0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif2 _5 q% {9 L9 K% k" @4 f9 \
Why bank will sell 借據給第三者???
( J5 _/ W( M: I0 }5 wI was so confused.....

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. _0 B/ Y. ~9 k# A  r' x講到尾都係賺錢
$ r0 N) j0 p( U7 O# Y* m9 O5 |so銀行可以不斷放款! R, W" b5 M* ]
美國的房貸問題散佈到全世界
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mortgage loan
, L5 |6 \4 n  P* m- r, m. w+ U+ _>conduit
/ f/ C; g: ~7 e7 j: C; |>RMBS(Residential Mortgage Backed Securities)( I3 g7 A, D5 ^7 n
>arranger7 ?+ ?8 K) O$ |" @0 p
>CDO(Collateralized Debt Obligation)( [+ a/ d' T9 E7 O/ _
最後去到投資者

Kev

i thought it is the reason of rate of return.
7 K) D% m: t8 J" @; r+ }- @- w( kCDs could have different ratings, AAA -> F,
" e' y% \2 ?% O% b( r  G+ ^; qmore risky ones would have higher premium (interest rate) as a compensation for an investment., X1 p( F$ q" O8 W! G4 w2 e  F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  w2 E# f, j9 J- s& Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, E: x) N1 n1 MAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: W: N& @) O* d9 Tsimilar to bonds, CDs trading in the secondary market have different value at different times,
, p$ [8 e+ A4 o/ Dnormally the value is calculated by adding it's principle and interest. ; m( A* B2 a. q$ Q
eg. the value of the mortgage+the interests to be recieved in the future. & X: j' g7 q4 i( }1 H" C
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 a* w0 o9 T8 a
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im not quite sure if the multiplier effect does really matter in this case.
2 j  ]4 E9 o' v- l& r) G2 Oin stock market, it's the demand and supply pushing the price up/downwards.! g. t  w' \5 g2 a9 C) z: q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: S- V9 X8 k; T8 G* Q! A# ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
/ |7 M! C+ W# sThe 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.
& a+ n% H0 V. G' m8 O- {& bbut the value of their assets did really drop significantly.
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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.gif2 S& T; w- d6 ^5 K* n
Refer to last example,
3 l4 {6 q) F9 `( U) wthat means bank A have no money because we borrow 10 dollars from bank A
" `; |: d5 q) Y9 H8 N( K+ wBecause bank A doesnt have enough cash on hand
2 n; ^5 H% {# Z6 Dtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E3 n% @* n  W& [, Q* J
so does it mean if E failed to pay D,
" c' Z+ g$ E& y# @0 {all the B,C,D,E have to go bankrupt?
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! r! m9 f) z7 ]3 Q7 x2 d% o/ u5 ]! Lthe multiplier just tell how much money created in a whole economy, & P3 o2 z; |+ B9 P; ^
in this case it doesnt really matter how much money is created, 4 g: A8 O: N: }# l1 e+ V& a
it's the problem of the debt itself.3 }1 x$ f8 M( i2 {, s7 K0 ]
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.gif3 ^3 l7 R/ T. L% y  e4 z5 o2 Y
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?) T( y3 X8 D* D* }4 F0 }% v$ T

% I2 X8 @5 i  a無可能淨係有人蝕錢無人賺架嘛...
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: H& v7 R- N+ p: J3 f! U7 L7 m敬請各師兄解答) @% C( `& s% F4 o3 S
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Thanks

+ B2 O7 ^- z5 E! ~  l! W那些根本係 紙上財富  
' }* V! o0 \3 T) _. [' [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
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3 z" v4 R! ]) d+ Ahttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產: b2 f& T) U2 T. j
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
$ j, F7 k6 h1 z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
3 T' S5 N- N) N5 f* `: ^5 K! R個件物價係市場好既時候升, 例如15%先算,變左12蚊啦' Q' R; v$ I& n& n; V1 S# f  \
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 ?, }( X4 V; b/ |. S4 ~. a4 r' g計番回報率就已經係50%,所以可以好好賺5 b, x7 _8 [" _) |" c" d
前提係銀行之間要互相信任先可以咁樣借法+ j+ P# @$ `+ B* Z4 L7 `
同埋個市場既前境要係好先得& b9 w9 G. e. e5 H
但當經濟一差,公司估值趺了,物價不升反趺
/ s8 U; ]/ v$ R: _0 z例如剛才說10蚊的, 趺到得番9蚊,
3 L* _" p& P: c2 F6 {8 E0 C咁投資銀行一下子就要還11蚊, 一來一回變左虧200%, G: [/ j- x6 c! e$ u7 j) J0 m
所以你就會覺得D錢好似蒸發哂咁; ]0 L1 ?9 t5 {$ D. r* R

- f! I. T! S* s# v9 G, l. i* x* p. O你都可以當標野咁諗, 個樣野多人可以狂升值,
' `$ s0 M' z; _3 E6 b. X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, 3 R/ q: c, E" e- S
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! @4 v2 \# ~! Z; A2 w: @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5 A5 ^1 n! t' x. e
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
6 C7 F, R/ L2 Q唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 |2 K- K- m( k) F7 }$ D' m7 v淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% ]; `% {4 M6 {5 J5 ]1 C7 _( ?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1 V- C0 D% G, ^
咁你話d錢蒸發左去邊? ...

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正係咁樣
. X3 a9 Y1 `0 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- e1 ]1 O9 o8 X( x: h
分分鐘佢地唔使還錢4 V8 v6 ^9 r( X! u- I
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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,
3 ]& K3 y( a9 D7 }' D8 J: V% v連國家都係問人借, 不停發債券, 印鈔票
! M! m- t6 {6 O一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
" P" O. I" @' [- Y! F% c$ |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; b6 h9 c9 F9 n! O
咁而家"爆哂煲"算唔算先至係變番"正常"???

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: u- v, m3 _" I) J$ }; B! \) k其實係...
8 [2 Z( p, f7 @( S1 ^因為以前未生產, 先消費( U) s' _, r7 r0 I
而家就要多生產, 少消費