0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
$ j! b' i# z; t$ S, E! ~Why bank will sell 借據給第三者???0 s* g% l  ?- B% I, h
I was so confused.....

6 H. m( d" v1 B- f
% `3 R1 [8 I: |4 e' t+ D- _講到尾都係賺錢
: |0 v; ~5 e; y5 Sso銀行可以不斷放款
( o4 U+ u3 E* ~美國的房貸問題散佈到全世界
4 t% e+ c  @1 Z# r1 y
0 _0 H# H% O5 S' F$ O% z  Nmortgage loan / H- D. T4 H, e5 U) m1 U
>conduit' l1 H4 z" {; `; C3 Y
>RMBS(Residential Mortgage Backed Securities)
7 W/ w) [: |& e* t# O>arranger4 w( T8 C; x9 r7 Q
>CDO(Collateralized Debt Obligation)
7 u7 \1 u8 c3 r4 g5 t' d& Y最後去到投資者

Kev

i thought it is the reason of rate of return.+ T1 o) x6 F7 m+ j- p
CDs could have different ratings, AAA -> F,; }, J2 @- ]  r% r; }
more risky ones would have higher premium (interest rate) as a compensation for an investment.+ m6 A- ]9 f2 C  s' b
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 i$ D( w: `% q2 X. cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ o$ w# O& X7 iAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( j4 ?* W$ t0 W. O" X5 c0 A
similar to bonds, CDs trading in the secondary market have different value at different times,
# q3 L# o* [# C0 P% ~normally the value is calculated by adding it's principle and interest.
+ v9 k3 M- Z$ {eg. the value of the mortgage+the interests to be recieved in the future. - r( W3 g* F3 ^: r0 [& j1 L
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.
2 b0 w, |: c# T  R2 {9 t9 d+ h( w5 K5 u  z6 x
im not quite sure if the multiplier effect does really matter in this case.5 _* P' |' N/ Y
in stock market, it's the demand and supply pushing the price up/downwards.
+ j. L7 W5 M7 I" o+ L" _) YFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# f5 e% Z) R! Y( `* oA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 i2 t- z( s; R2 \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.
. h( s1 }. p: H9 D' Ybut the value of their assets did really drop significantly.
+ g1 b& y3 m  b9 T6 O* Q0 u  X
2 ^% g; J! Z5 G6 ~; X8 r$ {[ 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. H: B* D! t  s* L
Refer to last example,
8 o# G/ N( h- F8 ^1 g* W) w. jthat means bank A have no money because we borrow 10 dollars from bank A
8 L! K! Q4 N2 @* p8 G6 z& \- F' iBecause bank A doesnt have enough cash on hand
) Q% q# M; [( c+ J2 W: V/ p4 d# X! Ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

4 D3 s3 a8 R- Z% i/ q1 _# |6 ]3 ~# H% w1 B3 D

- Q3 g5 N( p2 }& Z; x3 i; [# c; QA->B->C->D->E
* g; y" u  h. s5 x: F" Bso does it mean if E failed to pay D, 0 J  B6 p4 d- y3 t! a
all the B,C,D,E have to go bankrupt?
' l4 [/ @" F, e; E8 [9 k
2 I7 e4 Q9 D& f
' ]5 O) n, C5 q, _the multiplier just tell how much money created in a whole economy,
2 E+ _/ Y! n9 G; W/ ]' J- \in this case it doesnt really matter how much money is created,
2 Z# `& f5 H! z4 f6 c! b% Lit's the problem of the debt itself.
: _# ?7 N- @! l; [6 u- ethe 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
* m& M' O+ C" E& q- k+ n小弟一直都唔明...
4 c. y2 V. }6 K% c7 I2 j3 W, d- J5 }9 ]* o# D
全世界都蝕錢，咁邊個賺緊錢呢?
1 z( R! y+ C" U+ J0 U! B
& C' ^9 d& r# V% g; h. E, J& ^無可能淨係有人蝕錢無人賺架嘛...
( T" h* K; Q# I0 G$ V: {- {7 `- M/ Q  T: c; l
敬請各師兄解答" Z8 }* k* s8 x5 k8 V) C2 o

4 V  M3 v2 C0 _5 o4 LThanks

& k# a' ^+ x% G# }0 n; W
那些根本係 紙上財富  
7 i8 w4 H7 e7 R" n5 ^, a9 g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- A/ v* D) e/ q, m& ^
; b7 X% T+ B) V6 ]6 _4 z$ v; _. t- X
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 y' K6 h; q; f8 X8 k) X
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
4 O, q( |8 {8 j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, z# _* n. i& H5 E+ S- @9 ]! J2 `
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦: x: d. L/ `5 ^( I
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
* ~* Z- c8 L2 @% T$ e9 W計番回報率就已經係50%,所以可以好好賺
/ f' t7 {/ d& d  H2 g前提係銀行之間要互相信任先可以咁樣借法  @* C; |; X/ L  a9 D# S7 n, N- F
同埋個市場既前境要係好先得  M$ Z$ u* }0 T/ I) {- Y4 T
但當經濟一差,公司估值趺了,物價不升反趺- }4 M0 u* @2 t* [. x
例如剛才說10蚊的, 趺到得番9蚊, 4 _: r0 b6 }7 G4 k; R' H: b
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%# k3 N5 w# c" C% b6 H
所以你就會覺得D錢好似蒸發哂咁- B! W& z0 }( l( A
4 U" }" [9 H& G6 i+ g1 f8 d& D2 Q
你都可以當標野咁諗, 個樣野多人可以狂升值,
8 ?$ g1 T# \" l6 ~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, % I" Q) K( V( V  Y2 m4 A7 \
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 [* b1 K5 u6 c* M7 n' X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( g; J6 v2 Z5 U
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.gif9 F+ ~  r) {) q) ?* ]) S5 h# c
唔係d錢蒸發, 而係比美國佬洗晒未來錢, # z1 V$ J( U8 f- E) d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# m& y5 l; U2 r& F6 d2 F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 Q. R% V5 B5 Y& T8 q, q' `
咁你話d錢蒸發左去邊? ...

: R+ S5 b* L9 j& G4 N
6 s5 [& n' S+ m" S正係咁樣0 w# F  r6 [9 V
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/ Y' _% [) J' W$ U0 |( x5 l
分分鐘佢地唔使還錢
6 J1 Z7 {# d& U3 |2 D/ E5 S! w# l) c2 v5 a4 v- N
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,
" y! P) q: s9 y3 Q" l8 f: A連國家都係問人借, 不停發債券, 印鈔票8 N: l2 X% i/ E
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' t7 s' t- ?4 J+ R# p% P
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) q. L6 |* u7 O* b. G
咁而家"爆哂煲"算唔算先至係變番"正常"???

  A9 w* h. _$ k) C5 D
- N$ U3 Z' o+ p其實係...
  M4 h) d5 o( a2 ^因為以前未生產, 先消費
$ t4 e7 r6 v! s; J2 w" a3 n% V" q而家就要多生產, 少消費