0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
6 `2 l% k1 L, x* p' E7 t1 z+ i5 S/ EWhy bank will sell 借據給第三者???5 A5 _* I0 N. [
I was so confused.....

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0 \0 q% A/ \9 T' `0 z# }0 a講到尾都係賺錢6 n, v7 C7 [# l  P0 y5 l1 ?* ]
so銀行可以不斷放款
- f" o$ U/ r# s+ \% t, b美國的房貸問題散佈到全世界
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mortgage loan 2 a0 m. y6 D. O# g8 e
>conduit
) Q7 e, `6 H6 _- A; g4 j>RMBS(Residential Mortgage Backed Securities)
) K- ?% Z4 x0 U+ W& C>arranger
5 R8 K: f( H8 P* w9 J' }>CDO(Collateralized Debt Obligation)0 M3 \! |4 D# {, s7 h9 t, ^  i1 i0 o
最後去到投資者

Kev

i thought it is the reason of rate of return.
8 p# V$ z7 j: p2 uCDs could have different ratings, AAA -> F,
' J  _8 I5 i5 ]4 ~* h3 Rmore risky ones would have higher premium (interest rate) as a compensation for an investment.
. s: _' o- ^3 B1 fmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% ~+ O" P! r; V* z# a
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. r3 y& K. L9 B8 z) F8 A. Z( K
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: X4 Z7 G8 H' Q( C/ u0 G
similar to bonds, CDs trading in the secondary market have different value at different times,
8 b2 l3 Y2 p: a' F1 j4 fnormally the value is calculated by adding it's principle and interest. 8 p0 u) R5 f% l* N7 T" b/ D  q3 m
eg. the value of the mortgage+the interests to be recieved in the future. ' X2 K6 D1 q. f* ^6 I, m
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.5 W7 A; Y' L1 i0 m; F
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im not quite sure if the multiplier effect does really matter in this case.( |! X/ r  r, V9 K! e- C% m5 n
in stock market, it's the demand and supply pushing the price up/downwards.
' z2 f7 h4 t9 x/ G4 ?6 E6 XFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! j" v% i% W6 e* v1 h& h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: `- R5 E4 ]/ l- [8 LThe 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. + n# v& H' O: A8 }, h5 H
but the value of their assets did really drop significantly.; [- I' M; o$ o# F$ I
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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 F0 N$ g3 ]. e  H. P7 K! h( p4 f
Refer to last example,
1 u. P& ]' h4 Y/ i; n  ]' g" mthat means bank A have no money because we borrow 10 dollars from bank A
  Y8 O8 O' F9 R1 n: UBecause bank A doesnt have enough cash on hand 2 q, _6 @3 p& O( V, n
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
" L' T5 n  o/ [+ Pso does it mean if E failed to pay D, + w& n) n4 o  G/ Y
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, ( n* L  M2 g6 U# `- L; |
in this case it doesnt really matter how much money is created, - s- g' Z5 w' `! x- t/ J+ D
it's the problem of the debt itself.' q% X8 G3 K1 V# V
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. |7 y, q: G$ s+ d小弟一直都唔明...
% Y, _* w: r+ b5 I* D3 b( m1 S) w. s  }2 q2 ~
全世界都蝕錢，咁邊個賺緊錢呢?
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# ~$ j8 [- o! i# a7 X6 N無可能淨係有人蝕錢無人賺架嘛...
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1 y; C( b! k- t0 C" h! ?6 }; i- e. O敬請各師兄解答
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Thanks

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那些根本係 紙上財富  & [1 B8 W2 Y& G
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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$ {, W/ X# _$ l* Rhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
" p7 ]" ?/ l. S( ~2 @3 r當經濟好,投資銀行相信會賺錢, 物價既估值相對較高5 V. K* D/ x5 L, f) u* Q
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
; F2 C- Y2 x' K3 `9 r! C個件物價係市場好既時候升, 例如15%先算,變左12蚊啦! L, S+ _( X: U
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,( s- a, F, q0 n9 F
計番回報率就已經係50%,所以可以好好賺2 X5 f% g( V& o( I, ]5 m$ i
前提係銀行之間要互相信任先可以咁樣借法6 q4 a, y0 o, R) p. F
同埋個市場既前境要係好先得
! L# K9 o+ G# f+ ?6 T, X( o5 a但當經濟一差,公司估值趺了,物價不升反趺+ m4 c. X" U7 h: e
例如剛才說10蚊的, 趺到得番9蚊,
$ u9 G9 }! y7 K& W; e1 f4 ^; o咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 X5 C# B/ A3 ^所以你就會覺得D錢好似蒸發哂咁! l$ B0 {: j" T8 l7 E

! d5 L' P9 Z0 k- W* s你都可以當標野咁諗, 個樣野多人可以狂升值,
1 z$ m: X" d* 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, 6 A* O; y; W9 C9 }* ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ [. q; r5 b# O4 F' k$ j! a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 v5 @* c* q" q- B7 D
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
9 C3 |( ^1 E- G: c唔係d錢蒸發, 而係比美國佬洗晒未來錢,   ^! a9 h' d: p4 q( A
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 n3 X* k( J+ F+ d% n% P0 Q) W' P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
5 Y3 K0 b# A+ R0 N+ C9 N咁你話d錢蒸發左去邊? ...

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, I! Y6 z7 ]+ X正係咁樣
- \# Y! G; q$ f7 Z5 {2 }" 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
) ?. V: l! h3 Q& _分分鐘佢地唔使還錢
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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,
' o& l2 q7 q7 Q連國家都係問人借, 不停發債券, 印鈔票2 x9 [! X6 t- h! m7 a$ o
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產- V7 |& y! e8 a( K  H' Z- L
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.gif6 \3 t/ {" ?( H# v/ l4 J  x; {! V& N
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...! \- _9 v' {" v# v9 }1 I; ^0 ?
因為以前未生產, 先消費
, C6 m9 ~% M8 x( E# M/ e" z3 _5 W而家就要多生產, 少消費