0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
+ }( n) w2 i) Y0 b$ Z) c2 O% qWhy bank will sell 借據給第三者???
7 P# x- s9 ~+ |/ q3 Q* }" OI was so confused.....

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講到尾都係賺錢
0 z# s2 I1 F" Q' Y5 nso銀行可以不斷放款; G! L: E7 p! r' P& L) g& _) w
美國的房貸問題散佈到全世界
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7 I/ m; K7 R2 `: G; Wmortgage loan
9 R6 v, ]' b" x1 i>conduit' x# S/ [9 U) F4 |* d- k8 i) l
>RMBS(Residential Mortgage Backed Securities)
4 x# u2 o3 D2 [>arranger4 P) H- ~* ^- L5 ^. z7 [& S
>CDO(Collateralized Debt Obligation)
' Y6 f( c, @& H" v! E最後去到投資者

Kev

i thought it is the reason of rate of return.
5 f. P2 t( Z6 m; [4 bCDs could have different ratings, AAA -> F,
2 `) q7 b/ j( R: X+ a3 dmore risky ones would have higher premium (interest rate) as a compensation for an investment.; }, s  Y$ m' G+ z1 C0 f7 Z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 s! K1 V# d* }1 O& a% `# gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% K1 m" ~8 i8 B& G: c3 e, ^
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 l& b5 J; a+ N; c1 Ksimilar to bonds, CDs trading in the secondary market have different value at different times,
1 ~# V% B. a; ~! e- tnormally the value is calculated by adding it's principle and interest.
  O7 T/ N' V3 k  reg. the value of the mortgage+the interests to be recieved in the future. 5 V! a* E& P/ f4 Z6 I7 }2 e! @+ Y9 [
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.5 ^$ N7 g8 r# N. g8 C

# T/ }( C  K+ c; Zim not quite sure if the multiplier effect does really matter in this case.: V1 |& x7 B" |
in stock market, it's the demand and supply pushing the price up/downwards.
3 G& b- c, \6 K4 V$ L  t. PFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% Q: A6 m  E9 ~  ~! ]- y* R  \2 B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ g! e/ L% z* iThe 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. 7 B# ?( e" u# r. m4 E! ?3 \$ ^- M
but the value of their assets did really drop significantly.& F$ p9 ]8 k) z2 ~/ 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.gif& w- q7 C4 {! X" y9 T) ^
Refer to last example,
% j* a; q' [9 K, Z2 d  {9 w9 D  tthat means bank A have no money because we borrow 10 dollars from bank A & ?1 ~; }: ]4 ^0 {' V# C6 w
Because bank A doesnt have enough cash on hand
2 k" N' y! z2 n0 I  z# ytherefore bank A need to be bankrrupt ??? Am I right ?? ...

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+ o3 z3 g5 v5 K$ _( X+ ^A->B->C->D->E( D5 I  [6 d, E3 e
so does it mean if E failed to pay D,
& m) {6 c( x, R  Ball the B,C,D,E have to go bankrupt?
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: s) W, S. e. Q. q5 J- P0 Y' jthe multiplier just tell how much money created in a whole economy, 8 V9 H7 f6 e# R3 u( G* Z
in this case it doesnt really matter how much money is created,
$ N0 q/ Y- z( @9 m. bit's the problem of the debt itself.4 {( j, D! b2 B4 J! \
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/ ~' ^: O, \; Z3 I( v0 R
小弟一直都唔明...
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; E8 r6 H3 c6 `' T& {$ r全世界都蝕錢，咁邊個賺緊錢呢?
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7 T& H, j8 e" r1 x( I( y) g無可能淨係有人蝕錢無人賺架嘛.... `1 Z3 b. u# a' R# m% U

" E9 w) q" X/ W( c) `: c敬請各師兄解答
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( A& o* l% b  O! E" lThanks

2 ?+ i* p: X; [+ ~/ n! x那些根本係 紙上財富  
9 n3 g: h% w4 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 graphic3 n7 t+ V, B  P5 q  f! y
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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" z' X* j' a9 Y3 Z4 ?" a
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, x: g; f- \, x" D4 y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4 D1 R' X6 ~# V, @. i7 D4 a4 P8 I
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦' q/ `: c8 \2 K6 Z% l8 m
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,  V& l+ @$ ?: }7 n3 O8 n0 M
計番回報率就已經係50%,所以可以好好賺! ^" x) ~- A) `0 r
前提係銀行之間要互相信任先可以咁樣借法
9 {, m/ F7 C4 l* k5 L% g! x& m3 m3 q同埋個市場既前境要係好先得
: ~/ _/ a& l9 p" p4 {6 E但當經濟一差,公司估值趺了,物價不升反趺  C/ f1 P& {  j
例如剛才說10蚊的, 趺到得番9蚊,
) u0 y* H& K1 |( [咁投資銀行一下子就要還11蚊, 一來一回變左虧200%, q2 K. T* }; j! {0 r
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, * T) ]4 A) W% x9 C3 W9 g
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 d6 `  d" N: q* c
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + |7 E( q3 f6 ^, @. V( Q
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
! k9 D7 ]7 S' C/ D$ C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# ?% ^2 \" k3 h/ `" N8 L
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
% D8 q+ [, G2 C淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * G9 |( H3 q( S% q& u* 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3 n+ R- C) O; J- q" T6 @; F
咁你話d錢蒸發左去邊? ...

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正係咁樣
: \/ u3 X2 b, q& l6 Q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
( ?7 P9 Q- |2 y: Q* a' N4 N分分鐘佢地唔使還錢
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% h: j) j' R9 I* ?2 |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,! H# X. R4 H$ B* }: P1 {, k
連國家都係問人借, 不停發債券, 印鈔票
8 k. I1 D3 ?5 x0 m4 y一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
7 u( I5 H" H' }6 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
3 x" ~( z. H/ T: k咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
, B) a% x# z; H+ Z& e* y; R  P因為以前未生產, 先消費
* _  B) S  q8 T2 _而家就要多生產, 少消費