0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
8 e6 W. t6 ?* W5 Z% w: M* ~  iWhy bank will sell 借據給第三者???
3 @6 `) j! G6 tI was so confused.....

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講到尾都係賺錢
, z2 e3 b7 ~9 P0 Iso銀行可以不斷放款
+ E9 B& u: v+ h+ u9 ?: E美國的房貸問題散佈到全世界5 ]. U* O$ L  n0 e& d" w4 O5 K

3 m  s, d7 c9 m; s6 |0 _mortgage loan , ^6 v/ d( q4 G2 ~$ M
>conduit  ]/ W; y" O# e% k
>RMBS(Residential Mortgage Backed Securities)) }( I5 N5 [6 n& g! y
>arranger6 n0 H4 \: X" M3 Q, H: S9 m  [8 f+ h
>CDO(Collateralized Debt Obligation)
' w4 Z6 z/ ~# P7 Z2 R9 F7 S最後去到投資者

Kev

i thought it is the reason of rate of return." c, ~1 M/ x' A. x1 o" ~
CDs could have different ratings, AAA -> F,* Y1 g  u6 U( }- [' J3 h
more risky ones would have higher premium (interest rate) as a compensation for an investment.
4 j7 M# K5 g4 z5 [) ]+ ^8 lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 M0 B# g+ {2 X' D
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.  Z. H4 _4 ?1 `; U
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( K6 b$ _3 g6 t: P, Z8 }similar to bonds, CDs trading in the secondary market have different value at different times,
. y0 X. Z& z9 ~! v6 Fnormally the value is calculated by adding it's principle and interest.
$ ~- i2 W- M3 b  m; n' v  F/ xeg. the value of the mortgage+the interests to be recieved in the future. 8 v! m+ ?; O& z
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.. ~( G! _* _) ~6 m4 O. x
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im not quite sure if the multiplier effect does really matter in this case.
1 D9 g. a4 A* _4 b6 B0 Y( oin stock market, it's the demand and supply pushing the price up/downwards.% m2 e4 i/ B& d: @
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
$ c- x' T) S- N0 I- ~/ q9 |A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  m8 t( x! Z! d) z  l. F) V
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. * S0 J/ F) z& p$ K
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.gif
+ ]1 _1 L" [4 A4 {* C& g8 h! P, wRefer to last example,
7 |- I) [& K- N9 I( jthat means bank A have no money because we borrow 10 dollars from bank A
$ ?; n/ v, [/ b* L& xBecause bank A doesnt have enough cash on hand
1 f: e+ P1 u3 @therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
, Z+ y* f& G" {1 H, lso does it mean if E failed to pay D,
% w! R8 _% Q1 i: h' Tall the B,C,D,E have to go bankrupt?
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, j  s. t0 a3 Z. ^. ^; `- zthe multiplier just tell how much money created in a whole economy,
3 W1 K4 r% A( n* c! m7 Fin this case it doesnt really matter how much money is created,
6 X" d- x  N; R( \. g# `- n2 \it's the problem of the debt itself.
2 r$ h& }- k& Rthe 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.gif6 k& [- P. V6 Y: J, M- X0 f, n8 M
小弟一直都唔明...( E- S6 j+ q3 V- i

1 Z  a% k3 o; p; e全世界都蝕錢，咁邊個賺緊錢呢?
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/ W& h: }4 H5 f" G* r無可能淨係有人蝕錢無人賺架嘛...
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$ w4 B# C* S5 I; Y% Y: y+ |1 p$ d敬請各師兄解答
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# g$ l& Y9 m+ s( c) wThanks

; t, t" v$ r9 c. R7 e" R% m* ~2 x3 R) x那些根本係 紙上財富  
7 l( q0 {2 w5 o: T5 c9 y/ S' m& U8 `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 graphic6 m% p* C3 F4 p" a4 F3 p
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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 k$ b9 i- T2 i  D! _' K
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高  a1 f5 c+ y) `# t$ @7 H
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- y: q# v4 ^3 U& \6 c' q9 P
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
' I# ]& k) n+ c. F1 i# N5 l扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,5 `$ j& c# n$ X$ M& U
計番回報率就已經係50%,所以可以好好賺- i+ T  h* W& ~: ^$ d& \# _
前提係銀行之間要互相信任先可以咁樣借法
6 ]  S8 `$ {1 V/ A4 f, A1 B0 F9 v" s同埋個市場既前境要係好先得  A0 q4 K8 C# E. h2 T( h2 T
但當經濟一差,公司估值趺了,物價不升反趺
& V! Z( ~* V3 `: [) m8 ?2 o例如剛才說10蚊的, 趺到得番9蚊, ; t( |' C$ a' q  r) U: ?- B
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
4 G& i" |8 d9 Z% R1 a, Q, ^所以你就會覺得D錢好似蒸發哂咁% x& K- a! f/ r. M- Q/ H
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你都可以當標野咁諗, 個樣野多人可以狂升值, , O7 G+ @0 S3 L4 R1 `0 a1 B- U
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$ i' w% W5 X5 h
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 o4 W3 s0 q6 A6 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* v( O1 o1 H* X) u
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- e! M. l$ Z  R" N( N- P! L
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 W+ U1 P6 d* v& [0 v! T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- Y. ]3 Y% [# M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
; I+ f! d  i4 `& p咁你話d錢蒸發左去邊? ...

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) I0 u2 ~+ s9 p6 E正係咁樣
7 t( ~% W: \' e% g. S; g$ B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
  n6 y' }) f- z: v分分鐘佢地唔使還錢
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  V7 B) V! ^) {  R/ \3 b: R$ \/ ?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,+ L) h: R; g) z, C9 U+ Q' v' `
連國家都係問人借, 不停發債券, 印鈔票* M( w' ~9 @0 I! i/ r, i
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; a' d! d2 [0 u$ T! e' K
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  s1 E, J5 p% Z: {2 r! ^
咁而家"爆哂煲"算唔算先至係變番"正常"???

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6 s) f$ b' z6 i6 h" X. ?0 C# D7 Q9 y其實係...% \1 K$ I) _7 l0 ^
因為以前未生產, 先消費" J' u' M' v# U' @) }+ ^- n4 V
而家就要多生產, 少消費