0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' Y( e' x$ M, YWhy bank will sell 借據給第三者???
- r# E$ G1 |9 T* S& y/ q+ p' [- P5 EI was so confused.....

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7 u" m: ?8 m! {4 O! a) ^講到尾都係賺錢
' J$ M# Z5 l+ V# f8 Bso銀行可以不斷放款
. r0 i# S4 O& V3 l, e美國的房貸問題散佈到全世界* I/ }5 k7 }: @- ?/ t6 T! E1 {' X

' F4 ]% N, O8 P* Amortgage loan , V+ X8 K  J* }: J& p3 |0 x; p
>conduit
; a, K( T/ P- ]  l  S>RMBS(Residential Mortgage Backed Securities)6 E# w6 p+ M' n0 `4 Y" {* b/ t5 T
>arranger
5 u1 }' v8 i1 I$ y) R$ a( ~( X>CDO(Collateralized Debt Obligation)
, K( P5 T( Y  V& E最後去到投資者

Kev

i thought it is the reason of rate of return.
6 x- U& j: V! k/ J7 w+ u7 P, s& c6 g" zCDs could have different ratings, AAA -> F,& d; V  l/ h) L/ i% F/ Z  _7 n: k. a' k
more risky ones would have higher premium (interest rate) as a compensation for an investment.
" u4 _9 F/ Z! Z) C2 Q0 ]% qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  C4 |, R) m% J: Ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.) g! ]( _. M' k5 G, Z  l3 v
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* d- |, a; y' y5 P  @' h: U
similar to bonds, CDs trading in the secondary market have different value at different times,  F1 c. r$ c2 Z2 J8 X3 J
normally the value is calculated by adding it's principle and interest.
+ M; |9 @2 ~4 I9 i* F) [+ Ueg. the value of the mortgage+the interests to be recieved in the future. 8 I! `1 y1 _# T# y
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.
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. i4 @/ a  [* m; J( \2 Qim not quite sure if the multiplier effect does really matter in this case.% B" T2 [4 l. u# z( Q
in stock market, it's the demand and supply pushing the price up/downwards.- X1 U' R( V0 h
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 f( s- k6 r: q: {; @7 \0 F7 r. B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. k8 Q2 P) W; m% J
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.
) [2 f7 C2 _4 k9 p  G. O6 xbut the value of their assets did really drop significantly., S1 c# K: D: c0 T" X+ h
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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
8 A% y! t$ [1 e+ U) K' T. URefer to last example,
7 s4 G2 A0 ^' e' Y. \" Uthat means bank A have no money because we borrow 10 dollars from bank A 5 j, `( b& z8 P
Because bank A doesnt have enough cash on hand
9 |5 d5 j6 o$ b2 n6 @' ]. D- ]therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E  D8 M* |: {9 `; ?, S: p0 L4 c  ]
so does it mean if E failed to pay D,
" h. e/ ^: w- qall the B,C,D,E have to go bankrupt?2 I+ i  {, x$ T! ~" }
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the multiplier just tell how much money created in a whole economy,
; s8 l& D; m$ U" s3 S0 Bin this case it doesnt really matter how much money is created,
$ h0 {  E8 u4 Z9 z5 git's the problem of the debt itself.9 x9 c& b# n: ^7 {. Q
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
4 _. L7 i- h6 O1 z! ^小弟一直都唔明...
, `! a' X1 }/ _/ D5 h) L! f1 M7 b" g4 ]: T# t
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...- L) }  H; I0 |/ F% F7 T: {9 o

! T% o, ]( s, U' b0 n# c/ ^- p敬請各師兄解答* J2 |* @6 F: m0 t3 _

& F: G! F; ?, o9 ^2 n& T0 S% J& DThanks

6 T% ^/ C$ M( r* b3 s
那些根本係 紙上財富  
5 O  V9 `" b) p/ N/ y/ z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 graphic6 b) ^* I# U3 M, ?; W, e; I

7 F( ~$ E1 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$ u! x6 z- H/ q: U# J% }/ v
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" `" ?# I8 Z8 h2 G8 F/ o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+ K. ]' a3 ~. a. h, u
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦- y6 C* s3 [2 b5 V, ?. m9 c9 q- O- x
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,3 m& ^  _6 c* ~& E; r3 \- f  L
計番回報率就已經係50%,所以可以好好賺
) a  y1 u6 O) p+ ]前提係銀行之間要互相信任先可以咁樣借法
4 M6 S0 c" w1 `0 N0 C* B- m$ a+ e同埋個市場既前境要係好先得  c* F6 |' K5 J" D* T
但當經濟一差,公司估值趺了,物價不升反趺
, C3 m9 F$ Y, X1 D6 F2 F: z0 _) j例如剛才說10蚊的, 趺到得番9蚊, " v6 ?4 s- ?+ W# @8 s
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%, G; J7 \+ q: r/ M3 ?
所以你就會覺得D錢好似蒸發哂咁
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( ^+ t9 t* p, P7 }$ @; C你都可以當標野咁諗, 個樣野多人可以狂升值,
3 P7 g: g" h& v' e! @. [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, 7 e" u% O/ O  I* C
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! n6 X! F; v( E. Z. y' i6 R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
) x* q. c$ Y9 @8 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+ _4 ]% I0 v& p* m# ?% s- o
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
' g6 ?" _* @' d0 m2 A淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' x4 d3 j' b* Q4 L3 r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, ^- e% Y0 a. e- D5 c' x( X6 Q4 j咁你話d錢蒸發左去邊? ...

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正係咁樣) H% H: X( T$ j6 z; g
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
6 I8 v. ^; l$ _( N7 w分分鐘佢地唔使還錢( O) O! h, J' {5 ~4 P
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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,
% Z# [, c- T, \5 S# g& }連國家都係問人借, 不停發債券, 印鈔票
) [  X, s, u( C3 D一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
9 b* [6 P- W1 t, [1 x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
, A% y6 H. `! D咁而家"爆哂煲"算唔算先至係變番"正常"???

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9 ?$ B2 z4 c0 H其實係...
6 H; ^. q+ w  r+ L/ n1 ]/ p" S因為以前未生產, 先消費
+ t$ e. D& T& X/ f而家就要多生產, 少消費