0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
1 c) t0 X6 G& R! h4 `; yWhy bank will sell 借據給第三者???0 j' h9 n, o  U  x- O
I was so confused.....

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講到尾都係賺錢
' J* f" w' f% v) a, fso銀行可以不斷放款
* q  h/ w& r+ q7 b+ E, t美國的房貸問題散佈到全世界
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mortgage loan 4 E7 X9 Y: J: b* g
>conduit. c% v4 v. a( H: E
>RMBS(Residential Mortgage Backed Securities)
! {, J( f/ F: n( K, M+ I. U>arranger
( {2 @/ c2 ^: E2 q7 ]1 M>CDO(Collateralized Debt Obligation)
' J0 ~6 N8 W7 h/ q' y5 w5 ^+ I最後去到投資者

Kev

i thought it is the reason of rate of return.. a3 ]* j3 O% ]( \8 I6 t
CDs could have different ratings, AAA -> F,
- r/ x  `0 j* J# `+ M' P& H1 _' ^more risky ones would have higher premium (interest rate) as a compensation for an investment.3 L- T! D( T3 L6 _7 o  q% K
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 b; X' m8 j% ~1 G. k8 {1 z  b
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% @" Q* p$ j5 |Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( g: q9 i1 m. a. Nsimilar to bonds, CDs trading in the secondary market have different value at different times,
: |6 [) c- ^, @+ Mnormally the value is calculated by adding it's principle and interest. 3 [3 L  {! g% ]$ a7 J* h. g" N
eg. the value of the mortgage+the interests to be recieved in the future.
! a* N  X. C+ u0 h$ _: Obanks 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.0 R9 `  V) W% x/ ]6 v" E9 R

6 Y- r$ }% w  b: G- B" X' Qim not quite sure if the multiplier effect does really matter in this case.9 p6 w" I" C- T7 V0 c3 I/ M1 S' F
in stock market, it's the demand and supply pushing the price up/downwards.3 }3 @% {5 {. O( F! H0 R! W! G& A0 Q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( S- T3 L. ~! k" A  a
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ O7 v1 Y6 h0 {: c7 [
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. 1 H; ]/ ~2 s1 [1 L6 Z" K% ^
but the value of their assets did really drop significantly.! A  Z% n( Z! w1 k4 D$ Z1 q

1 L0 S3 [' S# w  K' c" @- y[ 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" |  Y( S( [; l" t: w( p
Refer to last example,. C% d3 \& [1 x( G6 h1 ]! ~
that means bank A have no money because we borrow 10 dollars from bank A ! P' v" N+ b5 J7 y
Because bank A doesnt have enough cash on hand
) T" B1 G0 l: r: b$ T, {, Wtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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. A# z: B8 @! E1 T0 CA->B->C->D->E* n  u, X) |& d+ f1 ]
so does it mean if E failed to pay D,   c/ n- t6 @) O
all the B,C,D,E have to go bankrupt?1 V6 L4 \, `& g8 Q: p0 J$ E
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) w# G& z; f5 Q$ G3 ?the multiplier just tell how much money created in a whole economy,
- K+ x. G, x  G5 r- lin this case it doesnt really matter how much money is created,
6 r  ~" }4 w) T* D6 cit's the problem of the debt itself.
% G) Z0 L4 U8 j/ h! p) {' }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
$ l3 x8 Y- H7 |# L7 X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 S; c3 Q8 E
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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9 y- B. d/ m: R( T: S9 p
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Thanks

+ D) C( T/ V, g0 T& e( E( ]那些根本係 紙上財富  
  E! @! F  [: a; q% p9 Z4 u, M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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7 I5 }5 B1 H) _+ e1 B9 M' f- R1 phttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產& @+ Z, |$ l5 w& p: ~) p
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高/ \' O& d" e% @- L: d6 }( b
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
: G. Z( Z2 Q& X% f8 Q' q個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
; v, j* P6 j! J$ Q) L6 p" p. R扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ J$ ]8 c  i: R0 i' D, W5 O
計番回報率就已經係50%,所以可以好好賺# b3 d( R# x. k. ~( l% D* Q
前提係銀行之間要互相信任先可以咁樣借法
3 Q4 }$ U) h6 S( K0 Y1 |同埋個市場既前境要係好先得
) w* a/ `% \' u9 W3 D% J. O7 W但當經濟一差,公司估值趺了,物價不升反趺" P4 p/ g$ W$ y
例如剛才說10蚊的, 趺到得番9蚊, $ H6 D3 o' u* n0 [) w+ V& C9 @
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 D' O$ d* P4 R8 j" c; x) |+ W  W所以你就會覺得D錢好似蒸發哂咁# v. I) n1 I; r6 K! ^1 G
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你都可以當標野咁諗, 個樣野多人可以狂升值, ; |) m, m6 z% w
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, ; y8 l: Y: R% `) W! o
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ Y" w& L, m$ d% Q2 @" c
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9 B. b; \' q& N
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
; V/ ^" C) w+ V5 C5 f, @$ `唔係d錢蒸發, 而係比美國佬洗晒未來錢,
6 r( L# d8 l" D4 p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & M( A/ J+ c5 d- e( J
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
- N% ^$ f( I' q% X$ y7 I咁你話d錢蒸發左去邊? ...

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# m) j( \( n3 u, W3 s3 j& B( T正係咁樣% J; x  d1 F, J8 d
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; w( B0 ^/ q# A8 p! U
分分鐘佢地唔使還錢. z( S/ k; C7 M

& d: r1 T" I1 n! q# A- C; T( ]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,2 g3 X* k8 |8 f7 x
連國家都係問人借, 不停發債券, 印鈔票
. M( l! d7 C4 j一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 e. Q# j2 c% c. J: v5 I2 D9 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.gif0 Q) q* q( W* L$ q) {
咁而家"爆哂煲"算唔算先至係變番"正常"???

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. ~- ^" E; G& t其實係...- s4 i& D0 j; v$ \) K- U9 Z
因為以前未生產, 先消費
  |5 ^! y% o/ \! @9 t而家就要多生產, 少消費