0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
# `$ x( k7 ]4 t0 @7 b4 YWhy bank will sell 借據給第三者???  T/ \# _' l7 P# s# @+ _& L! l5 U
I was so confused.....

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. g6 ~5 F3 V, q8 d, e/ |! z講到尾都係賺錢
& o4 L* F' k2 c! aso銀行可以不斷放款
  W% e0 d! k1 g. p( b- \, x- P) E$ q7 Y美國的房貸問題散佈到全世界
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mortgage loan & ~) h2 \8 e# j* P- f7 f
>conduit
8 g1 e& V* H, n' {* f2 z& _>RMBS(Residential Mortgage Backed Securities)5 L& `  ?9 r5 N; q+ E6 N
>arranger8 f1 j! j2 X) F9 d4 g2 f# b9 y( ]: Q
>CDO(Collateralized Debt Obligation)
5 S+ ?% G8 x0 |: {! u最後去到投資者

Kev

i thought it is the reason of rate of return.8 ]" ]6 y+ g7 @: S
CDs could have different ratings, AAA -> F,
8 b( l8 C6 _, ?1 \4 J6 \! ]# l- y3 Umore risky ones would have higher premium (interest rate) as a compensation for an investment.
/ I# s1 K3 L6 J1 xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 ~. p% X! \( W8 I& Z# K
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: v6 M- F, b+ Q; T3 j# U, w+ a) i
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 J4 t2 W% C) N  Y$ {4 V
similar to bonds, CDs trading in the secondary market have different value at different times,9 {# ]( |5 E  j" h
normally the value is calculated by adding it's principle and interest.
8 H, N' j/ U* a) A+ u3 u( W2 Veg. the value of the mortgage+the interests to be recieved in the future.
" D+ D8 i/ z9 c8 k4 q' ~- h/ q# L0 Cbanks 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.4 Y, s" s1 M/ q4 h$ ~0 u
in stock market, it's the demand and supply pushing the price up/downwards.- p9 A+ k6 H* ^6 u" I6 I! Q1 Q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( Z: d& E5 d+ X0 d/ N" \
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. O0 p* [8 y4 b: v7 KThe 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. 4 f, r. y) U( A$ \( G" @4 B9 J+ c
but the value of their assets did really drop significantly.  N7 C8 G( l( _, G* M

( Z* E* n1 [4 N/ ?[ 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
4 Z6 m! o& [9 y3 U& fRefer to last example,2 Y( x2 E2 j3 w
that means bank A have no money because we borrow 10 dollars from bank A 1 R7 e0 L6 h8 k! g9 q% x
Because bank A doesnt have enough cash on hand
; q# _, s2 Y* s2 Y& U" c/ Otherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E- O! a1 \1 N; _7 `
so does it mean if E failed to pay D, * B. o8 O2 Y. l- |6 o& c  h2 S
all the B,C,D,E have to go bankrupt?7 B/ H  Q7 [9 `+ m% n: ~8 R2 }

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the multiplier just tell how much money created in a whole economy,
9 s' d9 j- R) E5 Q/ S2 L, d3 Bin this case it doesnt really matter how much money is created, . U. @4 P' k& N9 F( \- x* F6 F
it's the problem of the debt itself.  p) r; G3 W+ _3 a; y
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; l! Q' w2 w/ i7 d) |: W! B
小弟一直都唔明...' s" W! j2 r' ]  }  m. j' x

. Y0 l& l- M- V+ R' T; i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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敬請各師兄解答" D- b! Q* X9 c& ^
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Thanks

$ n/ S8 Y$ ^0 @1 o. \3 P那些根本係 紙上財富    N* f* A/ h6 J8 r. i7 ]
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
3 v9 g4 _+ J6 a* ]9 u當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
$ ?# O' x5 q# y8 U- G3 w4 b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
8 G8 F2 ?; ]' U2 |  x個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
- c  i7 B; |+ [+ ^: q- K扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,) ?9 P" F/ x9 z) A9 X+ X! o% d
計番回報率就已經係50%,所以可以好好賺0 R4 x# J1 r  G9 A; i, C/ `
前提係銀行之間要互相信任先可以咁樣借法- G* s2 T) k  r: E) _" `$ v! D. s
同埋個市場既前境要係好先得
: ~$ d6 Z) f, t( P但當經濟一差,公司估值趺了,物價不升反趺
2 k* [* Z, F' w% ?例如剛才說10蚊的, 趺到得番9蚊, 9 @8 L8 P0 @0 z/ t+ |
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%# g9 @- M2 f2 \; t" ~: A: c
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
+ B" C% ^* S: r* r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,
, K" c* _8 d; |+ n9 J% Q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! M; e" ~7 l& A. }. E+ a. m2 K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+ q& o7 ?+ r; X8 l; Y5 L8 H
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% L  S% I  I- [: q& F' j4 q' Q* M
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
8 U9 U" G6 u/ G: Q5 V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 W0 q# d  e, u! K
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! G& [2 M- |. a" ?6 B5 ?' q& }; H
咁你話d錢蒸發左去邊? ...

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4 T7 {# [2 F: x: R( q7 y- y正係咁樣0 e; a) d7 A# L( h) }+ l
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/ x6 |: [. k3 g, `( o# W
分分鐘佢地唔使還錢
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( q9 M2 W3 \' ~0 z% ~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,0 h6 }% ^+ t/ g+ D
連國家都係問人借, 不停發債券, 印鈔票
9 g+ i! P1 z! p! l9 t  M一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* A2 E/ t! M( K4 Z  l+ \) w8 H+ V  z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.gif9 f1 W6 R5 G, a. ^; Y, B
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...9 `$ K8 e7 T2 A; x4 l
因為以前未生產, 先消費$ }8 b2 u9 l" z
而家就要多生產, 少消費