0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
: `/ {5 D( o7 `; ?2 a, D% K$ N. i& K/ wWhy bank will sell 借據給第三者???
; V. H9 v2 @$ o# r# \' e! \I was so confused.....

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* d. @( o; _, e* F! z/ {講到尾都係賺錢2 r$ `. X4 ~% W1 B2 F  L
so銀行可以不斷放款5 ~5 Z1 r* ?3 ^, U1 O, `# d" l; r, F
美國的房貸問題散佈到全世界
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mortgage loan
3 g  D9 I2 H/ B) i>conduit& U* a# V- X7 c7 a
>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)
6 I0 \+ k; x, K( F9 J最後去到投資者

Kev

i thought it is the reason of rate of return.) j0 {1 m1 l! h# e8 f1 W; D
CDs could have different ratings, AAA -> F,/ k0 ]8 v9 q  S% f( W
more risky ones would have higher premium (interest rate) as a compensation for an investment.
% K. u7 B1 {1 O/ x! ^main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
& H4 X1 B- x8 P* ^in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( a2 m: t3 u% K1 e. pAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 P6 B: S4 q2 _) ?6 f
similar to bonds, CDs trading in the secondary market have different value at different times,
; K1 q" p7 o( r& |% O% }normally the value is calculated by adding it's principle and interest.
+ z+ c# J) Z) teg. the value of the mortgage+the interests to be recieved in the future.
- g- e$ X  J% f0 ?8 V" gbanks 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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$ ?' L0 p3 U8 J2 kim not quite sure if the multiplier effect does really matter in this case./ q% I2 R! v0 f, X! k  F
in stock market, it's the demand and supply pushing the price up/downwards.
: W! W5 O. d( W7 WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' y; Y* @2 T' i+ ~2 {: I3 e1 rA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 C( \3 ?7 T. Q, L
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.
" t7 I/ T, n( G3 t; x  Xbut 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.gif0 `0 z6 h( |- h2 T' ]- r$ q0 q
Refer to last example,
6 R' `; |2 d9 D! f6 hthat means bank A have no money because we borrow 10 dollars from bank A
; U$ }* R# ~, M! i0 ^Because bank A doesnt have enough cash on hand ) z+ V+ V6 @) |9 A. X) |
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
5 O( z, U+ z- A4 h; l# a& kso does it mean if E failed to pay D, " ]0 N3 W$ J$ d# m4 x' v2 Y
all the B,C,D,E have to go bankrupt?
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* P+ J) L6 M+ q( d/ T! hthe multiplier just tell how much money created in a whole economy, ( U2 k' c( y: N
in this case it doesnt really matter how much money is created, 9 g3 }! b4 O7 W: a& ^- v) O0 C
it's the problem of the debt itself.3 [% B3 q9 w4 h& ^6 P* _8 W# i9 H/ P
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' b5 P$ z$ ~; Z% q
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...( T4 K4 T" j0 k6 Z+ X# Z3 F8 h
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敬請各師兄解答
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2 ?! D, ]( g! G5 PThanks

, U6 q2 I7 U( A8 x' r& V那些根本係 紙上財富  
% i1 @( V: o0 C4 {! ?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 graphic1 s; ]" y) {& @) T% M

2 g# H  }& W6 w4 H. q0 U% fhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產$ E! j* D0 Q# K& R
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
5 [" l9 d8 f2 y1 [7 ~. 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
, g8 h+ y& F5 o個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 H, P  i3 a5 m( n3 ~
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
* K- g' a8 W) y* ~" \; a; {0 W計番回報率就已經係50%,所以可以好好賺
( x5 _6 l  h% n前提係銀行之間要互相信任先可以咁樣借法6 P* W7 k' F4 S0 d; @6 \" I  g
同埋個市場既前境要係好先得& ?  O8 w. Z8 N, f) I  M+ k
但當經濟一差,公司估值趺了,物價不升反趺
% X: T, I& @! v$ l. ]) I( T& I  o例如剛才說10蚊的, 趺到得番9蚊,
, q+ `8 L' \7 d咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( G7 s# |+ B5 _+ ]" l# i7 p! Q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, ' t  u2 ^" j- @( D# ^4 A" k/ g+ P9 x
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, - P  _% O; M6 J) n
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 q! l2 W; w/ |3 W$ R- J
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  ~+ g3 k7 n3 B$ X
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
0 k: p4 m/ \0 u唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) q9 R! {% [+ U6 s4 R8 m
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . i: E+ h$ |. T' f8 B1 C6 X2 [
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 O  H; A% Q; v
咁你話d錢蒸發左去邊? ...

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正係咁樣# _1 b2 E9 _4 {/ i" {
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
3 E/ Z- _" ~0 G& r: B- p分分鐘佢地唔使還錢
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+ U0 P* B. [( R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,2 P1 K/ ~+ w- B( W7 M; n3 M
連國家都係問人借, 不停發債券, 印鈔票/ d) X! U2 |  J2 p
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產+ Q7 k- x- K2 u: K- K) z* I
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% {4 t9 K+ Y* Q+ @' Q
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
* R3 |/ I1 g! Y; P7 C+ `5 r因為以前未生產, 先消費$ f! u# x! `9 b( U
而家就要多生產, 少消費