0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif3 N, ]0 F, W) e' i% j
Why bank will sell 借據給第三者???% q5 q: _" p' D- O# P, y
I was so confused.....

0 t$ X0 a2 q" a$ Q2 d

0 B" F) e* s  P講到尾都係賺錢, ?. r* V$ i7 ^% a$ D: k) x6 C% m
so銀行可以不斷放款
# h0 _0 Z! p# D& C" L美國的房貸問題散佈到全世界7 a$ w! S" H5 D: C
8 c3 [5 d2 g1 w2 \7 }1 a0 U
mortgage loan
+ w, Z" \/ x* r1 ?; ]>conduit; t% h! W+ @% S7 n$ r
>RMBS(Residential Mortgage Backed Securities)9 I8 R2 M# I8 B1 G
>arranger6 l8 A$ `1 \7 M. i
>CDO(Collateralized Debt Obligation)/ r8 D$ A) B: ?) A" F! M, @
最後去到投資者

Kev

i thought it is the reason of rate of return.. r% Q3 q4 x& Q3 S
CDs could have different ratings, AAA -> F,
0 h7 }9 @9 k1 c* @  fmore risky ones would have higher premium (interest rate) as a compensation for an investment.; k3 j0 \( z+ E. v, {, S
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ V* r) `: J0 t. Q! Win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., \8 T5 [+ K& n' g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# m/ H$ n! U( `
similar to bonds, CDs trading in the secondary market have different value at different times,1 x7 r) c- Z; O, v0 n  D8 H
normally the value is calculated by adding it's principle and interest. 5 w. l; b  @. f) M+ Q5 M5 {/ R
eg. the value of the mortgage+the interests to be recieved in the future.
$ H" q+ C' g% K. 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." ]4 s& j* l: h4 q( r; L+ C
$ D+ t4 `4 W0 }
im not quite sure if the multiplier effect does really matter in this case.8 X/ m9 {" X! b8 i0 z% g% s4 j
in stock market, it's the demand and supply pushing the price up/downwards.
- q1 o( v! U9 J4 |1 p& K/ Z4 |For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% R/ R% I" g5 ?! R$ `
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* w( M, c# U: i8 V- s% D( i5 X; eThe 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. ' B. x8 ]; y- ?6 b* a) s, T
but the value of their assets did really drop significantly.5 b. \1 Q: W0 Y/ t& J
- g1 i9 N4 R2 S
[ 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
6 n' I7 k! I9 URefer to last example,
3 }7 }  t! d2 l" L+ h5 T3 _4 H/ Othat means bank A have no money because we borrow 10 dollars from bank A + {" E" N0 q' i/ w
Because bank A doesnt have enough cash on hand . e+ t5 v  U. b: H
therefore bank A need to be bankrrupt ??? Am I right ?? ...

) e3 A2 v" b& u8 g, l  ^

' @9 I$ W; {: v# f9 }
" p3 x, j$ O- k1 e7 JA->B->C->D->E
1 p% U; G6 o) H0 U3 F- Z/ O8 wso does it mean if E failed to pay D, + z1 u  p/ `$ T' n
all the B,C,D,E have to go bankrupt?! W/ P  P& }7 {& l0 d
& U$ ^. Y/ E/ X; \
2 D9 _, {9 |* R: Q# z: i
the multiplier just tell how much money created in a whole economy,
3 F& b5 [* ^+ v0 B7 ^+ w( Jin this case it doesnt really matter how much money is created, * N0 P3 P0 H: v$ J
it's the problem of the debt itself.
4 a& f  V- t) u6 @: |$ Jthe 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.gif9 ~  J8 C- ^. i' v# N
小弟一直都唔明...
& U# T' x' l; Z* T
" _: q0 F9 U2 L3 _) }8 Y9 }全世界都蝕錢，咁邊個賺緊錢呢?/ T3 w. A1 l, |
2 W% m. u& c0 ^9 U6 O* y0 Y2 R
無可能淨係有人蝕錢無人賺架嘛...
* N& `9 W8 G& e" q4 N
7 _7 \0 }8 R: p" Z8 I敬請各師兄解答
7 z2 C; t* N- |2 m0 r
# d# F3 y) J$ m1 n! v- P! R! XThanks

: O0 [/ A$ K; N. X5 {  R9 w. R! T( x那些根本係 紙上財富  ; U, o6 A+ B0 d7 K9 ~: x
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
  L2 n- V% @8 E' k2 o! R1 ?+ n8 G- K; Q% E1 l
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
# `% w! P0 G5 E當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) d8 D- J2 t4 U- 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+ K5 B7 G9 b; _
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦8 y! M3 v- Z: h: T, e( w, o
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,8 R& G  P" N/ L# [0 c% S1 t% N
計番回報率就已經係50%,所以可以好好賺8 ?: n, l% k! C, x# K/ y* x
前提係銀行之間要互相信任先可以咁樣借法3 a4 \! i5 S' u% f5 L0 E; `
同埋個市場既前境要係好先得
1 y, J) Q, [# O( d% g. X" P2 ^但當經濟一差,公司估值趺了,物價不升反趺
! {4 b# q/ x+ ~9 D! ]例如剛才說10蚊的, 趺到得番9蚊, 4 M% P9 C% P! A9 J' Y5 ]/ F- Y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
" z/ R- g" @" @所以你就會覺得D錢好似蒸發哂咁2 ?- q3 j0 l! R. I* Z
4 m- Z# l/ K2 V6 ^
你都可以當標野咁諗, 個樣野多人可以狂升值, 7 X" m6 W7 G1 U* Z3 f
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,
& F7 Y3 }+ d/ x* [; l5 a& x. e淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. w, w& S/ C* ]" B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 `# g( G8 m6 r4 k5 t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! H9 o; u, a8 ^" F
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
8 K4 f- ~/ t% o, t3 o; K$ k淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; j3 f+ H4 z: y9 v) 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
4 W; W! r6 z( m& ]* R咁你話d錢蒸發左去邊? ...

0 l2 P% q! H. w" h
& i) M$ k' z: a$ i7 t& L
正係咁樣
1 G. c' o4 O& u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
: H2 l2 Q4 c' F' [% A9 v分分鐘佢地唔使還錢. Q0 e! U+ \5 h! ~; Q6 J

3 g* T( D9 K& l4 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,
& o& I9 l( [7 B# ?4 Z0 h連國家都係問人借, 不停發債券, 印鈔票( f0 }, ?/ n! ^0 d9 P8 O
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% S9 e# [" |  _' C  S$ D0 Y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
% p* N4 j9 \( f5 p咁而家"爆哂煲"算唔算先至係變番"正常"???

# m. b+ c4 }4 G" \. l0 K4 ^) P) M
* L+ P6 I9 C/ C! _# q其實係...
. |* ]6 F% E4 X- p- }4 }+ {因為以前未生產, 先消費$ K( H0 i- S& A3 X# M
而家就要多生產, 少消費