0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif' ]+ h3 ^2 E* K" S, t2 k
Why bank will sell 借據給第三者???5 y) v6 K- W3 p3 z
I was so confused.....

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$ ^" |# v+ y5 J5 A. f  _2 L講到尾都係賺錢4 W' P8 S8 K5 Q/ R4 y/ b
so銀行可以不斷放款9 z. L7 e4 H. m9 s) p
美國的房貸問題散佈到全世界
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mortgage loan - l# \  K* P$ A4 Y# P
>conduit
8 F( A. f7 ~6 U5 }5 Z6 }$ M>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)- P& e  K1 D' J  x3 o
最後去到投資者

Kev

i thought it is the reason of rate of return.
$ r  R6 Y$ ^) A2 fCDs could have different ratings, AAA -> F," W8 V" w+ a5 ^( E% F
more risky ones would have higher premium (interest rate) as a compensation for an investment., {4 S& ~$ O. ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% X  b) L3 T6 y1 [/ R& a0 H
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
  a, F/ T+ _4 C5 q# ]* P2 dAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' }8 P; b2 S  r, N
similar to bonds, CDs trading in the secondary market have different value at different times,) g. a7 C9 {( _7 M, S
normally the value is calculated by adding it's principle and interest. 5 I" L# `; X( ~9 V* M& P$ C
eg. the value of the mortgage+the interests to be recieved in the future.
- g1 u; y$ ~& o9 t! _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.6 a. S' ^2 S. a% I' U' S% k/ R

3 P! u) r' Y7 |9 xim not quite sure if the multiplier effect does really matter in this case.
* F0 ?9 s" X0 c8 y$ c6 gin stock market, it's the demand and supply pushing the price up/downwards.; p! |8 ]/ r1 d# f! ~) Y; S& z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 T$ F8 q( s; V$ g& c, E& J
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction." H8 v( [* K& `
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. & C2 E: \/ W! Z$ a* |5 U- _
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.gif4 O$ o# W; N, o; {/ ^0 X& n1 g
Refer to last example,
! S) z3 Z& ]* d9 n4 k8 u0 m' f" Fthat means bank A have no money because we borrow 10 dollars from bank A   B6 f) S  a; ^/ q0 M& f
Because bank A doesnt have enough cash on hand
! o  `1 M" Q2 N) X, H# z2 `; f8 Mtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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. g/ p9 B+ O" s* s9 O1 CA->B->C->D->E4 y0 D4 _: X, |: z) g2 A1 h
so does it mean if E failed to pay D, * F. W! {; u6 Z& v7 W
all the B,C,D,E have to go bankrupt?2 I* k; k1 s) i7 x0 ^6 F% B; U
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the multiplier just tell how much money created in a whole economy, $ N% Q4 p3 x! P) I* \8 k
in this case it doesnt really matter how much money is created, 1 m. c& R+ E' u) d
it's the problem of the debt itself.
/ `; ]4 M: @% k# athe 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
# t: Q$ f) K8 l" B. n. ^$ x: p小弟一直都唔明...2 @6 }  q- B% w. C) ~

  B! f+ r) i2 b% [9 I全世界都蝕錢，咁邊個賺緊錢呢?; F. N9 j+ S$ }
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無可能淨係有人蝕錢無人賺架嘛...2 h" K) a9 }: F% y
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敬請各師兄解答+ V, F5 z6 u& w, r4 ~  z6 Q
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Thanks

8 S% r: B* |. X$ ?! ~那些根本係 紙上財富  
5 g  J1 k( G$ {- V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
4 k. A! P4 l" b" O5 O- M當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 x: Z2 M: e/ N; h& 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) C, w0 D, w" q% F/ p' S9 ]
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
  T$ d( k) r0 h, h& J2 e5 {" x扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 P1 o6 W) V2 F2 m$ D8 _4 Y/ d9 q
計番回報率就已經係50%,所以可以好好賺
# e' F# [& S+ j' t: a前提係銀行之間要互相信任先可以咁樣借法5 C6 z! ?. d- R3 A0 z0 t# r2 G+ [3 \
同埋個市場既前境要係好先得
% S: }  e+ D" h  P; |; {但當經濟一差,公司估值趺了,物價不升反趺: ~' Q2 ]1 F( t+ c0 J, Z
例如剛才說10蚊的, 趺到得番9蚊,
7 ]8 f% L/ f: w) |" q2 S6 k' C7 |! _( p咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
) q; R# w" G5 o0 j所以你就會覺得D錢好似蒸發哂咁
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/ ?8 U* p, Y- x7 c6 n你都可以當標野咁諗, 個樣野多人可以狂升值, * H1 n8 m. D5 z) t/ L$ e3 V
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, ! r2 Q7 h$ ^& v( F8 T# E! c+ r
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! }0 v0 u- Y3 s% W; i% Q# @6 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+ }$ b5 r$ q. e2 T: g1 U' a6 ?
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
; q' S6 y) y- Y0 X6 o+ _唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" x8 |& D0 |9 z2 j) `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . n( M: _7 j0 d4 n
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 Y8 H' G9 f; m8 C; O咁你話d錢蒸發左去邊? ...

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: w3 |, {% `$ h% u正係咁樣
- C3 i5 V) e* X) V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
/ I6 [+ m7 L# ~分分鐘佢地唔使還錢1 l! c+ M1 A+ `2 z) w7 |' C+ l

2 `3 ^* L) E" Y( P1 y4 u% d6 N7 M: J/ Q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 I9 E: |0 L3 ^2 C) a/ p  a
連國家都係問人借, 不停發債券, 印鈔票8 L; A+ S. j  R$ M0 ]
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產* t! ~5 O+ d; W( y3 V4 I8 w
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
* [+ O0 `& e# V2 }9 y5 x咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...# F/ k3 l% Z# ]2 M' y
因為以前未生產, 先消費
+ q) o7 l; H4 P+ N而家就要多生產, 少消費