0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif6 p- d9 P3 t$ p. d! H
Why bank will sell 借據給第三者???
4 G, t) _  m  ^9 M9 p: W* }I was so confused.....

( U9 |0 L" \1 V' F3 w5 Y0 c7 s5 y" \* g5 w% \+ L; A
講到尾都係賺錢
/ J& S  P2 V4 c. L- J$ ?so銀行可以不斷放款
& [: m# A6 X/ A: ]美國的房貸問題散佈到全世界
9 A% f; a. d0 F$ n$ Q( i/ R: W& w
mortgage loan
% F4 C" O/ U+ |4 K/ Y1 L: T>conduit" x2 j( O/ t: |" E! V2 w/ R/ @
>RMBS(Residential Mortgage Backed Securities)
  u5 [2 ~  O" y* ~& B6 C' D8 U>arranger
9 i2 c$ k3 ^. F1 K4 \# W8 t" A>CDO(Collateralized Debt Obligation); W  x- N  D( x
最後去到投資者

Kev

i thought it is the reason of rate of return.
- j# w' r# o. J5 C7 F: y4 G3 K: ]! Y& kCDs could have different ratings, AAA -> F,! F' j, F! Y( z. G' n) v4 B
more risky ones would have higher premium (interest rate) as a compensation for an investment.: S) r0 `7 M1 o- \
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 z! u1 @/ |5 i4 Hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
/ ~' y$ _1 h2 h2 t( PAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: T: I4 c3 H9 k* E  V  C4 J
similar to bonds, CDs trading in the secondary market have different value at different times,
1 r; U8 D8 H9 z( X' k3 V1 hnormally the value is calculated by adding it's principle and interest.
; `, `6 l8 ^. z* E4 w7 Aeg. the value of the mortgage+the interests to be recieved in the future.
& G7 c. a2 B3 d$ z) A8 ?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.+ y& [2 m0 ~, L. Z' t
$ ]6 {1 E  E) {) Z$ J
im not quite sure if the multiplier effect does really matter in this case.
( O( o; R5 E3 w4 j# l6 V: t9 o5 Oin stock market, it's the demand and supply pushing the price up/downwards.
, C  m- Z( R# j( y) p! {5 d+ uFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 s! K9 B$ w8 V: x% t" [: ~A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: S; f( N9 \- [8 c1 t* m1 S6 u8 q  {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.
0 c6 ~% A9 j& s9 b; Dbut the value of their assets did really drop significantly.
8 l; @) O) a0 `. \2 T6 w) K* f( j: o: M' H& A0 W
[ 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
: ?$ a% I9 f, G' HRefer to last example,
; H8 m' r  P" A( v' y9 gthat means bank A have no money because we borrow 10 dollars from bank A
6 P) W7 |" R3 O! T$ Q+ ?Because bank A doesnt have enough cash on hand 8 t, z# \/ g' \+ I1 @
therefore bank A need to be bankrrupt ??? Am I right ?? ...

& q' v7 n9 ], p/ |2 i: e- n, B% ~& v' v' b) s( |

+ g/ A+ G0 m& u$ }1 ~1 h! c% [: K# I" [A->B->C->D->E
" p+ s* T4 O. t/ Q) `" }5 L  N$ ?$ O/ qso does it mean if E failed to pay D, 9 W8 b6 L7 z( S3 o$ ?/ p8 d4 Q
all the B,C,D,E have to go bankrupt?
! G$ X, {( u* P# h) V( N3 K4 B: }) f* h0 I  Q# g4 I, T
$ k/ |5 D/ K+ i' L/ m, U* `
the multiplier just tell how much money created in a whole economy, " T* M% c/ I9 V! c; y
in this case it doesnt really matter how much money is created,   b# K5 Y  f$ ^( A
it's the problem of the debt itself.
9 V# N, a2 d* z3 H: M! Z; Xthe 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
9 O" R7 Z7 Y4 H小弟一直都唔明...# s4 e: }1 _$ q6 Z7 p3 F3 W  U
: w5 w6 I( W% Y$ \, ~. W% z
全世界都蝕錢，咁邊個賺緊錢呢?
& r7 E* ?) n$ d6 _; q# \% I) \. w$ W( j7 u: _( e
無可能淨係有人蝕錢無人賺架嘛...$ s9 s2 p; _0 g/ t; P- D0 m2 l9 D

8 _! h9 q) ]& D敬請各師兄解答
! Q" Y$ G& E( V/ B) Q9 s  R3 ?1 w2 O) p3 f: [  R& H
Thanks

: f" D  n1 j: Z+ S' k, }+ t* d那些根本係 紙上財富  3 G3 A, \' g( V3 y2 |1 F( {; D8 E
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 graphic4 n1 l  F1 N' e

) c9 Z4 O, E# Nhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產! x4 x1 y4 X) V7 S6 D
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' |8 n% U+ V, w: r! z7 s7 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% ~/ B, Z4 J' s
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 g' [3 W! H$ |  l8 H4 v+ j扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
. U; y% N0 q1 ?: P% U2 E計番回報率就已經係50%,所以可以好好賺/ N: q" h" m, a6 W: X
前提係銀行之間要互相信任先可以咁樣借法9 R1 z' F* C1 L7 G6 B
同埋個市場既前境要係好先得
/ }( b+ G1 M. A% s$ z  K6 b6 u但當經濟一差,公司估值趺了,物價不升反趺
- N- g# q4 ~8 z" {: L5 d例如剛才說10蚊的, 趺到得番9蚊,
; M' S" G/ Q6 p: d咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
3 {3 N1 p3 a  o; {+ V所以你就會覺得D錢好似蒸發哂咁
3 \  ?% K9 i4 n1 X3 D1 H* \& Y  p% K7 R+ x  U, N) j. L
你都可以當標野咁諗, 個樣野多人可以狂升值,
/ U, B* W& ]& E$ j7 ^& K2 G' ]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,
* H5 V8 d1 {- l淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% A6 d$ g; t+ M/ R: E- _' r: ]5 m# l0 ]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
$ {& R8 N% d6 Z( z9 w9 w" o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.gif8 K" a) |! Z3 R3 F  ^" C0 N
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 f+ d1 s3 \, j$ w1 w% B
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 H; O/ {1 M( V" ]0 K# f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
6 i& D. J3 p/ k( Y% M0 C6 n  K咁你話d錢蒸發左去邊? ...

/ x% }( y8 g' C8 }, D( |& g5 m

3 `6 d+ q6 m& q; _; b- B8 N正係咁樣+ N5 s# r: T9 c4 ?5 J' p% 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
8 o' x! N# [( }; T. J3 X6 o$ h+ e' g分分鐘佢地唔使還錢7 @; [1 ~  s. k: Y3 v- L7 L! h

' Z- V) a6 b- Y4 u4 P# t# P5 g  A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,- I" Q! n1 q- W8 v; v# ?
連國家都係問人借, 不停發債券, 印鈔票
) i4 o: D/ G7 o: K$ u一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 z; t! a4 k9 q
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
, M" E  r  ^# A0 _' i; w/ b咁而家"爆哂煲"算唔算先至係變番"正常"???

' ^' F! l' ^* M9 g

* K, j( {* n/ T6 U+ d, P其實係...
+ O0 M+ [% U  J# Y- O' J. _因為以前未生產, 先消費5 U/ C* h/ B- }
而家就要多生產, 少消費