0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif  t( S9 |) `* N$ r* w
Why bank will sell 借據給第三者???
2 A5 p9 A6 G+ o7 F1 H# i7 eI was so confused.....

+ Q% S6 N( B# ~" p* X' n( s5 }
6 A( h+ t! p/ c; i
講到尾都係賺錢" I% t% H8 g& U7 P6 H
so銀行可以不斷放款
+ k9 P6 N& ^  H: b/ L  C# P美國的房貸問題散佈到全世界
- U( ^" b/ s2 |; f  J+ R' U
3 ^6 }: c1 Z1 Z4 f( [& |9 Hmortgage loan $ ?: p3 N8 v8 \5 b  E1 h" d. m: _
>conduit
8 i, y: Z4 k- G0 c>RMBS(Residential Mortgage Backed Securities)
# l7 R$ Y2 w4 P1 T>arranger
8 Y! r+ b1 H! }" E>CDO(Collateralized Debt Obligation)
/ J9 h* l3 `1 s# U/ m) P; N最後去到投資者

Kev

i thought it is the reason of rate of return.. j' z- m* N/ @
CDs could have different ratings, AAA -> F,3 ~3 O- m; E- K+ L7 ~8 Q
more risky ones would have higher premium (interest rate) as a compensation for an investment.  v. h7 J0 J0 S3 w" R. O9 H3 n
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" N# u8 P& S5 y* M9 sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 M' E) ~, I5 U$ S7 q5 U1 N  B# |Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 w& F! `, V% y; I7 D& ~similar to bonds, CDs trading in the secondary market have different value at different times,
: M& }5 q# X" A' Enormally the value is calculated by adding it's principle and interest. * `- o" }1 a. J% E6 l
eg. the value of the mortgage+the interests to be recieved in the future. 7 I- P/ m. Z' r
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.6 Y- i4 m) E2 p0 [. U

' o3 I. D2 e: a; v  T6 O8 h' nim not quite sure if the multiplier effect does really matter in this case.5 a0 V% p# }9 [" k* S' J
in stock market, it's the demand and supply pushing the price up/downwards.
* D8 h( F  e. z- g1 uFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 B; Z% [# p- b9 L  Z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) Z& Z+ y  x0 F; yThe 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.
* F. p4 t' C, M! i3 q6 Xbut the value of their assets did really drop significantly.
7 ^! K! ]. Y( c% n" V* J5 A
  C6 t; E/ U+ }3 F[ 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.gif2 I/ _/ k& q$ S- ~4 k4 P
Refer to last example," f$ F3 O/ ~+ |# o2 F
that means bank A have no money because we borrow 10 dollars from bank A
2 d4 J' ~1 R: J; I6 e1 W1 QBecause bank A doesnt have enough cash on hand
, C0 z1 W: @; _  f1 ~( h% utherefore bank A need to be bankrrupt ??? Am I right ?? ...

7 ]( l! b2 l" y2 Q

% ^* v! T9 \2 ]# A/ G$ I, X/ X
( D( B+ G4 ?! B$ c$ J: cA->B->C->D->E
9 |# T- m9 F+ x' T: N- g* Nso does it mean if E failed to pay D, " t6 X$ V. T; C$ ]9 E8 p
all the B,C,D,E have to go bankrupt?
0 W8 u4 Y( m) @/ e
& }: D! j& u. B, X" S7 f! V$ v, @: ]9 N( \
the multiplier just tell how much money created in a whole economy, / B& v2 c6 M  N5 W5 D$ k& S
in this case it doesnt really matter how much money is created, ) s( n2 K( W2 K1 W& C" Q6 o
it's the problem of the debt itself.
2 a3 v1 [: e0 P3 o& {# Sthe 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
) W( @: O0 _5 ^; a3 [  }8 K+ B小弟一直都唔明...
# Q- R( Y. x$ E) W5 h6 t3 \' N; _7 N  N2 I3 q! R- T
全世界都蝕錢，咁邊個賺緊錢呢?2 {: d2 X2 ^9 s

9 N* w+ b8 z6 W3 _# P1 r( t無可能淨係有人蝕錢無人賺架嘛...
0 v8 Y/ g9 K! _( W+ v( K8 M6 a% q5 g0 z  V9 [+ K7 \! z; q
敬請各師兄解答
/ U  k  Z8 k% g* }' l4 r% b8 I$ d/ b4 E- W8 e& ~7 D
Thanks

# ]3 k8 j% b4 X& F( i, ~1 b
那些根本係 紙上財富  
# C( ]& [. z6 B, Q3 V: s) r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 m4 s" t& T6 E. ~' W5 p1 o3 @+ [/ W$ D7 U& o- J* o
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- G, x! m( o/ v9 G% b
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# z: X9 T% H* X3 t& c& i9 |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: X2 D- B! |0 T. N1 d
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦/ g: m& g$ T- |1 F' r9 J4 y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
. ?9 v3 b- q) l# L, s0 |5 n) l計番回報率就已經係50%,所以可以好好賺1 v+ i! \# c& E3 k7 x
前提係銀行之間要互相信任先可以咁樣借法+ M7 ]3 M0 X+ C2 y
同埋個市場既前境要係好先得
2 G8 ^; E+ L6 U1 o4 C, O/ o但當經濟一差,公司估值趺了,物價不升反趺
' q% t! Q4 M3 {) a7 m例如剛才說10蚊的, 趺到得番9蚊, 6 m) @, ^/ C, G' e
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%9 C* z) R* m8 }1 E5 T
所以你就會覺得D錢好似蒸發哂咁
9 x& c+ W1 i( h
9 _. J2 V. S! }5 e. S) X7 U你都可以當標野咁諗, 個樣野多人可以狂升值, , u3 N& a& D- m) B
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,
6 `& k- O% t; {. J4 ]8 p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% n' ~0 G) f  B+ D8 _9 ^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" L, K; q- u1 O9 B0 X
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
: c2 n7 d* n( e9 }! _唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; X/ [, d7 W7 ?# a3 \, t淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% a. K- i; G1 u# i9 |& c+ N$ g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( l8 P1 t. b
咁你話d錢蒸發左去邊? ...

  |2 k# m7 _( W6 D% D' L6 V! ]# B" K
正係咁樣
2 x/ O# x) F) A3 J- Z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
: o/ o# Z- v4 h: j% Z. v' G分分鐘佢地唔使還錢
: {$ e, o9 h7 h! J! F  t& Q) k" J% j3 l5 u+ \, I3 O' a; Y
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,
! q, z5 o. o- p& e5 Z連國家都係問人借, 不停發債券, 印鈔票
; K( {- f" A# s7 n+ R) K一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 Z2 k0 Y. u1 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
+ A, p) L" o; C1 a( _9 ^5 x: H咁而家"爆哂煲"算唔算先至係變番"正常"???

% @( d8 O) [. P; j5 }9 b" V- Z, a9 i+ R: H& k3 p/ G  Z
其實係...7 |5 {, J4 J$ s6 {8 L
因為以前未生產, 先消費& [) f4 S3 U2 V
而家就要多生產, 少消費