ q% r+ r0 Z9 e
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/ Y# J/ S* N3 {: S, E
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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$ i8 e' J+ b3 L2 Y6 @0 u
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高+ f4 a# T# \! O4 C4 p6 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
6 U. T9 _5 D# p: K( a1 p個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
6 Q, p4 ~9 [- Z7 V/ V$ s( W扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# Q! I: Y+ x! g! h& f. z/ b計番回報率就已經係50%,所以可以好好賺
8 o! L" r9 k8 E2 c" _前提係銀行之間要互相信任先可以咁樣借法( H  M$ E& Z& j; L. P! S, H  P. R3 X" }
同埋個市場既前境要係好先得
7 [1 P2 r+ s9 T% k( t但當經濟一差,公司估值趺了,物價不升反趺  J: e6 F, p3 j, \8 D
例如剛才說10蚊的, 趺到得番9蚊, 5 b$ j& r  r: Q) s; M. v; v
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 X( W2 a9 [9 \5 |/ u所以你就會覺得D錢好似蒸發哂咁( c9 d6 q6 e4 \. R, W

9 W; h& ]% G2 n# R' b& J你都可以當標野咁諗, 個樣野多人可以狂升值,
" j, ~2 w9 j6 X2 w8 t5 k+ k( c& e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, & |8 @* t% p+ |8 c3 F# ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 z8 t* {) I  @2 c0 k& n" 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
6 [% e0 N) A( L2 ^4 g; L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  P4 m" v0 X+ C* Z4 E
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, S1 c% h. z! m, q6 H; f淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, S6 x8 G" z  T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, S( @1 z2 K* j: W6 Y2 ]
咁你話d錢蒸發左去邊? ...

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正係咁樣, I  \, x7 {  g, n% l
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* Z- s% @9 G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,4 W, V- c  F- O4 E0 k+ m
連國家都係問人借, 不停發債券, 印鈔票
7 w7 C% R6 i6 G3 h2 z# R) j! L8 v+ `一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
5 T1 t& Y6 ?- T; ^8 O# c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
/ x: L# s9 e9 h7 i1 R8 |4 n咁而家"爆哂煲"算唔算先至係變番"正常"???

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6 ?" A# F8 a. r, k4 Z其實係...( ^4 V% L$ f9 A1 ^8 Y
因為以前未生產, 先消費; j  u# I- r- v8 l
而家就要多生產, 少消費