0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ _& z. S: D) S! ~7 y
Why bank will sell 借據給第三者???$ w/ E- B! [1 H9 a: e, Z' v9 @
I was so confused.....

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  A  U, r4 ]$ S# g% \! T. N; Q講到尾都係賺錢0 u' m7 W& p% v& L8 l5 v6 U; Z* D. [" J
so銀行可以不斷放款
( B" l2 Z7 _3 w5 [/ b7 J! O美國的房貸問題散佈到全世界
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1 [' e" B; r9 z/ @' X7 ?mortgage loan
! X4 T$ o1 s6 ]/ V8 i9 L>conduit; \" ?5 Z+ @+ z( m9 b; u0 }
>RMBS(Residential Mortgage Backed Securities)/ b7 }5 }. W- O! B1 i- U
>arranger
7 G8 M& x2 ]& c3 f! b! U. S>CDO(Collateralized Debt Obligation)/ d0 M* {$ _1 Q$ l. {8 b+ I, K  H  r
最後去到投資者

Kev

i thought it is the reason of rate of return.0 ^8 L$ Z. s9 L2 U% O$ d
CDs could have different ratings, AAA -> F,5 Z+ M" [9 \3 I+ s/ W8 `
more risky ones would have higher premium (interest rate) as a compensation for an investment.
# L; f6 `) a( B5 Vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# k. E; ^2 o7 Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 D2 w4 z, o( |Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. K- ?5 o& A; _. |( g
similar to bonds, CDs trading in the secondary market have different value at different times,% b6 f( w2 m  B! A0 u
normally the value is calculated by adding it's principle and interest.
$ b* c3 G* }6 e7 _* I* seg. the value of the mortgage+the interests to be recieved in the future.
7 y' F) [3 a) b+ C7 }% Hbanks 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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im not quite sure if the multiplier effect does really matter in this case.' X) N- S1 f" \" t9 O" R! c
in stock market, it's the demand and supply pushing the price up/downwards.
4 z1 p$ t* O" f( j7 _For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 W2 L4 V( \0 {  @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# h3 p8 {" L& u/ v. I/ {
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. 4 a2 j# L* q9 s) i
but the value of their assets did really drop significantly., D, i6 Y- s, o5 d" n

1 R) O$ P0 k2 Z5 y) J. U[ 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" i$ b; V' C$ W  R$ e
Refer to last example,
+ B  }7 s- w* `& x, k9 Q/ h( A2 Ithat means bank A have no money because we borrow 10 dollars from bank A 0 d  q8 z+ C6 y9 w9 y1 `- P
Because bank A doesnt have enough cash on hand - X0 C) j9 E1 r+ N0 H& i( j
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E3 n" `9 ~* D, `" u
so does it mean if E failed to pay D,
! ~) g  q; J$ N5 ], ?  Q+ p4 Z9 fall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, * F+ }" G5 S- ^! y, z
in this case it doesnt really matter how much money is created, * D9 d# M1 F3 `" x% l
it's the problem of the debt itself.
& ?% f; n# Q( I# _$ w2 bthe 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' F, y8 ]% @' ^# j1 L$ p/ h
小弟一直都唔明...* u9 m( e5 u# n- p' q
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...7 |$ {$ S& `0 Y) c  W: f

; t# |. I4 Z2 U5 q( U8 S6 g, D: a' s敬請各師兄解答- w2 \- g! F; c4 W$ V
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Thanks

2 Q9 }6 \, F2 p/ r; K那些根本係 紙上財富  3 M5 S: t; O" E) V( |# Y: n2 {! H
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 graphic5 x! z  M- `+ f8 [/ e* U  Z

7 L. x0 y2 X0 c* c; g2 fhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
; X2 O% q- ]! N! ^+ h" j! Y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高0 m2 p* G1 i' _- w
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/ V5 z, H! V! q$ n# j1 N
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% C# V5 c: m, J( i. O
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 H$ h# L" P$ n- X3 _# |: f6 z
計番回報率就已經係50%,所以可以好好賺1 u3 s7 |# g8 f0 f! l$ u" G9 a
前提係銀行之間要互相信任先可以咁樣借法/ `0 {& |! H9 _* J( ?2 |; @7 Z5 M
同埋個市場既前境要係好先得  w1 I( U2 d9 a# a! R& \1 ^
但當經濟一差,公司估值趺了,物價不升反趺
- p) O; u, R7 l0 O  a4 S例如剛才說10蚊的, 趺到得番9蚊, : v1 t, T! K$ O5 @5 _: u3 O/ B
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
) U( ^. `1 c0 H$ p- g4 E所以你就會覺得D錢好似蒸發哂咁# v: s6 ^& N  f: m, h

/ F/ g' v" a9 A8 |* ~8 C你都可以當標野咁諗, 個樣野多人可以狂升值,
, P3 g$ d5 e# k+ k1 S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,
9 ]( ~8 m& |3 v: C淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' N  H2 g# v. ~2 g% F3 P
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
; W+ ^; X4 q1 W) z' 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
" L( n) W: U' y/ j4 N1 @唔係d錢蒸發, 而係比美國佬洗晒未來錢,
% f9 Q* r! g" `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + }8 R% ^: M# _$ y! ]7 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
0 b# |" f7 r$ e/ z咁你話d錢蒸發左去邊? ...

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正係咁樣9 a* z$ g# L* w* J
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  z! Q. r1 Z
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,) `2 @8 M  d) [8 N
連國家都係問人借, 不停發債券, 印鈔票
. b, ]' N8 I* R! k2 I7 Y. B一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: w; F9 `5 u: m3 z
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.gif6 b% o. O; @/ u) w# _
咁而家"爆哂煲"算唔算先至係變番"正常"???

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! T- q4 P2 e: w. N9 ]: y, Q其實係...
( w  y: ]9 N$ v5 _- O" s因為以前未生產, 先消費& ]1 g. r: u/ Y$ Z) i0 x
而家就要多生產, 少消費