0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif& r$ m" P1 G/ q6 }) D6 h5 h
Why bank will sell 借據給第三者???
8 ^- j* x; d% y* fI was so confused.....

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0 S2 ?  J: T2 V) v/ \  ]3 l! k; H講到尾都係賺錢' a+ S+ w# G/ G9 D9 F$ v& t+ L4 f
so銀行可以不斷放款
- s* v  u+ n% S/ m0 L* f; L美國的房貸問題散佈到全世界) k/ r# O- x  j' u1 D
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mortgage loan 6 }7 @8 q  O4 P2 c
>conduit0 `( u. v# u6 c7 O# G0 a* y( O
>RMBS(Residential Mortgage Backed Securities)) e5 i+ [# R" m1 I, b! b
>arranger. G3 k- A" ?7 Z: l, S
>CDO(Collateralized Debt Obligation); v1 Z7 V" u* N. R4 l% O
最後去到投資者

Kev

i thought it is the reason of rate of return.
$ E) D/ r3 Q1 }8 N! X2 I! cCDs could have different ratings, AAA -> F," s! e% P! }6 {0 b' [( [2 J) l; ?+ \( h
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! _$ r" |. b8 y4 \% C! I& pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 W9 i- h# }* s1 k, o* Jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# m8 S, d; `" U" ?
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- p" u+ F, D' F; C: J" fsimilar to bonds, CDs trading in the secondary market have different value at different times," ^# e" S" y1 n% s, ?
normally the value is calculated by adding it's principle and interest. 5 y7 M: }0 w8 M3 q; D! u
eg. the value of the mortgage+the interests to be recieved in the future.
: \3 t8 L2 u2 f: s2 I% Tbanks 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 n" ~& }5 c- t7 h: i0 c) S3 d( C

: {; f& L! O2 ^; `$ rim not quite sure if the multiplier effect does really matter in this case.
4 l' v- j( S' W: P/ E* zin stock market, it's the demand and supply pushing the price up/downwards.
. t4 C2 O- ]8 [7 _4 Y, c" iFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
4 d9 s) S# h1 {6 s3 Z# _A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ ^) j! a$ y% z! q8 nThe 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. ; d  _" X) A  @4 ]; y3 b" Q
but the value of their assets did really drop significantly.: M5 }; `# ~* a! g
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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, `! I0 y9 G# H* G* Q6 G' s
Refer to last example,6 \4 b( F/ F. ?
that means bank A have no money because we borrow 10 dollars from bank A
2 G3 f( M4 ~+ b) ?% uBecause bank A doesnt have enough cash on hand 1 ?( {' l5 O# V  o: p
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
* N, l, [* |0 B9 rso does it mean if E failed to pay D,
0 L# w1 j, X$ ^  M* H/ call 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, ( M5 E3 `3 p2 C) x" o& }8 L
in this case it doesnt really matter how much money is created,
2 q; s0 k& V4 z  B" ^1 W" Q4 qit's the problem of the debt itself.
+ e; m2 N7 P/ T1 e" B' o4 Athe 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
0 a! n1 U9 c- e  l小弟一直都唔明...
* {0 ]) E) d8 Q; R6 Q3 @/ `* s2 Q( S0 ?- }
全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...( k+ S  u# ?. C- O; w; e! z7 `

1 Q" V' C. A& ~. E敬請各師兄解答4 B- c3 a* Z0 y: q; R; c% m( G

- E, w0 i& N5 f4 w# f5 M) yThanks

* M( z/ \- b6 M& U: f那些根本係 紙上財富  # [# P1 B1 a& s$ j) m# K. l3 Q
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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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- s& W; w+ n9 U" F  T. ?6 b3 G) j
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高; A+ y2 U/ V- P8 D4 F' W
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
" z0 t6 h; Z+ ?. {! Q個件物價係市場好既時候升, 例如15%先算,變左12蚊啦9 o' Q" t4 H: _: n
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
! X2 M9 n' j) E計番回報率就已經係50%,所以可以好好賺
8 ^6 P7 y( e9 M5 m& |8 k前提係銀行之間要互相信任先可以咁樣借法& o# S6 q2 M) I) `- O8 f* H- s) L
同埋個市場既前境要係好先得4 P# z" T$ l" O: Q* V5 }7 @
但當經濟一差,公司估值趺了,物價不升反趺
( g( A3 G. S4 m5 Q% O; `9 l例如剛才說10蚊的, 趺到得番9蚊, ( |1 I# d* H" w6 C7 U
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
/ s& y6 k1 C9 _; ?, \3 J1 `- J所以你就會覺得D錢好似蒸發哂咁8 b1 X0 ]4 N% Z: E9 l% m
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你都可以當標野咁諗, 個樣野多人可以狂升值,
1 L2 W5 w" c+ e. Y( _1 L2 T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& I6 j9 L, b5 J, g7 s. @, ?
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 w2 I  M* a9 Y# i" ~" m/ T! v8 o
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
9 F# j  @# R2 N4 ^( t) X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
% q3 b' d- R. p/ {& t+ v) T唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 P- q/ U% j1 A4 E+ O淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 Q! u. s9 y9 h/ t4 j$ Z/ p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 S" U5 o) A9 q2 z咁你話d錢蒸發左去邊? ...

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正係咁樣
' e6 v, U8 [5 \# j. [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
/ o- a& a0 j$ l- T5 {# f分分鐘佢地唔使還錢0 l0 k; M* p  |+ _% u9 {0 E( t* {

- ]6 ~( ]# {' T2 s* P. F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,3 f7 Q+ g. a, o) M. B
連國家都係問人借, 不停發債券, 印鈔票  T1 [+ B  ~( S5 Y) Q
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 c4 y8 V; f: I5 j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
6 e3 O" }5 [# j* k& B咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係.... V' N1 ~! j& Z+ H6 h# s, @' W' Z
因為以前未生產, 先消費9 n, ^; V* Q  {7 p' X
而家就要多生產, 少消費