0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 K$ K, [0 J' sWhy bank will sell 借據給第三者???8 v9 a, Y* i+ ]8 W- c$ M: C% t
I was so confused.....

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4 Q5 |. m/ [! Y& s( Y講到尾都係賺錢
) C4 W4 \) X" N  Y6 m2 uso銀行可以不斷放款$ T' s: f; u& s9 s8 t- d8 s
美國的房貸問題散佈到全世界
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mortgage loan
, ~' u6 O" e" K" e* [9 @>conduit
$ K2 H- a& J% ~6 i6 G8 A>RMBS(Residential Mortgage Backed Securities)
6 ^9 {- N& _: b0 X! ~1 g>arranger
0 u9 u  E# L5 Z- [$ ?6 t& F>CDO(Collateralized Debt Obligation)/ E  e$ H5 i* ~3 Y' H9 V# t
最後去到投資者

Kev

i thought it is the reason of rate of return.
2 E3 @6 S/ @; K' ~2 ECDs could have different ratings, AAA -> F,
  e/ `$ ^# B" v- Emore risky ones would have higher premium (interest rate) as a compensation for an investment.
" I- Q4 w! Z) e/ |0 A, bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 Y5 H3 n, b9 ~2 E9 @' Z: m' }) Uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 q) q" d  b; U( {5 Q& O# e
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 e! ]! ~3 o6 \. V- L) m
similar to bonds, CDs trading in the secondary market have different value at different times,
+ ]1 h/ c1 Q) `9 hnormally the value is calculated by adding it's principle and interest. ; E9 {7 O5 q; w
eg. the value of the mortgage+the interests to be recieved in the future. 2 @: e% A( S$ {+ Q& }$ y8 O
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.
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im not quite sure if the multiplier effect does really matter in this case.
) @5 X9 i0 R. C: cin stock market, it's the demand and supply pushing the price up/downwards.
/ Q5 {0 Z9 L" ?- nFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& j) P2 ?4 a$ i5 E* ?4 @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) V$ z, b- w5 h. \8 \* {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.
4 x* ~6 b" w  I0 Ebut the value of their assets did really drop significantly.: c. p) }# y- Z
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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 f& m- A5 p5 U* E; Z; l
Refer to last example,
# E! @, i# t" t! g* ^that means bank A have no money because we borrow 10 dollars from bank A . A/ J: n+ T( u5 t& x$ ?( `3 }
Because bank A doesnt have enough cash on hand * \2 D+ y8 Y( X4 M9 K( F! J
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
- N! |# [' K7 w7 |+ ~so does it mean if E failed to pay D,
  i: J2 S5 b# o  tall the B,C,D,E have to go bankrupt?% ]/ F& K; B3 O5 I
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the multiplier just tell how much money created in a whole economy,
: g) z0 w. _2 M8 t& n0 U$ min this case it doesnt really matter how much money is created,
1 d7 h/ h' e: W6 {it's the problem of the debt itself.
! k! V* G0 j  f9 w! R" rthe 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. b: z+ b9 s  f0 C/ T
小弟一直都唔明...) X& Z$ m( O3 }

* C  R( q! X- v1 C全世界都蝕錢，咁邊個賺緊錢呢?+ h, f0 p  H2 u

4 H  i3 j9 A& y2 d無可能淨係有人蝕錢無人賺架嘛...
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( `7 H( y( A6 \: e) D: K( I7 [敬請各師兄解答
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' o+ t" N$ |2 T8 xThanks

" t6 d5 B# R5 ?& }  B2 p: r) |那些根本係 紙上財富  - u- P# q/ }  ^; B- \
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& W9 k2 d7 D% X* c2 ?: c# \& s  \

8 d% K' v& n9 I; ?0 J. _, E8 d" O( l! [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
0 x  V) ]4 w1 v. q4 [當經濟好,投資銀行相信會賺錢, 物價既估值相對較高8 T4 B3 T8 b! [, S- b4 O) L9 A( p
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+ C( C" P& d' C
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
* u$ A9 J) @/ ^) f扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,( B2 E2 V+ u# `( \
計番回報率就已經係50%,所以可以好好賺
; H$ ]. F" Z5 c9 F. ?3 T前提係銀行之間要互相信任先可以咁樣借法* Q& d9 n3 C3 S  C( D" V) q* \
同埋個市場既前境要係好先得% x& Q, Z9 S' J+ j3 v
但當經濟一差,公司估值趺了,物價不升反趺
2 u- p- r7 n3 [! h( M例如剛才說10蚊的, 趺到得番9蚊, 9 h& y4 D& g7 ?7 K& i1 U6 C
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
/ Q+ }5 |) L* R/ Y# M, D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,
: S7 `3 b9 m* K7 {; |( G  Y8 {$ 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,
' e& p8 l, V/ s0 m3 |( K5 X1 u+ O; a4 M淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. w( J2 y: u7 i5 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
: ^' {' g  u1 W; d8 ?" b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.gif8 Z+ H& U/ S. R
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 M- f5 q' X- W- v, ~6 d7 u: x
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' ]( V8 ?  g% \/ |% ]3 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
: N  a1 x7 V2 ~9 G咁你話d錢蒸發左去邊? ...

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正係咁樣# y6 C& N6 `0 ?8 n3 \, F
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
- C& b1 B; n  s- k4 J* }分分鐘佢地唔使還錢, Q" M* y1 E. F$ T$ Z( p
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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,0 v$ a  }. U, j5 c5 D' z3 ]' k
連國家都係問人借, 不停發債券, 印鈔票. A# B4 K) {, G( O$ E3 C
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
6 K- B; A: v" j- h1 |% `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/ n+ D+ q8 g8 y7 b2 I6 ]; y; F
咁而家"爆哂煲"算唔算先至係變番"正常"???

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8 r5 K' X. L+ u  P其實係...
/ U8 a( Q3 L8 q% a3 f5 w因為以前未生產, 先消費+ ~' G* _$ v% G9 u0 q! e% S. F
而家就要多生產, 少消費