0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( ?: a* ?+ o( Y5 m
Why bank will sell 借據給第三者???
& J5 a5 ]2 }2 D. ?( r* d* g3 GI was so confused.....

: R+ ~9 ^: T- r$ K2 X
6 k$ |, _3 U4 H講到尾都係賺錢
: D6 W$ g& ~  O* ]: V8 N6 Lso銀行可以不斷放款
! {- J; x" r3 E- r9 d, \* ?美國的房貸問題散佈到全世界
; s6 I% W8 n4 P! Y
2 J/ ?, b3 s7 g& D8 k8 Y$ amortgage loan
; H6 N' j( Z( J+ v. D) j- l>conduit' B; Z: V5 b2 A! `
>RMBS(Residential Mortgage Backed Securities)
( _" }8 ?: O. f; F3 K0 S+ ]+ |>arranger
& L# d7 c9 b) T' f( I. J>CDO(Collateralized Debt Obligation)/ q# f4 P, ?8 u' N& `1 I
最後去到投資者

Kev

i thought it is the reason of rate of return.* q7 V6 C: `* x# d2 n! d  E
CDs could have different ratings, AAA -> F,
; ]5 S. |7 W: \; qmore risky ones would have higher premium (interest rate) as a compensation for an investment.
7 s6 S- j3 k# V1 m  rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! K1 o. @5 u8 }  zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. j4 b, V' t+ ?, qAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& m" _* F8 @* l+ }+ t1 ]" V* g6 g
similar to bonds, CDs trading in the secondary market have different value at different times,
( ~9 t/ |, y7 P, r5 Fnormally the value is calculated by adding it's principle and interest. 7 G# B! I0 K" Q, w# c  w
eg. the value of the mortgage+the interests to be recieved in the future.
" V( i; r( I9 b( ~8 v$ Pbanks 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.
8 W8 ], n$ ~) {/ h$ r4 a1 ~
9 W5 k# R) J6 M6 ^+ k3 zim not quite sure if the multiplier effect does really matter in this case.7 W3 h+ E4 Q; T# A+ l" Y6 T1 Y8 j
in stock market, it's the demand and supply pushing the price up/downwards." F& n2 z/ X, |8 t/ {+ _" ^0 x2 j% q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: K! [4 C5 \: Q! J2 z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 ]0 K' r; @" k1 G- R
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. ! S' z' w' F* \" N/ I
but the value of their assets did really drop significantly.% c* b4 c9 ^8 [1 i* P- Z. h3 o
, |, O+ X: Q4 A/ u& o# z# P" E
[ 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
  x: T; u: t* `) kRefer to last example,
& q. _6 {) ]0 [6 z! R7 jthat means bank A have no money because we borrow 10 dollars from bank A 2 X2 K( `" D# A9 q8 {3 Z/ E2 ^
Because bank A doesnt have enough cash on hand 2 Y; c! W" O+ D/ k2 p2 g; f% A
therefore bank A need to be bankrrupt ??? Am I right ?? ...

: r" B9 m/ I- d2 h: f

5 O! J. ]( l1 l+ \( k' g5 r& n! y! }8 M* ?
A->B->C->D->E6 w3 p) T9 J( w  Q" ?- U9 e; h
so does it mean if E failed to pay D,
- r$ ^8 |3 K- N2 Vall the B,C,D,E have to go bankrupt?
: R$ g. v/ Z/ _& ~) v( G; r  N7 H9 m8 J! }
( _' I  E: C3 g5 U/ t
the multiplier just tell how much money created in a whole economy,
% E+ O! I4 r/ B; F* ]0 U; S  ?8 Zin this case it doesnt really matter how much money is created, - [' [3 a6 B2 d$ H' ]% y- `4 ?
it's the problem of the debt itself.
9 i1 r# W; C( l7 Wthe 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
- o/ O" b4 J9 _小弟一直都唔明...  Y% d0 K4 p  P8 Y* Z

$ Q" c4 c9 G4 y- I. T- g# y全世界都蝕錢，咁邊個賺緊錢呢?( S* C# x: `  I. g) y) W

4 F! l1 O( e4 A% W, ]0 ^無可能淨係有人蝕錢無人賺架嘛...' @& r$ x& @* Z  z
$ q* a8 m) n* b7 L1 w8 v
敬請各師兄解答/ V+ m: u# l+ n6 C9 H
# j, O9 v& ]4 L( @* r- F
Thanks

6 j# Q- P, c+ B那些根本係 紙上財富  ) b2 q2 o; D0 i: V" t4 d  y
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 Q$ p$ O" L9 K) b7 [: G3 s. _. a: g* w/ o5 f
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2 A8 S0 V3 [! |0 h, C: ]; i
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ E2 t% u; s5 K" x; P: H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
1 v. I( {& P, x/ H. x個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! j# O3 |. M: z9 L- f/ }3 l扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,8 c: R3 V6 k8 F+ P, O
計番回報率就已經係50%,所以可以好好賺' H) S6 D$ M1 f9 x) t
前提係銀行之間要互相信任先可以咁樣借法& v: j4 E3 T5 P( o
同埋個市場既前境要係好先得& o  @: X2 f6 _% Z
但當經濟一差,公司估值趺了,物價不升反趺2 M: V0 S" o3 L; ^- b; d4 X
例如剛才說10蚊的, 趺到得番9蚊,
2 N& G0 Q) M0 v3 q3 r9 X/ X咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 T' u, ~9 x# x/ A所以你就會覺得D錢好似蒸發哂咁% z- b: o9 T/ t3 K

( \4 O; _( l; m& P1 g+ g你都可以當標野咁諗, 個樣野多人可以狂升值,
8 }4 i7 e5 U1 _5 ~: y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,
+ D8 y0 a$ r4 u: f3 k: s- `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- O" E! D& Z. c* z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- d1 j2 ]0 {+ F/ h
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
! K% @* f" D" ]& [1 k) k  ~唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; K# |! ^  J) I; g淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 M3 F' n/ Q- [# @6 H2 w) n1 ~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6 A8 i7 J3 k3 o$ I: {0 W
咁你話d錢蒸發左去邊? ...

7 x2 M, T2 Z- _6 B0 [

' a% n; t. r9 o$ Z正係咁樣7 N  T& J" C. K( p, c' Q. P
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
3 M0 Z6 k7 ~7 c5 N. u* w分分鐘佢地唔使還錢
& q9 a! N) ?* J5 O. r' {! y, [% S! j: d. v( O
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,
- T) i% b+ b3 T, C* L& D% a連國家都係問人借, 不停發債券, 印鈔票  D- d& E8 q% U& W) w2 s1 ]
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
, y( K& s- l2 m& N& V- [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.gif9 ~: c7 ~, G; t, N- C. u% i0 l
咁而家"爆哂煲"算唔算先至係變番"正常"???

4 l" B  `, H/ ^' P1 j7 N
  @6 k: }  q* q3 D
其實係...
1 d$ r2 }5 x* G- w- o; C因為以前未生產, 先消費1 o$ D. E) \/ M( \$ L, M
而家就要多生產, 少消費