0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' s% b- {3 F; ]7 Z! m& a7 gWhy bank will sell 借據給第三者???
% D5 }& {  }: F3 Y: E% b3 W! \I was so confused.....

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講到尾都係賺錢7 p! O2 w& n! g! N* I/ s3 Z
so銀行可以不斷放款$ k, K/ j) f( S" l3 f( _
美國的房貸問題散佈到全世界
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mortgage loan & G% i: P" n9 h7 d0 J0 [
>conduit
+ E/ x) D% J' S6 ]>RMBS(Residential Mortgage Backed Securities)
7 d6 n6 f4 a* T2 o2 p. U2 I>arranger5 ]" {6 M9 B1 R' ]' z
>CDO(Collateralized Debt Obligation)
1 J/ i* v# j: E$ k6 `最後去到投資者

Kev

i thought it is the reason of rate of return.
6 W1 R: K9 E6 ~CDs could have different ratings, AAA -> F,8 ]' `8 x6 A+ n
more risky ones would have higher premium (interest rate) as a compensation for an investment.8 K( V  t/ m0 ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 j. H' Z5 J6 o; {in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 b  {- x8 Y2 g' F3 h9 S" GAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( [( H3 p" Z4 |9 `9 k) usimilar to bonds, CDs trading in the secondary market have different value at different times,
( b# K: ?9 p0 w7 D( A1 [( Jnormally the value is calculated by adding it's principle and interest.
2 J+ J6 Q  y6 M) h  U$ meg. the value of the mortgage+the interests to be recieved in the future. 9 e+ l) w8 i4 Y
banks 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.$ J) f7 m! M6 g3 A! ^7 L
in stock market, it's the demand and supply pushing the price up/downwards.( X' d& K/ W9 ^9 b2 R; k4 Y7 e" h
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 [$ P  B# [( E0 l) x# FA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 s( y$ T5 _) {" yThe 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.   z4 \7 ~) D: g6 f! s  g0 G9 k
but the value of their assets did really drop significantly.
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" ~3 g8 }& L5 `0 l1 ^& k[ 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.gif7 T% N& m6 ]; f8 d
Refer to last example,
) V# O5 F) {' V, Cthat means bank A have no money because we borrow 10 dollars from bank A
* U0 x; k2 T; c( y! O7 K: XBecause bank A doesnt have enough cash on hand
- y7 \3 [% u1 x! ^therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
  i2 L! A8 j% I! Bso does it mean if E failed to pay D,
* F7 \% O1 I& ?3 aall the B,C,D,E have to go bankrupt?6 ]! c# ?; e+ e! E( x2 B& L
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the multiplier just tell how much money created in a whole economy, 8 T( @& K; V6 O- A- f
in this case it doesnt really matter how much money is created,
4 S6 w: i) R( R; j0 t1 N" tit's the problem of the debt itself.$ c* q2 W1 f# T5 ~( ?
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.gif1 X4 E4 o* n, o9 P/ t8 C
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?; V9 A+ a1 C: ]
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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# G7 U! J! [3 n! m& }% i9 G3 a$ z
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Thanks

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那些根本係 紙上財富  
* V0 S/ ^8 y3 t8 D, @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% I" S* ?, k' G; U  p% f: e% v
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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; |+ e* l4 Y* L' r# b
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 q2 v- @) x* w
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
! P$ _4 `$ Y  X/ P個件物價係市場好既時候升, 例如15%先算,變左12蚊啦8 }, G: t# f9 ^
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ V6 x; ?- F9 t; D! L
計番回報率就已經係50%,所以可以好好賺
8 O7 C8 t) t% h9 e9 F. `' d前提係銀行之間要互相信任先可以咁樣借法1 x- E) R0 `6 Y/ c
同埋個市場既前境要係好先得  V2 l+ _' ?- Q6 j7 L, B0 q
但當經濟一差,公司估值趺了,物價不升反趺. T6 }$ g( z0 }' p
例如剛才說10蚊的, 趺到得番9蚊,
) e& p  w6 c2 b( L! \咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
, k9 p: X1 z5 r" ~4 D) i. m, w所以你就會覺得D錢好似蒸發哂咁$ m' S9 u0 c2 k" o8 r( m
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你都可以當標野咁諗, 個樣野多人可以狂升值, 5 L$ ]5 |5 u6 U+ _6 L# S  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, 9 R- `. s! d) j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % a) I2 k9 Q0 a' x0 x
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$ S! Z  q1 R5 F  U+ `5 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& a* A0 m( t/ t  v
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 F& z9 Y6 L& j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
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咁你話d錢蒸發左去邊? ...

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# q% Z6 J9 A' U" b+ `正係咁樣4 F" L" u! z+ u; |- m+ I! \7 A( U
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9 @% Q- Q9 a0 h7 U  |% K
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,- o7 U/ q5 I4 A9 ~/ i
連國家都係問人借, 不停發債券, 印鈔票
$ _& Z5 d# J7 u% z$ O; S一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
6 Q) ?0 G9 ^# k4 K5 R! _" K5 L8 `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 _7 @  \- \; }9 y
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
" d, r" r4 o  W: C# T8 h. X因為以前未生產, 先消費
! O1 g8 |, ]+ m' ^0 M$ B' q( U$ t而家就要多生產, 少消費