0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' Q! a8 S, C* m6 z" _8 O& VWhy bank will sell 借據給第三者???) s, u+ Z4 \' A; ?4 [/ q
I was so confused.....

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/ ]2 C, ^) m7 r( U; ~* V講到尾都係賺錢! R! [$ L: s2 R, R' W; e' T
so銀行可以不斷放款2 B( r8 v1 F+ b. N
美國的房貸問題散佈到全世界
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mortgage loan
4 r1 h! f+ h6 _0 F7 n" k>conduit
- a, d1 t$ b1 Y& Y>RMBS(Residential Mortgage Backed Securities): `/ i# i& K# S6 G
>arranger9 ^8 v% |" I; [, W% Z
>CDO(Collateralized Debt Obligation)
5 S/ V# |5 N2 h3 E5 ?4 F5 S最後去到投資者

Kev

i thought it is the reason of rate of return.
0 s0 C5 R  n9 pCDs could have different ratings, AAA -> F,
: U2 Z8 s' E) ?more risky ones would have higher premium (interest rate) as a compensation for an investment.
& {2 C: }7 w  hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 Q" s: P3 a1 l8 O! d1 \0 H5 A
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 o3 X. s6 R# V9 S3 H4 C
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: r( j' P" v% \8 }) A( A% s: m0 W
similar to bonds, CDs trading in the secondary market have different value at different times,4 g& \% W0 s) ^' G% ^. O
normally the value is calculated by adding it's principle and interest. 5 _& \8 j, y6 u
eg. the value of the mortgage+the interests to be recieved in the future.
% o& j7 |( \3 ~3 ?) e- G3 ]7 ^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./ [/ l3 l/ m) c* j, P6 v

+ L+ h+ g3 i4 F5 }% Y  d% g& {2 Yim not quite sure if the multiplier effect does really matter in this case.5 n& L- X5 ^6 l$ q# C& b. @
in stock market, it's the demand and supply pushing the price up/downwards.  F( R" H! P( K8 h2 \4 L
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 ^2 v! m* ?: c2 S. EA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, X6 u" g0 F8 {3 X! OThe 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.
$ u  d' t  L8 f# N0 [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
. E* R* v$ Y/ i0 }( t& E- MRefer to last example,% x6 S/ W3 h$ @, h9 o+ y
that means bank A have no money because we borrow 10 dollars from bank A 0 B9 X! g6 x% I
Because bank A doesnt have enough cash on hand
, L: t! B) v6 y# g: z2 ]2 ^8 ~therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E0 z; h* z, J* E) e" Q/ I
so does it mean if E failed to pay D, $ @. z  A8 l" x- I4 m; q* T
all the B,C,D,E have to go bankrupt?9 K" E; K$ n! v3 ?' e% o: _* h6 s, O6 I
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. |8 c) H: ^! `the multiplier just tell how much money created in a whole economy,
- E2 g1 ^" M, u: t5 z1 ein this case it doesnt really matter how much money is created, ! W$ n* w1 Z  M9 j6 y+ v
it's the problem of the debt itself.
' j/ u0 j3 L& d8 V/ s1 i8 Nthe 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* s5 g+ t( p" e9 A7 b
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?5 E2 j4 R) @2 C

! Z5 Q$ p- b. f6 ^! P) |9 G無可能淨係有人蝕錢無人賺架嘛...0 W1 U( e& |2 P2 `: M

# Z0 q$ s* Q$ B: f. l  r# l$ ^. f# n敬請各師兄解答
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8 O2 P( N( \) m" h. r+ X+ B4 iThanks

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那些根本係 紙上財富  
; @/ q' F6 Z% ^6 M# q* f& j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  K9 h( U9 Q; A
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高9 s. U. z: s# X, K3 Z
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% b; p- i( f0 C- G7 Z. b
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
7 d) x$ e, r4 E* x; `- }扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,, N; L. ^3 t/ ~4 z
計番回報率就已經係50%,所以可以好好賺
2 z  ~$ G% R3 u+ k% h. m) N前提係銀行之間要互相信任先可以咁樣借法. Z5 _9 {3 S$ z- P2 Q0 R) d. x4 a
同埋個市場既前境要係好先得2 v4 T2 G) U; M0 `) G( b# c) `
但當經濟一差,公司估值趺了,物價不升反趺8 D* Z9 v' Y5 k5 L5 c
例如剛才說10蚊的, 趺到得番9蚊,
( s0 p' O1 W. I4 r8 ^: H# x咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" D% _: C) l! C4 e0 p
所以你就會覺得D錢好似蒸發哂咁
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2 b( V' l0 i+ s5 ^. ^你都可以當標野咁諗, 個樣野多人可以狂升值, % d1 G  y4 U$ K6 m) V3 A% Y
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,
6 a0 t6 N: t1 \, a" j淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + L; s' @3 |8 U; `, b: d" J7 y
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5 P( H  J8 m% x2 I: N5 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
/ F1 A3 M' p$ V, i3 f唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; \% c. I7 q  U$ Z$ I+ ~淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% I6 d& e* r$ x  M. ~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$ U# K1 Q2 n4 U+ Z$ H) P
咁你話d錢蒸發左去邊? ...

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正係咁樣7 S8 Y# L* k' b4 K  l/ [9 X
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$ c* \, Z4 _; M" _2 K" b
分分鐘佢地唔使還錢  k; A! l' V" P+ d- L" n2 l, i/ _

! r! N# u4 ^6 t4 O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/ Y. |, h+ `" P, n' H連國家都係問人借, 不停發債券, 印鈔票
7 |! H! ~, C! C! D一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% H7 Z: T; a5 [$ n0 O5 W5 y+ h
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.gif6 U2 h' o2 m% A
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
; @1 r$ y" Z- s6 g/ k$ M. ~因為以前未生產, 先消費2 t, G# L- h; N( @: m4 w3 c# x
而家就要多生產, 少消費