0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif2 h& d- u( F6 X2 C- F. u$ o) w; A
Why bank will sell 借據給第三者???. X! w( F8 X9 t5 d0 V/ _+ L
I was so confused.....

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9 \* V5 @& `6 [) s9 i# [講到尾都係賺錢
9 L# @8 I; h- Z1 Z2 I7 T3 Wso銀行可以不斷放款' _( N2 l; k! m# o" x6 ]- B& l
美國的房貸問題散佈到全世界
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+ u" a8 t1 _( D+ Bmortgage loan 6 o1 j- Y: g# w( [! f6 g
>conduit
" j0 i: M% M% l$ f>RMBS(Residential Mortgage Backed Securities)
# K& J. ]5 G- a>arranger
0 J# t" n# `/ s! I>CDO(Collateralized Debt Obligation)1 F" A3 G3 L9 x) i0 |
最後去到投資者

Kev

i thought it is the reason of rate of return.
$ P$ g/ R. K9 \' wCDs could have different ratings, AAA -> F,
% U/ F% V, h) a' [more risky ones would have higher premium (interest rate) as a compensation for an investment.3 U! {; j8 T0 c
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 b3 c6 R4 x. c8 {
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. W  e% q$ S+ _# @
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 x, K: g6 E, N
similar to bonds, CDs trading in the secondary market have different value at different times,
& ~4 M" N9 F6 c5 S7 A( Nnormally the value is calculated by adding it's principle and interest. ! g7 T$ f/ W* f! e; {3 q
eg. the value of the mortgage+the interests to be recieved in the future. " y$ f) q' _  H  E# P+ a5 B
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.5 y  d3 w. Z$ K& O5 Z0 g/ J+ I  ~* L

  x& Q; j8 H6 K9 }im not quite sure if the multiplier effect does really matter in this case.
! Q3 s+ i7 W# V. ein stock market, it's the demand and supply pushing the price up/downwards.7 n+ V# X& m" n" D
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; v. ]5 x; w# r) S+ JA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 `2 H+ X5 G) 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. % o$ {- @/ ^/ f+ ^
but the value of their assets did really drop significantly.% N" U" W+ X( t! C' N4 \; ^

7 j' F. f' C5 e; g[ 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
( M+ s% ?4 G5 s2 U' M  ]7 |Refer to last example,
. |  v2 o0 s7 [% q* S  g* I3 Ythat means bank A have no money because we borrow 10 dollars from bank A . [- @) ~" @1 M( o  a0 [
Because bank A doesnt have enough cash on hand 0 A5 Z3 U" u: x
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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& }7 u0 |# E$ H2 R6 S- c- t# zA->B->C->D->E& i6 m$ b7 K* Q
so does it mean if E failed to pay D, 2 I7 o- C8 n% m. Q2 s2 O: y" U. a' A6 N
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
  b8 ]! w& K( ~$ h; I/ L$ P* ]in this case it doesnt really matter how much money is created,   o8 Z  P" ~+ {
it's the problem of the debt itself.
1 I( ^0 g* m8 `6 z+ Q* N  Rthe 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# _9 i( j" Z4 q8 c6 z
小弟一直都唔明...  a2 x, p! r" Z' J; v
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全世界都蝕錢，咁邊個賺緊錢呢?
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& ~$ B9 }6 i" r' C& \無可能淨係有人蝕錢無人賺架嘛...
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, d  h' d" L+ b* q9 _5 {( e敬請各師兄解答6 r4 Z1 ^: C" H" ^# z( b3 H

- F( L+ O7 E5 j' T; A' E3 kThanks

6 |8 U  K5 b8 q( `  m那些根本係 紙上財富  
& o: g' @/ d) [" o3 V$ _- P$ Z4 k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' j' E# G# {3 I, u4 h# X: B3 C. g

/ j6 j: G/ g0 x  z! j/ \: a8 ~/ ]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! j- A5 O' o# v- P5 ?5 j# e# {- E
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
! M6 }' t! `2 j6 o( y# d" {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
- F, w) Z$ b! q- F  C. ?& o! z個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
, x5 s: b8 R( Q; B# Z扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
; H6 ?; b8 G; q, U- r/ f1 E計番回報率就已經係50%,所以可以好好賺4 }* c( @  u9 z7 ^
前提係銀行之間要互相信任先可以咁樣借法
% i: v' `& {* k6 H( \& h' L$ ^0 e同埋個市場既前境要係好先得
6 b4 [7 a2 s8 a: P6 x5 A但當經濟一差,公司估值趺了,物價不升反趺9 {4 A+ A; G5 h1 ~9 r5 Q
例如剛才說10蚊的, 趺到得番9蚊, 0 }& |% H0 [- u& b& F% g) x9 c
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
2 A5 K; A7 ^9 u8 L! k( f) m! t所以你就會覺得D錢好似蒸發哂咁8 \% ^9 N, M# C4 v. e
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你都可以當標野咁諗, 個樣野多人可以狂升值,
8 l3 g& w  o* s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,
) v( Y" E2 X; a; {# `( A1 o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: o! C1 X) M, y7 c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
+ g1 {7 a. r9 b: k/ N% C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/ ]5 i; q8 o' N( s0 P7 s4 B  ^( A
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
( D8 r1 O; |& f* F# ^/ g2 l, _% s6 Q2 `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% W* x) j3 o- C  H0 h7 R; T( v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
" r( `! k# ^% \* m% A: C咁你話d錢蒸發左去邊? ...

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正係咁樣
' F/ o- C- J+ f5 Q% O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
, q0 U4 b0 g+ }4 O( u1 G8 q分分鐘佢地唔使還錢5 V7 F% n8 N  N7 p% Z. E
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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,
$ {7 O5 C$ \# l# l, e連國家都係問人借, 不停發債券, 印鈔票* {2 _4 s  q. R& F' X9 g
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產+ E; i+ q, @% J7 e& I) ~) E
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
2 x: P' j! S$ {) f7 R  Q' R咁而家"爆哂煲"算唔算先至係變番"正常"???

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5 @( j9 w9 }3 `$ ?8 A) z( J: h其實係...  g! z6 k* @  f4 m# g: S$ C2 G6 s
因為以前未生產, 先消費
2 S& d" u* T! {* Q' t而家就要多生產, 少消費