0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
! q% b# Q; n, ZWhy bank will sell 借據給第三者???
8 }* E8 ~- G. Z" V$ a0 i* wI was so confused.....

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* @- R* O0 A) X) W& }% @0 [講到尾都係賺錢* I) C( Q5 [% E, Q
so銀行可以不斷放款8 R) i7 H$ o, d7 Q5 z
美國的房貸問題散佈到全世界2 V: S+ X, H# H# O& q8 I" Y

) {8 ~5 G6 Z2 c5 h; Y$ e9 T. u$ R+ [; bmortgage loan
7 m6 @7 y, M$ w3 n/ P6 t>conduit
3 F- h7 n3 b9 Z& W>RMBS(Residential Mortgage Backed Securities)- Z5 ~7 q9 {6 e$ z3 j. a4 r
>arranger
2 X, b9 O; |# G% [, w! _" O2 [>CDO(Collateralized Debt Obligation)
3 D2 K6 J; |1 K  j# E- {3 S  j最後去到投資者

Kev

i thought it is the reason of rate of return.& D2 u" n) F2 j
CDs could have different ratings, AAA -> F,9 W: g; c6 q; t7 u9 H
more risky ones would have higher premium (interest rate) as a compensation for an investment.
/ ~+ ^! Z9 x6 |- [$ M- S7 S  {main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 q+ _* y. E, b3 l9 w: N6 K
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: }2 b& v& u( {- b# S7 @
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ _1 B! H/ q/ `8 o; u2 f+ v  D. i. |8 y
similar to bonds, CDs trading in the secondary market have different value at different times,
; a* N/ V$ i5 Q; o% Inormally the value is calculated by adding it's principle and interest. ) o) V) B; E( O/ E
eg. the value of the mortgage+the interests to be recieved in the future.
8 n/ ]3 X: _- ~3 H, Vbanks 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.5 ]8 v9 v' T! s2 ^% Y( C- I

3 }' S1 @1 D1 E( r6 J! xim not quite sure if the multiplier effect does really matter in this case.* C' ^3 n' y/ h; P- s" l
in stock market, it's the demand and supply pushing the price up/downwards.
' w4 A) r& r+ C& m' E9 b: E& \) lFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 U0 K2 T$ P/ K- jA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 N" U! _+ N- f# R4 L% LThe 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. - k) r! e# \& [0 G% I
but the value of their assets did really drop significantly.2 g. G' z% [! T0 G3 `5 T$ ]

, y% [6 E' u# q7 P8 ]( E[ 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
" j- s5 P1 r* |9 oRefer to last example,
: I* B" g% H, R* L3 Rthat means bank A have no money because we borrow 10 dollars from bank A . ]1 V! Q% @: O  q
Because bank A doesnt have enough cash on hand
8 D( c- R5 K' y) c2 ^therefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ \7 F! I! P  U- F, v% s" h. Q4 `6 A: P, T: i& k0 o) {
A->B->C->D->E2 K" u( Y6 ^! }
so does it mean if E failed to pay D,
8 Z4 V, ?" J+ e. T' [' O$ Nall the B,C,D,E have to go bankrupt?* P6 E1 B/ \' M9 G
" V8 y3 J) X6 a1 O4 T1 g6 l& b

0 ^7 v% K, m5 D$ s( T  J7 lthe multiplier just tell how much money created in a whole economy, , _  f! S0 E8 g4 O0 N
in this case it doesnt really matter how much money is created, 4 R+ ~/ D2 [' H! U" x6 y5 m
it's the problem of the debt itself.
0 j# D# c3 Q+ |7 q2 C, @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.gif0 P! Z* X& h5 N' }+ l/ m  |8 u
小弟一直都唔明...+ }3 Q9 i: \3 g' E$ k9 B& d
7 S( d( a7 @3 D9 E/ t* g$ R
全世界都蝕錢，咁邊個賺緊錢呢?7 v1 `4 S9 b4 y. R: Q

' m; h9 c& E& A6 B6 B9 ^無可能淨係有人蝕錢無人賺架嘛...
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( I: a& I& o3 v  s, J  {敬請各師兄解答6 p6 q1 f9 @% `* _, d

1 p2 h& x  S" C1 p2 d# oThanks

. ?' U( M1 p" Y$ N. ~
那些根本係 紙上財富  
% Z) r2 }1 _, O# h4 ~! a( O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  ]& i  T' U1 F- s' k' J. D' n( z
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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
$ X3 X: \3 V, g: v8 d! Y& l  L$ s. X$ [當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% P9 V1 u# M8 `. c, ^0 P( z0 K
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
, y* o2 [+ N! K; \# s4 K個件物價係市場好既時候升, 例如15%先算,變左12蚊啦( X- P0 F: m5 d
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 C, s' S: q1 `5 ]) Z計番回報率就已經係50%,所以可以好好賺3 |" [# ^; X. a/ G3 T
前提係銀行之間要互相信任先可以咁樣借法
" l# x2 ^! X# b1 H) O9 ?! K同埋個市場既前境要係好先得
& m( j) e3 D3 Q但當經濟一差,公司估值趺了,物價不升反趺
0 e5 x- P* S$ @, b+ ]- F例如剛才說10蚊的, 趺到得番9蚊, ( t, z/ @( n% b' ^+ k  c$ d' m
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%: Y2 u' }. l: A2 q4 I& M8 r
所以你就會覺得D錢好似蒸發哂咁
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. \" j" w5 P7 s/ P+ v你都可以當標野咁諗, 個樣野多人可以狂升值,
. k4 q0 M# l: D3 Q4 P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, & ]# |+ R1 u- m$ I6 M( _3 E
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 u# k$ R0 |8 i  O+ b, Q7 u
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
( Z4 M+ g/ T$ o0 {2 h; P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.gif4 J- Q7 v! y6 r+ I$ K; C
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
7 K$ x  N, A0 I* j% ]& y& P& m淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" c3 u5 M% B) F4 g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
6 [6 E- S: G& {咁你話d錢蒸發左去邊? ...

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3 v8 e2 c% D) P  m8 O正係咁樣' A2 A3 R8 c" \% L3 l6 g4 E
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
, I4 b8 Q2 {& ~. ^$ X  _* A分分鐘佢地唔使還錢4 [' j* m7 I' t+ K
1 H+ b. N5 a- d4 e6 o9 R4 {; r
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" }2 ?  E9 y' w0 a
連國家都係問人借, 不停發債券, 印鈔票! J9 _9 M+ l& m* g) o  k4 K
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產3 P3 w4 U" R' C& |$ Q1 {
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) M1 _9 U) Y  |% C! q; Q
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...) y6 _2 R# I4 {: g1 O
因為以前未生產, 先消費
. r! u: T$ u/ h8 `% h而家就要多生產, 少消費