0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
; L8 V& ?0 w# f/ m8 [) XWhy bank will sell 借據給第三者???
7 Q% c4 R7 b; F: UI was so confused.....

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  D( ?4 x9 Q. B1 I2 I; e" q/ w( F講到尾都係賺錢
8 O& E7 i8 I& Z6 V3 ?$ {) Q6 Mso銀行可以不斷放款
2 D3 s- B! R8 d1 k/ w3 D7 w8 q! `+ q美國的房貸問題散佈到全世界
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5 v+ V# |* r) Y( O1 p3 Bmortgage loan * f* _0 |# j5 H7 m
>conduit, C& p" Q; A5 D' R' R
>RMBS(Residential Mortgage Backed Securities)$ p3 G) L* H( ?; [8 `! J+ t
>arranger
. l- R/ n3 q* w6 T/ \& B7 g>CDO(Collateralized Debt Obligation)) p& t4 Z3 m% t4 X: H
最後去到投資者

Kev

i thought it is the reason of rate of return.  Z2 s% D% s8 W! z
CDs could have different ratings, AAA -> F,8 ~# b& @: f* ^2 B$ ?
more risky ones would have higher premium (interest rate) as a compensation for an investment.( y. k0 p! f2 U9 I
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* n/ z9 t2 O7 A$ I5 m# b9 F
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 X/ Q1 J% u8 Z2 l3 e- zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 T' `' n& A& p. W* U- B9 zsimilar to bonds, CDs trading in the secondary market have different value at different times,: m" E) f  i: L/ m
normally the value is calculated by adding it's principle and interest.
& j% [2 K1 C  E7 \; q' K& J6 w1 zeg. the value of the mortgage+the interests to be recieved in the future. - d" [& w# ^) }
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.
# h% t. o' `# Q& }7 F! qin stock market, it's the demand and supply pushing the price up/downwards.
0 X: W5 c! h  x3 u% Y: L, tFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# u: k; |7 B3 N( VA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 O8 e/ {" Q' d/ ^
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. ) \$ F8 n/ |) \; _: l# y: v
but the value of their assets did really drop significantly.+ G# }& [) o& ?, x! A
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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+ }2 F6 x( F- J. P
Refer to last example,5 z: D6 v( R$ {7 b
that means bank A have no money because we borrow 10 dollars from bank A
5 @/ z7 `. A9 {- u& f. zBecause bank A doesnt have enough cash on hand
" j" Q( L! f3 Y3 i3 ^9 U, D& Z0 Jtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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% N6 \8 |8 m' \A->B->C->D->E8 w6 G5 V! i1 r. A5 D) J; p
so does it mean if E failed to pay D,   e$ X! c( o* A+ T( f
all the B,C,D,E have to go bankrupt?
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) a0 s/ p9 i: G' {. Lthe multiplier just tell how much money created in a whole economy, , Y1 Y- v1 Z+ F7 c' b5 o
in this case it doesnt really matter how much money is created,
& C6 B9 u0 P: J. Kit's the problem of the debt itself.! @# B9 N; l+ F. v; D* d  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" A6 o$ U+ @5 X# p$ _
小弟一直都唔明.../ H5 W/ V' X; C8 a5 c- d
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全世界都蝕錢，咁邊個賺緊錢呢?
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$ u! n* `8 p, O, C  d$ L" Y8 k9 k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

6 i( F5 j- T, o7 @$ x' [
那些根本係 紙上財富  
9 `; q$ L9 J! q* l# f: k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/ J+ r* [/ K. Z9 T0 x3 z/ }4 V# Q, 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- k& E- p$ R1 x/ ?, ^1 y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高0 |6 ]& X/ B* `' d6 Z! n. C+ n4 M
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! ?/ y- ~/ j) }# L
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, E& _% A8 n5 ~* q! K1 F
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ W, f9 T. O; Y* j4 X& ]$ ^
計番回報率就已經係50%,所以可以好好賺8 t( B0 Z% L  i* i; |2 @) q$ S
前提係銀行之間要互相信任先可以咁樣借法
8 h# ]. ?- n0 t6 j. j  c% L同埋個市場既前境要係好先得
! t3 ~; z4 b4 ]但當經濟一差,公司估值趺了,物價不升反趺
8 p' ]/ ~& [( H7 @5 E) l- k例如剛才說10蚊的, 趺到得番9蚊, - Q$ d4 x) D3 R( i& s
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
  J7 t& [+ S0 {. d/ V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, % q, G/ f2 n: p8 Z( @# o
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,
- f6 d' r% K) ~9 z1 r3 }7 v+ o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # i" o3 p, y2 f& D) t7 i( K
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% ]0 j/ t8 L* a; y3 k7 M( O9 w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
) c% I0 g/ D5 }* ~/ D唔係d錢蒸發, 而係比美國佬洗晒未來錢, : ]/ d( j& b, B6 L' P$ H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # R0 t6 b% p2 R9 V. y
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 [6 A$ v
咁你話d錢蒸發左去邊? ...

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正係咁樣
. A0 F& d  U( U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# _, K, r- W$ s! x" [7 m
分分鐘佢地唔使還錢# F8 O4 r' @. w0 E: \+ V+ u9 C5 J. H
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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,) m0 K) u& \* K
連國家都係問人借, 不停發債券, 印鈔票
8 }7 p5 R$ E9 B一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% g% J2 k- l* h$ q4 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
4 b8 A4 T6 z1 t8 X+ q1 I  i. H咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...! p8 ]! E; ^& `3 s
因為以前未生產, 先消費6 q/ t9 v$ h6 o5 H2 }
而家就要多生產, 少消費