0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif! c. V( W8 W1 x9 f
Why bank will sell 借據給第三者???
6 q; h4 a! N9 H; Q4 v( U* ?# P# QI was so confused.....

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講到尾都係賺錢; q# O; _3 l/ [# T, Q
so銀行可以不斷放款
1 J. o* U- g) l3 Q0 h美國的房貸問題散佈到全世界
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mortgage loan
' P/ q, s7 }! f>conduit
0 L1 }* E. p9 L+ Y) _>RMBS(Residential Mortgage Backed Securities)! y; O- j0 z5 U' f6 N1 h6 A
>arranger/ b* ^9 p. ^  m
>CDO(Collateralized Debt Obligation)
% Z- O# M8 v) w7 U最後去到投資者

Kev

i thought it is the reason of rate of return.
- ~7 {  [. u3 k2 q9 }- tCDs could have different ratings, AAA -> F,
+ w: g! c0 b! w, L6 F& |more risky ones would have higher premium (interest rate) as a compensation for an investment.4 d- w/ Y& ^$ C8 W
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, u( p# M/ }5 G3 q: w
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% P& R$ h  N  e1 r7 V( M6 \; f5 OAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" {, `2 E- |3 t! e3 f* O2 M; L( \6 msimilar to bonds, CDs trading in the secondary market have different value at different times,
/ d! P) L, Q8 @normally the value is calculated by adding it's principle and interest.
8 T( J+ {; {, t( ~eg. the value of the mortgage+the interests to be recieved in the future.
5 P, G& x' {: D% U  d% G+ ibanks 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.
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3 q: W; J- |0 Z, J/ I1 U7 W* ^im not quite sure if the multiplier effect does really matter in this case.# p! E2 T  r2 j8 T. T. k, D( @# X
in stock market, it's the demand and supply pushing the price up/downwards.# y2 y* K5 x6 N9 L4 \
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 U( ~/ u6 `- m5 V3 T5 D
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 C& f3 ^! ~% F- ^5 n7 }! h/ rThe 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.
4 a; l8 I- M' Q$ `/ kbut the value of their assets did really drop significantly.
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; Y. a# p) H  X; o' [9 l/ p[ 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
& [( V% T& F2 ^3 [3 \Refer to last example,
* E7 {# z( u  J3 qthat means bank A have no money because we borrow 10 dollars from bank A
. W. O: _: A* g* ]Because bank A doesnt have enough cash on hand
2 ?. m" d* @8 L5 I6 X% R% etherefore bank A need to be bankrrupt ??? Am I right ?? ...

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- ?/ I3 B3 H2 V, Q6 W2 n1 IA->B->C->D->E
" H; }" s1 }) W' D0 L" L6 \' {6 rso does it mean if E failed to pay D,
2 d: V+ k2 F6 ]all the B,C,D,E have to go bankrupt?
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2 s6 y6 V% K- G, X. n; L* o/ ?
# g" p3 _7 B2 X7 _1 S. Ithe multiplier just tell how much money created in a whole economy,
/ }3 M3 \5 O! `' ?( S: kin this case it doesnt really matter how much money is created,
+ N; a1 m  p! }, Jit's the problem of the debt itself.
& ?4 v! X$ h7 F+ ?& G! Uthe 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
+ n/ f. e/ r1 J: y% u# R小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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( V" ]$ e% b; D無可能淨係有人蝕錢無人賺架嘛...
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% d! B- a9 Y& q4 X- A& P敬請各師兄解答
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Thanks

& `# D" v- i4 _" `) e
那些根本係 紙上財富  
( k/ r" L: {7 W  W/ S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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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5 J: O0 z1 q/ E
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
5 ^6 Y  \- h( \3 P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7 d7 @0 x9 ^9 Y: o, }
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
1 t4 V$ M) w0 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," B- [: i5 }: H$ r  p. U
計番回報率就已經係50%,所以可以好好賺3 ^: Z, h! V- m+ Y5 i5 X
前提係銀行之間要互相信任先可以咁樣借法* e4 z* z+ ^4 i! N: p/ B
同埋個市場既前境要係好先得' t. w0 }$ \7 G) k  _) V
但當經濟一差,公司估值趺了,物價不升反趺
- u9 H' l' G3 d7 W例如剛才說10蚊的, 趺到得番9蚊, 8 g' Y. w4 m; }  b  J2 E
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! B- @# W( m! @8 ?9 |4 j) k所以你就會覺得D錢好似蒸發哂咁" Z) `- }: [  J8 s

8 q! I+ `: S/ g, [( b你都可以當標野咁諗, 個樣野多人可以狂升值,
" b/ Z7 u% O% m9 q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, " n" ~* E5 c- d% ?+ R4 I- q/ J  p
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- L3 _, I0 N+ `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
- z) `& g  @8 s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
$ m6 f) \/ g  g1 Z唔係d錢蒸發, 而係比美國佬洗晒未來錢,
- @' Q. X# g* y+ Z6 W" z- ~3 H! ?淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 o. n5 \2 w' b4 W" w6 L0 G9 K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 Y) J3 \, b& y& G4 g
咁你話d錢蒸發左去邊? ...

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$ u, \& t1 _/ d正係咁樣
; o, j# T- W% C- j. H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# m' f5 ~3 ~. W" q; D; Q
分分鐘佢地唔使還錢
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( X" M! A8 J0 B5 @& Z: n2 g$ V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,0 \; ]0 W* t' R8 q8 b
連國家都係問人借, 不停發債券, 印鈔票
6 C* x1 z0 h" q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產1 ?& ]8 `2 z! s: K5 a( n7 {7 L+ T
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/ N3 w) z. M: D! U
咁而家"爆哂煲"算唔算先至係變番"正常"???

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3 P1 s: U1 r$ w  g! @6 g& r4 p其實係...
# |0 w! V- k) R: j; s因為以前未生產, 先消費, A9 }* E" f) E, s5 O) o3 Q
而家就要多生產, 少消費