0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif" a8 Q( Z: [; |8 x& i/ l1 z, V9 O$ |
Why bank will sell 借據給第三者???. S, k2 ~0 A. w) Z4 M6 O
I was so confused.....

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講到尾都係賺錢
& P* O" r6 ~. N$ A8 Y/ A: Wso銀行可以不斷放款
/ m+ g5 a/ ~; I% ^$ ?# J美國的房貸問題散佈到全世界7 u& x% s- g. X) p
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mortgage loan
( \9 Y( D' I7 \# ?' I, c; G( K>conduit
* y! U/ |6 T6 k4 j% a# ]>RMBS(Residential Mortgage Backed Securities)/ V/ x# m, G2 I
>arranger
  s: G9 z, ~+ H6 Q) [8 h% [# A) ^1 I! _>CDO(Collateralized Debt Obligation)% [5 n0 z) t. v$ Z1 i
最後去到投資者

Kev

i thought it is the reason of rate of return.# F9 F# p$ {, J
CDs could have different ratings, AAA -> F,$ q: G7 {) i) |  D0 \9 G$ |1 `' N
more risky ones would have higher premium (interest rate) as a compensation for an investment.
: C7 w. ~' K% rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 q- W! G& Q1 s: ]7 E  q7 U/ win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
3 w% l/ o! N. S, CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* J3 z1 {2 A- Q& ?1 Ksimilar to bonds, CDs trading in the secondary market have different value at different times,
& l5 e, `  i- E' \" |+ E% lnormally the value is calculated by adding it's principle and interest. " a: f, {* |7 F& j1 _0 l
eg. the value of the mortgage+the interests to be recieved in the future. 1 P4 o/ r4 H+ B2 |2 A& K0 ^4 e
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.% W% D1 X3 }0 L& v  z

+ u) r) l  ]; p! ]4 m  Nim not quite sure if the multiplier effect does really matter in this case.
$ G. \, {% w" H3 J9 X' \+ e/ uin stock market, it's the demand and supply pushing the price up/downwards./ y! d) C. J2 @: S
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 ~" W0 P. x) d1 j0 ~' c( sA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, h) p8 v, L7 u5 K3 RThe 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 F9 Q+ A; J/ z8 B& [) f1 ibut the value of their assets did really drop significantly./ X& p5 ^- n3 n* Z3 n' F
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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.gif
1 T/ X+ E+ c5 a( @6 X6 fRefer to last example,. _- A! ^0 p6 t% P3 D+ t: @: ~
that means bank A have no money because we borrow 10 dollars from bank A & H  ]' V8 X9 Q* }
Because bank A doesnt have enough cash on hand 3 d& h& @6 G  {
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E* c' l9 D3 W* i) @* M, K" N
so does it mean if E failed to pay D,
& Q8 V/ V8 }6 s) ~8 E+ {: f/ Gall the B,C,D,E have to go bankrupt?6 V8 b5 h, T7 b; L1 g; m3 k" j% V$ |

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the multiplier just tell how much money created in a whole economy, + J2 Z6 Q: G# a) `6 n
in this case it doesnt really matter how much money is created,
3 Y! c, O3 H5 pit's the problem of the debt itself.' V1 T" v' ~% X' ?" ]8 |4 n. w
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.gif4 q. |. `6 K& G3 D4 z3 G/ [
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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0 Y) W" V% B) i9 Q( J無可能淨係有人蝕錢無人賺架嘛...5 W  F/ `3 a4 s! ]3 L# v

8 g) q) O( Z9 E: q敬請各師兄解答. g! q/ O- o8 Y0 M: [& M

( g+ L" [( F* f3 W' l* eThanks

6 E* o' A' D4 Z8 Y2 r. W& ]: ^那些根本係 紙上財富  % g) i1 b$ J# O0 V8 x
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 y- R: w' E. z* W4 Q) P' X

0 [' `# k: D0 q* f, `! z4 Bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
4 w% E# b0 i1 h1 B當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ E) b! M$ G  ?6 j& K: @5 O1 k4 W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 E. I$ Y1 h+ ?% n個件物價係市場好既時候升, 例如15%先算,變左12蚊啦# a' X6 T+ b/ z8 p8 u
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- @* H2 z5 F: R9 n/ |2 ?
計番回報率就已經係50%,所以可以好好賺
% I; K( t: `0 q& |' N' ]前提係銀行之間要互相信任先可以咁樣借法
7 A2 X3 q8 `8 A$ p同埋個市場既前境要係好先得
$ W7 S( T/ j- k0 ?7 \! E& w  I6 y但當經濟一差,公司估值趺了,物價不升反趺- [6 ?1 l" T3 o! ^
例如剛才說10蚊的, 趺到得番9蚊,
& I; l9 N3 p2 D% V! F) D咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
" `, U/ i7 A+ l0 o, f所以你就會覺得D錢好似蒸發哂咁- c, b1 ^6 [! l3 R& V) A, J
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你都可以當標野咁諗, 個樣野多人可以狂升值, 3 s0 W' \( }) d$ v
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, * x6 @. v- N9 U" T5 X3 ^) g% Y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: _0 I$ d5 V% k' b( R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' z1 B0 v3 `* M! I, q
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
6 U, t7 i% M3 A/ d4 A1 I' y+ n. n唔係d錢蒸發, 而係比美國佬洗晒未來錢,
- O, A! Q$ Y, M8 O7 i# b9 v) ~淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, / }$ N, y8 D" [8 E
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 v% ~: l7 L6 D% p- i8 S
咁你話d錢蒸發左去邊? ...

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8 M( f7 I7 e9 @, e1 M正係咁樣
- o& z% V2 z7 T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 Y/ |4 ~  X" o5 {8 P& T6 W9 v& f
分分鐘佢地唔使還錢
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# x8 T( F% F. ~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,
& \# L2 n7 E( c" M# i連國家都係問人借, 不停發債券, 印鈔票
2 i) P3 W2 [, o6 a一個國家好少出口, 而又大量入口 ,反映到佢唔多生產. z6 P$ r6 |1 Y* g, |/ G) ^
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. `, Y' ~, f' }  `7 C: I) D
咁而家"爆哂煲"算唔算先至係變番"正常"???

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, y$ m' Y5 x( `6 K2 ~其實係.../ |: g/ g/ f7 \9 u' K1 R
因為以前未生產, 先消費
) m/ C# x5 R( a而家就要多生產, 少消費