0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif4 C, g& I3 l3 P9 k% }+ K
Why bank will sell 借據給第三者???
2 Z5 D! U1 f) Z. WI was so confused.....

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講到尾都係賺錢
0 a# E6 I9 _: B3 [! Iso銀行可以不斷放款0 d; W: k- r, d% d1 V
美國的房貸問題散佈到全世界) f1 T3 M) W( s& y7 W, x

) L* _/ x9 N' ]* C4 r' W' imortgage loan
5 O& e: s) C9 |% Y1 q$ N>conduit0 _+ x) x$ \2 |  t( V% x2 K
>RMBS(Residential Mortgage Backed Securities)$ n8 _* l( L* C: }" y
>arranger- \; J7 i4 t) L
>CDO(Collateralized Debt Obligation)
- I* s9 n) [" j1 [/ Y( R4 J最後去到投資者

Kev

i thought it is the reason of rate of return.7 f; }( n) U/ i+ D- r
CDs could have different ratings, AAA -> F,
2 G, {+ Y+ o9 wmore risky ones would have higher premium (interest rate) as a compensation for an investment.
5 S0 {6 e- Y9 a9 Ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 Y) M0 [, u' R
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 h) x$ y6 X  i) ^9 z' G4 Y7 T/ e# aAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 \6 i+ O/ k. E- g* H4 y" B8 I$ ]similar to bonds, CDs trading in the secondary market have different value at different times,
* I, n& L& [' M& knormally the value is calculated by adding it's principle and interest.
7 U: M0 }6 f5 D" d- Ceg. the value of the mortgage+the interests to be recieved in the future.
& S. X" a- m* ?0 ebanks 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.4 @+ q' @, \; D: A- A% L) }- o! Z! v
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im not quite sure if the multiplier effect does really matter in this case.6 Y3 Q0 }, H7 L! t1 K7 G. l) @; Q2 ?
in stock market, it's the demand and supply pushing the price up/downwards.8 _1 D2 [9 O4 X- [
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) e# R$ T0 ~1 o  |! VA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 P7 E4 s! T% z2 f9 d6 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.
' s  D" d: k0 m/ r% p; b" J8 xbut the value of their assets did really drop significantly.
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2 p0 l3 Y: c1 a9 u[ 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.gif4 R* E1 g8 a( a9 b& H
Refer to last example,
0 V5 x  v: n; t. uthat means bank A have no money because we borrow 10 dollars from bank A 9 e! @1 o3 [  W$ t7 E1 Y
Because bank A doesnt have enough cash on hand 4 i1 q: R+ `" o! T) G3 F8 Y  z( E
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
( q9 D% R( V7 R, ~. sso does it mean if E failed to pay D, & ~) ^( c0 [0 M$ ~7 X
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,
  @8 U) L, Y1 z/ iin this case it doesnt really matter how much money is created, ' Z/ P5 d" a, L1 o5 k
it's the problem of the debt itself.1 L9 ~0 J9 M: H/ x
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.gif5 J4 A/ Q! A# t. P
小弟一直都唔明...! P$ S# @  S  T4 N  |

2 ?0 o' t; Z9 f* G5 Y全世界都蝕錢，咁邊個賺緊錢呢?' f8 ~3 b7 ?9 \4 n$ y: C. D
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無可能淨係有人蝕錢無人賺架嘛...8 j: U! F7 g  d4 j2 g3 D) J/ S9 N
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敬請各師兄解答
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. V3 }( z3 T2 ^! X1 T/ @* LThanks

% N1 S) C( E! q8 b. t) u' ^那些根本係 紙上財富  
5 f, ~1 g- e% K2 b( [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
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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
* D/ Y* Y- _6 o) [  d4 N1 \當經濟好,投資銀行相信會賺錢, 物價既估值相對較高* T' B7 W7 |6 y  U' N
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' J' D+ t1 ^1 d+ V( L
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 ^8 e3 q% T1 B! `扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 T0 Y% P6 h4 p; o9 q
計番回報率就已經係50%,所以可以好好賺' t7 `- K6 P( d& H2 u* p
前提係銀行之間要互相信任先可以咁樣借法+ j# ~, ^+ s4 A4 v8 h/ U
同埋個市場既前境要係好先得* z! t0 |* {6 n) U9 J
但當經濟一差,公司估值趺了,物價不升反趺0 u8 \+ I3 M2 _- e
例如剛才說10蚊的, 趺到得番9蚊, ( H8 U/ L& J. a/ H, A
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
$ f/ D) L4 q3 j所以你就會覺得D錢好似蒸發哂咁# g! K% ]* j, Y& |/ R8 q

& K! l" W7 q* }# l& m- _% p7 N你都可以當標野咁諗, 個樣野多人可以狂升值, * V% |7 i# e/ Z9 h, G( ?9 K
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) s6 A, u7 i* r+ p2 J淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' F" S% x3 L3 T# T
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$ T8 L* m+ \, h
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.gif0 ]1 l2 s3 z* z2 Z: Z9 c
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 y' V- y' o. {! W& y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 }5 M: O4 }! n! s+ Q8 x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4 S7 s/ M1 O+ P4 j
咁你話d錢蒸發左去邊? ...

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; A% D8 ~8 Z' o正係咁樣
1 z; A( @6 ]* a( g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
) D  c; ?  ^9 L$ y) W+ u0 M; W分分鐘佢地唔使還錢
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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,: n$ C7 Q, L5 M. h
連國家都係問人借, 不停發債券, 印鈔票
/ T, D# w: g' K' D' U1 \  \一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! `) N+ |- ^. U/ 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
# V# D* j' f9 F咁而家"爆哂煲"算唔算先至係變番"正常"???

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  t% ~& l& J4 i9 R* h! {其實係...
6 m  y! n+ s; R* q因為以前未生產, 先消費+ @( S9 }2 a0 t- O5 f9 z
而家就要多生產, 少消費