0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif) w6 u3 D& |; ~% o5 \
Why bank will sell 借據給第三者???6 `! A# `0 U; e1 c
I was so confused.....

# T' H, H- g0 T
: |/ b5 X( v' H2 Z講到尾都係賺錢+ f! u6 E# x# c
so銀行可以不斷放款8 y2 C' c+ B# ~( w$ ~5 z7 K
美國的房貸問題散佈到全世界
+ [7 j( }5 [2 ?( Y2 e$ D$ N! d0 `  M2 h. V1 P. ?. I- P
mortgage loan
, j+ J) n# m2 X6 g7 ~>conduit3 Z9 }4 e, o1 U: X3 V
>RMBS(Residential Mortgage Backed Securities)
4 Q1 Z9 C' ?! S  ?0 H; K: c( R>arranger
% F" [, E# H2 U, g& h>CDO(Collateralized Debt Obligation)
5 w. b% ]( |: g3 ~最後去到投資者

Kev

i thought it is the reason of rate of return.
, \. r+ _8 Y; u. z% eCDs could have different ratings, AAA -> F,) X) T2 l2 s- U% [6 H- y9 A
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 e; Q+ M$ v8 o0 V/ T) H
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 C4 t5 ~* p- x; {; L
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: g1 p' @" x: p2 r# `; C9 JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 O- |& V2 a2 V3 z7 r
similar to bonds, CDs trading in the secondary market have different value at different times,+ t6 H' S1 P, I/ H
normally the value is calculated by adding it's principle and interest.
1 }  M4 y# n2 `: veg. the value of the mortgage+the interests to be recieved in the future.
; L( I6 @& a! g0 Ebanks 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.3 A4 A, D  t; m% s4 c

' b. ^& z0 ]# v% A5 Yim not quite sure if the multiplier effect does really matter in this case.# L# {0 m$ L9 ~! [! `
in stock market, it's the demand and supply pushing the price up/downwards.. [* s, _% {  U0 A
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& U9 Z3 c3 a4 ]3 xA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 A8 H( {/ Y  q3 f/ G+ f- TThe 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. ' M; |" Y2 v: ~3 q
but the value of their assets did really drop significantly.
! ~7 \( W* P% K0 _! ~" \# T% L  j, ]: ^
[ 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( b1 D7 N6 N' E$ K
Refer to last example,
' p) t6 [+ D7 }  [2 X, Tthat means bank A have no money because we borrow 10 dollars from bank A
6 f- |. `1 X3 E- U( O; WBecause bank A doesnt have enough cash on hand # @, D& f" i) R% z
therefore bank A need to be bankrrupt ??? Am I right ?? ...

/ }$ b( B& _  g0 ?* ^% P
* A! `$ k  }9 v/ B9 `+ A% B5 \3 j- [7 G* w+ ~
A->B->C->D->E
- Y- E# b/ `2 o: w" t! d: Xso does it mean if E failed to pay D,
5 z# D0 E9 C2 U5 r* qall the B,C,D,E have to go bankrupt?) V* l. ~3 O( h, j

! E9 h6 _5 J8 p& {! v- W% w4 G: }) j. \: x5 R' M) `1 z
the multiplier just tell how much money created in a whole economy, , U8 y3 z! u$ h) |; `8 x$ i; i  |0 M
in this case it doesnt really matter how much money is created, 9 h2 R& g2 Q1 u. ~( C3 _* W
it's the problem of the debt itself.
- K9 R0 ?4 D6 r- I' Xthe 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
3 Q; r2 |6 u+ Z9 k+ H小弟一直都唔明...
$ {$ O/ W$ h- e; |4 ~6 }4 {
3 ?8 v) W5 V/ z2 q) c. ~全世界都蝕錢，咁邊個賺緊錢呢?" a  I) ^6 O( c( a
% P3 U0 m8 T$ S
無可能淨係有人蝕錢無人賺架嘛...
1 l: _2 @' y% L9 P: M  x. U) g+ ^
! v" i8 d- [& @4 k5 u, V0 c) T敬請各師兄解答  \8 j, e# r0 j; o3 b- f7 J

: Z& F1 F1 v" h9 ~, l1 L; hThanks

9 X+ M% d  Z) p4 k
那些根本係 紙上財富  
6 h. B+ \2 p2 {8 N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
, k* \) F% M! }3 @* N5 ^# N) A: p! A5 N! e- i) L( v3 B
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2 [( G7 U' O: J3 G. G8 W9 D$ m
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
0 B2 m. n. m  d2 C8 {. u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5 F* L; o( X. K3 t- z, ?/ f+ k
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% M* D0 \! ?& q5 n1 K扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,1 k& ~, z! ^* K# X9 T
計番回報率就已經係50%,所以可以好好賺
3 V- k; r; H7 v* |. {4 t前提係銀行之間要互相信任先可以咁樣借法9 V  f8 g% c; Y/ ~. z. F% H
同埋個市場既前境要係好先得
* J7 n3 G, v& R5 V! S$ H3 c5 I但當經濟一差,公司估值趺了,物價不升反趺2 @6 L3 O: M* @9 B( q, c3 n; `
例如剛才說10蚊的, 趺到得番9蚊, % h  }: T  i  H" X; j. H9 n% o$ g
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
& \. P% r- O9 r5 ~" {所以你就會覺得D錢好似蒸發哂咁
0 o% Z- u$ _" _9 j* Z
; p4 W7 l- U" [% V( k: ]# R9 n+ ~你都可以當標野咁諗, 個樣野多人可以狂升值, 6 b% }+ a4 f& G7 C
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,
8 G" R. N( [- U  e; q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 Z  ~! j% |6 q- ?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, p3 ^8 o9 [  i& h* Z7 j
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' E& f3 ]& E0 d+ S/ f
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ v' ~; l. _  i( A, e) b" G& j淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " N% N) N; e! r, `- F1 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
2 i8 x* |; S( w) i! Y/ P) H咁你話d錢蒸發左去邊? ...

4 ?* n8 w1 X3 ?" X6 x# p# e

3 m! ]+ M; x( G正係咁樣9 @1 t8 s/ ?" p7 m
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
8 c0 i) [" Y& t' L) A分分鐘佢地唔使還錢. m. O$ w$ e9 d
- F( i6 z. J& Y& Z  P9 s% R, a
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,
, j! A  U) X5 {$ I連國家都係問人借, 不停發債券, 印鈔票4 B& {1 g" }1 V. g$ {
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ Y1 G/ j: ^7 p' N2 U
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.gif7 Y0 K& p5 G5 {+ B4 y3 J
咁而家"爆哂煲"算唔算先至係變番"正常"???

0 Y* ~  S! |' C6 ]

1 d: _# g9 {5 u9 P: z( l1 U0 ?) M其實係...3 q9 D: |! I$ K$ W! w/ Q, n, E
因為以前未生產, 先消費
0 e% O2 X3 D3 T0 Q* F# V1 K  @2 w而家就要多生產, 少消費