0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif3 j/ G' x- N5 @3 T( P- Y
Why bank will sell 借據給第三者???, _: k2 V1 o. ]' [: m1 y
I was so confused.....

! v0 O. e( M* i7 a4 l* m, R7 n) ?4 T- X
講到尾都係賺錢
. E* W* s. H6 Y. A. Q, [$ zso銀行可以不斷放款# o# N; v$ E5 K+ s: T: q, f- k+ V# x
美國的房貸問題散佈到全世界
$ d) }9 X, r' a# r
/ }2 h1 m$ D1 M5 |! K$ ]% mmortgage loan
( r6 C5 o, I% ~$ ]$ c>conduit- H$ I3 I( A+ b/ {/ y& [
>RMBS(Residential Mortgage Backed Securities)
" U8 P6 L: H8 o1 `# W, R>arranger# i1 X# |, U4 v
>CDO(Collateralized Debt Obligation)
* ^* E4 Y; ^$ m" C( n) N最後去到投資者

Kev

i thought it is the reason of rate of return.
4 Q9 {0 j6 o1 P% d" ?3 ECDs could have different ratings, AAA -> F,2 s, @+ R% Y; @4 T; C
more risky ones would have higher premium (interest rate) as a compensation for an investment.
6 T3 V. a; r, V. h5 Emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ F/ f3 w6 ]/ O, a* B" F
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' m1 _( h6 \! u& m7 k
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# ?7 a3 T: ^5 g6 |8 vsimilar to bonds, CDs trading in the secondary market have different value at different times,
1 G/ `2 z8 w2 v/ T0 _# q1 D/ r  snormally the value is calculated by adding it's principle and interest.
( c5 {# j9 N$ m3 S1 s# Weg. the value of the mortgage+the interests to be recieved in the future.
2 z) k% f5 ]. ?4 _! Q6 Z% |) Abanks 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.
$ Q/ c! W0 F% I2 M. q# `9 Y% k; ?6 B9 K6 O% b1 b/ t4 E! _; _, u" g
im not quite sure if the multiplier effect does really matter in this case.1 U% v+ r: i! s
in stock market, it's the demand and supply pushing the price up/downwards.
+ f% z7 Y4 ~& y1 Q4 {) H$ T$ fFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, P; x- D9 `5 p* x5 N* t: G& QA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' @- {6 U1 m* r- P; y& \
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.
' J$ J. v. |4 M) {$ I& p- G0 V5 x# Nbut the value of their assets did really drop significantly.
# y& u$ w) b% |
: y+ e- Z% D" Q: D[ 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( |; I  j5 l9 D* |
Refer to last example,
" Z% B: R" ?0 c+ J2 ethat means bank A have no money because we borrow 10 dollars from bank A
( @" V# N. _' D  \! g2 [Because bank A doesnt have enough cash on hand ! ?( ]- v3 v% U# f
therefore bank A need to be bankrrupt ??? Am I right ?? ...

1 N7 j  C( t9 `- D/ [" M

2 q) p. V' \0 u6 H- L! S+ o* d7 Y+ ?
A->B->C->D->E
, _1 D+ p5 U* |* [+ Pso does it mean if E failed to pay D, ; {  L' U( C0 P: U3 x9 e
all the B,C,D,E have to go bankrupt?- n+ G2 ^& D0 [

- s9 r2 B5 K. _& j, k3 l" V
: H+ e. [6 C% I2 F2 K$ u, ~" othe multiplier just tell how much money created in a whole economy,
7 }; l& ^5 n) {6 A, pin this case it doesnt really matter how much money is created, 1 N  i  a0 N# }  M
it's the problem of the debt itself.- W; X, ]# ?8 S$ F+ A
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.gif
5 P# `' @4 B( [; o+ x8 Q$ U小弟一直都唔明...% K+ M; W2 n3 j* `1 f9 R7 `, i- n

4 \) f1 s; i0 h+ A% u. n全世界都蝕錢，咁邊個賺緊錢呢?
, U; E  X1 D: q/ I9 E* V' B; r$ W) A2 u4 j+ o0 t( \: ]+ g
無可能淨係有人蝕錢無人賺架嘛...  ]; X* q  v/ F) h, \" r& H

/ j' h9 ]. L, |, R! w1 x4 k敬請各師兄解答8 f( ^7 @# ?! e

5 J6 W/ k8 l+ q7 z& ]$ MThanks

" A3 g, f3 U; }0 x, W那些根本係 紙上財富  
0 h. E8 B2 s. k) L7 [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
; t# K" ]* i9 n% i0 e- U0 _' Z: n& p# T6 \9 h6 V# @
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* J. M2 N* i: w% n' G2 `8 l
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高# R9 a+ n# u3 H1 Y. X) _
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0 B7 [- l& ^5 C& u  r* H' t
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, s7 N5 _1 G' m; q' N8 D: y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
/ Q! h7 T) Y/ v+ ~0 g; U1 N' A計番回報率就已經係50%,所以可以好好賺
/ V' M1 c3 f' p; O- k3 k前提係銀行之間要互相信任先可以咁樣借法& }5 T8 ]! `. [, B" E
同埋個市場既前境要係好先得
  x0 f% y2 x6 ^& J但當經濟一差,公司估值趺了,物價不升反趺4 ]. e7 j. i: l0 C+ ]* r0 m( d2 Y
例如剛才說10蚊的, 趺到得番9蚊,
( ~) D- b! ~+ e. a' k# M: D咁投資銀行一下子就要還11蚊, 一來一回變左虧200%' \6 H" O8 I; U; f
所以你就會覺得D錢好似蒸發哂咁$ i0 C% v4 B$ p. f. V
1 `, a0 H. T( _
你都可以當標野咁諗, 個樣野多人可以狂升值, 7 Y- u% N, n4 t; H5 D4 p
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, 2 n4 L, I! V- [1 C: o
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' B3 X3 ]" B& U/ Z6 W+ ~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
, b* Q9 ^' g9 ]% ?$ A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 {- p  |+ Y8 `* W7 R! P
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
$ a- A! g5 S# D, O; o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& L1 f( v- G4 ?" U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
0 g2 D* m( j# q( b: r4 r1 W  H咁你話d錢蒸發左去邊? ...

" K$ p: `4 r0 p& b) r3 n! p# Q' |- e2 x  O/ x* Q
正係咁樣
+ `* g' `3 Y$ a( W4 a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7 U9 e, b5 b2 c2 ^
分分鐘佢地唔使還錢
  c; a' K0 i4 u0 t9 P: A' }1 {  ?# _, c7 ]2 S
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,
- j& u+ V) c& T4 Z0 F+ ?連國家都係問人借, 不停發債券, 印鈔票
3 e8 `3 z( I5 i; j4 [5 l一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! S$ [; x5 E% }
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.gif3 p+ b. D2 K% U( h# p5 t# d) O* [, T" ]
咁而家"爆哂煲"算唔算先至係變番"正常"???

0 n5 _7 O: H' o3 @" Q* e' C4 I
  h( Z; ^5 `4 ~5 P其實係...$ ?+ {# `+ s( p5 a
因為以前未生產, 先消費
6 h5 J: y0 Z* {9 K! y而家就要多生產, 少消費