0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
6 G6 A/ |4 n  z: b- T/ s+ d9 vWhy bank will sell 借據給第三者???9 \4 a6 ]7 V$ Z
I was so confused.....

8 n/ p1 {  j" V- K5 Y$ E# z$ O) Z+ |- [5 q" ~* ~' J
講到尾都係賺錢
. q: a7 Z4 c0 M. L3 E! I' d- p, rso銀行可以不斷放款
! d/ [+ b5 J. B8 M美國的房貸問題散佈到全世界
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mortgage loan 9 p* @3 B2 G3 C4 D( N$ ~
>conduit9 \: X$ h6 A% }! g) w0 M7 n$ m
>RMBS(Residential Mortgage Backed Securities): R7 J0 N2 \4 T
>arranger* g, Z8 i$ D- V, v: v1 P
>CDO(Collateralized Debt Obligation)
4 l1 ]7 h4 o9 b  z- b最後去到投資者

Kev

i thought it is the reason of rate of return.
0 S3 @6 l7 ^9 \; Z* |! {; sCDs could have different ratings, AAA -> F," D' M% r) X8 |+ M( T( H4 [
more risky ones would have higher premium (interest rate) as a compensation for an investment." {% p, h( X* t' _, T0 ?+ {
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, P; e6 m% N( X0 y9 T
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, s3 r$ ?$ Y. D7 ]. V' Q6 ~) jAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ h+ ^3 J& U1 O+ ?similar to bonds, CDs trading in the secondary market have different value at different times,
% |2 k6 l; M. @: X8 v* S) L& Vnormally the value is calculated by adding it's principle and interest. 6 I+ L. o& m- o: l& e
eg. the value of the mortgage+the interests to be recieved in the future. 0 I' V0 z- \9 o3 e
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.0 s/ t$ ^& s# @
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im not quite sure if the multiplier effect does really matter in this case.
& a5 }. H$ d+ A2 y* Min stock market, it's the demand and supply pushing the price up/downwards.1 N: F+ ^0 ?- }0 x2 b
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; L! }7 P/ e- P  `A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ a) Q8 u, H( u# ~$ h% S. o4 D
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. 1 ~' F% X  c/ e6 b! E! V, R
but the value of their assets did really drop significantly.
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7 x/ P9 [+ Q! s[ 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  O/ I) @1 a* `, p8 K
Refer to last example,
) W& t* a: m: r5 }* S- f' uthat means bank A have no money because we borrow 10 dollars from bank A 4 d/ r' Z) j* `4 s
Because bank A doesnt have enough cash on hand
6 S  \3 n. \& v7 X/ o8 L" ]therefore bank A need to be bankrrupt ??? Am I right ?? ...

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0 Z3 e: k9 A- d, C5 K- b

- T, N" z& Q0 q7 k$ `  o( ~( BA->B->C->D->E
) L4 s% d4 o: K& k0 h: aso does it mean if E failed to pay D,
6 k/ c1 a3 `. m* x, C$ a9 o4 Mall the B,C,D,E have to go bankrupt?) j& w' q: g* m( Y: A) t
' o$ v% a  c% C1 ^

9 }" Z4 e" j. bthe multiplier just tell how much money created in a whole economy,
) @+ \. |% Y( h; a- vin this case it doesnt really matter how much money is created, * ^2 J" `9 `2 r* @4 ]1 c' o0 @
it's the problem of the debt itself.
9 l5 D  n8 e2 @& I* ~% D0 tthe 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
, M. I; Y; X* I% @3 F小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...5 d' z/ P6 @/ X1 L+ Q
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敬請各師兄解答: O  g* j, p, `4 f/ d0 l5 z$ ?, ^

; W" [" K+ X' \$ G5 J9 I* SThanks

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那些根本係 紙上財富  ! ?# s& k. {) ~3 {, o0 z
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6 c2 X: P% V% X( B1 d  ]. z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" M) T4 m% Q+ v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  F$ l0 Y' P  G0 J0 r
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 q$ O: |" X2 x7 Q. j扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,9 v9 k! v% e" @9 u4 C1 {
計番回報率就已經係50%,所以可以好好賺
) a! X' ?6 I+ v+ X- O, t, R前提係銀行之間要互相信任先可以咁樣借法
* \4 J: C/ @4 ~/ }同埋個市場既前境要係好先得; s+ @8 Z7 o$ j: d
但當經濟一差,公司估值趺了,物價不升反趺6 e3 Y1 ~1 [6 m* F8 ?
例如剛才說10蚊的, 趺到得番9蚊,
2 }5 R; R& Z3 Z* i2 ~咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" H2 J0 ]/ \- J6 S
所以你就會覺得D錢好似蒸發哂咁$ x4 O; G  g1 i; R9 i
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你都可以當標野咁諗, 個樣野多人可以狂升值,
; o# M, l8 g, H; `; q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, : E9 p) J+ v) \
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 K% d) D) b5 i- K
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
# {2 I5 N$ }1 C! q5 i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.gif4 L# X* L, [, B) W
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 z4 V) g' E' i# d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& n* \; c9 l7 w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+ d+ {* q; C) l% y% N9 U2 Y& n
咁你話d錢蒸發左去邊? ...

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# T2 ~3 g, {! {- @. P* P1 \( ^) C6 {正係咁樣
; |3 y7 t+ m; Q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' Q3 R  [2 j6 o- Z) _
分分鐘佢地唔使還錢' Y' r9 J9 ]( q5 {5 C2 ]

2 j7 J! B* i/ w0 r$ }; A- ?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,
$ U; }5 ?5 v0 ?* b4 ^連國家都係問人借, 不停發債券, 印鈔票
) ]$ u: ?* S) k* d一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( h0 N$ t: a0 _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.gif8 ^( C) f6 C2 H3 x- S
咁而家"爆哂煲"算唔算先至係變番"正常"???

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, |- T5 D; k/ }其實係...
* J8 U, F4 ?  r$ Y' H: D因為以前未生產, 先消費! o' Z' I* p' v1 H' i( @
而家就要多生產, 少消費