0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
" G: p4 @, d5 q* WWhy bank will sell 借據給第三者???( [: _9 Y3 r% g5 U
I was so confused.....

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講到尾都係賺錢
0 h7 M: w. W! yso銀行可以不斷放款8 N2 o( p  B" N
美國的房貸問題散佈到全世界
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. H* m+ Q5 c0 umortgage loan
2 D6 M& ~* E! U) Q>conduit
& A9 T9 i$ u6 J  P>RMBS(Residential Mortgage Backed Securities)+ A5 {4 k2 J" M' |# @
>arranger! O1 D9 R% `$ r0 Y: \' C
>CDO(Collateralized Debt Obligation)$ ^. Q8 f- S0 v
最後去到投資者

Kev

i thought it is the reason of rate of return.
# [! _/ t! O" p: nCDs could have different ratings, AAA -> F,# i( c1 k8 @7 D8 \! n) \
more risky ones would have higher premium (interest rate) as a compensation for an investment.
$ l5 ~/ l" t/ q) Wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* t- ?: [6 s1 S# `0 I( @7 S- Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. J8 z4 E  b+ C# ?% S% t
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ b( `' X- g  @# Psimilar to bonds, CDs trading in the secondary market have different value at different times,& g2 @/ V2 Z$ _: @& W
normally the value is calculated by adding it's principle and interest. 9 c& Y) S' ]! \3 ~
eg. the value of the mortgage+the interests to be recieved in the future. 7 ^" z. g7 u8 G; I* 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.) V  @7 H/ b9 g$ g; a
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im not quite sure if the multiplier effect does really matter in this case.9 T9 U3 O3 @0 H9 `
in stock market, it's the demand and supply pushing the price up/downwards.: O  w) R2 |: A' ?; X
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. l( y* P' p* o( w) rA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# Y1 ~+ h1 M. a8 u* W, ~
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.
$ R5 I% ^- ^+ r2 T$ Sbut the value of their assets did really drop significantly.; w. B8 ]5 `1 ?9 T/ T  Y
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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
" @+ N! g2 _! ^8 \2 _" QRefer to last example,( I. R, g/ A5 b
that means bank A have no money because we borrow 10 dollars from bank A / d+ n, ]/ V/ [
Because bank A doesnt have enough cash on hand
4 I- V! G4 M7 J& s  n* j. P0 Ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

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* ~9 t1 l$ x4 q5 R- fA->B->C->D->E- j5 r9 T  _1 {3 F+ U5 E. d4 P$ ^
so does it mean if E failed to pay D,
! X8 U: B+ d6 e  x' hall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, ; O7 _* d% Q. _9 ^
in this case it doesnt really matter how much money is created,
, q0 i) c1 `1 }5 z* g: sit's the problem of the debt itself.
# w; t0 E0 u) P8 q8 l0 tthe 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; m7 k) h0 n) Z+ }. q+ h小弟一直都唔明...$ m5 w) z( c9 H- j; y# W3 `7 F0 x

# ~2 A. ~- |! B# B0 [8 b全世界都蝕錢，咁邊個賺緊錢呢?7 [' p. q8 Q* s! c6 ?2 f0 ^% [% Y

4 X3 ]- w( [- d2 {9 u$ D無可能淨係有人蝕錢無人賺架嘛...
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( `: y1 @9 y; Y  S# P$ q- }" M敬請各師兄解答1 I/ R! X) R% X: N: E( L+ q

3 i( Q8 L0 B+ A3 g' |Thanks

7 F8 Z& x$ K6 v5 f9 y那些根本係 紙上財富  % Q, J( O- ~6 _7 \# {9 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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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
8 }. K) V" D' O- l' B# h當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: `- r, q2 ~/ p: m$ q& n
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
& D; X2 N& k+ R% |3 ]: Q8 Z! {1 P個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% N% p( s' f* x扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
* L+ t  x3 q" G, ^計番回報率就已經係50%,所以可以好好賺
/ m2 \- C; ~* r9 Y前提係銀行之間要互相信任先可以咁樣借法
8 O& r: m7 l3 A% u同埋個市場既前境要係好先得
. n2 [9 {1 [- q3 K! ^! `但當經濟一差,公司估值趺了,物價不升反趺
; F; g3 Y- E4 j- b* y3 t例如剛才說10蚊的, 趺到得番9蚊,
  Z% d2 W$ u5 p; {! V& _9 w8 M. r咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 z, w- d0 \8 M0 u* K' {8 v  ?
所以你就會覺得D錢好似蒸發哂咁
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$ S% `8 P4 s; F* _0 j' ]你都可以當標野咁諗, 個樣野多人可以狂升值, 1 C2 y$ g3 B$ X6 p3 l: k
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, ' t, Y: ~! E# O2 {+ g" k! C3 q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; s+ y( p. O' x3 [$ B. n3 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
: g9 x( S/ q! C% J9 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
5 }2 G+ ]3 V, X2 p9 }唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 R) ]1 ?- @, t1 w
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - y* x+ E+ h! A$ A4 s, 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
6 R2 z4 w& c/ Y1 a: F0 m: \9 w咁你話d錢蒸發左去邊? ...

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7 |6 L% H' j/ r  V! B! ~正係咁樣+ T' f! L  p8 o
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; z' X+ o9 L6 A3 N
分分鐘佢地唔使還錢
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/ Y, b5 l" E+ {3 `7 x) [0 z  G4 v4 V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,
2 B! Y. o$ V/ w8 Z- ?) L) f連國家都係問人借, 不停發債券, 印鈔票
1 q( G) R7 ?0 {  o4 b4 i4 o) W. D一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( L/ Z4 |1 b3 m  H% P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
1 M* h# {$ F; s7 A咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ M; b4 n, F2 r* [, t) H" l3 f其實係...
( _! S$ h: @$ v* |因為以前未生產, 先消費) \. z( V, X9 v3 N  z
而家就要多生產, 少消費