0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
% Q4 ~8 q6 h, ]( F. V0 b( h  p9 jWhy bank will sell 借據給第三者???0 ]9 {3 q! e* k
I was so confused.....

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% G: O2 v7 {$ [9 X. a" r, L3 B講到尾都係賺錢
7 x, S; G2 z) k9 t' h) @so銀行可以不斷放款& K3 @& [- z8 \/ a
美國的房貸問題散佈到全世界$ N) f1 x8 M) Z' J& f6 K6 ~

- r& x& b. U& O5 A, ]1 |" c, Hmortgage loan
8 G" y: S% O: E>conduit
# G$ j! F5 f1 J5 ?+ I' M>RMBS(Residential Mortgage Backed Securities)5 z3 D! p/ \. Z- f! C4 \# h; Z. r
>arranger
9 C; w" p# c! y>CDO(Collateralized Debt Obligation)
+ p! ~9 v! y  J) R* j3 E最後去到投資者

Kev

i thought it is the reason of rate of return.
. U5 r7 G( A$ R, T+ ~CDs could have different ratings, AAA -> F,/ D3 x3 x; u2 B$ M
more risky ones would have higher premium (interest rate) as a compensation for an investment., ?) w: D5 k* d3 ]( ?; Q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) t' R) Q' Y6 Z! w5 I: W5 Cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
3 t" R5 c5 N+ V% Q! L+ B" YAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 q: w$ M# j: Q6 v7 f
similar to bonds, CDs trading in the secondary market have different value at different times,
& d# r4 A3 G' u# d" Bnormally the value is calculated by adding it's principle and interest. * E! o7 n' u. _0 s, s
eg. the value of the mortgage+the interests to be recieved in the future. ; d& X) Q* g2 U6 i. z: ~
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.
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4 s/ Y$ d! j6 ~" L& tim not quite sure if the multiplier effect does really matter in this case.  a7 P. y: y9 x4 ?  I+ U
in stock market, it's the demand and supply pushing the price up/downwards.
/ o4 f% F6 @8 M2 VFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& W3 X' z1 ^8 S' t* }7 `+ t+ u
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  b+ n9 ]+ y1 hThe 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.
$ Q0 h8 n9 M) fbut the value of their assets did really drop significantly.
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[ 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 A  ^$ U- p2 E0 E( r2 b
Refer to last example,! ^& q5 T" f4 R; _4 [; Z* u
that means bank A have no money because we borrow 10 dollars from bank A
  D1 a1 j1 f2 |# @Because bank A doesnt have enough cash on hand
7 H/ ~7 A6 s8 L; D  p2 ^therefore bank A need to be bankrrupt ??? Am I right ?? ...

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3 o. z# r4 G$ V% }/ X* vA->B->C->D->E2 u4 k1 A0 w+ K  [/ n# c, P
so does it mean if E failed to pay D,
( `9 O9 {; O: o) Mall the B,C,D,E have to go bankrupt?7 M+ i# W# Y" a* m1 b9 Z

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the multiplier just tell how much money created in a whole economy, . Q0 z4 v6 D: |- E  [; _, J
in this case it doesnt really matter how much money is created,
. X' _( r0 D8 j2 S9 G' Pit's the problem of the debt itself.
! k4 k( l% [! A, D% K) Othe 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& b6 T9 O* @& x1 Q8 B/ o: n
小弟一直都唔明...9 V1 b7 {# A& C  @& _; C& C& [

+ \/ C( S2 ?+ l' y! c0 [全世界都蝕錢，咁邊個賺緊錢呢?7 ~) y- ~; M: t" s% }, R7 x: [
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無可能淨係有人蝕錢無人賺架嘛...' T6 {( O+ q0 t5 F- b8 I( K
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敬請各師兄解答! d+ W& G: w- Y4 y) h* }3 T

& h* X- \+ D" E, ^+ ~8 EThanks

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那些根本係 紙上財富  
9 M7 W( s" s! \7 q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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0 K8 Q1 Z- C; e! Dhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
9 [9 B# ], Y) Y$ c當經濟好,投資銀行相信會賺錢, 物價既估值相對較高3 L' k( S6 b: l
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 ^% W$ a5 W! |2 B
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦' @# [+ a/ u  [. k1 L5 ~/ N- P. G6 S
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ p4 r9 @2 E5 O1 V+ X1 K% ]
計番回報率就已經係50%,所以可以好好賺& t, A' ]; F8 p/ J
前提係銀行之間要互相信任先可以咁樣借法9 j( l+ d7 S. C* v  g
同埋個市場既前境要係好先得9 E8 }; n2 {6 q) w8 n
但當經濟一差,公司估值趺了,物價不升反趺' b5 v' P! w1 X/ E" @/ t! \
例如剛才說10蚊的, 趺到得番9蚊, % O( j4 a  |, d2 f. `: n; D" d
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 s9 {9 [6 n% S
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
! M* _6 v% W2 v6 P0 e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,
$ O+ t4 D/ v: g. u; A. J0 }淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ R: Q3 A, I5 s9 _( l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 q& M5 s- Q' E! `9 u9 d6 F4 l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.gif9 j! Z: o$ k" c( N6 O. ?
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; i5 ?# b4 O+ \2 o4 S8 K7 s5 a淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ _6 ~# t" l/ U" `- h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
. \- s  i2 G2 r7 h0 A咁你話d錢蒸發左去邊? ...

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正係咁樣, b* N* Y" _5 q& \6 m
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
1 K9 G/ U! {0 V+ m) j; V$ R8 |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,) F. Q7 g' @/ ]7 }
連國家都係問人借, 不停發債券, 印鈔票
0 H. [7 x( @: D, W5 Q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
" Q( v2 J4 A4 A5 P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
" _$ y0 D- I. |, a+ n$ |" W咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ c1 L* X; V6 P) ]其實係...
8 z# m) L% h/ L, ~5 q: U因為以前未生產, 先消費$ ~9 k, Q/ u0 L
而家就要多生產, 少消費