0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ ?% f! u: u; \  M" X) T9 ^, D  n- x
Why bank will sell 借據給第三者???
1 J6 p3 k2 ?: Y: OI was so confused.....

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  ]# s! M+ O6 q+ Y4 v講到尾都係賺錢, t" d) z$ @- J2 }) f
so銀行可以不斷放款
# P- A+ p2 L$ R6 N& x1 z$ {1 _美國的房貸問題散佈到全世界* z8 ^3 l* V- u/ y
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mortgage loan   i: t) g+ c8 w6 o% K( A; F
>conduit
* S( \0 V, M$ U% a( o: s>RMBS(Residential Mortgage Backed Securities)" n& _# T5 P' z* T7 A+ E0 W
>arranger
) w& |  B' ^) N>CDO(Collateralized Debt Obligation)
! W/ P! X, z7 t1 J: z% r; V6 O最後去到投資者

Kev

i thought it is the reason of rate of return.
- z7 q: X& t& r; U  g3 K- NCDs could have different ratings, AAA -> F,
( i+ r% }( h3 a1 Bmore risky ones would have higher premium (interest rate) as a compensation for an investment.
- c( C" l% G$ p/ pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' N* G7 B+ L2 O
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" e. o* |6 I) j' G& DAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! d- Z; T/ V) D+ i1 X2 _8 \similar to bonds, CDs trading in the secondary market have different value at different times,
3 ~8 k& V/ _- _, [! _9 _2 q- Wnormally the value is calculated by adding it's principle and interest.
3 Y4 O. {. i3 n  {7 d. Yeg. the value of the mortgage+the interests to be recieved in the future.
* y7 W9 e5 O! ebanks 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./ s, `) \9 h% [6 H+ q) d3 W$ \

' d1 Q) z% t' ]( ~' s* Nim not quite sure if the multiplier effect does really matter in this case.# C% I% s! i) u+ k& V
in stock market, it's the demand and supply pushing the price up/downwards.( h( |7 e' u9 R8 L) G2 |5 _# Z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 v" J0 @/ K2 L: eA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 ]2 j: F0 y7 F# m  S" F
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. 6 m7 h' V6 {* v
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
" g  X& @. i: w/ W6 |Refer to last example,
% B2 m% \$ M) Othat means bank A have no money because we borrow 10 dollars from bank A
  f7 e9 w3 H3 Q, B4 S- b" NBecause bank A doesnt have enough cash on hand ) E2 v" F: X/ t2 `! T
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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' ^/ X6 K% W0 @7 B/ _3 H0 nA->B->C->D->E
% w/ k* c/ C6 ?6 z, c3 fso does it mean if E failed to pay D,
6 p' j7 M( ]* Jall the B,C,D,E have to go bankrupt?
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$ a* {: `% U* ]# l! T0 ~* R. J; Sthe multiplier just tell how much money created in a whole economy,
$ T2 a4 _8 H) g& H' S- min this case it doesnt really matter how much money is created, - T" h$ l! a. {, J
it's the problem of the debt itself.
5 [$ m2 ?1 s" F4 I. z& L6 r2 _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  g" Q0 X/ ^2 t5 y
小弟一直都唔明...
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0 P7 w7 N* q! C7 r9 N% d全世界都蝕錢，咁邊個賺緊錢呢?
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+ K) N; B2 t2 Q+ L" D5 S& ^8 E無可能淨係有人蝕錢無人賺架嘛..." l( S& w1 k4 z; J4 {
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敬請各師兄解答' N" D( d, B  ~9 A0 i. S
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Thanks

2 }: Q: w0 ?+ R" t; W那些根本係 紙上財富  + [- q2 m% R$ p/ v% k" _
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
- C) @" ]$ o+ _4 X. ^+ W5 A' [當經濟好,投資銀行相信會賺錢, 物價既估值相對較高8 W' O0 G. m" B9 ^
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
- `6 ?1 _. q5 ~" {個件物價係市場好既時候升, 例如15%先算,變左12蚊啦1 |1 U2 i  G# l8 s2 S
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
; A1 O1 Z0 `5 P) w& s$ q5 P計番回報率就已經係50%,所以可以好好賺* b# J% @8 v0 U8 G
前提係銀行之間要互相信任先可以咁樣借法5 Z/ m7 ^1 a3 N
同埋個市場既前境要係好先得6 q. K$ {. r% a$ x1 p! S7 ^
但當經濟一差,公司估值趺了,物價不升反趺, e8 e3 D; b( R- v* v/ a2 c
例如剛才說10蚊的, 趺到得番9蚊, % H2 s5 g1 R% k8 k3 M
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%5 w) J" B. B/ z& X) u3 H8 V
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
% j: \2 u7 J7 e" z1 ^" v' v1 a8 ]" 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, ) ~# C- ?9 A4 \8 b: f; e: d0 f
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * C. l" u" h" G, k1 l
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3 Q/ x! l! {3 U9 m
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
! f1 `* T' R% A唔係d錢蒸發, 而係比美國佬洗晒未來錢,
7 m5 W3 h8 a3 T0 S. q1 D2 Q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : M) o7 t3 {3 o
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
3 i" E0 n" k) e' T咁你話d錢蒸發左去邊? ...

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正係咁樣
& t) h, s6 [9 @  B: z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
8 y; \& L8 Q6 t1 @分分鐘佢地唔使還錢# u3 i( k# |; i5 {6 p2 _( T
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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,
" s- _% K4 f' q% A( h6 M; t, A連國家都係問人借, 不停發債券, 印鈔票" e  P8 `" i0 g2 q$ U! F$ ^, g
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產+ }5 l. T8 B% ?" N. S
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  H1 j! H- \: J; P
咁而家"爆哂煲"算唔算先至係變番"正常"???

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& o3 C3 i. B9 t- Z7 i其實係...5 V# R6 v" ~  t+ ?* T4 r6 Y
因為以前未生產, 先消費: d- \3 @+ p1 |, M3 y+ X' }" Y
而家就要多生產, 少消費