0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif. L  ?4 Y0 N9 B9 ^
Why bank will sell 借據給第三者???
8 u: m; M! d" _% \I was so confused.....

5 v, U) j# ?5 R% \- o% C: J

. q( u9 J# G* \* L講到尾都係賺錢9 S& V+ G3 i# a* j# X
so銀行可以不斷放款
" Y: H4 r7 G* G6 u3 `" t/ B美國的房貸問題散佈到全世界
: s: l* \* h1 [% K. y+ Q1 r4 G
% A$ r, ~' W; _- c4 N! omortgage loan
0 b" F* C2 ~" Y9 p5 P>conduit  A2 n8 I* o% \* Y- Q0 O
>RMBS(Residential Mortgage Backed Securities)
# k3 R6 X0 h  M: a) C. S& l; r>arranger
) l0 x: p6 L$ C6 A- }>CDO(Collateralized Debt Obligation)/ J# v* A6 v6 W: D# i$ D
最後去到投資者

Kev

i thought it is the reason of rate of return.# w; f+ v2 x$ `: i0 J
CDs could have different ratings, AAA -> F,
$ _* m' v. S9 ]: \. l8 Imore risky ones would have higher premium (interest rate) as a compensation for an investment.. H  I1 Q4 {# R, R
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ I+ i+ \  v4 i8 {. o/ c! |
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
  f) \# u. w  JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 k+ ^+ |3 T$ w% l9 b
similar to bonds, CDs trading in the secondary market have different value at different times,
7 d" R/ K% h2 T6 y) H) Rnormally the value is calculated by adding it's principle and interest. ) t4 r6 I/ j( D
eg. the value of the mortgage+the interests to be recieved in the future. + Y- z% r8 F+ w0 F9 L( d# g- m
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.1 j1 ~; ^) u$ {5 C5 m+ Q$ w0 l

8 y; O% m7 X  kim not quite sure if the multiplier effect does really matter in this case.9 C/ `3 C) ?1 {+ B/ l
in stock market, it's the demand and supply pushing the price up/downwards.
: M& o0 ~5 x; |For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 H+ c; X. @5 J/ g3 {* q+ i  H+ _
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: o+ r: S9 r% m( q5 Q. a0 K& vThe 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 ^+ O: E' o8 ]/ w
but the value of their assets did really drop significantly.( x8 q( [- S- l# P4 }6 h% L

0 }2 r9 S) L$ Y6 y[ 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.gif3 ~/ t- y% U: s  |2 V6 X
Refer to last example,
# M. k5 c+ v/ t! A. Ythat means bank A have no money because we borrow 10 dollars from bank A
5 R( r7 B* q' o/ o, H* VBecause bank A doesnt have enough cash on hand
  l  D7 H6 l; G& E5 Y5 W. V! jtherefore bank A need to be bankrrupt ??? Am I right ?? ...

# p* T3 h' _# r: A% y9 v! Y  ]# ]1 {# E* q( r
4 K  m! w: y9 u" L" ~9 z
A->B->C->D->E
* S" Y$ S& ]2 j2 G( ]1 ?  L1 o5 B6 Mso does it mean if E failed to pay D,
( Q$ u0 l5 q2 g+ `6 ~6 O2 vall the B,C,D,E have to go bankrupt?
3 n4 u/ O  x4 |+ i5 _) d5 q( }) k
2 h1 j" p8 o3 V/ m/ I; t7 q: [
- H" v% I8 u) mthe multiplier just tell how much money created in a whole economy,
( r0 V  t2 u8 ^3 P' ?in this case it doesnt really matter how much money is created,
' Y1 @6 N/ B6 Vit's the problem of the debt itself.
2 W; l' M* i. ]7 T- y" Ithe 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- S' W$ G+ S$ |
小弟一直都唔明...
+ K) ?5 S- X* v8 Q, z% q8 A) N3 j" W* P
全世界都蝕錢，咁邊個賺緊錢呢?
) A& R( s- E* B  n4 ?9 O- L
- P* |6 Y& J) e1 O6 ~# t5 O6 b無可能淨係有人蝕錢無人賺架嘛...5 ?: ~( _( o, s4 X. I; ^, X

& R1 z: f" e" y" M/ v* P8 v敬請各師兄解答/ W+ @0 [. u" p& B

* b7 A3 o) G0 z0 T. z2 BThanks

! z) Z/ i0 s/ e/ ^5 y$ v  ]0 X) L4 E那些根本係 紙上財富  
- b/ i* X( S6 p: Z) P) C7 N. r+ P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 y3 _3 T1 `3 Z0 R. Z' x
0 P7 O. h5 j  m4 x9 z) Vhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產) x& z1 ?3 f% A6 N' E: b: [" }
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
5 o9 T% m8 H! A3 c- c: [( t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 H$ T: L' U# d# Y% Z個件物價係市場好既時候升, 例如15%先算,變左12蚊啦- n7 }1 ^9 L' [+ _
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,7 ~+ `9 `$ l/ }9 d7 f' t8 f! L
計番回報率就已經係50%,所以可以好好賺+ ~+ T8 V9 j: U
前提係銀行之間要互相信任先可以咁樣借法5 t5 J& S6 U* H% a" }
同埋個市場既前境要係好先得0 K: z3 b0 O- u) k" y) q- u6 m! x
但當經濟一差,公司估值趺了,物價不升反趺
$ ^$ p" D, g# P- ?$ Y# u例如剛才說10蚊的, 趺到得番9蚊,
, |2 K2 K# ~8 w& U( Y- T咁投資銀行一下子就要還11蚊, 一來一回變左虧200%+ \6 m1 G1 I# i6 Y  X  n7 @
所以你就會覺得D錢好似蒸發哂咁4 c, I3 U$ H! r

+ _, t& }1 |1 o8 C: b) L: p你都可以當標野咁諗, 個樣野多人可以狂升值,
! M7 v1 s+ d3 p3 K( R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, 7 `9 C0 C7 H- P& C- n4 S4 c/ V
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 Y5 _( l6 p  S: }
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 @, U# j3 N( }3 I5 i  C+ E8 C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
. V4 b8 }% U6 S" q; a" {唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; `+ ?0 }7 L( v. g3 E% t; C- a淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , a- y0 J9 B; c3 b  x% c/ W' 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7 q  i/ r: G; N0 y
咁你話d錢蒸發左去邊? ...

' M2 I! G+ m7 D( ~$ Z$ |; ?( x+ w8 O  p
正係咁樣) j  i' M# v2 r( G6 O  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2 H0 ?1 Z2 D2 C$ V6 |4 a3 ~
分分鐘佢地唔使還錢; g' g) A# i1 O* {0 n/ I6 x$ e
% k; G" w+ d% ^) E# i
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,, C! e3 a  a) }3 Z) [0 A0 }* d
連國家都係問人借, 不停發債券, 印鈔票1 U6 N  U' F! @" {  K6 ~
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ u; L* }  C2 E! Y! ^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# I6 j& [5 ]4 u6 o/ \
咁而家"爆哂煲"算唔算先至係變番"正常"???

6 `" t7 z( G' k0 ]
& s' j" d; J6 f! C/ F) L+ m其實係...
4 x5 P, T' Y# ~& D3 O因為以前未生產, 先消費
- E" s' s' X. @1 a! F) M" L而家就要多生產, 少消費