0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ Q4 K' N0 h+ i7 d* Z# w3 k  X
Why bank will sell 借據給第三者???
& r* H: {) {3 T6 m/ e. [I was so confused.....

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7 g" ]/ V/ @  k  H  N9 d講到尾都係賺錢) A/ ?/ x* C1 a7 ~1 g
so銀行可以不斷放款
( Z9 m' `; T$ a! O% p% w美國的房貸問題散佈到全世界
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mortgage loan
2 ?  `. ], R$ r. _* f>conduit
; c3 k, [$ s) E% N( W3 a>RMBS(Residential Mortgage Backed Securities)" m& w* I, G6 c
>arranger
4 o' G8 o. M1 A$ l, |6 S  ~>CDO(Collateralized Debt Obligation)4 ~" C' y$ q  z9 b, D
最後去到投資者

Kev

i thought it is the reason of rate of return.
- r) A- J! q2 J+ `CDs could have different ratings, AAA -> F,
# i; y5 Z+ ~# }- e  E$ s# smore risky ones would have higher premium (interest rate) as a compensation for an investment.7 F+ e% f( |4 Y4 E
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ |3 W6 C7 }$ L5 Z% p) L+ \in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ T4 i3 ?* f) `; Y7 q1 P
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 j/ Z7 q* Z( ?% b8 ]  w
similar to bonds, CDs trading in the secondary market have different value at different times,  i4 h0 A. d3 O# B( {* O8 s  v7 U
normally the value is calculated by adding it's principle and interest.
4 ]5 `1 z' ~/ ueg. the value of the mortgage+the interests to be recieved in the future. 0 ?5 r8 z0 Q% V+ B  _4 R
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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& n  K9 o1 e& ?; l+ O) N0 r8 |im not quite sure if the multiplier effect does really matter in this case.4 l( L6 _; i9 w6 V( a# q4 P5 t
in stock market, it's the demand and supply pushing the price up/downwards.
" a/ x  j  G/ kFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) M5 O0 A: t7 o& Q) I! l4 G
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 h, Z6 T  Z6 |% u- c3 B! SThe 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. 9 k+ T' R( b8 S$ G9 C9 f
but the value of their assets did really drop significantly.3 f* Z3 Y/ D8 Z; {$ @% z, H7 {
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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.gif0 w- k. `4 d( [& y) J
Refer to last example,
, s  |- D% x* b, @( rthat means bank A have no money because we borrow 10 dollars from bank A
( s) m0 i% h5 o( [8 u+ }3 ^Because bank A doesnt have enough cash on hand
/ z) x* {" r# s# D0 G6 ?6 B' }therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
0 I& ^$ i* {' u& K: z, Iso does it mean if E failed to pay D, ( O& U' Q0 c  N1 d* c  ?- |' \
all the B,C,D,E have to go bankrupt?; e5 V9 S8 r! k8 m! S4 v; g

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the multiplier just tell how much money created in a whole economy, ! w' }- A! K2 d# ]* S
in this case it doesnt really matter how much money is created,
  p" y! d: m( v5 s. Kit's the problem of the debt itself.8 a( c0 y8 S" i2 g
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
# Z7 {9 M5 n& p7 g* B9 l8 Z( c3 J7 t9 m小弟一直都唔明...
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4 R0 m% o; x! ]& P* p) F全世界都蝕錢，咁邊個賺緊錢呢?% M0 X- r8 l9 P) k& a" p5 _  K# n

/ M2 s; [& V, T: \+ x9 S* r) }) W- i, d無可能淨係有人蝕錢無人賺架嘛...
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+ A7 G2 _5 c9 N敬請各師兄解答
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Thanks

2 u( C( _" B4 @2 \那些根本係 紙上財富  8 h. h; R$ a& B( j8 m2 u
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 t" Y: T8 U& V6 ]7 F當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" h. r; f8 m& x4 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% \2 _7 A6 o0 s% E$ E/ M. `$ l8 C
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
4 E& L* O- N/ o3 f扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
, J( }8 c" p/ B計番回報率就已經係50%,所以可以好好賺
% H2 c% H3 e* i1 t0 ~前提係銀行之間要互相信任先可以咁樣借法% P! [% y5 q0 B6 H% B. A6 o
同埋個市場既前境要係好先得, Y3 }4 I( w2 r/ b) o8 X
但當經濟一差,公司估值趺了,物價不升反趺1 g. Q  I6 r; }& C0 ]  v
例如剛才說10蚊的, 趺到得番9蚊,   w2 S: Y0 G/ r4 v) }/ _
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 _8 \7 m6 _, G: u+ G8 ~4 u
所以你就會覺得D錢好似蒸發哂咁6 ?( n" P( X; w5 S
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你都可以當標野咁諗, 個樣野多人可以狂升值, 5 u( O8 J) ~1 v) Z+ p3 _/ _6 C, h
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,
; H! W/ O, M* ^. N6 j$ z4 l$ M( H淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  W( P3 p% f" ~/ g' z/ U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* y( `& ?' ~; ~
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
( G' W% N7 s. \* I  Z唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 p$ b' L8 E5 D7 p! g' E; u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) A/ e* I) j' n# B* M4 R
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
  S9 W' y4 S7 T" @+ `8 n咁你話d錢蒸發左去邊? ...

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正係咁樣
- A" w) K' ?& x! P1 v4 a3 a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* J  G, M1 U& s( p' }% z0 j
分分鐘佢地唔使還錢7 G3 [7 F. B" J; \0 @. Y+ ~* 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,% h+ f+ z% X( N$ B
連國家都係問人借, 不停發債券, 印鈔票
$ `& T* K6 ~2 j+ z5 P一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
& g) E0 q# R5 g4 h# e& S8 u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& a( g" I, E: W; e/ P$ U/ w
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
, b; r+ c( _/ l0 A4 a3 U6 r2 M因為以前未生產, 先消費) F2 |) J6 A6 S$ T( @
而家就要多生產, 少消費