0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 w% W" p$ L. q2 hWhy bank will sell 借據給第三者???
8 f% @6 T* o2 LI was so confused.....

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- ~$ U1 y5 E; M$ v! p& G$ V! Q& Y' O; O講到尾都係賺錢
. s! `( k0 c! B% ^% Bso銀行可以不斷放款% o( i5 T$ y% u: h$ |6 m
美國的房貸問題散佈到全世界& q% \4 c& G( ~  b/ O
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mortgage loan
; x1 u7 u( X9 l>conduit
) }1 @4 C+ [" s0 k>RMBS(Residential Mortgage Backed Securities)
8 P  h1 g2 o: Z>arranger! ~# \. o3 l* s& v5 }  m2 i
>CDO(Collateralized Debt Obligation)2 n9 c/ N) o' t# d$ V
最後去到投資者

Kev

i thought it is the reason of rate of return.: j! }3 G6 K+ g: q5 a3 [( J- \) q
CDs could have different ratings, AAA -> F,
( f( |+ X& U1 S! Z% dmore risky ones would have higher premium (interest rate) as a compensation for an investment.
3 t0 u& _( V. b! V4 Xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ Q6 g2 C6 `! C  X$ X' m! Sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 V( J: u. ~* G/ j* S: IAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! F7 c5 B$ E" a2 P3 I: fsimilar to bonds, CDs trading in the secondary market have different value at different times,
* R  }1 @) ?" z7 F" j7 Z% Cnormally the value is calculated by adding it's principle and interest.
& [* T' X* k; i) f9 Feg. the value of the mortgage+the interests to be recieved in the future.
0 O9 y% g( I1 Gbanks 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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im not quite sure if the multiplier effect does really matter in this case.
% O9 j" z4 `" |in stock market, it's the demand and supply pushing the price up/downwards.  y( }. T4 U& x3 M9 U! ?6 ^3 b! e
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ B( ]! r, i* r& V7 G- xA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 u' a$ M2 _2 f/ n8 lThe 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.
: s' t; T5 X9 o. _but the value of their assets did really drop significantly.5 i' t$ j* _7 I1 u* z

8 d8 R! S8 Y# l% i' r1 K. a0 ^" t[ 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- p' M  z7 z: a# {
Refer to last example,
+ r! K- n8 V( A  e) Zthat means bank A have no money because we borrow 10 dollars from bank A
1 ^, o# e# S4 Q( c& a2 u; B' _Because bank A doesnt have enough cash on hand 8 n3 Q% v5 q: d. J4 W$ v8 F( B
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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2 d4 t: L5 ?. R, I+ w5 RA->B->C->D->E
2 l3 `) g. t, G. U* `6 G1 U3 `so does it mean if E failed to pay D,
  r3 P1 [) v, {5 E0 tall the B,C,D,E have to go bankrupt?# @; R/ `6 |# p. u9 R9 C. R& r

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2 w9 ^* A5 ^# ~- j* hthe multiplier just tell how much money created in a whole economy, ; c# D% f! m. I& g+ ^1 [
in this case it doesnt really matter how much money is created,
. S9 F. Y  M' Z$ b) dit's the problem of the debt itself.
8 t  [  J# I' M8 d' p% {  e) J9 wthe 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
1 o. C! D3 e& S3 x$ t- W小弟一直都唔明...
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+ R" u. }% ?  ]5 y' v" W# D5 E- o全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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Thanks

" r4 Z& ^1 X  a5 c$ r# t3 I那些根本係 紙上財富  ! C0 ]1 G) J. C3 j8 ~6 o- 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 graphic6 a$ ]2 f1 S- y0 N% H* o4 q

- I! v4 b" {4 O7 P# n6 lhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
/ k; b4 }6 E; _; n7 W! p3 M當經濟好,投資銀行相信會賺錢, 物價既估值相對較高- G5 u7 Q/ f& @/ Q5 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
$ {! y! w' u3 J個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
' K. B4 G2 o: Y, g7 R2 a扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 O" ]9 O" f. O6 @1 o計番回報率就已經係50%,所以可以好好賺& m8 Q5 C- [+ L' }: c9 [9 {" T
前提係銀行之間要互相信任先可以咁樣借法
! R7 `+ Z5 r; P4 y1 {; V  q, M同埋個市場既前境要係好先得% o: E  h0 b6 l0 u, f8 N* d
但當經濟一差,公司估值趺了,物價不升反趺& w5 M& M% @4 C  Y
例如剛才說10蚊的, 趺到得番9蚊,
1 k# b1 e- p% `/ s- J! Q咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
# Z% ?8 F4 q" m- Y9 B4 B/ s3 }: O所以你就會覺得D錢好似蒸發哂咁
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/ G! L1 ~/ ~: Y. ^你都可以當標野咁諗, 個樣野多人可以狂升值,
7 g  |! A' J: i: I8 b/ `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,
% V# s6 \0 K0 B8 F5 a* W  [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 t) ?% z4 t  ^6 A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! j- t8 Z* J5 M/ U# }
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' e3 y: W& N, j+ \) w8 J8 d/ u( G
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 0 O: T9 n. t$ n. {6 y2 \- c
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 @: I" k, b' |6 K, U$ D6 H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3 u7 Y, D1 }- C# O" I5 Z
咁你話d錢蒸發左去邊? ...

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正係咁樣
6 j# O, @3 }4 C+ j8 R: ~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
. E& `0 w/ g3 Z9 j- c% A% }分分鐘佢地唔使還錢: ^- I7 {2 m7 v
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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,
" D5 g8 k9 O3 n4 p連國家都係問人借, 不停發債券, 印鈔票
- l/ S6 X: |, P: g5 F一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! M+ `5 T; @7 [4 P% t3 _7 P5 T- c& \* W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.gif5 M; p$ K5 `% _
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
) D% i9 o! E: U8 z因為以前未生產, 先消費
. T' p! U8 |3 x5 M- ~4 N而家就要多生產, 少消費