0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif4 A  n+ l+ C+ X1 m
Why bank will sell 借據給第三者???
5 G) b1 R2 p) }3 k% N$ P7 NI was so confused.....

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講到尾都係賺錢
7 E2 O( w1 d* V- I- Q, e. Sso銀行可以不斷放款9 I9 G8 k/ t2 X9 ]9 [  h
美國的房貸問題散佈到全世界
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mortgage loan " d" k- X7 `( o5 O
>conduit
- ?/ r" `4 p6 l0 Z>RMBS(Residential Mortgage Backed Securities)
5 O: F! O& f% Y8 ^) h>arranger: Y+ Q+ B) V' ?) n* H
>CDO(Collateralized Debt Obligation)) w- j- D/ w3 {: r. R# n# C
最後去到投資者

Kev

i thought it is the reason of rate of return.
8 c$ s( j* T3 T- U: X+ J0 E2 S3 VCDs could have different ratings, AAA -> F,! l3 W/ d" t! Y) u: \  T8 I6 o
more risky ones would have higher premium (interest rate) as a compensation for an investment.
; ^6 ?6 Q: A9 \5 L+ V8 _main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ ]0 E8 c& U- {1 l+ Lin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( U- B" o5 t& k, [8 Y9 c" kAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( S* ]$ c5 H& \6 Z9 j2 {
similar to bonds, CDs trading in the secondary market have different value at different times,
' h7 [1 D# a+ |) o5 R4 A; @7 |normally the value is calculated by adding it's principle and interest.
& C  t+ o  H6 F+ `0 }eg. the value of the mortgage+the interests to be recieved in the future. , {) @9 y/ K2 f7 ]5 j
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.0 R: J7 ]' P5 f9 H

/ F: k* Y$ `' h( \- O0 fim not quite sure if the multiplier effect does really matter in this case.
; `2 W) X8 Q' f5 o9 Q6 o8 r+ I8 Din stock market, it's the demand and supply pushing the price up/downwards.
/ C# P9 j2 b' `+ H: k- ]For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 D0 c% ]2 v8 f) ?0 i: uA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  k# e5 }6 Y! A. p, 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 [/ ?/ m2 U5 v7 o9 L
but the value of their assets did really drop significantly.% n# J. ?& L1 l

, p4 ~: N! n: g7 L[ 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
- D! m  k: ]2 n$ L# [$ W1 PRefer to last example,
1 w, [& u& W% `3 w; H1 ?that means bank A have no money because we borrow 10 dollars from bank A ! u& X" @2 x/ _7 m
Because bank A doesnt have enough cash on hand ! s1 v# |* K0 B! ^/ W+ C+ r5 Z6 \
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E% Y9 I9 y$ n, {  F
so does it mean if E failed to pay D, 8 v6 c6 e3 f# q( Z+ {$ @& _- v
all the B,C,D,E have to go bankrupt?
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+ ~* M' m1 J) v1 L+ jthe multiplier just tell how much money created in a whole economy,
9 Q2 B( Y5 d( g; y7 Din this case it doesnt really matter how much money is created,
5 g6 N! Z' J1 R$ P( p. w6 `5 o+ uit's the problem of the debt itself.1 Z) _$ O) w) [. `9 ]
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
  x" X7 G6 u" o小弟一直都唔明.... s1 _* u) B9 x: s# I, Z- P$ P

# d/ s1 {) b0 w# P全世界都蝕錢，咁邊個賺緊錢呢?: s. b6 [( }8 Y# D# w

% h/ K& d4 Z& t# T" [4 Q1 f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
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Thanks

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那些根本係 紙上財富  
6 E- @. e) _( K# e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
9 v+ g3 U; s6 M. @. }當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) o4 M: B1 K# u* Q8 [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
' ~5 n7 y9 \2 a( [3 I7 i# i' J+ C個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
# a( q$ e2 f& ?: ^扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# K" I1 E) W+ T% T4 L" A, T
計番回報率就已經係50%,所以可以好好賺
3 a% l( a5 d) U1 @5 [" O4 r# p前提係銀行之間要互相信任先可以咁樣借法
% \2 f8 B  x# U% l" c, M" G, p; j同埋個市場既前境要係好先得0 B3 k! U# U% m  }+ k
但當經濟一差,公司估值趺了,物價不升反趺
' E" ?5 G" q1 b7 x4 k% ?例如剛才說10蚊的, 趺到得番9蚊,
: D% N! x. E( [3 G3 _: S. o6 o咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
) E, [/ b0 c) l5 x! |) k4 J9 [' M3 {, ]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, 1 d' q9 G6 m. D, L% F: Z: Q
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, 4 q  P+ _- @1 K# L7 L9 `
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ B; g" y  L6 z
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
/ t: \" @+ L# O7 A( ~; ]- i0 U* I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* B( b" P! A0 t  z
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
( {* `, G, B5 u+ e淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * l0 t, Y+ L# p5 q7 Y0 q, i
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& b$ g. E, \/ I2 {* r) s- d
咁你話d錢蒸發左去邊? ...

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正係咁樣
: F. Q* L: N; d4 {9 `' Z1 ]0 u1 ]) 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
1 u" f( U% @  M$ H3 G2 g" c分分鐘佢地唔使還錢: `7 b- g+ w) j3 G- g$ Q. f5 \& W

- W0 J" y# c' N! X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,! V4 Q$ K! `4 L3 L* a" x: O
連國家都係問人借, 不停發債券, 印鈔票
% @9 y6 \/ z2 ]: D1 s- R! S一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
  M- n6 [8 ~" r% r* _. X, l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( I2 K) r1 ~3 J# r9 \
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
. a7 z, H- B* i+ R: K3 P) ]因為以前未生產, 先消費+ q3 x8 j1 M2 @9 a' i; o
而家就要多生產, 少消費