0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif& K& S2 l  n0 z* i/ Y' x
Why bank will sell 借據給第三者???
, q4 [' r# y3 u$ n2 J3 u7 {4 s7 CI was so confused.....

" v+ c7 T. I6 F7 n/ w, I* L. p5 S4 ?( _4 E) Q) D
講到尾都係賺錢0 d. {  y: z" M
so銀行可以不斷放款
* s& c( K0 b$ r3 d* E4 o) ]5 @, {美國的房貸問題散佈到全世界
8 \4 t3 {- o; V; s& }1 h7 ?! |; H  K; N1 ]
mortgage loan / U) \: A6 J- {3 \0 U  J3 D
>conduit
9 n4 N9 `  d. e& L# A8 z8 q  |>RMBS(Residential Mortgage Backed Securities)& l) ~) c# s" i5 u
>arranger9 \$ q0 ]9 r. E
>CDO(Collateralized Debt Obligation)
  m3 p3 N5 n2 ?: P( }9 u最後去到投資者

Kev

i thought it is the reason of rate of return.
" q4 `% f, r8 k4 o$ ^$ T' ]1 oCDs could have different ratings, AAA -> F,
9 i1 E  C+ A0 {6 E; m) Imore risky ones would have higher premium (interest rate) as a compensation for an investment.
  X9 R# Q+ {3 emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 ~. j; M1 x0 `% ~. min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! S" h/ v* F9 t' i/ ?& i
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 ~1 {- |" I3 q9 G: Y
similar to bonds, CDs trading in the secondary market have different value at different times,1 {* Q0 X1 s: S
normally the value is calculated by adding it's principle and interest.
1 `! J# s3 c7 deg. the value of the mortgage+the interests to be recieved in the future.
8 H* K" \  X" D# mbanks 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.+ v) K/ o3 u3 ?5 j
7 H1 j2 E- e1 X7 n
im not quite sure if the multiplier effect does really matter in this case.
0 O( O5 D9 q& }0 x9 Nin stock market, it's the demand and supply pushing the price up/downwards.
; S% S7 ]( K$ s( ?8 cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( M/ ^; Y7 B- v  B  A  w
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* s( m/ L& w- K+ S! Q6 m
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. 0 |4 G9 H' k' i: @$ H. y. z; Q
but the value of their assets did really drop significantly.
1 o9 |5 u+ u6 B5 _) o2 g4 }8 D. C, H8 P% t/ k
[ 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( W" I7 e! D4 m2 \2 b) y' _3 h
Refer to last example,
1 B, p3 v0 Q% S& ythat means bank A have no money because we borrow 10 dollars from bank A / u' i- ^  T4 h
Because bank A doesnt have enough cash on hand 9 G" p0 |9 E; V, g% b& w. t) _- v
therefore bank A need to be bankrrupt ??? Am I right ?? ...

4 G1 `6 ^3 F' ~# O

9 x* H0 o9 C8 p
  z. v! E3 i- @9 N- V1 XA->B->C->D->E- i9 O' j6 ]6 I
so does it mean if E failed to pay D,
" g& Z$ U9 b! j, @0 ~2 Call the B,C,D,E have to go bankrupt?
4 W# Y, K7 g" l1 {8 Q& K, q' Z; q* j9 ]5 W3 P

: S( `" ?5 J) n; n; @( _* l- j. Qthe multiplier just tell how much money created in a whole economy,
+ n& V9 I( T- Q' B/ e5 xin this case it doesnt really matter how much money is created, 5 D: V% E- z; B) X  b* T; r
it's the problem of the debt itself.. V$ |) G9 I, J$ S5 O! h
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
/ m6 i7 J" D3 w1 E" F小弟一直都唔明...! i. j, N7 U& q9 e/ Z0 O/ G
  @9 P, ^1 N4 y# Q  i) ^$ I
全世界都蝕錢，咁邊個賺緊錢呢?
/ Z! I/ R& h, h' X9 d+ S0 L
9 f4 ~9 m- c( H- c1 w2 T+ f: G無可能淨係有人蝕錢無人賺架嘛...  `  P8 h. c- [# C) C6 g

/ C. n1 ^( R1 ?! G2 c, ~8 ^; g" b0 a敬請各師兄解答# k+ x* D7 p6 K* J
. Q6 j2 W; s3 ?6 Q
Thanks

6 P) \) M7 m+ x1 f7 b
那些根本係 紙上財富  
: {" n9 D. x/ H: j- R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
6 `9 c- j  F8 w$ h( s$ p! ?3 p4 H! K" E( `- M; ~
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
( g0 a- }# M" s4 T當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
8 W5 `0 @" M0 n6 F, S% V1 o. t8 P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
0 q4 K/ K3 e* a( B個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. r) h4 w. L( `
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,8 b) \  g( z9 X8 a+ c" E9 H
計番回報率就已經係50%,所以可以好好賺* E- d' ?% Z* v+ f$ E; y/ [/ q
前提係銀行之間要互相信任先可以咁樣借法
- Z: ~, a) ]) v1 y7 i同埋個市場既前境要係好先得' t4 s! |# a+ |5 b% q6 U
但當經濟一差,公司估值趺了,物價不升反趺9 j# x  T3 L% k; C% f) J
例如剛才說10蚊的, 趺到得番9蚊, 1 p) V2 W$ K( v
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" Z) ^/ G9 R! _; y2 {0 E
所以你就會覺得D錢好似蒸發哂咁
- ?& _3 B/ n- Y% W# O: G0 Y# w9 m& R7 s
你都可以當標野咁諗, 個樣野多人可以狂升值,
0 S, `1 G, H' R2 u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, ! X, m4 Z5 L( Z: ~- t
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % |  P+ D. V. f; F1 \1 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
  d! e* {/ g& L; A* O/ L* P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% |" s" x# o/ z& s) R: X+ H- A
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
7 s3 F- d5 a6 P/ w$ N, ^4 i  Q; m淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 [  i& m: {4 s, B% d
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2 y. h' V# E0 z/ s& G* N4 T5 Z' x
咁你話d錢蒸發左去邊? ...

. L, [" F% f' X6 t1 U! g" t* A& m$ F4 I. H+ _* X  X# p
正係咁樣
# R' i8 K8 b( J* }9 j9 ^2 ~  Q6 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
- G, |1 U% d; |- Z; f, `" \( T6 ~分分鐘佢地唔使還錢1 ]1 h( p' a9 |8 K

! J8 d# w+ O; S# w3 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,9 |' T6 k1 k8 a9 \0 f
連國家都係問人借, 不停發債券, 印鈔票
4 V' W, s$ Z$ q  s一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# u+ l  X  I$ w/ M! m. f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. l. E& i' z6 m2 r; h1 ^
咁而家"爆哂煲"算唔算先至係變番"正常"???

) B2 S" c, o4 l

( y5 D4 x0 k$ i5 N2 M3 T其實係...0 v) u& U7 O4 G9 L. D
因為以前未生產, 先消費8 L! e3 o5 b0 K4 J1 P4 N
而家就要多生產, 少消費