0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif4 N) L+ U6 P0 m. H/ K
Why bank will sell 借據給第三者???
7 T! q9 p1 H& E  @- @( nI was so confused.....

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% V$ K& k$ {7 |: J' p* h講到尾都係賺錢4 g/ }3 f9 h% D4 p
so銀行可以不斷放款
! a$ x9 e9 u" m美國的房貸問題散佈到全世界7 h( m3 }5 ~$ f3 X8 f' l

7 \7 D9 F' N7 O9 C8 F) L1 q/ ?mortgage loan 3 r# h+ z# Q& a( ^2 G6 ^; `
>conduit
# ?- B5 E1 q2 }" ?: ^>RMBS(Residential Mortgage Backed Securities)
( l+ ]  A- G2 t' m0 e>arranger
9 J+ x% ?* Q. k5 y1 j$ h/ q>CDO(Collateralized Debt Obligation)
( F2 [& T# j: W1 \. v1 k% j最後去到投資者

Kev

i thought it is the reason of rate of return.
! \; k9 B# \3 Z8 OCDs could have different ratings, AAA -> F,
9 q- X* U9 M& Y4 ]more risky ones would have higher premium (interest rate) as a compensation for an investment.
4 g; R1 B; X( X( Nmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 b5 x( s  K) d. sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: Z5 Z; s/ U* t  r0 Z% N2 u& @5 S, [
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' B- ]) X6 l; [$ G+ h) W4 W
similar to bonds, CDs trading in the secondary market have different value at different times,& B2 I! P+ f) d5 x4 X+ a4 }5 E
normally the value is calculated by adding it's principle and interest. ( b6 v' A3 o' T4 A" r
eg. the value of the mortgage+the interests to be recieved in the future.
( [7 Y& S. \+ L# H+ `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.
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: q! z5 K8 Y* z. ^- ]im not quite sure if the multiplier effect does really matter in this case.' R6 \- h8 J+ v- ]4 ~
in stock market, it's the demand and supply pushing the price up/downwards.! S/ |4 g! k- m! i- U. v- o
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. u9 y/ I* I* U
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' k( T' t7 j; A" J: c+ c& oThe 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.
0 s& S0 d. X0 C5 H1 O: ~. Hbut the value of their assets did really drop significantly.
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[ 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.gif0 C9 F- r' F$ \7 g; D  U, P1 P
Refer to last example,* L6 s) k! w7 B
that means bank A have no money because we borrow 10 dollars from bank A 2 P  x$ i  x# a+ q6 J& o% Q& W
Because bank A doesnt have enough cash on hand , Q1 r7 {- l2 Z& ]5 Q) l# n+ ~0 Z1 q
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
. Z! ]9 A. a" X& j7 Tso does it mean if E failed to pay D,
7 i/ H. [  T4 n5 M4 {all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, + M7 w* k1 R4 ~3 m. g7 b* q+ n
in this case it doesnt really matter how much money is created, ; i. y  c( n( Z1 n) B
it's the problem of the debt itself.6 s. ?3 ^9 v, I1 r( h3 c% e
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.gif1 Z' V5 l: L7 @1 ?1 L
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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. e) R; O2 m$ {; ^無可能淨係有人蝕錢無人賺架嘛...
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& v1 ]0 u& o% f9 a6 }2 N# L敬請各師兄解答7 S0 l( t3 k$ D' D8 c

$ J/ \9 w. ?2 ?* HThanks

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那些根本係 紙上財富  
& x9 S! G9 M6 d+ o8 l) 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- X' P* d6 j) l+ K% F9 N

2 P2 e- s: J9 ?: g/ khttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產& a. I+ L5 t1 V5 ~) k+ O' [
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
( n2 {" j7 e9 F, o. ]2 ]- [+ 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
1 ]9 N: M9 w: p- v7 Q& U& C, F$ w8 h個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
. E8 v2 K) d$ m# l# v) O1 U扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
& ]% g0 L% \  d/ o4 I計番回報率就已經係50%,所以可以好好賺
, x. P2 u. B* ^1 w- J5 a前提係銀行之間要互相信任先可以咁樣借法
( C; F* ]; M  _  s同埋個市場既前境要係好先得6 z7 w# k! A3 C- `' W3 R+ I: n
但當經濟一差,公司估值趺了,物價不升反趺. c) f0 z: i( ]' _" ~9 e
例如剛才說10蚊的, 趺到得番9蚊, 6 S; p" [8 @  L" d5 |; J
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%. m# c6 m7 v. X! D, n) p
所以你就會覺得D錢好似蒸發哂咁$ X' }" R+ ?/ y: y( M- \) C

% s: ?; e& u& K! O( k' X6 S你都可以當標野咁諗, 個樣野多人可以狂升值, 2 `4 F; M3 U& q- d( g5 C4 ^/ y5 f  E
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, * c+ ?5 S- a  Z( d7 L" b2 Q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! ~4 K5 F/ I. ~3 s: B5 S4 b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
1 g. k4 L- f. L! v1 G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
$ Z& l; P9 {0 Z; b唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" ^: w$ f$ y4 x$ G# P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ z% ]* T5 c9 u8 h, ]5 n+ H5 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
" `8 O# L0 l+ i5 O咁你話d錢蒸發左去邊? ...

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- p" E: s) y1 N* P正係咁樣
4 A: F$ p$ {  W+ S# q7 I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
1 I* u6 `- f$ k8 `) [  u" k分分鐘佢地唔使還錢
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1 }+ R( U0 K# 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,
" v4 y# [# Y8 O' B連國家都係問人借, 不停發債券, 印鈔票
9 T+ C! v) ~& C一個國家好少出口, 而又大量入口 ,反映到佢唔多生產+ ^- O6 X: Y! l
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.gif4 t" e3 F. d9 E) i' E, D" H& f, A
咁而家"爆哂煲"算唔算先至係變番"正常"???

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! ?* P. t% t9 w& Y其實係...# |  J" ?% f0 {) p; H/ K! E
因為以前未生產, 先消費
' c  V" |( r9 ^而家就要多生產, 少消費