0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 R6 d2 L* D+ d& aWhy bank will sell 借據給第三者???
$ `  O/ i4 h0 {$ d# t" ~" E4 cI was so confused.....

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講到尾都係賺錢4 m( S) d8 n4 ~1 A7 v4 j9 Y
so銀行可以不斷放款
; M: a, p. b  d- F美國的房貸問題散佈到全世界
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mortgage loan
: @# A3 B5 C! ?6 f>conduit
: \  l! {" Y$ e$ k. l>RMBS(Residential Mortgage Backed Securities)1 y' [! S$ f" R
>arranger  D, Q1 G: s! ^5 X& O
>CDO(Collateralized Debt Obligation)
( d) l9 e9 D* S. F: a最後去到投資者

Kev

i thought it is the reason of rate of return.6 W" }$ t# b; b+ d3 [: d
CDs could have different ratings, AAA -> F,
/ n5 p  m& K# N! E( omore risky ones would have higher premium (interest rate) as a compensation for an investment.% s* m% _7 F/ Z# k# N+ Y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- b9 l% ]8 o" x5 r0 e& E
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* Z2 `! M  W2 u% e9 q' f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ x+ m4 ^9 `% R( o) Osimilar to bonds, CDs trading in the secondary market have different value at different times,+ j3 @4 r3 p# V, \1 H
normally the value is calculated by adding it's principle and interest. + l. [" @6 T. K; s7 R6 j9 V
eg. the value of the mortgage+the interests to be recieved in the future. ! M; }* E% A$ H7 Z* I0 \  F
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.9 U2 v2 ?7 r1 ~, q* l+ f

  B2 q: z7 `9 `5 s- n: b3 d2 Xim not quite sure if the multiplier effect does really matter in this case.
4 \/ @- w, x9 U" P8 Yin stock market, it's the demand and supply pushing the price up/downwards.9 n- f" x! i, Q) c8 L0 h! q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- L9 p" @8 p0 y: W! y, V/ n" M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# j8 T) ~- {7 p5 ]! o
The 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. 9 }9 y% _, I! a2 _  E" j, d
but the value of their assets did really drop significantly.
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8 s$ H( o  L! T; B% A[ 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" m7 Y, Y  O0 }Refer to last example,
. e) r' N4 u5 ?9 i9 r& D5 Gthat means bank A have no money because we borrow 10 dollars from bank A 3 E4 Q# j* n% i, D
Because bank A doesnt have enough cash on hand : K1 `' p% \+ V( X, \
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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# g. a# _- A/ p' E; hA->B->C->D->E- O* i1 q# [' ?0 o
so does it mean if E failed to pay D, 6 I) x* N5 L6 x4 Y$ U6 W( U0 A
all the B,C,D,E have to go bankrupt?- N, }7 o4 G' q- e- I! n

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the multiplier just tell how much money created in a whole economy, + @$ |. N8 T0 h8 q
in this case it doesnt really matter how much money is created, - _, ]& t7 m9 r8 B1 m" ~
it's the problem of the debt itself.+ O* t9 o% _. C# `3 n4 L: C2 ^
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
+ h/ ?' a; T+ V9 I小弟一直都唔明...
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+ \" S8 W$ j  G. u  b7 f* V全世界都蝕錢，咁邊個賺緊錢呢?
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# r6 f$ @# q- `7 Y6 R無可能淨係有人蝕錢無人賺架嘛...! e9 _2 n: K' T; u, [

3 a- j$ K& M' l$ b* P" e' \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  3 [5 o$ z) l. h; P
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# z  G6 t# {3 W8 C, h

) A$ k/ H7 \7 G/ @2 Lhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
# y6 I: u+ P* ^9 j' w% y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- d& j( i, z! T! l# ~1 D- f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
  o  L9 D8 i$ B! U% ^7 a4 |5 Y個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
4 S, r6 l% D+ B/ Y" d2 q扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
0 t, N* J- ]. d2 W計番回報率就已經係50%,所以可以好好賺/ E2 Y' H( N& A( X) l+ `
前提係銀行之間要互相信任先可以咁樣借法9 v% J) }0 g. N7 {2 _
同埋個市場既前境要係好先得
8 X8 R( Q  Q, ]0 L, Q但當經濟一差,公司估值趺了,物價不升反趺
' @( ?+ z; B+ N9 j( F4 t7 B, d; c6 p例如剛才說10蚊的, 趺到得番9蚊,
8 T& H: P% I) f咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
+ M, V% v4 B! ]7 [1 o; R* }所以你就會覺得D錢好似蒸發哂咁; y% O# B; {" P4 c5 Q2 b& ?# v+ ~
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你都可以當標野咁諗, 個樣野多人可以狂升值,
2 C% o* n* f- G2 N& T8 o. T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, , `) W( i% `5 ]0 a- ?% E
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : ~) l3 X9 ~& u+ 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
& Y( ?- \5 g& G; B& G; s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/ I5 f7 R- L1 D/ G
唔係d錢蒸發, 而係比美國佬洗晒未來錢, / m1 [$ g. n5 D* M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. z) e# r! ~, `. M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" N! l. z  M1 b7 f" a5 ^
咁你話d錢蒸發左去邊? ...

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& w& @8 }; ^6 x' a  I1 Y: _. T正係咁樣
5 ~; Q, m, s) d2 `# h0 |" Z: m1 A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
. o& E- ]2 j/ K( S) N+ r' a分分鐘佢地唔使還錢: r+ s+ V7 \2 w8 C

" x2 ]+ d" n/ P- f5 {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,/ Q' M' y: T; @2 a6 b
連國家都係問人借, 不停發債券, 印鈔票
' l$ z, R# U* R一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
- `2 t6 Z( Y7 B" T4 I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, J4 R2 e& T/ {. }! l) @
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...' w& }5 e) G) C4 m- U' d
因為以前未生產, 先消費+ i; p0 G$ x- u4 ?5 V% k+ W6 E& f
而家就要多生產, 少消費