0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' H$ T0 y1 @/ Y5 S: BWhy bank will sell 借據給第三者???
' r4 e- D3 e9 `# }( LI was so confused.....

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; ^9 \- k" Z; q2 s* L7 N講到尾都係賺錢
3 q/ C; w2 x: zso銀行可以不斷放款6 Y7 C: l* s" ~# ?. D' }
美國的房貸問題散佈到全世界
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# @+ q5 R- Z' {mortgage loan 9 M0 d. z  s( r7 a3 Q% X+ K# F5 y0 C
>conduit8 x0 b. O  K; A6 @) W: h
>RMBS(Residential Mortgage Backed Securities)
1 {4 T% t% N- s! R$ P>arranger
) n# S; ^0 V. M6 ]/ P9 `9 ]>CDO(Collateralized Debt Obligation)
8 \4 b& F9 d% L# r4 ~, T: y' @最後去到投資者

Kev

i thought it is the reason of rate of return.! M7 q6 d, e5 Z( c! Y
CDs could have different ratings, AAA -> F,+ h4 ^+ {6 ]+ y$ ^
more risky ones would have higher premium (interest rate) as a compensation for an investment.4 _  V) b' x# i0 X( |. |& m7 \4 O
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# L3 f: h' C; g' Q2 {5 v/ ~- L$ M, xin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) v" `  c& r. z) hAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# {7 ?% r  ?4 ?; _$ K4 d& lsimilar to bonds, CDs trading in the secondary market have different value at different times,. [" T$ [! H/ Y* D7 G3 s/ b- `" @
normally the value is calculated by adding it's principle and interest.
& N& C2 {; P( g" g  L" H" eeg. the value of the mortgage+the interests to be recieved in the future. ' X! u2 B4 F2 o5 c. F
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.
2 ~6 L2 ^  j. ?* nin stock market, it's the demand and supply pushing the price up/downwards.  X( B1 a, X! g. t' ?( C2 A+ Z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
  @9 z( M( |+ O: [A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 h: ]2 }& }3 j6 R8 K; y5 V
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.
+ i, H" T. i; i4 f" C/ \" Pbut the value of their assets did really drop significantly.2 t% u! F  {5 B) Z5 @$ @! 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.gif1 j/ b( q) f) J9 K2 d- w, E
Refer to last example,8 x0 o8 {% s# K& _
that means bank A have no money because we borrow 10 dollars from bank A . [9 @) h1 S  s, I9 w; c
Because bank A doesnt have enough cash on hand 2 y6 ^8 X6 d( h7 E1 e
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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8 ]9 c2 V8 E1 i7 qA->B->C->D->E
" L* d& ]  q3 B: G3 T1 V' jso does it mean if E failed to pay D, 9 s8 x' n. u6 W8 s  C5 M
all the B,C,D,E have to go bankrupt?
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9 \. ]8 b6 a: a9 o& N; r$ w: p& L+ J: q! I7 }
the multiplier just tell how much money created in a whole economy,
3 V2 w( o9 j7 b$ @6 C0 x1 u( z9 ?: P. l. Uin this case it doesnt really matter how much money is created, . R4 G: P9 O/ j1 c
it's the problem of the debt itself.
* I2 @: M7 E* i( e3 l3 Vthe 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
+ F5 `! i: b: F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...
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3 G7 L! P% @7 Z敬請各師兄解答
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: L& o9 j! a; U4 J+ sThanks

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那些根本係 紙上財富  & T3 H5 Y. X* f$ Y
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) e2 d' T) _/ C9 O. D

! v6 |, O7 x3 X! r# z" bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產; {# c5 ~) V' h
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 e5 |% P" b. }( D; O3 n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  e4 M" c, N6 p: L
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦1 J6 N' E+ K9 X" F/ a$ M6 y  L0 [
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
$ a' f5 _5 X) E計番回報率就已經係50%,所以可以好好賺
8 n+ Q/ h3 K1 h0 E前提係銀行之間要互相信任先可以咁樣借法# o& G) T  ]9 @# X, B+ t  c4 H5 D
同埋個市場既前境要係好先得5 ^) I9 |/ \4 e8 Y: P0 h# _
但當經濟一差,公司估值趺了,物價不升反趺
) V- t8 \5 x. X; t* Q+ @" b0 q+ ?0 q9 p6 \例如剛才說10蚊的, 趺到得番9蚊,
" ]2 U' I( q, L* ~4 `) n咁投資銀行一下子就要還11蚊, 一來一回變左虧200%. F' |' Z% s& J7 r  X
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, + P* j9 R* o/ X: Z, a- ?0 }5 _
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,
' x# x* w" X7 d, U4 u0 d8 w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: \2 X$ W; U( d6 V: n3 n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& d* h+ ^) S( J9 D6 @: v
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
4 Z( p  `" w' d# ^' I, x唔係d錢蒸發, 而係比美國佬洗晒未來錢,
7 @/ m# u: x( x5 C/ @9 L& `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 G8 J3 S$ c! v& R# M) G1 i8 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
3 c0 R( u6 }' j+ M0 y咁你話d錢蒸發左去邊? ...

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7 f  m) z) C0 \$ {正係咁樣
" v- R9 [0 g) w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* s& f( _4 l- ^/ e
分分鐘佢地唔使還錢. n! w. }% m, P1 K
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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,
3 F5 N2 z! u' X6 e. d8 ?! W連國家都係問人借, 不停發債券, 印鈔票& e; W8 U/ z/ n' q) w& E
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 Y  o) f' t6 }1 }0 x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/ }/ v( i: ]; x) r. f
咁而家"爆哂煲"算唔算先至係變番"正常"???

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: g5 F; n9 G9 ?6 j2 o+ `, [, A其實係...
+ z! H2 ?; _1 U* m1 p因為以前未生產, 先消費# _" v  A3 H7 V7 }( T+ u+ _
而家就要多生產, 少消費