0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
$ z) n7 K5 _& ~2 m2 \7 m' `0 gWhy bank will sell 借據給第三者???5 w8 |( l' |2 n; t
I was so confused.....

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講到尾都係賺錢4 l9 E2 n; r- m2 d& H- q9 m# v
so銀行可以不斷放款
5 w9 ?5 M! S- G4 F4 Q美國的房貸問題散佈到全世界8 N% J" `1 N! t- X( d% E

8 r! M# ^. w$ a: i1 W- xmortgage loan
1 D. J* P* z6 u0 D, P2 @) R; \>conduit
4 B+ J; C7 Y+ V1 y$ C>RMBS(Residential Mortgage Backed Securities)1 N4 L" H& |$ o2 c3 b; i5 y
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>CDO(Collateralized Debt Obligation)/ O5 u, O2 j: }8 B
最後去到投資者

Kev

i thought it is the reason of rate of return.
6 r' ]! }6 J3 H$ Z1 O5 r3 J( yCDs could have different ratings, AAA -> F,
5 p, [( z% M: W. r4 }5 q0 v0 Z- Jmore risky ones would have higher premium (interest rate) as a compensation for an investment.( Q: H; l# b: K2 G- v; e; `
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' X' k0 ?/ A9 L
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 o: w2 M% Z. X* C& m& e( i1 g4 pAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: _3 N3 h3 U+ w% \' b3 @& u1 |5 x5 gsimilar to bonds, CDs trading in the secondary market have different value at different times,
+ v$ w( P$ g5 ?' r1 o" Nnormally the value is calculated by adding it's principle and interest. & p- \6 h  N$ M( E5 i
eg. the value of the mortgage+the interests to be recieved in the future.
9 u- e" H' d3 ibanks 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.; |8 y! @3 O( a

( z$ _8 g6 R/ r$ }6 u# E0 q. Yim not quite sure if the multiplier effect does really matter in this case.
* _  j) l& Q; N0 {in stock market, it's the demand and supply pushing the price up/downwards.
+ v6 n  p% D* T: H; hFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 i( B# ?1 P( ]. k9 A  B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' c" O- M# X( q, E; hThe 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. $ I# Z- j  A4 Q, |1 j8 @
but the value of their assets did really drop significantly.% u2 E2 l* r8 k2 K4 _( [. I
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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, @# I' W$ L! l
Refer to last example,/ x6 O) L# e, Y) V# X4 s$ n
that means bank A have no money because we borrow 10 dollars from bank A + Q7 L  Y9 k$ C6 m
Because bank A doesnt have enough cash on hand
* v) d0 b& v9 f9 D8 }0 btherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
5 j8 P' }- D4 c* Y7 }. Nso does it mean if E failed to pay D,
* p: J+ I2 M. e2 f; a+ |* k$ }all the B,C,D,E have to go bankrupt?( P8 c2 F) I' N8 }" m! A

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& `$ W- v+ {, p) r, Zthe multiplier just tell how much money created in a whole economy,
0 |( b  v% x" c# `0 win this case it doesnt really matter how much money is created,
/ B! ?* m  h* w  b! r2 c5 ^  ~it's the problem of the debt itself.- A8 M" P8 m( I8 a2 e
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! a3 c* N$ c1 @; L, ]小弟一直都唔明...
" O6 ^& U5 |% f; T) s3 ~, z! I9 K- _8 D" y8 I0 l5 |8 D, e
全世界都蝕錢，咁邊個賺緊錢呢?
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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

5 U) V: P  ~2 B$ y那些根本係 紙上財富  ( f6 F0 j" e: i& ?% Q
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
2 s  N3 T, ^) r- \當經濟好,投資銀行相信會賺錢, 物價既估值相對較高8 d& l0 T' r: [& V6 d6 A
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: v4 P1 w2 n$ p  m# a; H* U' T4 N
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
; y& E: @* ]7 Q, b; L5 c! g( ^8 }扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,: v8 }, \1 \; }6 \6 d% I6 R/ I
計番回報率就已經係50%,所以可以好好賺
$ ]1 ?- k. p3 Z$ O8 I前提係銀行之間要互相信任先可以咁樣借法
- {4 b4 y! g9 l, c! N% _$ y# x同埋個市場既前境要係好先得$ P5 j3 _. u* T: X4 n) a
但當經濟一差,公司估值趺了,物價不升反趺
- Z7 Z1 y! [' [; M* m+ Q7 A3 e例如剛才說10蚊的, 趺到得番9蚊, " a% v! M" ~+ {) p7 m
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 y# P; ^' M4 X9 M6 v. `6 D. p所以你就會覺得D錢好似蒸發哂咁
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  T9 L9 Z2 _1 C- c% a4 k( V你都可以當標野咁諗, 個樣野多人可以狂升值, 1 z  h) b% k5 X( T$ C
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,   k) v, i, G, Z/ p
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  A  J8 j$ s, 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8 O9 [; _# j. [6 G" s. L% o
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
% E/ Z+ A. U& R* c% r唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 }9 [7 o- j4 V7 k
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% D( E! q% N5 M) s% h, s9 P7 t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* b6 E9 H1 s" c5 P
咁你話d錢蒸發左去邊? ...

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正係咁樣- N1 C1 m( l% I( e' X% d1 I
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+ s6 Y+ x# i) l# m& O
分分鐘佢地唔使還錢8 `) P9 {" A$ Q4 `+ X/ [
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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,
$ w5 q2 R6 m3 W, ]8 b; e連國家都係問人借, 不停發債券, 印鈔票5 f. @" u8 e* q$ X5 |# v
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
- p$ C$ E  P. l  A3 d, w6 P. b- D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" }5 y7 u( W0 z7 ?
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
( {& K- z5 O. I% F& T6 f9 x因為以前未生產, 先消費/ s, P$ _. q, O( ^2 q" p3 n: u
而家就要多生產, 少消費