0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( T! b( f  `- |0 U1 D1 n7 l$ `1 K
Why bank will sell 借據給第三者???7 b! {$ V2 K; n# b& T' n
I was so confused.....

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講到尾都係賺錢0 {% i& c% k( `3 k9 S
so銀行可以不斷放款
3 k/ o" u* Y. K/ i/ V* Y7 u美國的房貸問題散佈到全世界
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3 t# L7 h+ }- i, |9 a' x& Zmortgage loan % g, H1 s6 q, I4 h
>conduit
! s7 [* ^: p1 }; h3 f>RMBS(Residential Mortgage Backed Securities)1 a) C8 V$ R% c6 \7 ^- S
>arranger
, O" }) E8 ~5 K>CDO(Collateralized Debt Obligation)0 w! u5 f- O( M2 M
最後去到投資者

Kev

i thought it is the reason of rate of return.
, l" j+ x  a5 I  `6 s8 S; c) NCDs could have different ratings, AAA -> F,& {8 N1 Y. H+ g
more risky ones would have higher premium (interest rate) as a compensation for an investment.
0 m* k2 y, Q" g2 h7 ^main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# q/ C: _9 L' P
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- B. x/ g4 [% _9 e! K/ u, }5 M' ]
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 ~. L/ P( f7 e1 ^: |similar to bonds, CDs trading in the secondary market have different value at different times,
6 J. J- \* j  V; a) v- P% q( {+ knormally the value is calculated by adding it's principle and interest. $ k: k! h* M5 L* j! c' m  m" ]
eg. the value of the mortgage+the interests to be recieved in the future.
8 ~$ J  q+ P( T0 ]3 f) Z8 D+ Ibanks 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.; m1 z) K/ Q& a% v
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im not quite sure if the multiplier effect does really matter in this case.% J) w! ]; r2 R' o% O! h/ }
in stock market, it's the demand and supply pushing the price up/downwards.  O8 x3 A. k& B5 G: u+ A
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* G0 s8 Y( M4 N; Z( NA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( P: ~( B1 @8 o! r" }% Q2 w
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.
' h% a( _* P0 k5 I; {9 r8 u; tbut the value of their assets did really drop significantly.
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[ 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
6 ~! w% M. v6 V. p; {% ~, LRefer to last example,
9 ?* q4 N- m4 O9 c1 v* [that means bank A have no money because we borrow 10 dollars from bank A . C5 B6 U  N& E6 x9 ~
Because bank A doesnt have enough cash on hand ! p+ e" [5 i& b' H. o
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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' D  M9 o2 e  a+ V' V8 Q. tA->B->C->D->E
! u( S' k4 E0 r2 j/ P( [so does it mean if E failed to pay D,
* T- r2 t- R( E6 ~" G9 oall the B,C,D,E have to go bankrupt?7 o2 S# f# w& q9 t8 a
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the multiplier just tell how much money created in a whole economy,
1 x" C$ V3 H& o  @) ]6 ~+ K" Bin this case it doesnt really matter how much money is created,
; g9 Z7 f( e* J" ]  {it's the problem of the debt itself.' d+ j" n1 U( [+ E' w* ]7 r
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
3 g9 ^- J; L& b2 y) U$ S小弟一直都唔明...
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: a! I) _4 V" f) l) S5 ~- `) p全世界都蝕錢，咁邊個賺緊錢呢?. I' a/ n1 p5 `1 q

! L8 h/ [8 G5 o. p無可能淨係有人蝕錢無人賺架嘛...2 D0 {! M3 ~: H3 X( X+ T. t

. H$ a8 d! U- X4 |- X5 f4 f敬請各師兄解答
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/ i/ a: m# h, A% D( M- V& aThanks

3 \" \0 }; U; h4 E
那些根本係 紙上財富  5 L/ g5 E4 O$ H% B9 g3 Q
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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% J4 X' d/ f0 P; 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
* c5 K, X: K" \* t當經濟好,投資銀行相信會賺錢, 物價既估值相對較高; g5 q! U6 }2 f; W$ l5 N
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' X9 z$ S2 \9 {5 w" f
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦& l1 d( `2 D  i. |* r+ t7 z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 v/ L) n  K2 i& A- q
計番回報率就已經係50%,所以可以好好賺( n2 d1 r( s0 P  B  g6 o1 `7 \, |, V
前提係銀行之間要互相信任先可以咁樣借法
- P, c9 _4 v- z9 l; }' C- t+ ~( n9 `同埋個市場既前境要係好先得5 w4 C9 w' {* A2 I, y( D
但當經濟一差,公司估值趺了,物價不升反趺
% @, F0 }- f$ K0 D例如剛才說10蚊的, 趺到得番9蚊, " ?, m/ q- L+ b2 X
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
+ ]9 H% P# Q1 [8 {所以你就會覺得D錢好似蒸發哂咁, g. f9 a5 w% e0 A- \5 h* {
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你都可以當標野咁諗, 個樣野多人可以狂升值, 9 q  A% \) L6 Y$ A  b
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, " `! g  J# E, ~" \+ L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ S1 B& |* Z/ u: }0 J6 E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) k5 A# B8 Q$ o5 H0 X5 j3 c% z) F
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
' P. t' b' K& e1 n3 y" U+ f唔係d錢蒸發, 而係比美國佬洗晒未來錢, 0 \  {7 E0 O' \2 n3 i! |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( r0 F$ h2 Z$ A0 A( ^" _! T: 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- b$ o4 i, ~# J0 w) O/ s; R! @: |7 Q- O
咁你話d錢蒸發左去邊? ...

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: }, M( s7 M% b0 T' ]正係咁樣
* d% h+ D* H) c( C! b6 X. n6 g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) ]# [6 Q) ~1 w
分分鐘佢地唔使還錢
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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,' F$ ^* M, X+ \5 ^
連國家都係問人借, 不停發債券, 印鈔票$ T" }; r: Y& h8 L! u' F' S
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產7 u8 I$ [" [2 E
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
. m0 A2 ~- k% y9 C& V咁而家"爆哂煲"算唔算先至係變番"正常"???

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: T" u& d2 u7 S其實係...
% j4 b9 U% e( m  j, M, p) {4 Z9 h因為以前未生產, 先消費- @* K- W3 l) {+ n" J1 c
而家就要多生產, 少消費