0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, A. d5 t" w& T! E, `$ v
Why bank will sell 借據給第三者???
+ Q; k! f+ u+ }8 m& b4 V' hI was so confused.....

, m2 b4 G5 B# S
" S; ?8 o# `1 d: @- e+ l
講到尾都係賺錢
1 t: ^" ?8 H- Rso銀行可以不斷放款
3 u/ Q$ N; |# }6 A5 x' }美國的房貸問題散佈到全世界2 a, b% A! k4 O4 X6 E" g* N

6 Y# h! A+ V$ W; e( @mortgage loan
' M  M& f# _4 Z, ~# {7 S. w>conduit* T/ Y* D' Q( T5 h. p
>RMBS(Residential Mortgage Backed Securities)
  x$ E9 I" y8 x8 U+ ~4 {>arranger
7 x: i# Y- d3 V2 s>CDO(Collateralized Debt Obligation)
. ?% v6 L8 Q" ]6 Q$ d8 q最後去到投資者

Kev

i thought it is the reason of rate of return.
! D& X: k0 E6 ]% @% XCDs could have different ratings, AAA -> F,  k4 H/ [" I. X* p
more risky ones would have higher premium (interest rate) as a compensation for an investment." \; l& C2 K3 n% R0 r5 S
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 r0 G1 f3 l, l4 C$ H
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ [5 V+ ^  N/ n( l, p
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 w( V, I0 E9 S; W+ T8 qsimilar to bonds, CDs trading in the secondary market have different value at different times,
. z: L! `0 s4 Z" vnormally the value is calculated by adding it's principle and interest.
7 {8 ^6 g! B! l7 n8 X" Peg. the value of the mortgage+the interests to be recieved in the future. 4 b* G8 o9 K4 y- I# i  l7 p
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.
: o. v0 I' D* D/ }* @* m8 F4 H$ c* l, u& O& T7 U3 A
im not quite sure if the multiplier effect does really matter in this case.# d- Q8 l" p6 U8 z4 e0 F
in stock market, it's the demand and supply pushing the price up/downwards.
& }3 c+ x0 N- y2 j5 x( s' jFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, Y$ t( J6 l# X; F/ P! N4 SA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 o5 v) ?  V: v- f, b! b, z4 D6 \6 K
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.
3 Y6 H* K4 ?, ybut the value of their assets did really drop significantly., S- j) g+ w6 J( b3 ?

2 @3 s) j/ d) G- ^[ 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) \2 ?1 i+ g1 h6 ^/ w
Refer to last example," {- y8 O: W2 O8 ?9 ~, @
that means bank A have no money because we borrow 10 dollars from bank A
4 E& `2 G7 Z, @- [. O, SBecause bank A doesnt have enough cash on hand
2 K9 _4 s& D+ v( z. htherefore bank A need to be bankrrupt ??? Am I right ?? ...

: ~$ o, P$ k& n' v
$ L; s* e* O/ Z% Z% a- k5 }! H# p& c- G" v  ]0 w
A->B->C->D->E
2 B9 R4 T! A, W8 `so does it mean if E failed to pay D, 6 t3 _) R: c4 o: g: R& b
all the B,C,D,E have to go bankrupt?
9 g- p1 R$ B/ u6 p" e' Q9 n
, j  c' v: M9 C6 D2 P% T5 Y: B% M, _: ~1 ]0 ]+ d8 }, D( a
the multiplier just tell how much money created in a whole economy, 6 z5 k* p1 b, J7 J
in this case it doesnt really matter how much money is created, ; Y; B* h7 F/ D, d' e  w
it's the problem of the debt itself.
' A- T5 w" {, X/ Mthe 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# P* J2 N. B( `7 e3 t
小弟一直都唔明...
5 z4 b* E. `- f9 t) e% N: K; i! x! y5 R+ w) h6 \
全世界都蝕錢，咁邊個賺緊錢呢?
& P- F7 o) H$ K0 l2 Y
% N  t' {- P. N7 b" @" o/ Z無可能淨係有人蝕錢無人賺架嘛...9 ?% ^# a, S4 T( X

3 L/ b# D6 v: Q5 S敬請各師兄解答
; H* q6 |  D1 g' _9 ^
* |! r6 u* G+ y4 Y& A! jThanks

  K, d1 T0 y0 K' G% M' [( q
那些根本係 紙上財富  
7 W" ~" V% ?; c+ f3 Q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 graphic7 m+ E5 C$ l  h) D

5 [- D5 K. P/ _8 c! d0 N  W+ [. ?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
) o9 B$ L% ~. t$ i3 J4 w+ ?: m5 d' |當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
9 {! r5 b+ I. a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 h) F( X& W/ h2 F- ^( L2 Z個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
  f2 h8 c! L) R) T' q4 U扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,) l0 {; x# l# a9 I& \" u7 s
計番回報率就已經係50%,所以可以好好賺; I# `1 s9 g6 O- S. [5 n; D
前提係銀行之間要互相信任先可以咁樣借法
# j# N, s. x4 {  p( `1 k同埋個市場既前境要係好先得
1 ^. ]% w* r2 b0 `6 T$ z但當經濟一差,公司估值趺了,物價不升反趺! A7 X# z! O% h- g, a8 ^5 `
例如剛才說10蚊的, 趺到得番9蚊,
2 M9 O. s6 b1 w! j; {咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
# H0 G9 v# V; x7 O) }, E所以你就會覺得D錢好似蒸發哂咁" j8 Z( {* F2 U6 F8 E& n# S
/ J% o* Z/ b: I  P7 K* _) c
你都可以當標野咁諗, 個樣野多人可以狂升值,
' {* s/ e4 V) W9 ~7 K1 R8 B1 r% K2 C2 f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  E! y  Q! M: F) T+ Y. L淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; K* q! E! s0 O; ^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. D2 C0 }) t' b: ]1 m: N, Y
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 S7 n. B) Q. _
唔係d錢蒸發, 而係比美國佬洗晒未來錢, + T3 f7 n, l- X$ @
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " @, I+ h& c2 c( j2 P1 J$ n! d
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: c. \2 I3 P/ [6 ?$ x3 W5 T( d  y
咁你話d錢蒸發左去邊? ...

: V& G! H! ]. E8 R8 c7 l  c* d
) s8 D6 O8 y, k% x3 `% `* J3 m正係咁樣& R& F8 L! X5 t, ?7 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
+ `5 n5 N; N& x( y/ s% n分分鐘佢地唔使還錢
6 J& G/ d2 T# R4 p6 m. H
& m' J- X. l* y0 e7 p9 a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,
4 O. [& c. ^; n- e6 E; w連國家都係問人借, 不停發債券, 印鈔票
' F5 |3 Y& k3 b, e7 U一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
7 \: A: J; }6 L" A3 q# f2 ~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% v' h( H8 H; P# R; }
咁而家"爆哂煲"算唔算先至係變番"正常"???

* _/ I8 _. X6 G. A# @+ `
6 f& l6 H2 Q- y) _
其實係...
8 N7 d0 z6 t5 P. h因為以前未生產, 先消費% V& r% k. \; F" |" B, e
而家就要多生產, 少消費