0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif2 \( D' W- C1 I
Why bank will sell 借據給第三者???  |" A% ~: s0 t9 a/ j" \8 y2 [* f
I was so confused.....

7 ?4 B8 b. J- M. F& T3 p( S) ?/ c0 R& G
講到尾都係賺錢+ A3 z/ [0 G- r  n! M; [1 ?
so銀行可以不斷放款
/ [9 m2 ?# V" W2 j9 m( g8 F美國的房貸問題散佈到全世界* ^* s0 n0 O4 b0 M
  y2 [, V1 ~7 i
mortgage loan
/ u5 h- C6 S& B* {* Y>conduit
' z) w3 j7 r4 x6 b7 [1 i: T: x>RMBS(Residential Mortgage Backed Securities)- u1 Q7 \: A! b3 |/ L! @9 p, s/ v
>arranger7 q( \8 p  e: i% D$ C0 G
>CDO(Collateralized Debt Obligation)
/ h8 c3 ~1 }( {$ X' |! h最後去到投資者

Kev

i thought it is the reason of rate of return.
  ~  ~% d# p/ _7 x1 u5 T5 CCDs could have different ratings, AAA -> F,
+ Z  d- B! Y; q* C' p& o3 N0 @* nmore risky ones would have higher premium (interest rate) as a compensation for an investment.- N# ~9 w+ n2 A- ?) s% y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# e0 i% Z$ G. c. j
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." A, ?; l' s  [* D8 X" ]% G4 i
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  e% j2 v0 p9 h, B+ K' k) rsimilar to bonds, CDs trading in the secondary market have different value at different times,' H$ ?8 f% U% K
normally the value is calculated by adding it's principle and interest. & J* w- U! D' w3 q$ D
eg. the value of the mortgage+the interests to be recieved in the future.
  @' y; C1 Z7 A! [6 i# lbanks 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.
% M# ^' S1 P: H
# ]+ c) k) Z# L+ \  y3 Y) N' e1 Yim not quite sure if the multiplier effect does really matter in this case./ }0 r# f# I  `+ u" z) v: s
in stock market, it's the demand and supply pushing the price up/downwards.. o3 C/ B+ \2 u/ N  |7 g! G
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 _% L3 X& L% b1 X; ]A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 M8 u# V: H  }4 {/ J1 w  QThe 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.
5 J5 ~3 V5 \8 Kbut the value of their assets did really drop significantly./ \$ m5 z3 x8 u  L+ c$ k
) q, ^; M. n; k6 ~; ~
[ 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
  A9 p+ R. q# [3 e2 E! V0 l) vRefer to last example,( J$ K7 O3 y: [1 a
that means bank A have no money because we borrow 10 dollars from bank A 6 ?6 i3 X' s* f  @; U; i
Because bank A doesnt have enough cash on hand ! h* u: R# p% Y1 u3 f
therefore bank A need to be bankrrupt ??? Am I right ?? ...

' s- [# S; `* s, r% V4 J9 G' d& Z

+ d7 ~: x. ?4 r# A
" C/ V' Y2 d! a# W( s3 f6 LA->B->C->D->E3 N/ Y7 b8 K2 w- r' ~
so does it mean if E failed to pay D,
" h5 E$ Z" L1 B2 ?all the B,C,D,E have to go bankrupt?
4 r5 X/ W) x  e6 f7 Y, W  x0 |
1 }2 F7 Y+ S, J+ H9 K2 ^- _9 ~$ E  A/ D) M4 Q% \) g- j
the multiplier just tell how much money created in a whole economy,
3 n5 Y) A5 a8 ?) _in this case it doesnt really matter how much money is created,
7 ~' n" S4 T# p; [4 G  Nit's the problem of the debt itself.0 y4 H5 i8 E2 J" Z. s
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
1 u. P" `7 `2 f: ~+ u2 S( @7 X9 ^& A小弟一直都唔明..." A1 }% o  r: N  F; F2 e5 ^" J

4 F$ I1 i! G8 \# O( I全世界都蝕錢，咁邊個賺緊錢呢?
3 K; u# a- r4 q! A3 h: o+ h6 u+ ^, A/ T# ~: e2 T% H& @+ w7 d
無可能淨係有人蝕錢無人賺架嘛...
- C+ m$ G' j! Z+ M- I+ x. t  e/ z7 j2 N! X
敬請各師兄解答. L; N9 R3 v# W7 U! ^. V! t

" g& u! T6 Q) T+ q; YThanks

5 E4 ~( p8 U+ w# s那些根本係 紙上財富  
' T) t* Q% t' J, L) Q" ]; 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
3 ^) x# b0 ?. @5 W$ A; I$ t3 X8 ^: \! W6 W
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
( L+ ~) P3 W7 ?7 o# E當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 p% j- D+ e$ I; h4 o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
& D/ w9 {9 l) Y/ l* t) o個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 m3 n4 R9 w7 `  ~" u扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ U2 t: c" j1 r, e8 F0 o; t) C6 d' o5 i
計番回報率就已經係50%,所以可以好好賺
7 H" z, z# a/ O: r; \$ `前提係銀行之間要互相信任先可以咁樣借法7 k, C5 v: i3 {3 I" ^6 C4 F
同埋個市場既前境要係好先得
9 [9 K! }9 U! C5 v但當經濟一差,公司估值趺了,物價不升反趺
( U: ~8 k/ b- W& B( x, }7 z7 x3 F例如剛才說10蚊的, 趺到得番9蚊, $ z& Q; |& J" E( x: o5 W# r
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( }" l  ~( X0 l- L. t3 n$ M5 D' c所以你就會覺得D錢好似蒸發哂咁
, }; U- A8 n; Y: R+ e3 \. v9 l, [' Q
你都可以當標野咁諗, 個樣野多人可以狂升值,   M2 U" e1 _  g- [+ e& J5 b+ U0 ~6 Y0 S- Y
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, ( |& B4 S$ e+ O; _9 ?! }- N0 R
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) d; ~: L0 M) 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
0 S5 q, P0 l+ \, P- M9 s# ]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* {* ~# U4 P2 M! P
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; ^) }8 ~8 e) j8 W淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 B# X$ A4 s" u$ j, e  O$ Z# B, S
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: r! i, k/ R) Y/ K( Z! {
咁你話d錢蒸發左去邊? ...

5 ^9 I. M+ K3 e, ]: U1 _0 w! U0 _* C$ o, t5 w, I! Y
正係咁樣
- D, f2 `; u) x- q1 C5 Y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  `) g, g/ C5 n. R
分分鐘佢地唔使還錢0 E0 i1 d6 W8 t; b3 O1 |
6 P! z) ?: a% P6 Q, N& y0 l/ V
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,
$ {3 Q! y/ T0 P: V; R6 y連國家都係問人借, 不停發債券, 印鈔票
7 z' |* A; x/ o; f+ P2 y一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 t# u3 L. P9 D
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
8 J" e/ _8 J- O3 }/ j7 F咁而家"爆哂煲"算唔算先至係變番"正常"???

1 q/ U! ?! r* B& s$ Q1 R. }3 [# ~
其實係...! e( d) E) n& h9 r
因為以前未生產, 先消費6 \9 F0 ?+ W3 @
而家就要多生產, 少消費