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原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif# S1 X8 Y- o+ g! A) \
Why bank will sell 借據給第三者???
) |; i* w) S2 _- o, @I was so confused.....

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講到尾都係賺錢
7 K2 C8 S4 \* U3 K; H/ P6 L- {so銀行可以不斷放款
1 F3 T6 j- J, j: b+ v美國的房貸問題散佈到全世界+ S* k+ o" N. S5 \- ?& _

! M! W& K- `9 hmortgage loan 1 _9 C  S; k' y
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>RMBS(Residential Mortgage Backed Securities)2 X! d' ^5 t! c0 _9 V; J! Z/ m% f
>arranger1 F8 P, t- s3 i
>CDO(Collateralized Debt Obligation)4 H6 P, Z9 m/ G$ E! F& ^) O( a( g
最後去到投資者

Kev

i thought it is the reason of rate of return.5 K% s( X) f) Y+ h
CDs could have different ratings, AAA -> F,$ W9 t/ V8 f- R) U* A
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 m, R/ d, T) L6 r8 C7 ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ c/ F+ x& }* t0 o- z2 ?: cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( o: t/ ~0 B. \3 g3 L* E7 y2 n- r0 tAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% F/ K2 ~8 ^3 t) D3 m. L0 Isimilar to bonds, CDs trading in the secondary market have different value at different times,
4 E% @2 Y6 k3 W" V. t' H6 Onormally the value is calculated by adding it's principle and interest.
- K8 I: b/ y% r- ?9 p" leg. the value of the mortgage+the interests to be recieved in the future.
% j2 h( ]) ^- E2 v+ T, k; Ebanks 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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) {. u0 Q4 A- g1 _$ Lim not quite sure if the multiplier effect does really matter in this case.
0 a5 }% |2 |0 L8 [in stock market, it's the demand and supply pushing the price up/downwards.
! G; p: _8 K& I+ g, q+ x6 _% V& yFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ Z4 [! G5 D) e$ tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ |5 }. U0 J$ D) K* M* ^
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.
7 ]4 N, F) M7 @but 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.gif3 j; K% ^3 h- M4 d8 a
Refer to last example,; O& B  i: J! t0 f& m
that means bank A have no money because we borrow 10 dollars from bank A
3 O" {  G# G8 P7 _8 }Because bank A doesnt have enough cash on hand / ?/ x# I9 t: b6 t' Z8 ?
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E6 r" [: b7 R7 c# v- K
so does it mean if E failed to pay D, / O1 l7 d$ a1 V
all the B,C,D,E have to go bankrupt?; w6 r. V" a3 e( T

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the multiplier just tell how much money created in a whole economy, 8 s8 P7 u5 Q" S- a: E3 G  d( Z9 r
in this case it doesnt really matter how much money is created, ! O0 S9 ~, V1 C' y5 D6 P% Q* c
it's the problem of the debt itself.8 P2 U, H' }2 H8 z  D1 M
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: t0 R: A* a7 P7 R* Z7 K
小弟一直都唔明...
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) \4 F& u7 R6 R- G2 G8 E7 x全世界都蝕錢，咁邊個賺緊錢呢?
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1 \  t' L. U. G& a, S6 S無可能淨係有人蝕錢無人賺架嘛...) J  N) s* c* d. O% e( g
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敬請各師兄解答
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Thanks

. t9 F- O3 l7 e! ^那些根本係 紙上財富  2 M/ S1 d( ^0 \, p& x1 i0 E4 z8 k
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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, t1 ^- [. p4 b6 \9 zhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產; ]! F$ `* `3 O% Y2 x1 a9 V$ Z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高3 H. m( R  ~5 K" x4 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6 p2 I& i5 |2 x: x2 H
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
9 l! M! t, K" H; A7 ~0 o扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,: f* t# {: ?6 t' a
計番回報率就已經係50%,所以可以好好賺
' i7 _# z& L" j/ j7 p前提係銀行之間要互相信任先可以咁樣借法8 e* ?7 W6 d9 c- j8 e7 l7 C$ x+ Z
同埋個市場既前境要係好先得
6 l# b4 \+ g0 a1 W. N' j但當經濟一差,公司估值趺了,物價不升反趺' P' q- Y, c7 }
例如剛才說10蚊的, 趺到得番9蚊,
. b& O- m6 o. [- J0 X咁投資銀行一下子就要還11蚊, 一來一回變左虧200%4 {; |9 C. A' ^- _
所以你就會覺得D錢好似蒸發哂咁( X7 [+ i, H7 s+ `

6 C/ o" C. d1 B, \0 S+ X你都可以當標野咁諗, 個樣野多人可以狂升值,
0 r2 H: D+ Y2 T: w# a! G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, ) l4 U/ y1 @4 g, w: a
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 K' o# s2 M1 j1 ~& 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1 _/ [7 J8 T1 O; a4 v
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/ R, N& d- m/ @唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 k: z1 {9 ?) O- R- ^2 I) M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! N) U1 G- i, y& q
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" P) D8 X8 y/ D6 e2 I) u: M
咁你話d錢蒸發左去邊? ...

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正係咁樣
9 z5 {) o/ a- p  a* ]7 m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
$ `: A9 R2 l+ G* S  D: ?3 H+ M分分鐘佢地唔使還錢% D( |( {. `! Q
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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,
6 }! a( l% D, C, c0 V' L+ H+ P連國家都係問人借, 不停發債券, 印鈔票! V$ Q0 l" G/ S% X) m. ~( B6 J
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 ?& c1 g- I  r5 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
4 S+ e8 R) }8 n咁而家"爆哂煲"算唔算先至係變番"正常"???

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! L& I0 f' \/ g  P0 i4 Z9 G其實係...6 e# a6 J/ T3 O  E
因為以前未生產, 先消費
7 r) Z. a9 I: t* P8 @4 B/ s, F而家就要多生產, 少消費