0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif  m6 W; k# M* T/ l8 \! h" _7 p7 Z, d
Why bank will sell 借據給第三者???
# r) {. @3 G' G: J+ sI was so confused.....

+ o' P4 w+ {0 k5 U  N/ _" E# V) q

* x) `+ a# ?6 C  a! j6 Y3 r" G講到尾都係賺錢
4 e5 e/ O2 L+ S5 V  uso銀行可以不斷放款
8 [( g, a- |: G7 L4 s# d) b: L美國的房貸問題散佈到全世界
! R2 [. L3 e$ i3 x
$ p, |5 c, ~+ b* E0 h, a/ jmortgage loan 1 W; d9 q  d% J8 e' {# P
>conduit; y+ X3 v; n  U9 V( X$ r% [" z
>RMBS(Residential Mortgage Backed Securities)+ x5 @% {( N$ E
>arranger+ ~) K4 m% x8 J( B8 u. ^: h: O
>CDO(Collateralized Debt Obligation)5 ]6 ^, H0 A$ [9 S& ]0 _! g
最後去到投資者

Kev

i thought it is the reason of rate of return.
' a( z6 j( Q6 y6 uCDs could have different ratings, AAA -> F,
  |& T3 f6 L8 xmore risky ones would have higher premium (interest rate) as a compensation for an investment.
: \' J$ s: X7 |% Y4 n% i& {main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ G5 O0 d8 p6 M% min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 t1 h6 D0 o# i7 o
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ ^6 f" E( Q) l: V2 {$ R& m2 r$ l. ~) hsimilar to bonds, CDs trading in the secondary market have different value at different times,
/ `" x9 L, U" {9 h2 @& ]normally the value is calculated by adding it's principle and interest.
* t1 U7 ~4 b/ `. Meg. the value of the mortgage+the interests to be recieved in the future. * @6 j7 V. Y0 t& r
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.9 w& H4 P/ p+ T8 C: x" H( }

( U( V8 i) ^3 H- O3 q- x7 Z3 j" Aim not quite sure if the multiplier effect does really matter in this case.
9 |0 M4 L; Y" f% e7 y  b# k' Vin stock market, it's the demand and supply pushing the price up/downwards.
" J; E6 G5 A4 DFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( e% o( r, Q6 L# T- KA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! s9 m5 y, E9 k5 }3 {' Q& 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. ( C# K$ ?. R5 G" F
but the value of their assets did really drop significantly.
' y9 B. K* l! p/ a" ?
* t. \, |' s" O[ 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" O8 W5 l9 i4 ~; V
Refer to last example,* s8 u6 ^; Q7 g) w
that means bank A have no money because we borrow 10 dollars from bank A / w% x$ r! _/ }: {* q5 M8 \
Because bank A doesnt have enough cash on hand
- q8 l( u9 o. \+ Utherefore bank A need to be bankrrupt ??? Am I right ?? ...

8 B& g; P& H% R. y

0 ]1 g% g, x8 S1 Q' Y# Z% q* L/ L) X# U$ l* O2 A( c
A->B->C->D->E! m8 Z8 ?$ y9 g& R6 P
so does it mean if E failed to pay D,
' P% I! N% [$ h( B# P. x: V2 i5 aall the B,C,D,E have to go bankrupt?
8 r! D' W( O/ X4 \; |: L/ c# g5 E3 J; [
4 `8 [$ B4 ^; x: k9 ?4 s
the multiplier just tell how much money created in a whole economy, % Z4 D. ]+ D+ K, r% `3 \4 b
in this case it doesnt really matter how much money is created, . ^  d8 v2 t' Z# R; _0 a: I- G
it's the problem of the debt itself.3 C1 T. s2 l1 E/ Q" J1 ?( n) M
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.gif8 d6 s1 n: d) ]6 g1 r
小弟一直都唔明...
  o) b& @7 |1 W' {4 e- o# v) h: P+ ~
全世界都蝕錢，咁邊個賺緊錢呢?
5 x1 S) L9 V  B- m% H8 S
+ B! P) O5 C' c* @& p& Q9 M6 O無可能淨係有人蝕錢無人賺架嘛...
4 ?8 Z( i0 ?8 v$ L
, _5 E) F4 M, G7 [$ c! s敬請各師兄解答
# B6 T! U) R& D8 E3 D2 @! W
1 O- D, N: N7 U  L$ v( f6 l  ~: QThanks

# }6 s; l' a/ }. R: h2 y! }
那些根本係 紙上財富  
6 ^, m0 v# y& `  ^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$ L6 w# B9 d! ]5 k
- ?7 E( V8 [: \
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
7 }) a6 P2 a" N3 K/ s: P/ f當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) x* @) E! w2 w3 q! J
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
4 O: G: `- B: c4 p/ u) p- x1 j  e個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% v' X7 C* A% l( P3 F扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 a' p9 u2 f; M/ C' N計番回報率就已經係50%,所以可以好好賺
6 O1 e7 ~4 ~( j" j: n; v1 G9 d前提係銀行之間要互相信任先可以咁樣借法
' w* i/ [$ @) N) R9 H- C# F同埋個市場既前境要係好先得6 R; O8 \: t0 J2 `
但當經濟一差,公司估值趺了,物價不升反趺
$ S1 Q& Q4 [8 t3 ]- j$ i8 P例如剛才說10蚊的, 趺到得番9蚊, ) N( M: [. u: }# ]
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& |2 g, c2 R7 k* C5 d
所以你就會覺得D錢好似蒸發哂咁
7 k2 K( B4 h7 i# N
8 \/ A- z$ b% `( G7 v/ p你都可以當標野咁諗, 個樣野多人可以狂升值,
1 b5 t; H( r7 G) B1 E: 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,
$ T8 y' o" E  ~' Q% z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# q; Y0 N, [& `! F4 o3 c: {2 a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
: N& c& `6 s/ Z6 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' z7 R1 c; |! C+ L  L, v2 a% O) n
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" {; ?% M2 V: m淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! H( c+ D1 e8 K' 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 l! H7 h' J3 m/ o( q! r咁你話d錢蒸發左去邊? ...

# \1 Q) L3 ?# l/ z. k) Z3 P* P/ r# N1 W; h% [* |
正係咁樣
  n6 [! u, r+ X& 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4 Y4 l" t1 S( O) K) Q% D: Z6 x
分分鐘佢地唔使還錢( ^8 E. S7 X5 V0 B! r! V6 y
- b( s+ \* f: {/ x# t% x& z( h/ ?. @
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,+ B# B! c8 B. K
連國家都係問人借, 不停發債券, 印鈔票
: D  z+ \5 z6 f+ _, ^% g* P一個國家好少出口, 而又大量入口 ,反映到佢唔多生產8 c' q2 _9 r5 g" K7 t. @
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.gif0 f2 {3 i) A6 s/ Q4 v9 g
咁而家"爆哂煲"算唔算先至係變番"正常"???

4 y" n' e3 `0 g
' W3 z( o* T& X9 I* E% K- N
其實係...
- m4 U% h7 T& D" q* `( [因為以前未生產, 先消費
& U) Q4 n# k; X6 P. H, S7 g0 v而家就要多生產, 少消費