0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif" H' b$ d" E& f% m$ D
Why bank will sell 借據給第三者???
: T( F  d/ S  K  p9 aI was so confused.....

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4 a0 i4 b. {6 I  p' r. z/ M' z4 Y講到尾都係賺錢0 V( u/ y9 M  q4 t( n
so銀行可以不斷放款
& h% y0 B4 g& U/ w5 O* k5 F$ z* _  i美國的房貸問題散佈到全世界
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6 G# [6 n  ?/ x" M9 smortgage loan - J: F( |( }( e# H3 Q; y& U
>conduit# I$ Y# |: [# _+ U( t+ l5 A
>RMBS(Residential Mortgage Backed Securities)
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( m/ d6 ~4 C* f+ H>CDO(Collateralized Debt Obligation)
2 y% {, `# {3 _& Y1 X最後去到投資者

Kev

i thought it is the reason of rate of return.
) J7 L3 m$ V. W) R2 {CDs could have different ratings, AAA -> F," M2 C# k, O1 S+ Z$ `9 I' ~* P
more risky ones would have higher premium (interest rate) as a compensation for an investment.
; W8 J( T8 @1 u; @main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
& u+ N$ q2 Z( u) K* Win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 }6 m' ]( I2 S* p/ N
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 e  i4 h. l  s5 M6 i/ o! dsimilar to bonds, CDs trading in the secondary market have different value at different times,8 m* c# m. w; G8 y, ]
normally the value is calculated by adding it's principle and interest.
6 g/ ^2 J0 h- G" E/ Ieg. the value of the mortgage+the interests to be recieved in the future. + J1 w, v1 z% G% F! @; i
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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0 @% O8 b( T- z, him not quite sure if the multiplier effect does really matter in this case.
5 H% F) P& U/ Cin stock market, it's the demand and supply pushing the price up/downwards.$ O4 [) J  l1 Y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' M. c4 A, n: [" V8 ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' q7 G$ L0 e  `& o/ v0 u9 M: eThe 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. & B* [8 T, h  S  Q
but the value of their assets did really drop significantly.  f/ I: w" J9 `

! N4 h# F9 f  ^7 `- T5 e[ 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% X2 l5 Q2 L- `) B- [- E2 `
Refer to last example,
1 e, Y; o6 P" Hthat means bank A have no money because we borrow 10 dollars from bank A
/ P4 H  E2 x# N3 b5 e( \) ABecause bank A doesnt have enough cash on hand
$ ^  y4 v) z# Z, E; O- ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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9 f! u0 k- T/ D6 c0 W* n' sA->B->C->D->E6 X; w0 K' o9 F( V
so does it mean if E failed to pay D,
0 _2 h& Y5 p2 B2 j6 i: f+ e8 J) Iall the B,C,D,E have to go bankrupt?
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8 g6 i3 `0 I5 ?9 M% r4 l3 o& [- N2 _the multiplier just tell how much money created in a whole economy, : D2 T1 }. Q7 F5 c! s
in this case it doesnt really matter how much money is created,
/ {; R% S( a! l* V  d9 V5 ~. Zit's the problem of the debt itself.
% R, R- Y0 o+ R, D5 [" c  dthe 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
- d2 |3 B  F( r  _* ~. v! R0 c小弟一直都唔明...8 w4 j' E7 c1 o1 F
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全世界都蝕錢，咁邊個賺緊錢呢?( {& A4 Y* j/ Q. f

6 O7 Z/ G: {5 X9 X, x& Y) L無可能淨係有人蝕錢無人賺架嘛...# M& ?2 c; `1 N4 ~. `. O4 Z8 T

! _1 a1 Y; ^/ W* Y; c5 i! a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  ) U  g& ]6 J& i: w, t/ J
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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! F, R( x- H( v3 J. z1 n0 {3 rhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
. F2 u- g% B; B. Q0 b: L當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% a1 b% h* P% f9 s) @8 C' r: l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
1 l; U! o- {8 N個件物價係市場好既時候升, 例如15%先算,變左12蚊啦& c% `7 B9 j  d/ S! v3 D
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,' e4 V' l) B7 V, W: ?0 L- O0 ]
計番回報率就已經係50%,所以可以好好賺
9 D# z+ L: x+ X3 a: n: m5 \1 D前提係銀行之間要互相信任先可以咁樣借法
. P$ z: a# n1 k9 r8 J同埋個市場既前境要係好先得& j; U6 }) P% X; i$ N2 E
但當經濟一差,公司估值趺了,物價不升反趺
' f: R, |1 `3 y, H例如剛才說10蚊的, 趺到得番9蚊, ; `# h+ F" p, K4 y- ^0 j+ ]
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 g. S/ B& _  T
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,
* J8 D4 ^( y5 n" v) H& @0 O% ^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, 3 P% e& c4 ~4 a1 j3 l) g
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # H: h  `& ?& m$ B, T9 O
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9 h' N1 h! k, j+ I- 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% ?/ G. h. ]% G# d/ i
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
$ n) ~: o% R4 y/ a( i/ x淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * j- j0 C+ ^1 S7 ?& P9 y, N+ ^; 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
( c6 m/ a7 w0 ~& q咁你話d錢蒸發左去邊? ...

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正係咁樣
, H4 E" q. ?0 _- z+ M1 Q3 L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
! N: c  q1 X: t: u6 T$ `+ T1 h分分鐘佢地唔使還錢
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) V3 }8 F5 Y# q+ ?  N# c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; D& E, I, p2 R, Q連國家都係問人借, 不停發債券, 印鈔票
- C  H1 K7 u5 ~! c( d/ \+ q" c) e& _一個國家好少出口, 而又大量入口 ,反映到佢唔多生產9 @  L, W. o2 r2 E, q; J! a% r1 b1 D# A) ?
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
/ D2 ]: T2 R9 i1 E" I咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...+ J3 I- t. [* ?) n, C+ Y# D1 c# _) ^
因為以前未生產, 先消費
9 k0 i% Z2 r/ m而家就要多生產, 少消費