0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
* i! |- r+ P( H- @! ]) GWhy bank will sell 借據給第三者???
' b2 C* Y1 f) t# g7 |/ `& MI was so confused.....

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" x$ A0 r7 V7 v, s講到尾都係賺錢
  _+ P0 W. g, k1 p$ n! n$ Fso銀行可以不斷放款
' p, o. N2 A* M美國的房貸問題散佈到全世界
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mortgage loan
7 W" X) u, y$ C9 \% f4 A>conduit
! m! e0 I( U" u) E9 z5 {>RMBS(Residential Mortgage Backed Securities)) j% R) R' U+ q$ G3 ^
>arranger; B- G) x' m. F, N$ }
>CDO(Collateralized Debt Obligation)
2 U* m7 C* [3 c3 d# j$ Y$ I最後去到投資者

Kev

i thought it is the reason of rate of return.
! N9 n4 U9 P1 h% c9 RCDs could have different ratings, AAA -> F,
' C+ v/ ~' ]7 v! Z3 T* ymore risky ones would have higher premium (interest rate) as a compensation for an investment.1 P$ i7 f  b+ s) m
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 p9 q. q" {6 h  ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 o4 x- j0 B  L5 m9 `7 O
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 }) i) z  N+ |8 Usimilar to bonds, CDs trading in the secondary market have different value at different times,
" Q- s9 ^$ J3 H0 }4 L4 W( onormally the value is calculated by adding it's principle and interest.
8 Z0 r- n) c; ?, i* ^$ ]eg. the value of the mortgage+the interests to be recieved in the future.
3 V1 ~3 S' B+ t) V/ Bbanks 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.
/ x; l8 B9 N9 V3 _( _8 M- C9 c1 oin stock market, it's the demand and supply pushing the price up/downwards.$ J* ]9 M' X, d6 Q# i" f
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 H! G' p1 _1 ]) dA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  _2 X* J, E* a4 b4 W  k
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. ! r2 \& |% R" v
but the value of their assets did really drop significantly.
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9 h7 e2 p/ `6 U+ T4 W2 R[ 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* k" ?. ^+ g; [' j4 }/ H5 V- h
Refer to last example,
6 P- k8 w  Q7 S4 F- Ethat means bank A have no money because we borrow 10 dollars from bank A
. e  m& g9 @  x% ]Because bank A doesnt have enough cash on hand   r) v; O0 U, L- Y# `
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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) T) m- B! ~- c+ }3 R/ WA->B->C->D->E; n# p& M3 y6 I  s, I+ u3 I! }: s
so does it mean if E failed to pay D, 6 E# N: p+ o9 \4 J' p9 k& F
all the B,C,D,E have to go bankrupt?) p4 y5 n: {3 [7 p5 B" }

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  B- U: Y& v) v' w: f. @) lthe multiplier just tell how much money created in a whole economy, + `' Q: Y# s( n
in this case it doesnt really matter how much money is created, 1 i- ]0 h7 w2 i" ^6 n
it's the problem of the debt itself.4 u2 m: ^( Z8 s: C
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
/ H$ w6 K6 }+ ?8 h* Y9 T  N: ^小弟一直都唔明...9 l, v, O' N- a+ c8 G, }1 E& B
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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...- r' E; i6 F, c- a9 L# q
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敬請各師兄解答2 w: w: T6 @0 ]
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Thanks

, v- P3 ~, n! W1 i% U那些根本係 紙上財富  
' n# V; g$ R8 p$ u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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) Y# n/ D, d7 Z* L& R5 Mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產" v- }8 k4 c# j# c' {
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
8 E+ K! x. A- ?( F" p9 c4 ~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
+ O3 E, p2 w' k$ F個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 S! i  h: n5 p  z0 s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  j! q! ^4 y- o計番回報率就已經係50%,所以可以好好賺
( g+ l0 `- E  G, g* P7 L前提係銀行之間要互相信任先可以咁樣借法
  v: E) L. w  l4 ~: A同埋個市場既前境要係好先得
) Y: h+ R, w0 G/ z) |但當經濟一差,公司估值趺了,物價不升反趺! f3 ]" C) ~3 U! I$ g. M6 \
例如剛才說10蚊的, 趺到得番9蚊, * }! ?4 r+ p# {9 Z" V
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
  e+ ~/ O4 G. J- k7 d1 W; K所以你就會覺得D錢好似蒸發哂咁: H  W- c; w! L& P; }3 S! V

  q7 u9 g! e+ l. _: N你都可以當標野咁諗, 個樣野多人可以狂升值, * j. D+ j& K+ V0 I3 I3 z
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, + \  o' v9 ]9 P0 B6 J: C/ B
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 @5 C8 V. H5 W& W& d: R- P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  g6 ?+ {% A3 P
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" _7 I) e* D" E
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; M6 P4 m/ P9 W. y! `1 Z1 \1 v
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: `# E# {! v$ Y4 f: o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
" C* n6 q7 u" P3 j咁你話d錢蒸發左去邊? ...

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正係咁樣; B5 F. f& p( `
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
$ ^$ l, ]9 D; I( D# [分分鐘佢地唔使還錢
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% W6 Y; {3 w2 D% s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,( s% N, J) B8 z$ v# Z: j
連國家都係問人借, 不停發債券, 印鈔票* L! Y; @, W% o6 G' E2 Y
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產, C. K- M$ m8 K# \5 ~
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
8 j& t$ ~. l7 f+ A咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ x) x% ^: }  i其實係...
( Q6 T7 W8 E: k0 l$ R' Y因為以前未生產, 先消費
* i  M6 [" G& I& c) V/ @而家就要多生產, 少消費