0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
: X6 ^0 K( ~3 h2 }2 j9 t1 S# QWhy bank will sell 借據給第三者???, C- O; Q" d" _2 x7 l- G; z
I was so confused.....

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講到尾都係賺錢9 m8 ?7 W: a4 ?" v7 l" O
so銀行可以不斷放款
3 x1 i! i) @' F+ V3 O/ q美國的房貸問題散佈到全世界; M2 a4 e: t, c/ L
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mortgage loan 4 S$ J) J5 t$ i) X9 n( a$ v4 d
>conduit
+ y/ e. R5 S% y# k, p* ^. O) [; Q>RMBS(Residential Mortgage Backed Securities)
* v3 k; U: _: m7 v3 n1 H$ n>arranger
5 U! [7 Q' ^4 u7 m  }) S>CDO(Collateralized Debt Obligation)
8 v; n8 F7 q$ e6 d( z' W最後去到投資者

Kev

i thought it is the reason of rate of return.
4 m- k( Q2 x! w/ aCDs could have different ratings, AAA -> F,0 y1 b  Z' V  q4 O' W3 l
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! V3 u/ |8 `8 zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% ~0 U+ v3 H- t" c
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% T" ?$ B5 w  F- M' W9 C
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 V. D- }  a7 b& A( B
similar to bonds, CDs trading in the secondary market have different value at different times,
' m0 F* X. @" @& V5 Q# anormally the value is calculated by adding it's principle and interest.
6 Q; l4 T! U, qeg. the value of the mortgage+the interests to be recieved in the future.
6 c( l7 W8 D% b6 ^. j9 ybanks 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.5 f3 x2 ?) z/ j7 l/ f: W

1 @) e/ d) @! i# V% ]; oim not quite sure if the multiplier effect does really matter in this case.9 W: y2 K$ H0 {
in stock market, it's the demand and supply pushing the price up/downwards.1 f2 ^( {4 y. t
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ q2 c. B% m. ^5 `2 N% @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! a/ c: U7 ]# T9 j, XThe 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.
( F7 Z# Q. Y. ]1 ^3 ]but the value of their assets did really drop significantly.4 h  X3 k; \! }3 q- Z

) b! i7 U9 F. t# b- A( Z[ 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; x  M8 ?* O* P2 b8 K
Refer to last example,
( c% h% b6 Y; w0 y4 c9 I2 `that means bank A have no money because we borrow 10 dollars from bank A 3 W& r* g& }$ e3 p* E  c; `
Because bank A doesnt have enough cash on hand $ H3 x: q! \' C; H$ h( i) V
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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) d! p( A8 N  X8 O. D2 P" bA->B->C->D->E
% ^( w, j4 V: k* I$ l2 oso does it mean if E failed to pay D, - l0 Q8 w3 y1 N) T8 |- J
all the B,C,D,E have to go bankrupt?0 ^+ K0 k1 X" Q, E' T# h& \
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. h4 }4 |, s& F- |9 _
the multiplier just tell how much money created in a whole economy,
0 t  A8 r2 \4 n) [# J6 j# o, z; Jin this case it doesnt really matter how much money is created,
  j0 q! i; ^. w: d/ }it's the problem of the debt itself.
0 V+ N& _% D, G) i' N6 Y+ [' l" O& jthe 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
2 }! _# L/ ~# H0 `小弟一直都唔明..." F1 d5 u$ s( m1 P, Z

, S8 p8 M) t/ @1 n. S! ?- B9 Y全世界都蝕錢，咁邊個賺緊錢呢?
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$ z6 z, }$ t) a; M% \: W無可能淨係有人蝕錢無人賺架嘛...8 Z' [: F' Y: C# z$ B5 e
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敬請各師兄解答5 Q, X5 {9 O1 e8 z4 d
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Thanks

* ], k+ W/ C/ E7 v6 u  c1 Y那些根本係 紙上財富  ( ?, K" t8 v+ y9 Y) n" S
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1 j2 h% g' P+ Y- Z$ f
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, b" c7 r- W& P; }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! E/ y. F3 q. @1 Z, O
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 a1 l3 _/ g/ K9 S& ]" Z  M* T% i
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,. k4 T' Q# X9 n" A/ ]
計番回報率就已經係50%,所以可以好好賺
* T  e/ c) o7 s9 Q前提係銀行之間要互相信任先可以咁樣借法
8 _5 w0 n' Y$ \3 `6 m8 W% c同埋個市場既前境要係好先得# x% F# H2 t( H! E) W
但當經濟一差,公司估值趺了,物價不升反趺& P2 k% Y% r! [* Q8 l
例如剛才說10蚊的, 趺到得番9蚊,
" h) W. P- E* Z  v咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
: Z- b- v8 m' V所以你就會覺得D錢好似蒸發哂咁7 B: _/ M3 M; ^0 `) e% y

- r, C! A: A% c: ^, w你都可以當標野咁諗, 個樣野多人可以狂升值, " Z' ~. L1 x' b' e9 N+ x1 J
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,
1 ]- h! x: g! n/ f淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 H! x- ]. O; L& V/ P. v$ ]
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/ K6 Z" D' g* `' e. g* a
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) C! T" A" g2 `1 z& O2 M2 K0 h
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 8 [+ j5 K3 S' C! A% K, L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 T* D. U$ a) l8 F+ |2 S6 L
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2 P4 d" X7 g. V) [8 F" T% B
咁你話d錢蒸發左去邊? ...

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正係咁樣
' G; a6 k7 _; B/ ^/ [- Q: h# Z4 k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
* A" X0 Z: _8 b& q; R分分鐘佢地唔使還錢, M* v5 f% C# A7 s% h1 e1 t

( e; `, \9 ^3 d" @) @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,6 D5 e& z5 i' l. l& P
連國家都係問人借, 不停發債券, 印鈔票9 K% o* n- j! q* I: ^
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ u- U0 @) ?) i; f* h5 s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/ R( T& ?9 l9 r
咁而家"爆哂煲"算唔算先至係變番"正常"???

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  p, l" n# I+ P" j, a! _其實係...
( c& ~8 P/ e5 y4 h+ S- H5 g因為以前未生產, 先消費% k6 Z" R7 Z$ t' y5 q
而家就要多生產, 少消費