0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
; ^* b4 O1 h/ [: A$ ~- N! |) q2 wWhy bank will sell 借據給第三者???
$ _( _. p( z1 f; AI was so confused.....

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+ L& s$ l8 m: [9 U* f/ G( b8 ^講到尾都係賺錢9 b1 m& ]& N& z& ]% T
so銀行可以不斷放款
* F" [' s3 Y2 L$ E' j6 b; A美國的房貸問題散佈到全世界- h# V. k9 @* x. D. T6 Y. H% X

4 P  C9 O$ u4 U, |6 v3 cmortgage loan ; o- D. `6 f# F8 {0 D
>conduit$ M! _% e. O, g9 N: t( C8 p! c
>RMBS(Residential Mortgage Backed Securities)* u, I' ]1 Z" s% Y" m8 |4 u$ `; d% r  U
>arranger
! ?% X% k1 a* A2 W" m( [$ M>CDO(Collateralized Debt Obligation)0 ]  z' N6 y* x3 k3 q
最後去到投資者

Kev

i thought it is the reason of rate of return.
0 z" ]( i. _7 s, b: T7 W# rCDs could have different ratings, AAA -> F,
. l) C8 \& W* E6 B4 D- ?) l9 \more risky ones would have higher premium (interest rate) as a compensation for an investment.; z# @& _; _& A4 \8 e
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# Z3 `( K5 {8 J/ |2 @1 l; H/ Ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( D/ D, V) s- f1 Y$ eAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' z$ w1 R6 E- [& q- i( S% |& m  A
similar to bonds, CDs trading in the secondary market have different value at different times,4 L- M5 m) g) q+ t) R" M. V/ ~! I
normally the value is calculated by adding it's principle and interest.
1 W8 r. J0 F. X: Z' D5 ieg. the value of the mortgage+the interests to be recieved in the future.
2 D4 a  t2 C/ @4 T% D4 ibanks 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 i& a- [7 X% P" \
in stock market, it's the demand and supply pushing the price up/downwards.
6 x4 \9 N4 v( q0 G$ gFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 P0 M" G4 w+ c1 P# w! Q
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ h' Z9 ?8 k2 }/ r) i4 V, k. UThe 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. & ?+ J1 x2 K, N8 R
but the value of their assets did really drop significantly.- H+ G6 B9 |3 p. B9 E

+ n) z) u1 d) m9 v: Z[ 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
- n( y7 V  q. S; b* _, s# _- DRefer to last example,. M# [! c. \+ H5 F& u
that means bank A have no money because we borrow 10 dollars from bank A   f" j* W! U$ ~, }1 a- e& s
Because bank A doesnt have enough cash on hand + A3 R; e+ a. s9 v$ F
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E1 ~2 q  z* x4 R* i% r
so does it mean if E failed to pay D, ; k( w' X- N& R* h" q$ O* h
all the B,C,D,E have to go bankrupt?
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* ~0 e! e" x$ c9 ithe multiplier just tell how much money created in a whole economy, % ^: b; F$ d; l( o* f) X$ i7 R; {
in this case it doesnt really matter how much money is created,
0 C2 b+ ~5 B! ]( [it's the problem of the debt itself.
: s, W- o' r& B3 m/ p  fthe 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
, P: b' u# Y5 \3 ~# [小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?  S! ?$ G" W- }$ C! }

8 |/ `% |( h3 U' |1 C無可能淨係有人蝕錢無人賺架嘛...2 P3 K0 m4 x0 F" d* H
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敬請各師兄解答
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/ E+ f9 v. t: U; Z# R% N- TThanks

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那些根本係 紙上財富  * _  [2 Q' s( _( R9 v
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 graphic2 s) z) p3 J: o2 V! b
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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0 b- y) h' T4 Q, R
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高9 I/ P0 z+ [# U* _0 ]
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 f$ W: E8 h( o# a0 B個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
9 |& p4 u7 W2 j5 K& D' Y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
+ |0 W+ M+ w0 G( H! T6 r+ k計番回報率就已經係50%,所以可以好好賺
  j2 X% j% y$ s7 t: u前提係銀行之間要互相信任先可以咁樣借法; d: E- T' B5 @" a' G2 }, x
同埋個市場既前境要係好先得$ Q8 ]$ ~5 m- K) R
但當經濟一差,公司估值趺了,物價不升反趺
' {. w0 J( Y2 {- A8 B) U$ U! s例如剛才說10蚊的, 趺到得番9蚊,
0 m6 j$ ~% @" N1 ]6 l% t6 F咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
# |7 H- D8 ~, z& j. X0 t- k所以你就會覺得D錢好似蒸發哂咁
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9 e2 n/ @% U$ {* \, G; {你都可以當標野咁諗, 個樣野多人可以狂升值, ' c9 o0 G# w! P8 ^
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, & t. z" v# f3 e
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ t8 q& D; Y- x# _3 g4 \5 h6 s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+ K9 \: v. Y4 x/ v+ |( R
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
& |' f3 f3 V" _  X: k唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 G/ G. Y! G: u. }2 }: I
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * j# B9 ?2 ^% }! l% X2 t, |
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
  \1 Y, I3 l, f; K. a+ Y咁你話d錢蒸發左去邊? ...

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4 `; U# t4 ~. C! b正係咁樣7 G3 t: d7 E! `7 r- O' h& x
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
7 \. @5 Y4 c* `6 g! m! N分分鐘佢地唔使還錢8 W7 |. B( i8 b8 w& ~3 m
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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,
2 n- i- M8 n" s* y  r0 P2 a2 w+ H' M連國家都係問人借, 不停發債券, 印鈔票
& X; r6 ^9 [( \6 \4 m一個國家好少出口, 而又大量入口 ,反映到佢唔多生產" g& e0 o. T& D% ?5 L0 l& C3 W
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
/ ]! v8 ~- W/ I8 f  x咁而家"爆哂煲"算唔算先至係變番"正常"???

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4 ^( {/ T1 l. ~3 j其實係...
- }3 n. D4 b# |: e因為以前未生產, 先消費
2 t: w. ^  }7 G- }而家就要多生產, 少消費