0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 U/ b1 o& Y5 [7 dWhy bank will sell 借據給第三者???+ A. O+ ~: {7 G4 m  t
I was so confused.....

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講到尾都係賺錢
7 q4 U5 b! h! w# D8 a2 F$ t/ gso銀行可以不斷放款7 B! Z9 i1 Q& S7 Q
美國的房貸問題散佈到全世界
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3 S  _" X& }0 Ymortgage loan ! H- K/ j8 @, S* c0 J+ h+ T* e; m
>conduit
+ R0 k  P7 D" ~$ h4 ]# i% K>RMBS(Residential Mortgage Backed Securities)6 C8 G; i3 }& E7 s  a0 Q+ G
>arranger  k  A8 R! e9 t! a) |
>CDO(Collateralized Debt Obligation)3 J) q( r7 k8 F; d9 A4 q, K5 \
最後去到投資者

Kev

i thought it is the reason of rate of return.; r- l9 M! ]. _( O6 q
CDs could have different ratings, AAA -> F,
4 t# S' A& u0 Y) a2 Q4 Omore risky ones would have higher premium (interest rate) as a compensation for an investment.
7 \, V! O1 Q8 _, i1 W7 g% [main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 |  N& {8 I6 G0 H
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.( ?' e0 h' b/ f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# S- h! M. q" ?1 k% ssimilar to bonds, CDs trading in the secondary market have different value at different times,
3 {+ F3 `: o  j, Fnormally the value is calculated by adding it's principle and interest.
$ f7 ]7 o8 V4 |# a) [eg. the value of the mortgage+the interests to be recieved in the future. / ]3 h- R* 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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2 P" T0 A7 u1 G- E5 iim not quite sure if the multiplier effect does really matter in this case.& O. W3 C# Q5 j! y6 A& j
in stock market, it's the demand and supply pushing the price up/downwards.0 R! H: Z; r3 q5 `
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. s0 T* C1 s$ n2 bA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ w, n' Y6 d; U4 N/ D+ J: }' W6 ~
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.
" V, H+ F5 Q. c0 [. @; Z/ Mbut the value of their assets did really drop significantly.
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/ B! O# f- z* V3 D! }: }& P7 r3 r[ 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
' d' Y% M7 P: gRefer to last example,
# s0 a, m5 z. Y$ I1 n7 Ithat means bank A have no money because we borrow 10 dollars from bank A ( D! w. T0 e2 U4 n& t( M! i
Because bank A doesnt have enough cash on hand
% `5 j1 Y7 Y& g; ~7 |) X% \/ t' ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
% g  X0 `1 ~0 ]( l, }" Gso does it mean if E failed to pay D, + e" G/ e; R7 D6 k/ c7 l/ d1 D
all the B,C,D,E have to go bankrupt?3 D0 G8 X6 Y) h8 T
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the multiplier just tell how much money created in a whole economy,
# O1 @! m, u) B5 E# Ein this case it doesnt really matter how much money is created, 4 F9 p/ ?, Z) X+ r. q. Y5 f5 w( h
it's the problem of the debt itself./ e" m: k: \7 l8 l
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
# V/ b- q# b6 U( Z* U小弟一直都唔明...' I5 ?' s, q( G& h; @0 x# ~1 d
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全世界都蝕錢，咁邊個賺緊錢呢?. I! y* Z: l! n  C1 \. {" u
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無可能淨係有人蝕錢無人賺架嘛...: w; r; H% n& _& M- ~$ u

6 }7 H. B2 ?2 n6 p# f8 t) [敬請各師兄解答, k$ X! q& k1 N  X; v, L) a

5 H6 _' _4 T) X' [Thanks

, N( \' V5 j9 y7 g2 K8 ^4 |那些根本係 紙上財富  
  M2 R, k+ N. X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 graphic4 L3 o9 t' u# g8 W, W' y

2 s& Z  ^' c7 Z* uhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
: T) g; a% P1 f2 O! |) ^當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
: B* k, M3 }# I, j* j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, F4 z3 |" S0 P/ u' w* w
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦- F& n' a' p& J2 P: B
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,! E) N7 z" O& G) l0 ?& \3 c/ r& c
計番回報率就已經係50%,所以可以好好賺  O# k" _" j1 N' E+ z
前提係銀行之間要互相信任先可以咁樣借法
0 o- `& Z4 ~' g6 U1 p同埋個市場既前境要係好先得9 g" |9 [: \- }% |( L. Y
但當經濟一差,公司估值趺了,物價不升反趺( h% F2 i) q# a) f
例如剛才說10蚊的, 趺到得番9蚊, 0 ^1 v9 H9 y7 z, a% U$ ]; Y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
. J: g, R" s: w* s6 ]7 {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, 5 B  t/ z2 H2 F7 ^' U% n  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,
; f3 g; @+ ~+ e: Z7 o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) h% d6 z4 k9 w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
4 @& p: P4 E) V5 B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
$ K/ k& N6 @; G( S1 x) x  t. Z唔係d錢蒸發, 而係比美國佬洗晒未來錢, 4 s5 X0 L+ {8 q( M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% h& w/ M' e6 s$ B1 c) I3 h6 i  E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 m$ O/ V8 m- t& w$ ]4 B9 u+ J咁你話d錢蒸發左去邊? ...

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正係咁樣/ o( _- d# a. Z+ h
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/ ^* |# r4 K! k4 ~! ~2 q
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,* T* f1 O3 j7 \8 p" U% Z
連國家都係問人借, 不停發債券, 印鈔票, j9 y3 o5 R0 `+ O
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
5 N" Q1 F6 x' w! F# T. @% {" Q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# G6 Z  d" u! t
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...3 O! _1 z% a/ x0 J. \
因為以前未生產, 先消費
. H3 i7 ~) E- z  l+ G- t/ v8 I而家就要多生產, 少消費