0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif2 T( ]  n. v- V5 f, S. y* X
Why bank will sell 借據給第三者???. D# [$ I9 J& R& ~
I was so confused.....

7 m- N4 i) n. I& H

% B: ?1 {3 ~. f! K- r講到尾都係賺錢
8 T- d0 G9 R% t, y$ {  Lso銀行可以不斷放款: p: }; x" G0 I. i) j
美國的房貸問題散佈到全世界
1 J' C$ p$ _# l& K( ?5 W: z9 J% t1 k. Y6 P' N
mortgage loan
2 q* m* l9 S' v6 r# w) U2 Z8 X>conduit
* ?4 ]8 i! t  L" y& k  i5 ^- N+ _>RMBS(Residential Mortgage Backed Securities)
3 P2 \0 g' [* R. n0 U/ n>arranger
( L! U6 E& o$ ~2 o. @2 X8 N>CDO(Collateralized Debt Obligation); N2 F6 v+ {! G7 G* R( z1 D6 w( J
最後去到投資者

Kev

i thought it is the reason of rate of return.
1 P4 _3 c- y/ @) A7 V1 qCDs could have different ratings, AAA -> F,
7 [0 ]. O& @7 F- b  I; t5 t+ mmore risky ones would have higher premium (interest rate) as a compensation for an investment.
4 C7 _! f2 H! S8 g7 Y0 K5 z7 Emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( ?  \, |* G; h6 p# u( Q: |
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. @2 y; p! y1 dAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* z5 b! S' A4 ^; ~similar to bonds, CDs trading in the secondary market have different value at different times,/ K. q) I/ X9 j% j: L) [. ]
normally the value is calculated by adding it's principle and interest. + S" Z9 T5 p+ d# b
eg. the value of the mortgage+the interests to be recieved in the future. ' u! c7 ^5 G& r4 p8 B4 u" |4 u5 X
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.
" ?( Y5 F' O6 f! Y" B4 ^( j" S: N7 g
im not quite sure if the multiplier effect does really matter in this case.
$ h( m* J& L1 o" }' v3 V* fin stock market, it's the demand and supply pushing the price up/downwards.
8 Z, w$ S  H% I' ?6 MFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 m/ L% ~$ j( _8 T2 Y; K1 u+ p
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* C+ g3 K3 H4 g! m/ g
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.   m9 z: _% m$ Y$ J( `& w
but the value of their assets did really drop significantly.
# J; {$ }( ~8 \- D4 Y: ]: z. u: S8 P+ [$ c+ z
[ 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.gif3 Q6 z$ S6 ^2 m, O' I
Refer to last example,! T% t( D$ I9 _+ q  o
that means bank A have no money because we borrow 10 dollars from bank A
8 x8 W$ b, l, n! E( |% F4 w( lBecause bank A doesnt have enough cash on hand
0 n  D5 @, U( b! r* Mtherefore bank A need to be bankrrupt ??? Am I right ?? ...

2 o8 I5 R& H" N; M7 M

) j, \# C$ f+ n; q( q7 R; ?& n% t9 T, E- S! X' f/ a
A->B->C->D->E6 Y( ~3 g6 D- g+ r/ N& C
so does it mean if E failed to pay D,
) R" _2 z' T' d& d% {5 x* Xall the B,C,D,E have to go bankrupt?
& E7 t" U2 `0 e2 O) ^
' e( t" \! f% R, f5 d
6 A& f  J5 B5 A8 `6 ithe multiplier just tell how much money created in a whole economy,
; ^% p6 m9 T9 z$ M* yin this case it doesnt really matter how much money is created, 5 O1 n9 t, N/ R) d7 W  O9 T
it's the problem of the debt itself.% m: B6 s7 r5 V2 s5 s/ G6 [
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.gif5 l, T3 D. q4 F" U, z( S8 `. u
小弟一直都唔明...
* p  y9 N9 g: Y7 l) }) S! J
5 A; a& L2 ^# \  Z1 C  z$ X' d. Q全世界都蝕錢，咁邊個賺緊錢呢?
- v: t4 K/ X, L: d. k* \' n1 t
* E- x! i. x4 e5 P無可能淨係有人蝕錢無人賺架嘛...5 X4 x# G1 g0 I. R( h7 N& U7 B- f

: |! |' G! q; ~7 |2 c7 A. u敬請各師兄解答
$ ^1 }6 Z+ o9 V( }% |
6 W: }' X( U; vThanks

3 T2 z( V" }3 c: M5 \9 x那些根本係 紙上財富  
* Y" n  l6 k) c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
9 K6 g1 R1 |* \+ y+ H5 J2 X9 P8 i8 S+ k8 t
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. \, d' x) Q5 O/ |2 C: M
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高2 V0 h! Z7 H- H4 j3 _& s$ {
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% v  D* m/ W' Z& i- C
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦3 k; e9 W# K" H8 j0 y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ \6 m) q, M/ C! x9 Z
計番回報率就已經係50%,所以可以好好賺/ J! M4 Y# C7 g* p' W1 {
前提係銀行之間要互相信任先可以咁樣借法! J2 [6 U8 [" ~
同埋個市場既前境要係好先得- x& N8 N6 W' ]. @* y
但當經濟一差,公司估值趺了,物價不升反趺: {2 B) z+ r' K  K+ U. Q
例如剛才說10蚊的, 趺到得番9蚊,
8 h" n9 Z' c9 {咁投資銀行一下子就要還11蚊, 一來一回變左虧200%5 F# u4 F. {' x5 Z* }5 G
所以你就會覺得D錢好似蒸發哂咁
9 Z- p8 |, m4 J: P7 a# d5 G9 G0 ]8 r
你都可以當標野咁諗, 個樣野多人可以狂升值, ( z9 p+ O9 N3 y* h# o6 G
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,
. G% m. a2 Y. _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ `, P. h, ^4 j6 h( P3 x# 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# n; M4 p- y3 z6 X4 Y
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) w2 |% h: _8 o
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 `9 E) d5 L; O* g  c淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; o# h2 i+ Y" t6 @6 S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 s7 d' T3 i( T$ D$ R& G咁你話d錢蒸發左去邊? ...

0 A) Z3 d9 ~3 w! W: q# c
+ `. V5 C& ]6 v' ]正係咁樣
3 w& G% S3 Q1 j  ~  B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
1 ?0 V: @' O4 o: _; g# s2 x2 r/ V分分鐘佢地唔使還錢
! p- a) k+ J% `& I  h- T2 ^" Q5 ~0 M& p  i) e( [: _
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,
- D, l2 x" p& a, l連國家都係問人借, 不停發債券, 印鈔票
% |3 @. k0 D( o# ~4 g) a一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ ], I( A/ r% Q" ^: V2 ?
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
* D: w5 K, S; J, G. X) w+ f; h" X咁而家"爆哂煲"算唔算先至係變番"正常"???

) F( n# f; R: F# C  L6 {" m. u- S, Y) {: x9 T+ C
其實係...
* A+ M* G7 W; d+ o# |9 k因為以前未生產, 先消費
/ V$ H+ X9 |0 Z+ u  A" w, W& x而家就要多生產, 少消費