0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif- T9 c+ ?' c' z. C) k( u
Why bank will sell 借據給第三者???
* t8 N+ k. F0 `* U* m# ]( M# cI was so confused.....

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/ u, {/ W+ ?+ ?7 ?6 w講到尾都係賺錢8 t5 d3 i0 @  p; i5 V
so銀行可以不斷放款. s, _; s  W: D# I. N; P& G& W
美國的房貸問題散佈到全世界
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1 e2 c# o9 p: E! i- w( ~. bmortgage loan   ~7 B- W$ I, q8 y+ B$ J( n
>conduit+ k& b, s6 t' o" |
>RMBS(Residential Mortgage Backed Securities)
+ `2 \; D7 Q1 c) a>arranger8 S5 C  Q. p. L& U0 ?+ N
>CDO(Collateralized Debt Obligation)
+ ]+ p( R2 C, [# ?' n9 t& f最後去到投資者

Kev

i thought it is the reason of rate of return.8 q6 x: D/ C7 [7 p
CDs could have different ratings, AAA -> F,3 Z. j+ @: {- l" u
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 Z; z2 l' B- p' k
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 _' L; ?$ Q; d  ?; }7 F
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, a5 j* y5 t4 M! A" P' {Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ h9 s+ M6 `/ Xsimilar to bonds, CDs trading in the secondary market have different value at different times,
' e" s7 q' U3 f2 E: M" Jnormally the value is calculated by adding it's principle and interest.
2 B7 d4 @, B! {, Eeg. the value of the mortgage+the interests to be recieved in the future. ( \8 l  i4 P" E
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.1 D/ S, Y7 M5 d& E% Q

8 `* ?" o5 |, K* {: Z2 Xim not quite sure if the multiplier effect does really matter in this case.2 O+ g, u5 `% M6 J
in stock market, it's the demand and supply pushing the price up/downwards.
1 \5 h: o! K2 D$ xFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 ?1 c) n+ {, y3 }A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' `1 m# L' B( R% cThe 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. % C5 h' V" ~* ~3 G* N0 `
but the value of their assets did really drop significantly.
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- T  |( \( Q5 b/ d0 i1 T; ?[ 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
+ p( M2 ~4 q- g: ^  L. IRefer to last example,* G. S" ^6 E  c$ M" l0 t2 k" |
that means bank A have no money because we borrow 10 dollars from bank A ! \3 h5 _: t1 H7 K
Because bank A doesnt have enough cash on hand
4 k% Z$ T6 S# t+ itherefore bank A need to be bankrrupt ??? Am I right ?? ...

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& T0 L& X& F' ?# F$ w# xA->B->C->D->E
" S2 A; P: w% u( ^2 nso does it mean if E failed to pay D, + o( O) n7 [8 e# c# {1 B
all the B,C,D,E have to go bankrupt?) h6 J" |% h) w1 z; t$ n' E

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the multiplier just tell how much money created in a whole economy, # a4 G/ A3 L; o
in this case it doesnt really matter how much money is created, 3 t' J# W2 @: a; U0 K
it's the problem of the debt itself.
/ r* y3 y, B2 U9 N. bthe 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.gif9 s) T; n# Z" u  F6 H
小弟一直都唔明.../ o- c- {$ P4 ], l2 j6 q

* q! k/ n# |% b& l! i全世界都蝕錢，咁邊個賺緊錢呢?
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) X& e  n/ T. s3 s無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答% l3 b. N0 Z! m; J1 g

  l3 c: i! A0 A' t6 d- cThanks

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那些根本係 紙上財富  9 L; ~) Y2 R6 u' v9 L# m
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 I  [  h% f) A) j. o0 z: H- D* V
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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
4 k# G3 P# [2 E' C, V/ D當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 w* H) j$ s9 ^  w7 w% y
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
2 m+ s: M! e8 b/ k2 S! t個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, O* M! Z0 `) J) u$ t, H( i
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
7 l$ q3 |7 J4 x0 T4 F計番回報率就已經係50%,所以可以好好賺
& q, `4 q' R+ U! i前提係銀行之間要互相信任先可以咁樣借法
0 U5 w& k0 b6 i- k同埋個市場既前境要係好先得6 u2 r6 a6 g$ e& E
但當經濟一差,公司估值趺了,物價不升反趺- e2 \" o( ~! I; Y
例如剛才說10蚊的, 趺到得番9蚊, : B# }) r: @4 |6 U; Z8 g
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) c$ Z9 h  [; @; c. l4 o5 \* ]1 C
所以你就會覺得D錢好似蒸發哂咁5 h$ v, X* t! T5 z+ r

( {% l+ G$ d8 U' J你都可以當標野咁諗, 個樣野多人可以狂升值, 1 }9 ~/ B6 j5 U0 Z: T, v
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, 7 J9 u4 q3 f, L$ w, k) e/ k* h/ ~  H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % x% k& y: ]3 E  _5 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# s+ c) c6 S1 z! \& ?+ Q
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.gif2 q0 C" I8 k4 m" [1 q- i# c
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 o2 J* x7 y6 U
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " T8 x8 ]' q2 G1 q" K. O7 W' n% f; p
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$ S2 h% ?- ?3 i) \& B1 j% z2 h7 t
咁你話d錢蒸發左去邊? ...

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) r3 u) p" V9 F9 k1 T正係咁樣
3 s# j; t( B: 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
9 |) G1 M5 G  T& w6 ~7 @1 z9 R分分鐘佢地唔使還錢
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* a/ N, E. S: _' @- I: |" I7 U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,
, ~7 O8 a7 V( b3 }( }連國家都係問人借, 不停發債券, 印鈔票
& r5 K; P/ P1 F  X: D* l+ `, _一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
; i8 b2 S/ e% T, q$ g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.gif6 A# E0 h" O6 g, `1 g- Y
咁而家"爆哂煲"算唔算先至係變番"正常"???

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- ?% u& V4 x4 [7 k  l( q其實係...% C( \3 L& h: e! i: [
因為以前未生產, 先消費+ u" G3 b5 T8 ^6 R8 b+ I2 E7 b
而家就要多生產, 少消費