0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif* [/ u3 ?+ x) q( N+ k2 `. e/ B( i
Why bank will sell 借據給第三者???1 v: E5 ^8 J- x/ H& \0 l7 ^
I was so confused.....

3 N4 [$ \1 ~% e7 k

! q: z: M* u# h1 ]% p! x0 v' k講到尾都係賺錢
3 Q: z- ~3 A, c  l( _so銀行可以不斷放款
: }% T0 x1 F0 o1 C8 }. @& G美國的房貸問題散佈到全世界3 m, x, |7 y4 |- ^: J' V) n, D
  F& R; j& {9 N9 d+ W% |% r4 h  f
mortgage loan
. v2 r" J" U4 A+ @3 [>conduit
( V3 t  B! H1 a4 i>RMBS(Residential Mortgage Backed Securities)
3 d& X# h, u! W9 E7 `>arranger  I8 D, v! e" A" C) }# p
>CDO(Collateralized Debt Obligation)
% q1 \% Y) |' _3 c. r/ H+ O$ g最後去到投資者

Kev

i thought it is the reason of rate of return.
* A+ e" H, @$ w8 b2 c' ?9 U3 XCDs could have different ratings, AAA -> F,
0 @% b( w8 a( cmore risky ones would have higher premium (interest rate) as a compensation for an investment.: t. c# \' T3 C6 {
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 m' O# Q4 z: _; ~* S+ D1 w
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., M& O. E. B2 \1 X, |
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 m% r5 O& S9 \- A
similar to bonds, CDs trading in the secondary market have different value at different times,6 |6 x9 ?- r: I8 V4 h
normally the value is calculated by adding it's principle and interest.
) y4 ]5 T* x( T2 z( P8 N: t! u  teg. the value of the mortgage+the interests to be recieved in the future. ! [$ p! ~) t' F% L1 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.! N  s% h9 o) w$ Z* x  e- M

* Y) U9 [+ J, d/ e! e5 R' y( _( \& Jim not quite sure if the multiplier effect does really matter in this case.
" {2 F" \7 T  B$ z2 H9 y: Ein stock market, it's the demand and supply pushing the price up/downwards.3 A1 A8 R, u4 v2 r: c8 y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# t7 X: U* B4 }; q$ X6 @1 ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: N( d/ \, V4 b; 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.
5 r  ^/ V9 z+ c: l# n% Tbut the value of their assets did really drop significantly.
, }0 ]* _6 S0 i: M+ j9 m! w7 m: t0 m& B% a
[ 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
. I! D9 W7 k0 X' g: gRefer to last example,( Z" K) |$ _8 `- H: f% t- m9 G
that means bank A have no money because we borrow 10 dollars from bank A 5 Q/ u3 \- U4 A- J! T
Because bank A doesnt have enough cash on hand
0 Y4 [* A5 ?% i+ I+ F3 ctherefore bank A need to be bankrrupt ??? Am I right ?? ...

- d5 Q; u  i: X+ u1 N7 _2 A" k

* Q1 o4 V% o! U6 P( K4 G, B) S3 n2 ~" E  @6 E
A->B->C->D->E+ W& x7 [( O, k7 i( |/ l
so does it mean if E failed to pay D,
& k! v7 u5 m. A) W( M% x, Rall the B,C,D,E have to go bankrupt?
) [) O9 x0 `7 J: e9 K. I! z
) G) Q9 L8 ]. D; t
+ C4 m- I! T% ?$ X2 H/ v2 e, v9 Q: Jthe multiplier just tell how much money created in a whole economy, ) w  \6 m% t! O2 B) L3 {
in this case it doesnt really matter how much money is created, 2 d/ t' E" _( @% T9 x) h/ T- n
it's the problem of the debt itself.
/ @( E; ?1 ~$ [, b$ {7 Wthe 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' [3 n' M# e4 K2 m: Y7 j3 W
小弟一直都唔明...
: V- p, Z% X6 J( N. r# V7 @: H( B9 q: ?0 H% V
全世界都蝕錢，咁邊個賺緊錢呢?: R* a( Z8 ~' t  [" y/ I

& _) g+ ~, G  N& R+ c/ y無可能淨係有人蝕錢無人賺架嘛..., B2 r3 [5 e; H! ]# E! Z

0 o9 B4 S* W+ U! E' j0 J. u$ l敬請各師兄解答' `7 j5 C) @6 `5 _$ j" L3 ~- A

8 p. A# p' r8 N  lThanks

8 Y/ O0 [  I* _. k! M1 {, N5 @那些根本係 紙上財富  
" i; Q6 l& ]( U8 b  m7 m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 graphic6 L6 M0 @: M( V+ f( u

% Y% q& l( f1 `3 ?: V) S7 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" Q' w) C: o) z$ V
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ j3 U6 n" j7 R
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9 [" G* G7 Y- E
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦! C; B! D* J5 o% a6 m( I
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,4 D  `% i1 i; m# f- d: I
計番回報率就已經係50%,所以可以好好賺
$ \  K; q! T) z! X2 x4 f% G' `前提係銀行之間要互相信任先可以咁樣借法
- q, d: y0 ^. I, e5 B同埋個市場既前境要係好先得
( D9 G& X% ~1 }% ]但當經濟一差,公司估值趺了,物價不升反趺
* M: l. r3 B, r. O; W% I例如剛才說10蚊的, 趺到得番9蚊, ' ?; H7 ?+ e5 |, W7 `
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
, B4 v& S: `, v5 _' d所以你就會覺得D錢好似蒸發哂咁
, R9 c, E8 b. @4 [0 ^" i. y
+ y6 Y7 r, T, Q* h# Q6 W你都可以當標野咁諗, 個樣野多人可以狂升值,
4 m; Y, s: z- {0 U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, 9 y4 B- I( V) i3 P
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 Q; `9 J) m( ]9 ?7 d3 {% {
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
. B- i* E6 M/ z" r; c8 r( W4 r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; |2 w6 w! P& J, q( J: O0 A
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; `9 F; [8 N) [, r淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( l+ G3 r! w4 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
2 N' Z+ l. l, s. w* P咁你話d錢蒸發左去邊? ...

! _4 D( m$ x/ }  d; @
$ @" P) r6 b8 _& i/ L5 v, p" \% r) \正係咁樣
: U- o; W- 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5 ~& x% d) g( \0 \$ {6 f; y3 r
分分鐘佢地唔使還錢( t7 m- l0 j; |9 V$ X( Q% Q

2 y3 }3 A. P! l9 t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,# j' W3 K1 I( W0 c
連國家都係問人借, 不停發債券, 印鈔票
( u3 j* S5 g+ k% u. X& a( k一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% m. q9 i: ^3 R
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! D9 A& @, b3 t/ P) ?' B9 W& m
咁而家"爆哂煲"算唔算先至係變番"正常"???

1 D- y8 O+ U4 O" }# F6 g
# C3 I7 d. Y* o: S: J( O7 I
其實係...
4 l  b) u3 j% \* t因為以前未生產, 先消費
* J& `! h* s: b' B) h4 B% n3 T) V  v而家就要多生產, 少消費