0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif- N$ I8 Z- [1 P. j# p
Why bank will sell 借據給第三者???
# W  n: }( |- |! S5 P& n5 SI was so confused.....

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講到尾都係賺錢/ x/ J8 W7 n- c* P
so銀行可以不斷放款
+ W4 H" T9 k0 P) g7 D美國的房貸問題散佈到全世界: k8 R4 G9 g% v5 |+ g2 S
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mortgage loan 2 G# |9 j' ]3 x9 N0 k, [
>conduit
7 c! P1 `1 V4 `( z>RMBS(Residential Mortgage Backed Securities)7 d% a7 N9 G5 C3 x4 M7 z
>arranger. b2 Z- V" K* b5 A# _
>CDO(Collateralized Debt Obligation)9 \7 X3 O% V# O& o  b- K% W
最後去到投資者

Kev

i thought it is the reason of rate of return.  k( C: O1 ?# p5 h
CDs could have different ratings, AAA -> F,: t# V' b, [1 v( M& ~9 k2 _( @
more risky ones would have higher premium (interest rate) as a compensation for an investment.; ~7 l. f: \2 M% q+ U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. @- _& U$ m6 U$ }
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! e" j! L+ Z( eAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  {7 P) {# H1 r* s: c, gsimilar to bonds, CDs trading in the secondary market have different value at different times,2 C( |/ P5 K' w7 P3 r
normally the value is calculated by adding it's principle and interest. # u& w# z  `: B. E  _
eg. the value of the mortgage+the interests to be recieved in the future.
$ M* c* k: b8 ?! B- [3 ?3 z3 @2 }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.8 f) Z+ Z7 D: a0 ~. H
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im not quite sure if the multiplier effect does really matter in this case.
+ B: h7 M2 B2 nin stock market, it's the demand and supply pushing the price up/downwards.+ M5 H) l0 C1 ^' Z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 {! D) ?, T1 h) Q" P: C. B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 F/ I; k) b6 `6 P9 I7 uThe 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. * b) [1 ^$ q3 M3 k# J9 D
but the value of their assets did really drop significantly.
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, |; P1 l3 L4 i, r, j1 y) s2 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.gif
' ]. g6 [% t( ~6 m7 S9 [: d" @+ eRefer to last example,, {/ \6 k8 [; T+ S# q1 |
that means bank A have no money because we borrow 10 dollars from bank A . |& s8 b' F0 D) p- x7 `  v- B
Because bank A doesnt have enough cash on hand 3 {0 ?* \8 F# U3 R
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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% F9 L  J2 m( S4 {1 k; p9 oA->B->C->D->E
. }3 h0 `! J# n# C, M0 d8 qso does it mean if E failed to pay D,
3 X3 u) x$ ]' u1 Fall 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,
$ D5 }( H1 Y, \* _( t3 i1 M$ xin this case it doesnt really matter how much money is created, / I& H, L' j% u! i- I' t; o0 {! I
it's the problem of the debt itself.
" X6 Q9 h. `- D. |6 Ethe 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
7 Z% K8 p  I0 q9 w# z, f小弟一直都唔明...0 N# l& e6 O% f2 A+ t; i

9 L1 x5 `  S9 k" ^! a" p* ?5 J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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8 [. }( ^8 a' [  J敬請各師兄解答* c6 k6 s# v6 z8 k
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Thanks

& }. {" j" Z! n! c9 P那些根本係 紙上財富  3 a  D/ n5 U* G* c# j3 ?
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: r; {- |6 l9 I: j
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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
! J$ d" |/ @7 H9 F# f4 n當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
3 Z6 E7 r$ b9 F3 l3 A! t! _8 h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
3 e* h8 q( w+ j, u: g個件物價係市場好既時候升, 例如15%先算,變左12蚊啦  G# l$ H! M+ Y- ~& I
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 e; I% u4 h/ J# G1 L- ^計番回報率就已經係50%,所以可以好好賺! j- Y& e, U& l' h
前提係銀行之間要互相信任先可以咁樣借法- p# L) d" ], r& V. a
同埋個市場既前境要係好先得5 j( H. n( u: k0 h
但當經濟一差,公司估值趺了,物價不升反趺, d* A7 a% \7 w) w
例如剛才說10蚊的, 趺到得番9蚊,
/ T4 H) N6 C$ O咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
4 i$ W6 ~6 K; F. A7 V所以你就會覺得D錢好似蒸發哂咁
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  ~- G( f( g) t" ?3 a你都可以當標野咁諗, 個樣野多人可以狂升值,
# |" ~% U8 X# x% S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, 8 w6 q& J  F. E1 y- d9 w  C
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 |1 s6 Q6 b+ F' R# E. l0 g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
- r9 m# ]1 m6 a; R% }2 A6 I, K: \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! j. r) Z* V" \9 j( w2 o! i# W唔係d錢蒸發, 而係比美國佬洗晒未來錢,
% k% J- L  {- w, l; A% E) z- s淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . q2 f- a4 n+ C9 E/ b9 Z" b
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 E7 I8 J4 C2 b) G( w咁你話d錢蒸發左去邊? ...

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正係咁樣
' |3 I# x; _; P+ f" \8 T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
/ y5 z: d4 \8 P$ [9 d分分鐘佢地唔使還錢% _* I' O1 D) V" d) c/ C
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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,
: n, F3 V3 X+ Z# L連國家都係問人借, 不停發債券, 印鈔票
' Y5 `+ V. b% {8 n. g: g7 {  S一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
8 i9 m) ~" ]$ B8 X& Z  Y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.gif4 g8 l$ ?1 ^0 V9 J$ j/ F1 [
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...0 v/ V7 }9 R& T. T, A( _9 X3 n
因為以前未生產, 先消費8 t" b  o' k; s% C: n; q) ]6 p
而家就要多生產, 少消費