0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
8 Z* \) e) s, b6 ~: d# I# QWhy bank will sell 借據給第三者???
& r( W' F6 E: ~% h5 s* t+ iI was so confused.....

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講到尾都係賺錢  |5 |+ \5 e/ V  c& F% l
so銀行可以不斷放款! f* b$ w, V# d5 J/ J
美國的房貸問題散佈到全世界' I4 y: _' m0 D+ P

5 P4 k* F  P  K2 smortgage loan
0 K3 I; a' K4 j>conduit
1 u* O1 Y  n3 m; A>RMBS(Residential Mortgage Backed Securities)
! ]9 f) U! R6 }. u; t3 B>arranger1 I( G3 t1 @! N  A. f" r2 U, O
>CDO(Collateralized Debt Obligation); ^" {  m& Z! g
最後去到投資者

Kev

i thought it is the reason of rate of return.$ \1 @9 A: c& U, B1 m$ H# e4 d
CDs could have different ratings, AAA -> F,# }2 A7 u4 t; [! ]
more risky ones would have higher premium (interest rate) as a compensation for an investment.! p7 p" G5 e; {( ~7 i* u3 j
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; `- f' c% [7 O7 b* din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 O) A% T: v% W' e( |
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 J+ C2 G6 @6 _1 _5 B( Osimilar to bonds, CDs trading in the secondary market have different value at different times,) k4 Y: s2 O( B2 T% D
normally the value is calculated by adding it's principle and interest.
& a$ ~, A5 ?! j" e& eeg. the value of the mortgage+the interests to be recieved in the future. ) c# \9 c  C4 Z3 Y3 G
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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4 j8 _  b7 d  n: A$ cim not quite sure if the multiplier effect does really matter in this case.% K. S8 v& A6 I; m) Y1 {
in stock market, it's the demand and supply pushing the price up/downwards.
; {) J( }8 N. B6 p& X8 c: W( CFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
- @9 K: J$ L5 Y  [, w( PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( B* J9 R7 C; F7 }% W5 `9 }
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. / T+ F  S- M2 z: y% }0 G
but the value of their assets did really drop significantly.% G/ ^+ {3 \2 K2 q2 C& R
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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* J4 i0 J( T+ m/ ~% d2 y
Refer to last example,
! E8 s* z  Z; e: U+ l7 {5 Gthat means bank A have no money because we borrow 10 dollars from bank A
! o$ w! Q" V7 g8 w) M( fBecause bank A doesnt have enough cash on hand 9 O6 j' P: V: l( j. `3 W. Y
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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7 S) r! y% e& X& G: ?# gA->B->C->D->E
! t. P+ d, B7 P6 ~/ aso does it mean if E failed to pay D, 9 O( `! G* F) v9 k3 W% K7 {7 r' x* S" [$ m
all the B,C,D,E have to go bankrupt?) _: }5 U, H2 o

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the multiplier just tell how much money created in a whole economy, ! W. v/ \/ N6 d; O, A' d. [( C7 Y
in this case it doesnt really matter how much money is created,
( Q1 o& K. k$ l0 ]' y+ |7 D4 T; qit's the problem of the debt itself.
; h, f$ K$ B8 {& B5 e5 u* I, qthe 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
  h: |' s1 A& ]. k& D8 z. ?  u, O小弟一直都唔明...5 s& @, t8 D* ?& E* M4 I) G- v) c

! i# B4 R, s5 F5 K! T& m全世界都蝕錢，咁邊個賺緊錢呢?8 p# v1 L7 T+ N! B, f5 N
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無可能淨係有人蝕錢無人賺架嘛...; R, Q7 S( Q& w9 A! s2 l4 D6 y+ k
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敬請各師兄解答
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% \7 P; D* i% K) yThanks

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那些根本係 紙上財富  : X; B/ [) b  x
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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( o: Z$ n5 x& {# X" Ohttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
# v4 _0 v+ @2 i7 @( K4 b當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' C! U* x/ p: z' J- x8 X
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! \# z0 \. G+ A7 B2 S) S
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
5 l" P; T7 b2 }: p扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
- J( F/ C0 U0 b8 D/ E! R2 ~. j計番回報率就已經係50%,所以可以好好賺% Y; T$ T: N# s- e' P
前提係銀行之間要互相信任先可以咁樣借法/ x1 j5 J0 N' k- G
同埋個市場既前境要係好先得
) i! P2 S- `9 ?& A但當經濟一差,公司估值趺了,物價不升反趺
2 Y, P( V8 t# }/ e例如剛才說10蚊的, 趺到得番9蚊,
  x# z8 w$ d' W4 H/ k0 _1 d9 R9 C咁投資銀行一下子就要還11蚊, 一來一回變左虧200%' W: C5 _$ W  Z0 V
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,
! D9 u. |0 c% d' V* ]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, ' C$ S! J( R3 H$ T. o$ X
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 n% W" R7 C* m, V- T* g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
( J: B+ m% o4 {3 q% h+ l  o3 G8 p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$ \6 F% F) ?7 P6 |. q0 r
唔係d錢蒸發, 而係比美國佬洗晒未來錢, . l8 M! ^  y0 `+ G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  u! h* J3 r) X3 t6 E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
6 ]/ J' G/ q0 I' ]6 T8 F6 P) |8 f咁你話d錢蒸發左去邊? ...

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正係咁樣7 y, T2 h& ^6 F6 ?
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' g) j+ R8 z- P  y4 P% @
分分鐘佢地唔使還錢4 `- ?6 w3 i5 V6 k+ h; Y; y
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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,
7 V9 B8 n, w' l7 t0 ^1 [" p. {連國家都係問人借, 不停發債券, 印鈔票
5 `1 g7 `$ K1 l9 c  w2 k一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: A& g& L; e& |. ^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
7 W* U4 c/ [; o. ]+ Z& D0 T咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...) k. X2 L+ x. |1 A
因為以前未生產, 先消費
6 A, d5 _4 v( Y7 h6 b3 v/ l而家就要多生產, 少消費