0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif6 c  L; e- }9 Z4 `3 B
Why bank will sell 借據給第三者???( t/ W0 r. h. T" G$ m4 r. R/ J. o
I was so confused.....

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( K: V1 h/ w0 f; `講到尾都係賺錢1 F9 {" p. \- J% ~% k% k
so銀行可以不斷放款
4 \# Z* E& h$ w: C+ ^美國的房貸問題散佈到全世界5 e0 |1 ]8 V; D2 n% U% u

- _* h! s% n! i7 }3 a6 \mortgage loan
9 u4 V1 B3 Q: m3 Q3 G>conduit
. s* f+ ?7 ^# B; h/ z>RMBS(Residential Mortgage Backed Securities)
/ ~: Q$ U5 Y5 o6 a& Q>arranger
0 {  ~7 f, ]3 o! w+ Y: ]>CDO(Collateralized Debt Obligation), u' A+ I5 `, P
最後去到投資者

Kev

i thought it is the reason of rate of return.9 V; M. N, h9 M7 ?6 P
CDs could have different ratings, AAA -> F,
% E1 U6 t. V4 Y1 g3 O1 N5 Tmore risky ones would have higher premium (interest rate) as a compensation for an investment.  z2 p2 {9 n* c( b9 ~3 P% A/ s
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' t1 h% c5 [# Y- _$ Q/ ]/ q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.) j9 `) G5 o% n0 U( }/ }' \3 R
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% R$ A& A7 ^5 W/ X* C' |  g2 M0 S+ R
similar to bonds, CDs trading in the secondary market have different value at different times,
; e0 j" I% g" {. e  u' F' U" Jnormally the value is calculated by adding it's principle and interest. ) M1 G1 x) c9 Y6 R) k$ f$ V2 k
eg. the value of the mortgage+the interests to be recieved in the future. 9 k; q9 E) \" Z. x2 A- |
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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2 P+ s, u( T; N0 Tim not quite sure if the multiplier effect does really matter in this case.  y# F0 M4 g- h: o; ~
in stock market, it's the demand and supply pushing the price up/downwards.( P+ D8 i8 e/ \7 z& P5 y* {
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, j! j1 B* @2 g6 A2 _( o2 TA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" ]9 s2 G% y2 k( [4 N/ o% g% C0 ZThe 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.
$ S: |/ a% Q( P! C( j$ P$ Dbut the value of their assets did really drop significantly.& J' G6 @. m/ ^8 Q' J, M
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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.gif
& J4 h+ F, d4 |! F6 I! @6 t7 J1 ARefer to last example,- s2 A7 R8 ~; L) e- y
that means bank A have no money because we borrow 10 dollars from bank A
' I8 e- N- @& n. ]/ pBecause bank A doesnt have enough cash on hand
0 i* Z8 v2 [8 A0 q3 v- _therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E( }! }; v8 H) J) r* g6 [
so does it mean if E failed to pay D,
! e3 I+ n6 i& j4 xall the B,C,D,E have to go bankrupt?" {3 J9 {3 \: o4 a2 O8 g, O

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% O* {# G7 C% x( b4 h6 kthe multiplier just tell how much money created in a whole economy, ! v3 Y2 L, U6 I, o
in this case it doesnt really matter how much money is created,
7 h' a. I/ k8 E' f6 d7 q5 g5 c* Xit's the problem of the debt itself.
3 w2 ?' b8 b, J" x  M  d9 \7 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! C* L3 r5 }6 E$ o0 R
小弟一直都唔明...) o8 ?+ J6 _" [2 H0 t* x
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全世界都蝕錢，咁邊個賺緊錢呢?: `, W0 b/ E- @2 Z2 S! w

1 I8 y* v" j6 c9 O# {無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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# Z# }5 g  v( M% [Thanks

3 l! S) ^7 q" L- U1 t! K7 U2 U: k) [那些根本係 紙上財富  & j: P$ X% {8 b0 W$ {* R* }3 E3 z
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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: j# f2 L+ f( V6 ?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
$ N* h9 h; Y5 V' M/ x當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
* K. P* M9 c+ F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  E9 ]* x- z! v3 T, h' N0 ~
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦' e8 `+ F' }1 @- L
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
1 W  |; X* S2 J% r/ `計番回報率就已經係50%,所以可以好好賺$ N! v6 @0 o2 h
前提係銀行之間要互相信任先可以咁樣借法
2 p; `5 L7 N! h2 t; p同埋個市場既前境要係好先得
  @, {7 a: A. X' w0 q- R1 T但當經濟一差,公司估值趺了,物價不升反趺1 l5 H/ ~" g( [( i
例如剛才說10蚊的, 趺到得番9蚊,
& F5 ^) H* e3 ~3 b* x# G7 O咁投資銀行一下子就要還11蚊, 一來一回變左虧200%' A# Y/ K9 D+ A7 x! f
所以你就會覺得D錢好似蒸發哂咁8 R( Q- C& z/ `5 U; T: U

% ?! P6 |* Z* K# V你都可以當標野咁諗, 個樣野多人可以狂升值,
- n( q$ f$ h$ c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, # \0 P- j6 }: E
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! e! Z/ E( o6 W* x) T
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& b0 R% Y) F9 B
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
+ x" E$ Q# g8 m" x$ i2 a唔係d錢蒸發, 而係比美國佬洗晒未來錢,
# b4 G- H* b6 e淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; S( c" Q& w3 R( y3 M* @) 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
1 g5 l, t5 B! u2 U3 k6 Z1 |咁你話d錢蒸發左去邊? ...

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正係咁樣  |2 v9 d7 @1 }' z* ^+ s7 o7 D
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
# r) \2 W+ V8 t8 Y分分鐘佢地唔使還錢- q& g" t; Z6 Q8 i' t

. X# q0 v# t3 y; M  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,/ u! y. J8 _2 n) c6 g
連國家都係問人借, 不停發債券, 印鈔票+ I( r1 q$ F1 l2 R
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: a& }1 a8 F. y" I* }
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
; G- X& E4 i. T3 u; z. \9 G! g咁而家"爆哂煲"算唔算先至係變番"正常"???

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, X/ I1 h# S+ O; O3 |2 o: {其實係...
0 d4 @9 q/ V7 z' ]% E因為以前未生產, 先消費, O9 b1 g6 v- }8 ]/ E7 p
而家就要多生產, 少消費