0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif$ Y2 m! D2 f4 _: |# R2 ^1 R, @
Why bank will sell 借據給第三者???
4 F. i2 J" B/ m, U- a8 t4 m. |% VI was so confused.....

( I* c$ z. H' |/ w% y( A

: l; P$ N( q; B+ M: l% W6 z) m& M講到尾都係賺錢
0 T. F: d# M$ ?/ {! X% n; s8 uso銀行可以不斷放款
6 e- D/ x! Q/ ?9 k" N美國的房貸問題散佈到全世界
# u8 }1 C: X0 S9 C. B' J
2 L$ o4 Y/ d( o( H0 q1 omortgage loan
, C: Y9 q  v# c  W! i/ o* r>conduit
( ^5 n- X7 \) K4 D5 X2 f>RMBS(Residential Mortgage Backed Securities)
0 s. d* j3 T% \  ]* \>arranger
" r7 X1 d+ }: H: A7 ]$ U, r>CDO(Collateralized Debt Obligation)/ `' d5 e, w/ [6 \1 M
最後去到投資者

Kev

i thought it is the reason of rate of return.
) N" f' V8 c/ T: {$ `" RCDs could have different ratings, AAA -> F,
/ l) n4 H9 G. C/ s: A( mmore risky ones would have higher premium (interest rate) as a compensation for an investment.
5 ]4 W5 @' i4 v* Y( rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* _2 B4 b( I! q3 `8 ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ [( T7 ~% U; Z; K
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 ~; f$ ]( P: asimilar to bonds, CDs trading in the secondary market have different value at different times,
$ J6 X7 {$ T: X$ f9 x  r4 F' i2 snormally the value is calculated by adding it's principle and interest.
' ~6 s6 Y2 t% R& ?+ u/ @eg. the value of the mortgage+the interests to be recieved in the future.
! J  n( \' v; Z/ C* X" S( q2 obanks 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.- U. A) V( \/ A& x6 V- z. i
5 C( e  p5 w7 a# K! S+ `
im not quite sure if the multiplier effect does really matter in this case.3 w4 O: R- [$ c' ?3 J. \9 W  Y! h
in stock market, it's the demand and supply pushing the price up/downwards.7 t2 i; _% Q7 {' \9 H) P! F$ [- T
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ Q7 b7 P3 U5 F9 e( PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 ?& [2 R/ Q9 T" y: ]! {
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. ! O. l: K! c3 f) E+ H8 ]
but the value of their assets did really drop significantly.
! n' A7 [$ ?' E8 j( V+ A$ M. V4 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.gif: c# M- O; d/ m  |9 a  M; g
Refer to last example,; Z! V! P, p& u- b; v* ?* a
that means bank A have no money because we borrow 10 dollars from bank A
3 ?, H1 S( r- {$ }4 r! EBecause bank A doesnt have enough cash on hand
  D/ U0 l8 p( E) ?; j1 Dtherefore bank A need to be bankrrupt ??? Am I right ?? ...

: u9 q$ f/ U  P) P  ], F
; Q( Q7 x5 o5 L7 r" `( n+ F
: N4 C1 G% j' d, u5 Y
A->B->C->D->E
# q& M0 C9 J2 oso does it mean if E failed to pay D, 6 J+ w4 K- e9 S0 L; h+ H/ @4 s3 a
all the B,C,D,E have to go bankrupt?  k- D$ ^) y- ?/ r

+ d9 \; e% Z- ~7 L. z, a! @9 v) I0 T) B! r
the multiplier just tell how much money created in a whole economy, / ?5 ?9 A9 Z+ U
in this case it doesnt really matter how much money is created, . x' ^9 _! F2 U" \8 S% b
it's the problem of the debt itself.
7 u+ h8 k! `6 {- Z6 K3 o5 p  cthe 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
1 F$ ]/ t& k, n- S0 A小弟一直都唔明...
. e4 N/ ~# v* g1 X" {
) i5 |6 y* o7 f全世界都蝕錢，咁邊個賺緊錢呢?* r0 M9 I( H) N

' @# v0 \7 d) p& L無可能淨係有人蝕錢無人賺架嘛...
) H, k4 c; C. `0 d% u. m# M0 @% }' ^% o# b% }* B/ Z& }; B# @
敬請各師兄解答. o3 O# {9 t9 }  L/ e7 E  q5 u& l* ^

" a+ w* i2 p8 s. E. c# SThanks

. p5 t* `2 r: s$ m那些根本係 紙上財富  
; r5 ~5 W3 B' \' o, S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
8 X: u. T0 D# L) f" R) a  \/ O# ]1 ?
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. m2 N8 Q: d, q+ X# F- Q" [% g* g' Y( k
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& D3 j- a: l; ]: m
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
% W3 C7 g3 E9 N個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
$ i, Y: j$ P5 {0 \1 I, {扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ l6 w) J8 L6 L9 |: x$ P2 B! `, r
計番回報率就已經係50%,所以可以好好賺
# @# r5 }. U4 N# ?4 m  y5 U: z前提係銀行之間要互相信任先可以咁樣借法. [6 f) s/ \$ y4 F
同埋個市場既前境要係好先得
& }) B4 B5 i5 T! a' D* m; F但當經濟一差,公司估值趺了,物價不升反趺
5 {5 }7 m7 Q. I: {! S. k例如剛才說10蚊的, 趺到得番9蚊, + i+ v2 S. R0 K6 t
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 `$ a9 T$ [, M所以你就會覺得D錢好似蒸發哂咁
% a& K& O" f, ]9 c' b% Z3 Z! f
4 F1 W: H. Q+ Q' w$ v! G你都可以當標野咁諗, 個樣野多人可以狂升值, : V/ F( V+ `- `% L
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, - {! x* P5 q9 p# j4 G+ ]
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 c( v0 c) M* 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
& e4 k0 M: j& ]6 @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.gif4 E+ n$ x# ]3 q, ?
唔係d錢蒸發, 而係比美國佬洗晒未來錢, : n7 ^% F) ^; N2 @5 b, B) {
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ S9 P- n: |0 {* g4 C: 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
2 G5 `6 X4 p1 o' W咁你話d錢蒸發左去邊? ...

( N, p+ ?( L, J, ?% p  }. P! Y) z( m4 e$ ^& s1 [; s9 E, p
正係咁樣
/ d% Y" V+ c' s2 `8 m- S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* l: x& }3 V+ y+ L4 i/ t- K2 n
分分鐘佢地唔使還錢
; g5 e+ m5 c9 p8 S/ z9 e- t: L
$ N+ r6 {# j* U' ^; M; a) f4 U# `+ G/ N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,
3 e' ]% k% w- K  h' j4 P3 C連國家都係問人借, 不停發債券, 印鈔票5 K3 B" Z4 g% i6 x# Y+ }( b2 g  a
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產) \7 g. D# S+ A% I5 z
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; D+ @$ {- P1 r( @4 a8 s; _
咁而家"爆哂煲"算唔算先至係變番"正常"???

! f" s/ |& B& |) T% K
1 e0 S- |, J" }7 ~其實係...
* F, [  {) [  M8 a( G$ |因為以前未生產, 先消費
6 O3 M3 V2 O  i而家就要多生產, 少消費