0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
& v/ c  v) q3 j3 k, a& Y6 hWhy bank will sell 借據給第三者???0 t. X# ]0 M( Y% g
I was so confused.....

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+ M1 k; j, ]. f1 o# }, h, w9 Q( `講到尾都係賺錢
4 M7 T3 }! [/ q# k4 N) U5 fso銀行可以不斷放款
* c+ Q) n; Y) Q6 g. K美國的房貸問題散佈到全世界
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mortgage loan
+ w" \# C' f" ?# T>conduit
( m$ J$ W& H" A>RMBS(Residential Mortgage Backed Securities)
0 y4 o+ o  _8 u>arranger
! I+ f+ I6 }( T& @& C6 U5 T>CDO(Collateralized Debt Obligation)$ W6 G2 j" Y. }" J4 B0 o
最後去到投資者

Kev

i thought it is the reason of rate of return.; d8 Z* ]% V1 L4 A) z4 P! n( f- f5 G* u
CDs could have different ratings, AAA -> F,% ?5 v+ }2 H0 g7 n
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& @' ^; \3 M, U) x) dmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
: w$ _. b9 R: Z! ^" Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! h3 D+ D6 t+ ]3 _Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., i* L' k% a. B1 c; I
similar to bonds, CDs trading in the secondary market have different value at different times,
. r3 `+ W4 W7 D! k3 N: Knormally the value is calculated by adding it's principle and interest. - B9 A9 ~7 E: X- h0 r
eg. the value of the mortgage+the interests to be recieved in the future. " r/ ^3 U& O+ @6 D# A
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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1 o/ |0 q" ~$ K. X& q3 gim not quite sure if the multiplier effect does really matter in this case.
4 q6 c" Z: ?3 I# c6 u& {in stock market, it's the demand and supply pushing the price up/downwards.5 `' c4 L% A8 L9 a" _: \
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' e4 ~) I) a9 |/ ^A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 B$ \. K, ]& b/ Z# cThe 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.
* T+ Y( I% m" K! P- `+ [3 U9 pbut the value of their assets did really drop significantly.9 D. E2 y) ]8 `7 G8 t

2 N: F  C$ y7 B2 l[ 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
" o( T7 M+ A8 E( nRefer to last example,
7 D  e/ F2 K2 s* o( `that means bank A have no money because we borrow 10 dollars from bank A
+ O2 ]. b. S) l" F0 T5 z& U) q+ GBecause bank A doesnt have enough cash on hand
* N. d# d: \/ W- H: z' M" Utherefore bank A need to be bankrrupt ??? Am I right ?? ...

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) i2 G0 Z9 l( n  v5 N$ nA->B->C->D->E7 Z: R( u% }8 {1 p1 |
so does it mean if E failed to pay D,
$ d( K6 \( p4 A) q8 t# Wall the B,C,D,E have to go bankrupt?
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7 T1 @! u* W+ s0 L- I; \the multiplier just tell how much money created in a whole economy,
3 k% a: n( q6 v+ q+ tin this case it doesnt really matter how much money is created, ) [5 a; j# [1 M9 L! l+ d1 j
it's the problem of the debt itself.
' t6 p: f: C& n/ b1 C. Ethe 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.gif4 F( H4 s6 Z! n5 d! [; Q
小弟一直都唔明...- _% ?( ^; L/ y5 t! Q
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全世界都蝕錢，咁邊個賺緊錢呢?7 k  f% U0 m/ k6 ]1 O

6 x# @( u6 o& B9 i# s無可能淨係有人蝕錢無人賺架嘛...+ i4 G1 H4 u: Y4 f# S
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敬請各師兄解答: Y7 {! o6 C$ I! w2 z6 D0 q% F

! H! H& j4 e! I3 k: ZThanks

7 h; E$ w3 d4 b. d5 u
那些根本係 紙上財富  
2 P# |8 e6 I% ]* c2 u) {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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$ z' m2 O7 B0 jhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產; o, z2 l& Y# g) A& A$ H  T  H) Z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ `$ z9 G! P% n9 }4 g& 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5 L( @1 a: y/ K9 r! ^
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
1 u$ d8 C- Y& q扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% a8 @, i0 E; d) O+ o# t3 j9 g計番回報率就已經係50%,所以可以好好賺
/ T$ A2 o7 D* o前提係銀行之間要互相信任先可以咁樣借法& m) w4 n! X' X1 g- p! u
同埋個市場既前境要係好先得
5 q3 ?2 S' F" A9 [& _但當經濟一差,公司估值趺了,物價不升反趺% t2 `2 h+ H$ I4 M; P; t/ B
例如剛才說10蚊的, 趺到得番9蚊, ! r5 M9 ]# \# p
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 B" q8 M3 i* c. Q所以你就會覺得D錢好似蒸發哂咁' U9 z# x7 [1 U! Z- j8 U
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你都可以當標野咁諗, 個樣野多人可以狂升值, # r  L" G  t# S8 d
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,
- a6 x" I* j3 n+ _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 U0 O/ j+ z) u3 ^$ \+ O% ~4 y2 H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; D' x$ @) M5 y: S9 h0 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
( z; y" q' o- g- z% w4 f/ N, I唔係d錢蒸發, 而係比美國佬洗晒未來錢,
( X; d0 X0 P% Y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( q. }9 a9 R( @* l0 J+ O
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- ?; g7 p0 {2 E: M2 d8 {
咁你話d錢蒸發左去邊? ...

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9 ]  p; D. u6 r2 O正係咁樣
  p, |* Y7 Z9 x9 L/ T; @/ z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0 i' t" o  _* P$ i
分分鐘佢地唔使還錢
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8 |, Y1 |+ c6 H" y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,
3 C8 R7 R) A* t+ u5 a$ ^+ q! r2 x. b1 E連國家都係問人借, 不停發債券, 印鈔票# a. s# ^6 |1 U+ J( h3 O
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
0 {" [+ M  k' P5 N- Y1 O, @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.gif0 ~2 z! f! i- J  w
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
% z5 i4 k2 t. L% x1 C" y因為以前未生產, 先消費
/ M; @7 W! T' Q4 O9 b$ f而家就要多生產, 少消費