0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' t" D2 j9 j6 Z2 zWhy bank will sell 借據給第三者???
- c" }# b( G3 bI was so confused.....

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9 C1 A6 k" B+ v; H! s4 d講到尾都係賺錢
8 [+ X4 M1 S6 q- Lso銀行可以不斷放款
3 e: `1 I5 u7 o7 B美國的房貸問題散佈到全世界# J; ^: e; v" [; j* _8 t$ u

& K  N) J+ o: O7 l, v$ \: Tmortgage loan 9 P$ j. p* e8 o" K
>conduit
. }+ J9 v  N% c% v>RMBS(Residential Mortgage Backed Securities)
5 |! Y; v1 n- W' k9 ^; ^/ T>arranger
, f- W8 E7 \! e$ @9 Z- P6 {>CDO(Collateralized Debt Obligation)
# x1 p4 V4 E! j最後去到投資者

Kev

i thought it is the reason of rate of return.1 e' F. n6 q0 @& i7 @0 H' g' w* ~- r
CDs could have different ratings, AAA -> F,  n; M7 K# d8 J8 }! `4 |8 K( Y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
2 |8 d8 J3 p4 _5 omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 x( K0 B7 O5 F
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.) \. K7 k5 m1 {+ a" A
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
8 s$ j1 _9 e% y/ j4 @9 Wsimilar to bonds, CDs trading in the secondary market have different value at different times,
+ s0 d$ a8 P+ P) Q+ cnormally the value is calculated by adding it's principle and interest. 9 J# Y) Y; [  j1 C2 K4 r
eg. the value of the mortgage+the interests to be recieved in the future. 2 F! ~9 H5 d- S' R
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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im not quite sure if the multiplier effect does really matter in this case.0 D1 {3 \8 o* P6 Y+ L) }4 p
in stock market, it's the demand and supply pushing the price up/downwards.% n% B! A) P2 x+ M0 g
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% B8 z2 `2 [) N/ C/ ]A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ R/ c2 m+ Z" `- f# gThe 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.
  @. Y& G- C4 S7 K$ r6 ?but the value of their assets did really drop significantly.
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0 n* e% u. N/ A  O) |[ 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.gif5 L- ~4 p9 b1 K4 M0 T! _
Refer to last example,& l" m% J# O5 A  L9 J9 \
that means bank A have no money because we borrow 10 dollars from bank A
) l5 Q% B7 W5 a3 K5 }Because bank A doesnt have enough cash on hand
" L) e9 X+ E6 J8 ?5 P9 R" W& }therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
4 [! \/ ^2 |0 B( K% eso does it mean if E failed to pay D, & i9 ]5 L& j+ P1 v" T- G2 H+ C
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, 6 w) p/ X: K  [; u- _
in this case it doesnt really matter how much money is created, + a4 v0 Q% B! g' V- r: O
it's the problem of the debt itself.' V$ V9 Y- ?) O4 r8 w
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
% G  ]( t* N( N' f/ A小弟一直都唔明.... `) v. z# L: S# w( I! j
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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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  S* M" w" E! `! U4 A+ Z0 wThanks

+ b+ d+ N7 _' B$ ^那些根本係 紙上財富  
- o4 a6 C! B, J" l: ^$ 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 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0 }, K( U1 N7 x! ]$ Q% {
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高7 g2 Q, |1 z) u! {# q! ?# _  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
9 ?; r+ P! w7 u" G: {& }+ f個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
' Z4 L9 e" z* _& A, X% v扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,* p1 Q0 V6 A! M
計番回報率就已經係50%,所以可以好好賺
- a" N, v* E3 Q0 K' b前提係銀行之間要互相信任先可以咁樣借法3 o) Z$ v  ]1 {7 r# e9 g# X; f
同埋個市場既前境要係好先得
0 e7 M5 b( W  f" O5 O$ O  a但當經濟一差,公司估值趺了,物價不升反趺
# y. C) ^7 J% h6 s  |7 g例如剛才說10蚊的, 趺到得番9蚊,
6 d' P1 E8 v3 x7 ~咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& l$ K# e# R$ M
所以你就會覺得D錢好似蒸發哂咁" I5 D- c& Z# E1 g
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你都可以當標野咁諗, 個樣野多人可以狂升值,
2 t3 c1 s8 p6 x: V7 `! c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,
; Q8 _& f, `" _* i淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # s4 J; ^, b  [( Q/ }
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
% R# O6 F; F8 m1 ~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: D( I9 h% Y7 Y0 U9 }
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 0 ]4 z: {0 S& o, U7 B( v$ W5 g
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 D& e  O. [4 Z: h+ u& [$ 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$ I3 R) I, }# f, B5 ^6 ?  e
咁你話d錢蒸發左去邊? ...

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- _- p1 {0 e( z! L9 X1 d正係咁樣
9 D3 J; G& f4 \7 ]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! }% @& i  A; u4 R
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,  }- Y. A) e) v' k4 ?
連國家都係問人借, 不停發債券, 印鈔票
% G) R1 ~- [0 V0 \% n一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% H2 C# |2 z; `+ _3 B5 o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
( x7 |1 @- o: f. T0 \* z# n3 ]咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...7 z# S( O$ J! K$ {, O# e; p9 Y
因為以前未生產, 先消費, M. ]2 j3 K5 b* Y* D! k% {6 g
而家就要多生產, 少消費