0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
- _6 C5 H1 ?# ?1 o% p& z& uWhy bank will sell 借據給第三者???/ F4 _0 n0 H: z( d7 M
I was so confused.....

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. F/ X' m7 X; P& {* k: d4 \講到尾都係賺錢" S7 K4 J* N  Z
so銀行可以不斷放款
. T* ~3 \5 g5 D美國的房貸問題散佈到全世界& x. a6 t7 i% F1 G" m+ F! A
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mortgage loan + X$ n7 g! R6 N8 r8 l; |
>conduit: w' \  i6 F7 }
>RMBS(Residential Mortgage Backed Securities)
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' O, l9 f. ^$ f" B>CDO(Collateralized Debt Obligation)( e0 B2 c9 \1 ]! g
最後去到投資者

Kev

i thought it is the reason of rate of return.
: u3 Z& ?6 H/ F+ o, c) }' gCDs could have different ratings, AAA -> F,
9 L$ i3 z7 k6 R- t- C" D- l9 _2 g4 xmore risky ones would have higher premium (interest rate) as a compensation for an investment.
' F, T1 s4 S3 d1 G& `main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' l$ @- n9 f1 h( D. p: d
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.( o3 I8 `/ j; l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 d% O! Y) e2 `7 a% C+ y2 r" ?
similar to bonds, CDs trading in the secondary market have different value at different times,
9 q, i4 I! Y' F/ S- [  l! t" x1 p% Onormally the value is calculated by adding it's principle and interest. . Y" d/ @, u" y" Y* C7 n
eg. the value of the mortgage+the interests to be recieved in the future. ; s8 a. z3 D' ]& f/ D
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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im not quite sure if the multiplier effect does really matter in this case.* I9 c9 q/ S  }
in stock market, it's the demand and supply pushing the price up/downwards.
# `1 t! ^2 z# n% B7 [8 A5 WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 k5 f8 O/ x; M& W7 k; r7 r# ~
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* z# ?8 @! S9 w7 l# RThe 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.
! k8 l; x6 G" Y/ cbut the value of their assets did really drop significantly.
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4 z/ L5 g! k" R9 S% U) [! U[ 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
& X( r$ S  i) b+ K. b7 CRefer to last example,! e6 n9 e5 ?3 K6 V
that means bank A have no money because we borrow 10 dollars from bank A
& Y. @, i' A1 U: x# qBecause bank A doesnt have enough cash on hand
/ {5 `$ _' F, u9 k" |8 q" Ptherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
& |! N( u3 b# M& o2 r6 Kso does it mean if E failed to pay D,
4 \- @( ~9 S2 Y9 dall the B,C,D,E have to go bankrupt?
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. J) J0 i0 z) A3 O3 B- N* ^the multiplier just tell how much money created in a whole economy, % z" E2 h/ p8 {' G+ s( s6 U& l2 Y5 z
in this case it doesnt really matter how much money is created,
* f9 p' M! ~. ?it's the problem of the debt itself.- I# M+ \1 D3 `2 @, T3 P
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  n! D) f9 C% [% B
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?  l1 t/ ]! E2 U9 J& D  d
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無可能淨係有人蝕錢無人賺架嘛...' }# y: p. I. E% s
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敬請各師兄解答- n2 u: y- z5 a0 r% A2 ]

- O! A0 y. a, F4 D+ A5 P* Y  }Thanks

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那些根本係 紙上財富  
  a* V0 K* }. m& K) P. z! i, o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, W, z# f2 t' H( N7 E% M" r

4 {# V) L% W/ \# l, H& thttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
7 E8 O$ W/ @, e: }; z' U( N4 S% I當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 C2 t3 M7 Z& t0 G4 S8 `) U
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8 ^; ~0 J! [& a; {% m
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦9 x2 Y+ ~* ?( O4 V0 o
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊," J. Z: X: ~( p- w, O/ f5 X+ F7 b
計番回報率就已經係50%,所以可以好好賺
; Q8 J) O. O$ Z( I- j3 ?  w7 ]$ Z1 j前提係銀行之間要互相信任先可以咁樣借法! S- r5 d3 w+ l# h" X2 |2 B* V1 u
同埋個市場既前境要係好先得
$ c' D1 C( D! ]8 I/ E但當經濟一差,公司估值趺了,物價不升反趺# Z6 P- @  ~% K8 z, P
例如剛才說10蚊的, 趺到得番9蚊,
9 w3 E6 D: ^$ V# y8 C! W咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 i) X4 J. N* s; i, ]% R* s: l0 Y
所以你就會覺得D錢好似蒸發哂咁
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" p3 h9 C$ ^7 s8 V- |你都可以當標野咁諗, 個樣野多人可以狂升值, % _' R  d7 _0 o' f+ F% ~( V6 j
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 n" L- M, G. F! B5 f$ ]5 y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : y0 H& Z1 l" u
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
8 J; R( i' F5 i  d! ?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
' W9 i7 x$ X$ n$ L# M0 S0 ?7 A唔係d錢蒸發, 而係比美國佬洗晒未來錢, * l4 N6 @! L" E% G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 `( l# j( B) M) W% |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
1 R9 X8 ?% ^& N  x8 {& T咁你話d錢蒸發左去邊? ...

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正係咁樣
# U: F1 a; D9 n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
# f" L0 _! [7 v, ~分分鐘佢地唔使還錢
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3 q" S: q! P8 F- O4 @2 v$ O* ^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,
, p, C; g. B7 X/ _6 @/ c" K連國家都係問人借, 不停發債券, 印鈔票" E  c& b4 u! b/ u; G2 f' q
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產+ a. I2 G+ @: T0 t( g
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; F6 T$ N9 o& }/ Z
咁而家"爆哂煲"算唔算先至係變番"正常"???

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; d  z! o  T% |6 i; Z6 S/ k其實係...
3 R1 K5 a* W1 |; @2 ]因為以前未生產, 先消費
. f! A! p& i' J2 ?# U' G- ?而家就要多生產, 少消費