0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
" Q' m1 E9 `3 `; F4 T; w8 }* JWhy bank will sell 借據給第三者???4 R  f0 f- f. A4 l( |0 h
I was so confused.....

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. l9 h$ ]8 O2 c6 y  l- k講到尾都係賺錢( a! t2 o; [: G$ @! q
so銀行可以不斷放款
: K6 ]9 _) C6 G' _$ ]% F2 X$ W美國的房貸問題散佈到全世界
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mortgage loan
- \' z" L, g! [5 M7 E) G' w>conduit. k/ O, A( b, A
>RMBS(Residential Mortgage Backed Securities). h9 c* Q" q- X2 a0 u
>arranger( z$ b  w, n) H7 F, ~0 k+ R/ q
>CDO(Collateralized Debt Obligation)
% t& r; U; _5 U最後去到投資者

Kev

i thought it is the reason of rate of return.
- {0 S) K7 Q: h6 q2 s! v1 e8 a* jCDs could have different ratings, AAA -> F,
6 w* ^, E7 R; y' ]8 L* M% Omore risky ones would have higher premium (interest rate) as a compensation for an investment.$ q0 U- R6 Y' x- ~4 }  H
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: x+ q& N/ R5 G
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. ^& d( U8 ^) B5 M# z6 Z0 \Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ y4 W4 @/ A! T' Csimilar to bonds, CDs trading in the secondary market have different value at different times,
; }8 v) j6 y0 v: m/ }normally the value is calculated by adding it's principle and interest.
, e% E# f# j! V6 a6 Z  a' s+ veg. the value of the mortgage+the interests to be recieved in the future.
% u& y% \4 @/ @! Y2 L& obanks 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.7 P2 ~) K$ o/ L( k6 s3 @

$ B8 ~+ [1 ?/ Q. ~im not quite sure if the multiplier effect does really matter in this case.
1 `5 ^/ H, N. S, i9 C8 j! min stock market, it's the demand and supply pushing the price up/downwards.& d) E( `4 M& ^3 r9 t& H/ c/ k1 K# P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ l( @/ \/ U. k# s& t* F, k
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- d! i8 a. s. n7 X0 [3 s$ E
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.   M2 `$ |2 B: `  y7 A2 x
but the value of their assets did really drop significantly./ Q9 S# V) B2 Q& J$ i
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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
8 l4 s- {3 b) ?) d& z8 FRefer to last example,9 {* _) a( p7 ?) A* e
that means bank A have no money because we borrow 10 dollars from bank A 2 V! i9 m0 L3 X4 V3 v) k1 Z
Because bank A doesnt have enough cash on hand
$ V# Z8 |+ j# x# Z7 t" mtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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# \- d: h/ w  m2 Y; x  }A->B->C->D->E% Z: X3 G0 o$ l2 F
so does it mean if E failed to pay D, + n& k* W+ o% o( [0 a
all the B,C,D,E have to go bankrupt?
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# j5 ?' G9 C8 T
the multiplier just tell how much money created in a whole economy,
. M! V5 [' y  R6 v( sin this case it doesnt really matter how much money is created,
/ z9 C& Z1 ^; {' U8 p" bit's the problem of the debt itself.
( z/ z; X0 I# }& I" |2 Q  {& 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.gif6 m6 v  i) e4 t7 f; |, W
小弟一直都唔明...) i6 T0 c% x6 y

+ l- }2 g# j* R+ b' }全世界都蝕錢，咁邊個賺緊錢呢?
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' X7 d; i: C$ `+ Y0 g" d& t無可能淨係有人蝕錢無人賺架嘛...
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' |3 F  p: n: r8 |# R" |% j敬請各師兄解答& D; F6 D( r# k0 t% C5 p2 ~

) h. g) e- V: ]1 QThanks

3 a! S5 N3 E2 T/ B# ]那些根本係 紙上財富  
2 \. ]9 m! \! l! B3 K+ H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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! R$ F  |$ e" h! f7 T$ r8 thttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
* Q1 Q! z+ P4 w- F* w. k& j) N: G當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
6 T$ C8 ^( t4 i: T( G( i, G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
: G, ?* y' \' p% O# k. @: e8 R個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
: ^  v; V0 R7 k- |扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
+ k8 |& j4 k$ z8 Z: |+ c. m, B! g0 _  c5 d計番回報率就已經係50%,所以可以好好賺
- s! L. O7 I! L6 i6 S前提係銀行之間要互相信任先可以咁樣借法
7 F0 v  b  m% _$ K6 L; ^( [9 h! P同埋個市場既前境要係好先得
. y5 A; T- H/ n, b+ w3 ~; L但當經濟一差,公司估值趺了,物價不升反趺$ e- i% P7 P) L: _- L! O; c% Q
例如剛才說10蚊的, 趺到得番9蚊,
0 O% v) b! @- g8 S咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
. }$ `* Y% j& h+ v' b5 t2 Y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, 6 F/ x' a  r0 M2 n8 W& Q
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, ; w0 W3 F* Y# k! o% g# b: |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" ^/ X% U5 u6 u: C2 _2 _0 W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
" O1 \3 P  ?/ e  ?0 d8 M, ]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
) X( q# }, g; ?* P4 J% ^4 b3 }" N$ Y唔係d錢蒸發, 而係比美國佬洗晒未來錢, ! s/ t" {# w9 q, d: X
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 N3 ^: n# s# m' g& L  S' n
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
# X7 a$ ^, B; g) w咁你話d錢蒸發左去邊? ...

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正係咁樣
9 v# z3 m: a: `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
1 |/ x! f! s: @& R0 [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,
, B# `/ Q* m' }5 N' S連國家都係問人借, 不停發債券, 印鈔票
1 L0 k3 l! L, K& w一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% h" S1 k# Q" v. C( ~8 _, }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.gif9 S5 t  X6 ]% C- c
咁而家"爆哂煲"算唔算先至係變番"正常"???

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8 E% s7 f; E5 i1 w其實係...
7 F# c& q0 i5 r- X; \因為以前未生產, 先消費2 p, C  `3 u. ]- {' c
而家就要多生產, 少消費