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原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif0 ~) f% V4 a4 y5 K9 b# q4 H- o4 n. Z9 o
Why bank will sell 借據給第三者???  q+ P. I9 p9 t4 u2 Q. |7 a
I was so confused.....

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講到尾都係賺錢
3 V1 v8 Z- o; r! l! Dso銀行可以不斷放款
, }% O2 f4 Z7 W7 f) p- ]7 i美國的房貸問題散佈到全世界; X6 h& g# I# }

- N$ c* O( ?# omortgage loan & m9 [7 m% {2 N
>conduit
1 [0 ^$ F$ c( y* k/ x% B2 T' Q$ t0 x>RMBS(Residential Mortgage Backed Securities); F4 h3 v- M2 K1 Z
>arranger! S1 e( W' y* v6 W( a1 g4 ]1 W9 E
>CDO(Collateralized Debt Obligation)3 {5 f4 M, E/ X3 y+ s; C1 V
最後去到投資者

Kev

i thought it is the reason of rate of return.% J" _0 s! G( Y5 @' U* B
CDs could have different ratings, AAA -> F,
( c) [' X. F9 o) y, r( X& Y- dmore risky ones would have higher premium (interest rate) as a compensation for an investment.
& B1 `; }: y4 b; q8 \4 umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
& G' ~; A" f' o' d$ q+ Ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& {( z/ ~2 R& K3 V6 k" C6 |Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) |1 H) G9 J! v; ?& _: Fsimilar to bonds, CDs trading in the secondary market have different value at different times,
7 R6 @) a6 \! {! Cnormally the value is calculated by adding it's principle and interest.
# H1 H* Q0 V+ |& E, M! `- S- @  geg. the value of the mortgage+the interests to be recieved in the future. 5 ]$ E3 V9 U3 @8 F' D
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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$ ^7 W; k" ^3 H  m# `6 K. z+ u% Wim not quite sure if the multiplier effect does really matter in this case.
' o) y# f. O" w/ r. Uin stock market, it's the demand and supply pushing the price up/downwards.
4 c  R* o' |" `% l% I* JFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: |$ e% S% W( r3 _, X  M' F
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 s$ d; Z& t9 M( BThe 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. 3 q+ G% J; g$ u, [+ ?- v3 o
but the value of their assets did really drop significantly.
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  D2 q, J7 m1 g8 S$ u0 C+ z( o[ 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.gif8 G+ k2 |& k5 h, T* ]/ F
Refer to last example,
; H0 n: S! a, e+ n  |% _that means bank A have no money because we borrow 10 dollars from bank A % R: v$ ?: l$ i0 s
Because bank A doesnt have enough cash on hand ) h! x. D& ~8 [8 l
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
# C- w6 W0 F; R+ S- p- D/ kso does it mean if E failed to pay D,
6 R! y: \' f  L/ ]) e7 l$ yall the B,C,D,E have to go bankrupt?+ S/ H5 m. `; f2 C; P# y& G
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the multiplier just tell how much money created in a whole economy,
$ o2 V/ y/ s1 hin this case it doesnt really matter how much money is created,
$ e% Y6 H! K1 C  z1 Ait's the problem of the debt itself.
+ |" R& y( o8 ]# ~the 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
- y7 J8 B2 l2 @: Q8 S小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?( }- f4 z& a5 o% p; u

* i, ^: B/ X& X! B" L, b1 \無可能淨係有人蝕錢無人賺架嘛...
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' H& w1 |+ B9 G  _- E9 a) K敬請各師兄解答* [8 a2 J7 T9 w: {* |

6 ]1 J8 Y( \$ cThanks

+ ^8 R# X$ v& g% v7 f- |那些根本係 紙上財富  
0 x# g9 w! N4 W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 Z; |/ Y3 s- }  W7 u- _
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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
; W+ @/ L, j6 M. G1 F9 D9 u' g1 u當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) q7 i9 o  D1 d1 |5 u. @
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4 b$ h! W6 B9 Q/ a; d' Y& T/ d
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( {  }# u6 ~7 ~' ^- i/ V) B* e- |扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# v0 }) n4 Y' E2 E5 I
計番回報率就已經係50%,所以可以好好賺6 n3 H* t6 U* P% t4 [
前提係銀行之間要互相信任先可以咁樣借法6 F0 a# i3 y7 Y9 t; U% T5 H
同埋個市場既前境要係好先得4 y4 w3 [, j9 t, u! }, d2 i) a
但當經濟一差,公司估值趺了,物價不升反趺
  D+ `' P) V/ M: c* |例如剛才說10蚊的, 趺到得番9蚊, ; G" X+ w& @" y; W5 _1 N. R
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' N8 v( k3 A* n所以你就會覺得D錢好似蒸發哂咁
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7 N- H) F  `0 Y& u# W/ J. L* t你都可以當標野咁諗, 個樣野多人可以狂升值,
# P, b5 u. M: k" g8 M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, # X3 v& a, \- y- D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& V' x) X1 u4 X. C5 V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& T1 V, W% J; @0 \. C% \: C
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
' A! c; c: a( d4 x6 O. I唔係d錢蒸發, 而係比美國佬洗晒未來錢, ! }8 s0 K! D9 k, h. i6 C6 O. t% C
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! m7 Z3 C5 V6 K; g. B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 ^/ h0 _$ z; N1 e; W咁你話d錢蒸發左去邊? ...

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# {5 u; M$ C# {7 R正係咁樣6 Y. G( l& j2 J! G% V7 I) E$ C% L
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
! z% e. ^- F% d9 i分分鐘佢地唔使還錢- L+ \6 b- S3 _! F- c* ~* u2 H
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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,$ K: Y' Q0 S! c( S% r
連國家都係問人借, 不停發債券, 印鈔票
% l) H: B0 }' h6 {; q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( ^8 W3 z" ?1 H9 O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% X+ T) W$ S! B. l: _4 B7 l
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係..., l5 ^3 V% D9 }5 I  f
因為以前未生產, 先消費
3 y# l# @  Z8 W& m而家就要多生產, 少消費