0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
) w' O2 `: F: ?& C5 J/ IWhy bank will sell 借據給第三者???
& s0 V' M1 j$ C4 A$ y$ [I was so confused.....

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講到尾都係賺錢% e+ o4 r6 ^# E8 b7 F+ O
so銀行可以不斷放款
9 }/ _1 }2 Q% p7 R# M; W  ~( z& E美國的房貸問題散佈到全世界# Z" h1 a9 z" Q

- @$ u0 R4 u/ f: K5 d* ]) fmortgage loan
7 L0 e' z/ Z6 c6 y* J>conduit/ a% s6 O! `5 `6 i: s# p
>RMBS(Residential Mortgage Backed Securities)
( p* [) ]; a& h8 V$ I* t$ M>arranger
) I& t& T# b+ m: f( G6 H>CDO(Collateralized Debt Obligation)
% M- Z* V; i. H最後去到投資者

Kev

i thought it is the reason of rate of return.( E; w. f: ]7 n5 \. H3 M
CDs could have different ratings, AAA -> F,9 _2 f" K9 T' `4 \0 t
more risky ones would have higher premium (interest rate) as a compensation for an investment.4 p, ], O- d6 i2 U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 t/ u0 H0 \: @. Y2 `; H* M+ `! zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 }, ^2 C/ [: _* X- NAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ {8 O- o3 k5 W' J, `% C8 k# n8 O
similar to bonds, CDs trading in the secondary market have different value at different times,
3 _+ l% ?% ]: z+ ^6 r& Bnormally the value is calculated by adding it's principle and interest.
: k* `" {4 g& ~$ D" g1 keg. the value of the mortgage+the interests to be recieved in the future.
# u) A! a1 r" c) n6 Kbanks 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.) }5 S7 l- H# z/ W  m; |0 m
in stock market, it's the demand and supply pushing the price up/downwards.
* x/ G  I$ a5 E; h( R" X) _For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' K' Q+ d  u, V7 SA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" F6 m2 E( n* I, Q5 lThe 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.   c" N2 z7 d0 s
but the value of their assets did really drop significantly.6 k- j% @* Y, H- ~1 W+ m
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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! V& x' c& ]; h  `: ~
Refer to last example,
. a$ W4 B/ O9 S5 P$ p% zthat means bank A have no money because we borrow 10 dollars from bank A
4 x$ l- W. n0 BBecause bank A doesnt have enough cash on hand
3 B' {+ b, T% Z2 {, ^$ Qtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E. H+ P# ]- s& ]" u
so does it mean if E failed to pay D,
. G- c3 k" h1 @0 Eall the B,C,D,E have to go bankrupt?
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4 G/ q7 m0 k! E
the multiplier just tell how much money created in a whole economy, ' f/ b8 _5 k: y# V1 V
in this case it doesnt really matter how much money is created, 5 _; H: \8 n! {! v  h" U/ }
it's the problem of the debt itself.
" I9 Y. }# P0 p/ S+ Zthe 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
7 X8 L8 v: f1 M- {小弟一直都唔明...
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9 Q, l/ q1 g' N. N" }5 H! 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...* W& ^1 `) |, s) f1 m+ N2 ~1 `0 K: K

! p4 Y1 c8 \+ t4 d: ~敬請各師兄解答
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1 i$ U% P0 o1 G% aThanks

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那些根本係 紙上財富  4 V% ]& S' b6 c4 e$ R
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/ {, \1 a8 b. F5 R: X. O- J8 ^

0 `$ X0 a7 v2 d# O% Ohttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產5 G( k  L2 s: `8 y- Y3 }
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 u  U; R' b6 @; B  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
6 X1 f- p/ }5 R1 Q& J+ @" G個件物價係市場好既時候升, 例如15%先算,變左12蚊啦1 }8 g2 W( F+ M* S
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,9 B2 r- n  I3 H2 T4 [; v
計番回報率就已經係50%,所以可以好好賺
& `5 L7 n  F% K' W2 z* R; E. m前提係銀行之間要互相信任先可以咁樣借法  c% }& L3 F% Z) m
同埋個市場既前境要係好先得
2 a: `/ g8 O* z# C- U3 \% [2 A. m但當經濟一差,公司估值趺了,物價不升反趺
& o1 h9 P+ W9 ]例如剛才說10蚊的, 趺到得番9蚊,
5 f9 t' p% s/ f# o% S咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
- e$ r- c9 L: p6 e) _3 |" q. ], W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, / z* M) F( m7 S. T9 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, 6 ]0 d, g8 o0 M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 E9 F; j0 z) 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$ x4 R  [; i1 \9 g
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$ k& R, n  S/ U+ L- e9 v
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
1 Q6 [( s1 R) v' |  k* t( P  t- Q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' d5 ]. K% J! U0 c! 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9 X5 x5 \5 o* ^- S
咁你話d錢蒸發左去邊? ...

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正係咁樣
9 ?# w$ P5 U/ e  V  `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
% i* j4 }% J# i  ~9 a! X分分鐘佢地唔使還錢' w  x) R9 h* M* u

! W  o9 [3 d, c, 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,
5 A: t# q' h% q' |  t連國家都係問人借, 不停發債券, 印鈔票
6 e8 x! t; t5 c) @一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
$ F/ q, m; R$ u& u/ O4 {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 C# Y6 V, f; i; \1 m- m咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
0 O2 K; m2 x9 a$ B因為以前未生產, 先消費
& l2 z, X; l/ V而家就要多生產, 少消費