0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif5 Q: O( V. @" v. P4 d
Why bank will sell 借據給第三者???
4 _% B" a4 j: k3 M( c% I3 TI was so confused.....

4 _3 R1 {6 K. S: W

& ]1 q9 B2 V, Y7 \* _講到尾都係賺錢# {) s6 \, G, d8 t; P& Z+ F9 C" K
so銀行可以不斷放款
8 j1 D5 I# R$ {/ M美國的房貸問題散佈到全世界& E; M5 k0 a! t/ W# _  D# B- K
, `" ~. c0 j; P) `  t7 x
mortgage loan
+ c% x/ X8 O, {; _9 |>conduit
- l' w, k7 |: r. `5 N. M>RMBS(Residential Mortgage Backed Securities)/ v2 K7 B" D, d/ o, h
>arranger) I" `0 |, |) q5 p% J
>CDO(Collateralized Debt Obligation)4 ~5 o3 j, @9 t* g- I1 W1 k0 z
最後去到投資者

Kev

i thought it is the reason of rate of return.
$ i% z2 I$ J6 B' y3 D, \CDs could have different ratings, AAA -> F,
: Z+ [4 x* Z: c1 nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
3 r: b7 a' \6 h; E/ F7 d/ Gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 Q! L! Z1 K; W( K* v) iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
/ p* q* n  V  Z* w4 Y* M8 ^Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% T1 a2 g% W2 v1 ?* |# rsimilar to bonds, CDs trading in the secondary market have different value at different times,! \. v$ [' J+ x' I* \
normally the value is calculated by adding it's principle and interest. , M, E# t$ `+ ]" C% R3 b6 k( W
eg. the value of the mortgage+the interests to be recieved in the future. ; z* H' I- ~7 ~& V
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.
! K8 o4 O7 D  o' T& c( }
, d! E- r9 w$ t% E* b. j; x: g0 wim not quite sure if the multiplier effect does really matter in this case.1 A1 f5 H3 a7 M& t1 i0 c
in stock market, it's the demand and supply pushing the price up/downwards.8 D$ _, {9 C+ T  ?
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; {# N- b- j; @4 o! eA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* z$ V& V) e: S" s0 H2 o4 I2 @( }
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. 5 \# P9 h  H: a; l
but the value of their assets did really drop significantly.  c  y) f; a, Z' L

  Q# g5 _) n0 I$ |6 B[ 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
0 b& P8 T3 j* J2 _7 xRefer to last example,. ^0 y6 ?% `9 s* `9 i( `0 i0 W
that means bank A have no money because we borrow 10 dollars from bank A : }* {) T" U- @* |: `; K
Because bank A doesnt have enough cash on hand
6 c: |: e" |) u. G; Dtherefore bank A need to be bankrrupt ??? Am I right ?? ...

! @% N9 a8 F5 i8 @0 q/ c5 ?, z9 f* M- B
2 |7 z8 h( x2 M' c+ [7 S
A->B->C->D->E2 {: X& y6 y( x( @
so does it mean if E failed to pay D, - }% P9 ~& [8 p, T
all the B,C,D,E have to go bankrupt?
/ g( O; B  J# ^, |1 S) p# Y4 \% o( o8 B% `: X

! e" }: o7 I. b& P" s3 N  Zthe multiplier just tell how much money created in a whole economy, 1 z, X# k, H! U4 N' u+ W0 N
in this case it doesnt really matter how much money is created,
- |- f+ \2 e" _  {1 A9 cit's the problem of the debt itself.
$ }2 \( d# H1 _1 c+ Z2 F1 othe 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
9 X7 J9 w5 m: r) W; Y6 K小弟一直都唔明...8 R6 O% ]' D. ~7 k0 p
* H& k! n2 @8 G$ b$ c) M
全世界都蝕錢，咁邊個賺緊錢呢?& w# Q+ G' b% R3 t. y

7 Y2 j& E3 }4 I! U無可能淨係有人蝕錢無人賺架嘛...; L# O6 z: u3 u1 f: v3 C
- B" h/ ]( r! w0 T) x; ^
敬請各師兄解答; a' K/ `6 G2 ~' z7 ~
8 C; r  x* ?& C% G! E  ~. \3 X
Thanks

" z$ p6 r; ~" I' X) D那些根本係 紙上財富  
* Z+ L  f: c) l. a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 graphic1 U7 y2 m" z( C

: D' D8 Z: H: S; _+ a+ F6 Nhttp://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 |- N* W, l) ]
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. \$ Z( ?+ N! y8 s7 [6 x) 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
# k: T. e5 M) W+ ^* ]/ p# X; _個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ ~5 H) s- q9 f# @' V# \$ S扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
$ S) Y4 r1 K3 M: |  i) b2 }計番回報率就已經係50%,所以可以好好賺9 l$ U) r5 \6 T; S
前提係銀行之間要互相信任先可以咁樣借法* t' v8 Z7 [: R: r
同埋個市場既前境要係好先得
1 p5 s; R6 |# Y2 _4 ~% Z6 {; M3 l$ J但當經濟一差,公司估值趺了,物價不升反趺; |" D* Y! E$ o3 x
例如剛才說10蚊的, 趺到得番9蚊,
) v' v2 Q! w2 D, {0 v咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' b$ U& A$ i+ d9 ~6 F& n所以你就會覺得D錢好似蒸發哂咁
" k/ n1 ^9 u+ U9 p0 x+ K4 r" X9 b8 i
你都可以當標野咁諗, 個樣野多人可以狂升值, ) n* u* P* [8 K5 p8 y- v. k1 I
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, ' `( v# l% m3 `1 S
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 Q7 B% u: Q- G+ F- A/ w, S" U' M2 {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 Q; s% v" n3 h/ a  _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
" V5 b7 g3 d' q1 r: \* x+ `唔係d錢蒸發, 而係比美國佬洗晒未來錢, * Y3 E: a3 `! P( ^( }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & f4 B5 t# f  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" ?7 ]9 ~1 R- I$ K
咁你話d錢蒸發左去邊? ...

7 }* f1 u* J3 U5 E, c6 C2 K9 p" ~$ `* k. s7 k5 B- [! o
正係咁樣8 h8 ~7 K, @# x2 M9 v4 P4 \& }
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 i1 G2 e) ~4 K( Q4 o# o2 R# J0 a  _
分分鐘佢地唔使還錢
4 D1 O! a, c( Z& a* N9 G1 C
' m0 E; H0 Z3 w# f+ I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,9 G- A2 a0 r* A. t
連國家都係問人借, 不停發債券, 印鈔票4 c- n; I+ f, s4 `  ]- \4 R1 _
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
) D1 J* }0 ]; r7 l! R% d# R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
* A1 r2 I. N) y: y, E6 W, h咁而家"爆哂煲"算唔算先至係變番"正常"???

2 H# y( P% m5 h; L7 S* R2 e, ?6 E% D
7 Z6 r( w# H& e
其實係...
8 ~5 f( a& T8 z" x4 l3 }因為以前未生產, 先消費
& ~8 E0 E, P  Z: ?; h- d而家就要多生產, 少消費