0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
! W5 h5 A7 i5 ~; r) e0 TWhy bank will sell 借據給第三者???5 b' V/ F& E1 z/ V8 C
I was so confused.....

$ L; E5 k6 r7 U8 Q% X( H) b3 g' v
, T) _1 q' ~# f4 S6 {1 c0 B
講到尾都係賺錢
. G2 h5 k! I, M! p, c2 Cso銀行可以不斷放款9 o' Z$ j& J5 T. @+ v, [( ?
美國的房貸問題散佈到全世界
2 p/ y4 r4 W5 K2 e) b3 y: X8 W/ x9 w; F5 K8 E# J' m4 V
mortgage loan
' j# U5 S3 A# d, k- @, t; ^>conduit
& V) t) D) @% L1 L+ {% d0 n>RMBS(Residential Mortgage Backed Securities)3 P2 C3 E/ l: C. k; Q' f
>arranger7 k) m# F8 o1 Z
>CDO(Collateralized Debt Obligation)2 @0 H' ^8 y8 u  w8 z# t
最後去到投資者

Kev

i thought it is the reason of rate of return.. w! ]& S# \4 W9 Q
CDs could have different ratings, AAA -> F,1 o& {8 a/ X' b, X+ f
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& U. b8 P% Y$ E; f. ^0 pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* Z0 @& y+ s% g% h3 din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 u) J  C3 d% J  RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 t4 m; K6 A: Ysimilar to bonds, CDs trading in the secondary market have different value at different times,
; S1 ?. a5 _: I9 R' W3 pnormally the value is calculated by adding it's principle and interest.
3 X) |, k- Q$ f5 ^3 R, z" jeg. the value of the mortgage+the interests to be recieved in the future.
+ t& h: {+ S6 c6 u. }1 B) C; Xbanks 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 Q. L9 ]
0 @. R5 ~0 Z# ?( J
im not quite sure if the multiplier effect does really matter in this case.
$ A( x! M2 w3 }3 x, q4 D4 [) ?in stock market, it's the demand and supply pushing the price up/downwards.
8 T  d  k9 I4 C9 g+ V" OFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! Q$ K7 F4 r; \A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 q# ]/ K5 i! d/ P- Z# N- LThe 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.
( s+ \! a8 R1 v; F2 J7 P9 s% cbut the value of their assets did really drop significantly.) f% s4 [; a0 K6 D5 ]
- ]" {- I# o( Q, r& R  v
[ 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) ^$ J8 D' A5 ?7 G& p/ F. n4 Q
Refer to last example,# ]( g) G+ u6 |9 T' D/ Q8 `
that means bank A have no money because we borrow 10 dollars from bank A
. u2 a- F- {; q; @Because bank A doesnt have enough cash on hand
" ~$ r" @8 O: h! etherefore bank A need to be bankrrupt ??? Am I right ?? ...

2 m7 e: E) K/ `: L

1 N" i. i0 v5 `7 T. L
  E  `7 p( i/ \/ r( SA->B->C->D->E
( D/ ^! J8 Z) s, C0 M' kso does it mean if E failed to pay D, " v% o7 Z# l$ L& J4 _1 S+ ~6 }. a
all the B,C,D,E have to go bankrupt?
+ D) T* K* L$ T; D6 {0 m
! M4 r* \& o* f! B( v, b& H; q7 U/ ~7 i" ]/ L6 ?  z
the multiplier just tell how much money created in a whole economy, 8 z1 T5 C' t4 y/ B/ s% ?9 G0 {
in this case it doesnt really matter how much money is created, 8 I1 t; D/ T9 ]/ ~1 ~1 c
it's the problem of the debt itself.
) n/ M% b! E$ n4 i5 |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: Y9 g! ?1 {* B2 o/ n
小弟一直都唔明...
6 o7 L: p( L, J( ], ?( w# }
' y. s- ^6 Z$ [! T. I2 _5 j全世界都蝕錢，咁邊個賺緊錢呢?
/ N8 ]' j! f9 x2 W8 i
, s1 k! ?2 K% u無可能淨係有人蝕錢無人賺架嘛...  I5 L9 [) A5 j4 R3 j& N
" g0 c" c& n3 a* U; t
敬請各師兄解答8 ?- _* P  D5 C3 d, ?  ]

( v- q+ p* i1 m1 T7 G% f# a0 SThanks

* A2 p- W, P$ G+ E% i2 L" L6 ~# j( r
那些根本係 紙上財富  
7 c: _1 K& q# v' w/ W# }5 |& |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
, s3 M+ t! U0 K7 P) g0 A
: z$ |- A. F! \0 O' a4 c+ ]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
) e  Q. i$ E9 K8 A0 U5 a1 W當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# K* z: X& ~) o) r4 r% K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 M# ~; b0 H) u3 z& W$ [" U; I個件物價係市場好既時候升, 例如15%先算,變左12蚊啦: F- E! O4 H% X. X1 w
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
$ b  J" c+ }7 F7 d! `計番回報率就已經係50%,所以可以好好賺
/ ~4 e' y3 f) |+ W( |7 t0 H$ E前提係銀行之間要互相信任先可以咁樣借法' U7 ^8 |; }3 D3 y
同埋個市場既前境要係好先得/ y( _0 S/ G' S9 F1 K
但當經濟一差,公司估值趺了,物價不升反趺$ F+ G9 G( k& B# ]8 W
例如剛才說10蚊的, 趺到得番9蚊,
: R+ |  S2 a. X: K) C, x8 i0 b$ J咁投資銀行一下子就要還11蚊, 一來一回變左虧200%' @- `" E8 b$ c
所以你就會覺得D錢好似蒸發哂咁) d" x: y& h1 L' p+ c. N
$ ^8 b, U8 L8 x, @! S7 x! [
你都可以當標野咁諗, 個樣野多人可以狂升值, 2 k- _  F# f$ }" ?& ]
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,
: F8 S9 E, V1 X" K, v. I* `% m淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( r1 M; e1 V# b' Q6 P% 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
- w; D( A" ]; P1 C  g7 W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.gif8 X; x* B( z0 w& F2 [4 E
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
/ g1 M% h  C2 n- F8 P" ^  y% \, z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( s( _( y9 }+ s; ^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) U' j0 d; J1 O0 ?
咁你話d錢蒸發左去邊? ...

' j& H& x+ T$ \% q7 S4 W! ~; c* T4 H9 |7 G) [( \( ^0 P
正係咁樣3 R8 r( B" s: D4 d# G. V% ?0 \1 ~
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: F, {, C9 \3 P
分分鐘佢地唔使還錢% v+ o, I0 u& `$ ], @
# ^& h! D! f: y# C# X1 o4 \
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,* X, D. c$ T4 W8 F9 U
連國家都係問人借, 不停發債券, 印鈔票. @5 T2 r7 R/ X6 W$ P
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
+ f, D4 _4 G% m; k  X1 b3 R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. p4 y3 r1 z6 Q# x/ `
咁而家"爆哂煲"算唔算先至係變番"正常"???

4 B) k) `  _3 y0 R* g. t' F

  H/ b1 _9 B  @# t8 c+ t' t其實係...3 ?# U+ d/ {! r$ f: O: x" x
因為以前未生產, 先消費
1 o* W1 N) z- O  x而家就要多生產, 少消費