0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 j8 m/ q  I+ e; T- BWhy bank will sell 借據給第三者???+ X7 S6 z- |. b2 h1 `8 ~
I was so confused.....

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講到尾都係賺錢/ N# B, M2 |$ C$ I! @8 O
so銀行可以不斷放款. C: R$ l+ `3 f; q
美國的房貸問題散佈到全世界
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4 d& W' H5 a. Y. y: ^! G; P" Mmortgage loan
/ b4 A5 M: {1 c>conduit7 s. I2 B4 d' x) o0 l
>RMBS(Residential Mortgage Backed Securities)1 t" K% `: N! r4 R% i8 w
>arranger
3 k- `  S  F' O3 U5 z$ r2 d& V>CDO(Collateralized Debt Obligation)5 Z. _4 c# t0 l
最後去到投資者

Kev

i thought it is the reason of rate of return.
. G6 j( t- ?' h& K9 pCDs could have different ratings, AAA -> F,
7 _2 M' {# e: q% B: L5 p8 e3 @more risky ones would have higher premium (interest rate) as a compensation for an investment.4 t4 ?+ S+ h6 u/ `# o: Z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; d( |" h& t4 J& Y3 B- {7 h0 I$ w
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ Z  k) e1 x- n) S2 T2 vAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- C' k" q8 c3 |6 c2 J& m% D! W
similar to bonds, CDs trading in the secondary market have different value at different times,
! u( i: {; z! y7 }, V. Z5 A  D2 W8 z/ Lnormally the value is calculated by adding it's principle and interest. 4 b$ H6 N$ K6 h" N
eg. the value of the mortgage+the interests to be recieved in the future.
9 A" p# n# Z5 e: dbanks 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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! {) ?/ X% y! s3 i* \$ R! zim not quite sure if the multiplier effect does really matter in this case.2 j7 U+ ~/ Y8 D: H4 z
in stock market, it's the demand and supply pushing the price up/downwards.- m/ Q+ P2 ?% C+ f& R+ s1 Q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," N4 W# G! H8 r2 S1 `# z; G* y. r
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 b& }; `6 L& U7 v# f0 jThe 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.
" S% I: K% E9 Rbut the value of their assets did really drop significantly.6 o* `" E5 u6 I( 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.gif
" w( ~  F; h2 D$ A; KRefer to last example,( x  i; K3 m2 H
that means bank A have no money because we borrow 10 dollars from bank A
; [1 W% H# r7 j& g7 r9 b$ Q# vBecause bank A doesnt have enough cash on hand & i9 y0 T2 V+ S* P' [
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
& }- \: p; c3 ]1 Mso does it mean if E failed to pay D, 0 q' ^2 H$ p& l7 s" T( }3 d
all the B,C,D,E have to go bankrupt?
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% s$ R* w$ _3 x" athe multiplier just tell how much money created in a whole economy, 1 c- B' Z3 ?& n3 u+ f
in this case it doesnt really matter how much money is created, " _' @. _+ T" ^4 Y
it's the problem of the debt itself.* u# j  \9 M/ `* P/ w
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
. T; ^% m/ Z1 m) Y  ^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..." c; i  P/ y5 `- |3 H' N; ^
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敬請各師兄解答4 R4 a% f( q; u. l

3 F4 i: @" C8 u) u: h& I0 ~Thanks

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那些根本係 紙上財富  & w* G4 i4 R: F% N
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* q  g7 f' z& g' v

' G$ C* H0 a4 f! q% h" J* K5 B* @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
- p3 r" |; e2 A  \, S% \: r4 N1 Y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" v! |4 S3 W2 B# c
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
& O1 ~0 E2 E6 y' A個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
6 Z  N8 P& G6 C扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,' X! ^: a& f% d9 _$ `9 [4 k
計番回報率就已經係50%,所以可以好好賺
$ j9 s% D( I: ?% O1 B) }前提係銀行之間要互相信任先可以咁樣借法
% q% @% F- ]/ R同埋個市場既前境要係好先得
: x, A7 D. @. z: C但當經濟一差,公司估值趺了,物價不升反趺
( H' W, p+ u& }& D4 U' M例如剛才說10蚊的, 趺到得番9蚊,
: ?" I. F$ n4 y8 \1 T6 d4 t咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
: @) [- a/ ]4 s( _所以你就會覺得D錢好似蒸發哂咁1 L3 Z5 C% |# |. ^* a$ B9 H/ V& C

' q+ b( _: u: ], H* g你都可以當標野咁諗, 個樣野多人可以狂升值, 3 b3 r* w3 L  N
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, 1 N8 b# C: P/ \" l- N; B, e
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " R7 t& Z5 A8 R
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& C: c8 N; ^: a. C
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.gif6 `" j* |8 O# u7 g  }
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 R% v" ^- _* A( R+ ~& N8 g+ l淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - v- a; S7 N; T6 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7 k2 O2 c, l) g3 G9 R8 |
咁你話d錢蒸發左去邊? ...

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) }( b- S7 \# Q7 i3 v! r正係咁樣
6 o" D$ D1 U/ n7 }% 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
. ?: t9 I5 y5 B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,
* c1 X% b9 J) l: q: \連國家都係問人借, 不停發債券, 印鈔票
, D6 s( Y& E* V. y' j一個國家好少出口, 而又大量入口 ,反映到佢唔多生產1 `1 N+ }" n- N9 o% [
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.gif5 V) E6 l1 v) D$ Z
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...; }7 ]( j2 a- w0 g% r+ s! z
因為以前未生產, 先消費
0 }$ ]2 H: `' l6 j( X而家就要多生產, 少消費