0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
$ g2 t4 _& }0 G! WWhy bank will sell 借據給第三者???
  m7 S7 X, ]" b2 pI was so confused.....

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6 w9 y" a$ L( y( e講到尾都係賺錢
0 _) q5 E  L- w- l  S. z3 ?so銀行可以不斷放款8 l7 z, ]  V7 V# N8 N3 K% U* d4 b
美國的房貸問題散佈到全世界
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4 i; b( J4 f) U2 n. O) d6 omortgage loan # V/ w+ a7 B' c  C8 ~
>conduit/ n8 n4 O4 W$ X  y5 r$ r5 y
>RMBS(Residential Mortgage Backed Securities)
+ L, T( H7 ]& r: m) k. F- o; V>arranger
: x1 K3 W; r4 ]% y( w; G4 j' G>CDO(Collateralized Debt Obligation)
4 X5 k, R, J) _' P最後去到投資者

Kev

i thought it is the reason of rate of return.
% c) p& q. `+ h/ y- o* _' R- KCDs could have different ratings, AAA -> F,# o4 s; n8 n! }. F
more risky ones would have higher premium (interest rate) as a compensation for an investment.
* ]( g2 }: ~6 W) {% @4 S" vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 D! n7 G6 L1 W( P+ U3 S
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: Y+ A. w; h0 Q- PAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& V4 G2 i. U# ~0 W5 a& M: ]
similar to bonds, CDs trading in the secondary market have different value at different times,% }0 \; Z' ^4 A' n  Y6 E7 @$ `
normally the value is calculated by adding it's principle and interest. ( M. _( ?5 ~+ F' t/ J- @' |# [
eg. the value of the mortgage+the interests to be recieved in the future.
9 `2 a9 G6 C1 hbanks 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.- ]9 K5 z1 Z, C; r; H- {: E7 ^8 I
in stock market, it's the demand and supply pushing the price up/downwards.
+ ?% `7 o1 T; l! r- @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: @" F3 D( c$ J, V
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 \4 {8 F; Z. |. \" nThe 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.
( s( i& [" i& Q! C- kbut the value of their assets did really drop significantly.
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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
- z% ]+ y, l" Z5 LRefer to last example,4 U  y, i8 W' k$ h! v: u) a. ]
that means bank A have no money because we borrow 10 dollars from bank A . k- b8 m4 D' V; f0 _
Because bank A doesnt have enough cash on hand . `2 ]/ n$ ?9 x: q1 c3 l: l$ ~/ R3 G
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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* \" m3 b" k* m1 m, [% sA->B->C->D->E
3 q1 K8 z3 W& o$ r  _& xso does it mean if E failed to pay D, ) P1 c3 i* E5 P, s
all the B,C,D,E have to go bankrupt?! I- w. J# j1 t$ y* t" ~: M) O7 w0 c
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5 S7 V$ e: e, O( ?2 fthe multiplier just tell how much money created in a whole economy, . j+ G, a9 P+ s. o. Q& s. Y
in this case it doesnt really matter how much money is created,
% e" o: D1 V7 F* G7 ^it's the problem of the debt itself.# M  S; B# `, z- P$ f
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+ T) |% ^  v( w' i# A
小弟一直都唔明...5 D! f4 Q/ `: S3 n' v, |8 V
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全世界都蝕錢，咁邊個賺緊錢呢?
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3 G% F+ y+ \0 I# f無可能淨係有人蝕錢無人賺架嘛...
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, C$ V# `9 l* h3 z0 ]; A9 H" T敬請各師兄解答. b9 B0 J( l  `) p, w

0 I+ a3 T& c/ m& F9 j/ \7 ^. rThanks

/ j8 V  z8 K( o8 \# V+ d, N) a那些根本係 紙上財富  . Z' v6 K' J3 p  _& t
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
) M0 s( ^5 j7 u( P( W當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
3 e# a5 P) I7 J" W( \# [) ^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8 {+ e! P% h) o+ _2 f# |& w
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦/ S3 x5 ?7 C0 s" v8 \) M" z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,9 a7 D3 b+ Y8 t- n9 N4 G9 z
計番回報率就已經係50%,所以可以好好賺1 P4 H! |" Z' U
前提係銀行之間要互相信任先可以咁樣借法  p. P& U% c  G$ ]7 R+ Z# m1 O4 l
同埋個市場既前境要係好先得% u" }7 d2 N; d5 F4 I5 {4 u) N9 v
但當經濟一差,公司估值趺了,物價不升反趺, \& K) L. f7 N( l0 D, V
例如剛才說10蚊的, 趺到得番9蚊, % x3 k3 a9 W. m, {0 P
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
. s7 u0 ?" W4 p7 }/ C: O! r所以你就會覺得D錢好似蒸發哂咁+ Y6 D) c2 y; w
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你都可以當標野咁諗, 個樣野多人可以狂升值, 1 v% g& g+ b/ {2 T/ \  {9 i/ x) w
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,
+ }4 [( d7 k  k- ]6 \淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * }9 R  q, C/ |" K1 \$ r4 I
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
" _) F( m+ n" K$ m2 ]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; h" t  P* }7 @) A# U( }
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
% U$ m: b# [( C7 k: G5 `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 D! h$ G' \- L5 h/ K, O2 R  L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
& \/ _  o3 I3 D( |( R( y咁你話d錢蒸發左去邊? ...

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正係咁樣6 c& Z  F3 ]% S3 ?- z. ]: t
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* H5 P3 @8 u7 G
分分鐘佢地唔使還錢
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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,& ^+ X2 N; p, t3 J
連國家都係問人借, 不停發債券, 印鈔票
8 w. ]: L: Y+ Q7 N$ G( M3 k一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% g+ n1 w  {" }4 |1 c
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
* z. S/ v$ N& ?1 H: s: A5 u咁而家"爆哂煲"算唔算先至係變番"正常"???

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& r# t9 d0 {0 B! `: A3 J/ P' Q! B  ^5 J其實係...
4 \6 J1 e5 t* v8 ^因為以前未生產, 先消費5 f8 [6 W- [, h' [9 e$ I
而家就要多生產, 少消費