0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 N. l9 ?2 M9 Q, g; ~$ H" cWhy bank will sell 借據給第三者???
7 j( k7 ]/ \8 l5 _5 NI was so confused.....

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講到尾都係賺錢" U9 }; I7 O; M4 ]$ c- L. X) F
so銀行可以不斷放款
- t# k" \! M* m" S9 C4 l: g美國的房貸問題散佈到全世界. }0 G6 N& p8 L

$ J# @; h5 m; g, J, v6 F' lmortgage loan ! q6 H6 ?" {' q! u
>conduit
! R  |6 Z6 G5 }>RMBS(Residential Mortgage Backed Securities)
9 u0 H: [7 e# Y3 w2 W; y, j% \3 n& `>arranger; d$ f. G4 F: I" m$ d# i( @
>CDO(Collateralized Debt Obligation)
/ u9 a: N9 ^3 i, H- ^最後去到投資者

Kev

i thought it is the reason of rate of return.9 m  `) B* K1 T$ t0 a: ]8 T
CDs could have different ratings, AAA -> F,4 M- _; X$ S1 M/ }" j6 y1 H) U
more risky ones would have higher premium (interest rate) as a compensation for an investment.
3 W" G. k9 I* R  N5 Z; ~# e, cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; u4 [( e* b2 t9 R6 X3 j  w( R, C+ U4 K
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 S5 G5 z: @2 [
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 k' }5 N0 K7 K
similar to bonds, CDs trading in the secondary market have different value at different times,
  k4 L  F2 @# }( r2 D1 [normally the value is calculated by adding it's principle and interest. ' d1 ~' `8 `  o+ I: D& ?
eg. the value of the mortgage+the interests to be recieved in the future. ( {3 r, _: k+ L5 w' b( y) U
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., T5 i) `% Y. g) I
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im not quite sure if the multiplier effect does really matter in this case.( s& T' B  S7 s3 J& P1 M
in stock market, it's the demand and supply pushing the price up/downwards.
& R  |0 w8 F: g/ c& z% p* v$ lFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- O% N( g+ H; R! }$ U* I, X. \
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ q% [4 q/ S: h0 M" S+ h" TThe 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.
0 c: I* L3 G% x. g6 N5 O( P4 ubut 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.gif
! M1 ~1 o/ f0 E2 f4 B8 C% x% }& ORefer to last example,, A8 |& r, n. r  y% A
that means bank A have no money because we borrow 10 dollars from bank A 8 H5 e; e8 k" N' M  f
Because bank A doesnt have enough cash on hand ) ^8 T# `. c' q3 p. ?6 |
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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; C& \3 Y& @  V2 ^$ u& u: \A->B->C->D->E
, V# q, Z1 \, o$ Iso does it mean if E failed to pay D, ' F# L3 B5 W( l/ F, F
all the B,C,D,E have to go bankrupt?! R+ |2 U: ^) b; A7 c# s8 z
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+ P" X( {" P* p( i* W/ V) F  v, F# qthe multiplier just tell how much money created in a whole economy,
! G' K$ F' [5 ~8 Gin this case it doesnt really matter how much money is created, 7 C+ {0 G' s: e* K
it's the problem of the debt itself.
( F: \1 D0 P! l  q) Y: ?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.gif1 L) x4 ]% {; P4 G. J4 ?& A
小弟一直都唔明...
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/ b3 K+ g8 \' \) j( z/ i. N全世界都蝕錢，咁邊個賺緊錢呢?& X% E# g9 n' G1 T

5 f1 Q, F0 n; H% F4 d無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答3 L7 Q7 E5 A& G* X

- Q4 ^7 |, b4 L' LThanks

: a9 J" W- Q( d. J那些根本係 紙上財富  : f* A" q* H3 T: F: h9 F  [; a! 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
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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
: d: C; R% P7 W) Q9 g當經濟好,投資銀行相信會賺錢, 物價既估值相對較高  l& R* R2 J( @7 |
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
/ {! J! G- K- ?, K: H8 B. `個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
& p7 X! g2 g. \5 l% [5 y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 J: m) X; X6 v9 R5 L1 i# I4 j% x計番回報率就已經係50%,所以可以好好賺
) `. T  B+ ]. a( Z* K8 Y前提係銀行之間要互相信任先可以咁樣借法
+ G! \( }" c7 I同埋個市場既前境要係好先得- X& K$ y& R. P! H( Y/ G
但當經濟一差,公司估值趺了,物價不升反趺4 M! J3 O2 W2 Q
例如剛才說10蚊的, 趺到得番9蚊,
9 G7 @$ n; I* r( z! ^0 {7 b8 s, X咁投資銀行一下子就要還11蚊, 一來一回變左虧200%- V* \  a) D& q9 ?  K8 \
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,
) S: K7 A3 t$ v1 ]. D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,
8 |. X& B$ X, Y3 C3 j  K8 ^7 U2 J淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , r1 t; ?0 E# E5 |+ W2 G0 F
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
5 ?& O" B/ V, Q/ _8 \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
+ D$ {; b( d* C8 ~5 G1 z唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; \+ J6 W  f3 A
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 c5 ~6 D# `7 d4 @# \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& a% j8 W8 u2 v) `1 x
咁你話d錢蒸發左去邊? ...

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- K0 X5 r8 ]9 |) I% u正係咁樣, O3 l$ B$ t) }) P9 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$ ?- b# R4 ]% [2 ^5 a
分分鐘佢地唔使還錢( C/ `$ Y4 k/ R) a. {  _8 N( ^

& H3 M/ B3 P5 }2 e, h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,
+ o" T4 ^/ m; ]! Z- S1 ]連國家都係問人借, 不停發債券, 印鈔票
, D4 K! T* y% B( z& g( F7 @一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: U4 c, [% `7 I) I. k9 n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
! t' V# Y; J- J% y3 _+ M. K咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...( J" n1 E3 G9 q% o3 a# L
因為以前未生產, 先消費  ]3 @+ i4 z7 h2 l! x
而家就要多生產, 少消費