0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif) j2 B. f$ u9 ?/ e6 C' Y: T6 A
Why bank will sell 借據給第三者???, Q& B9 o4 v1 N4 {* N7 m) p: {: A
I was so confused.....

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# H3 T2 n& n2 Z講到尾都係賺錢
5 c% z! i, j' H2 Q; d3 T, u) T  nso銀行可以不斷放款* K$ r9 f+ B* p, [, i! W. U5 S' [! D
美國的房貸問題散佈到全世界- \8 I7 y& f0 W3 `! I3 _
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mortgage loan   x! z; u* H- [6 w7 s% R( b! u
>conduit
: h( P' F6 \# j/ _- {( L% }>RMBS(Residential Mortgage Backed Securities)9 z& D( w" P1 T- X& W% ?( x
>arranger6 A% A, B. j. D+ d9 z  V
>CDO(Collateralized Debt Obligation)( x9 O+ H% E, k4 \! Z
最後去到投資者

Kev

i thought it is the reason of rate of return.' r. J) }, ]$ @) s0 R( I8 M: o; d
CDs could have different ratings, AAA -> F,3 s1 P9 a5 Q7 b1 J/ R' ~
more risky ones would have higher premium (interest rate) as a compensation for an investment." `9 b; {+ q/ u0 w
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# H1 l$ l6 _' y$ I) R0 V! Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 v" \) ~' [" o8 o5 m% Z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- W( `  w( x: y% Ssimilar to bonds, CDs trading in the secondary market have different value at different times,
0 ^3 Z) ~9 g& ^+ b. Mnormally the value is calculated by adding it's principle and interest. ! e5 l% P7 }* ^1 a
eg. the value of the mortgage+the interests to be recieved in the future.
) Z, M2 ?% I6 |7 q: F' I9 x* pbanks 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./ Q  f2 }. T5 ?- l! w

- W7 X, z" \% r  |: K2 m9 V# Oim not quite sure if the multiplier effect does really matter in this case.
& T/ {0 q& n" E! N" C: {7 ~in stock market, it's the demand and supply pushing the price up/downwards.
+ k# Q# t% Z! l! T. B9 N  c7 c1 WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ r8 c, v- v& ^9 x
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% ~. A* h2 X! h" C1 I' 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.
% N5 `( M( F0 t( L" ebut the value of their assets did really drop significantly.5 ?7 y$ b, A' R. V% g* Z* f( G- o7 A! A- ]) Y
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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
0 V/ L( |" h+ D& Z. g5 LRefer to last example,, S' y: E* T3 f0 k! _% c4 a
that means bank A have no money because we borrow 10 dollars from bank A
1 ]: n/ A, S2 g( H" J$ W2 O/ T: F# _Because bank A doesnt have enough cash on hand . O1 x5 z" x: k2 x1 c2 }
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
: B7 u6 G# g: {% nso does it mean if E failed to pay D,
. h2 E6 |- L" M& @9 Q) qall the B,C,D,E have to go bankrupt?
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! T( _7 E# V+ o2 Ythe multiplier just tell how much money created in a whole economy,
9 k+ \- Z% s% Q8 Y0 ein this case it doesnt really matter how much money is created,
! J4 V; ~% ?3 O4 Wit's the problem of the debt itself., j7 d4 f0 Q, I+ q5 e: x6 F2 C. q
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/ D: c* k, g% b
小弟一直都唔明...: g- `8 q+ J7 H. F! v$ F

. F0 ?0 t4 G: H5 ]全世界都蝕錢，咁邊個賺緊錢呢?+ m' ?4 g1 p9 B! i) y* Q

9 N- D7 J2 |+ t: v無可能淨係有人蝕錢無人賺架嘛...( _7 O# M6 o0 @" B
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敬請各師兄解答4 V. A6 R+ m0 a* u/ x  ^& [# O6 t* Y

5 `; X' D+ Q$ ^& z  hThanks

6 Q8 J* K# _/ Q. u) C5 |那些根本係 紙上財富  8 o2 g6 h5 \$ F" S; `  M: O) x' a
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: n, ]3 k; \% C0 N
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
0 o3 \- f% {  l" ]5 I5 P8 E) v2 y/ f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
! p: o2 m* f# ]( n個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! A7 g, E9 a  b$ j8 F扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,3 @, u* Y: M3 W. N
計番回報率就已經係50%,所以可以好好賺
- e9 b! I$ c3 f. j6 |前提係銀行之間要互相信任先可以咁樣借法, Y7 l( u5 \  J% [5 f1 E
同埋個市場既前境要係好先得
! _$ H) h# c& b' U但當經濟一差,公司估值趺了,物價不升反趺
+ B- b) c2 L( I6 \" q* u3 q# O例如剛才說10蚊的, 趺到得番9蚊,
' ^8 X- w% g' t0 u咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% m7 b1 O5 I) v1 U6 }$ c! F1 q  l
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,
' {) q4 l! {) N, d6 J+ i- j# E# [' y5 H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, ) c- B5 ^' t2 d) y, n3 F) O6 j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " G& R- ]+ T, F% d9 |
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 ~" ^9 _9 h. p) S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
1 q7 Y7 I) d; z8 x0 W, e唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) Z! d' w  Z" b. y9 C) h
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) M8 m" E  n+ U2 t, q' T$ v
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 B5 C, K! y
咁你話d錢蒸發左去邊? ...

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' E& |' l' o+ b+ X( w) a% y1 ?正係咁樣& _, E+ m( I9 S0 I3 }) j! F
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
0 x& c3 B8 r3 J2 I9 Q/ Z5 w分分鐘佢地唔使還錢2 ?. T' a$ _: g; U& W" K5 ~3 u
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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,
+ a* Q8 K( p4 A$ C/ q7 g連國家都係問人借, 不停發債券, 印鈔票
1 |% p* Y9 Q, \一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
0 G# Y9 f; O  ]* ?) r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
# @2 ?  q# Q4 i4 O咁而家"爆哂煲"算唔算先至係變番"正常"???

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7 l# R3 s+ t9 Q其實係..." O+ D! R. ^: `) |# I( ]1 `0 ?
因為以前未生產, 先消費; M# r8 [; ~* q
而家就要多生產, 少消費