0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif" o) O( E  k' L5 t! f) ?! w. j( A
Why bank will sell 借據給第三者???- y, S* v3 k( L3 v: s
I was so confused.....

* H* O" X$ X0 E. J. x  J: G8 K( Z" N. e% ~+ C& T+ B8 Z# [/ C- N
講到尾都係賺錢
& D) K4 J5 C& b  ], k. ]" mso銀行可以不斷放款
" Q$ r+ \/ C$ }& m/ B美國的房貸問題散佈到全世界
8 ^# I8 T' b( D  x5 ~- O2 g0 Y* k: X% ^4 }; V1 M3 V
mortgage loan
/ Y) t$ v) A6 J! |/ ~8 L) ]' b4 e>conduit  q1 }9 j. I  o# D
>RMBS(Residential Mortgage Backed Securities)- d, n8 a- ]* c2 a3 z  {
>arranger& r9 c/ M! K% h* {( ~
>CDO(Collateralized Debt Obligation)+ A' `8 f/ Z2 z3 K) X
最後去到投資者

Kev

i thought it is the reason of rate of return.
1 o6 O: s( m+ e4 A" t* lCDs could have different ratings, AAA -> F,7 B% ?. J% t( I+ Y* R" h2 R1 q1 [
more risky ones would have higher premium (interest rate) as a compensation for an investment.9 }% v" ^0 O0 e" |6 \3 m* U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( ^3 T3 m' B0 y' h& _in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ _) z$ \9 U# R5 u* t, R
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* u9 [! M1 H8 m. T/ ?
similar to bonds, CDs trading in the secondary market have different value at different times,
; h. N) t. ^' w0 m2 Z! jnormally the value is calculated by adding it's principle and interest.
* N. X9 g1 R( f! b2 |eg. the value of the mortgage+the interests to be recieved in the future. ' d3 J" q' w* @& I6 _8 q3 I$ t
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.3 M- N3 v3 D0 M4 S

- q/ y( ^5 ]% r1 }- ^im not quite sure if the multiplier effect does really matter in this case., {, i9 k: e, t
in stock market, it's the demand and supply pushing the price up/downwards.
( p( N4 j5 g2 R, ~For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# G" \8 i" a8 \
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# o  e* N& ^6 J1 ]* M- kThe 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.
6 y5 R- J/ H2 {6 b( I$ D& Obut the value of their assets did really drop significantly.
/ |4 s! q4 q( ?+ _& n# J9 k6 W4 B
[ 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' F( j: g4 L/ y: {2 M/ m3 i
Refer to last example,
2 b! g  j) o; _" Q; c6 K& r  Zthat means bank A have no money because we borrow 10 dollars from bank A
2 @2 A+ v6 e& z5 }7 }% }Because bank A doesnt have enough cash on hand
0 G4 N- a6 M. f) u, w' `therefore bank A need to be bankrrupt ??? Am I right ?? ...

6 V0 ?7 b# ^$ h& P- c: x; V1 F+ I
* a- m) L7 s- j6 C6 d
# ~5 [* ?, {  S/ C6 K& g
A->B->C->D->E% Y3 r+ \/ x: R6 _9 Q- |# o
so does it mean if E failed to pay D, ( s3 Y" {' }) |' {7 \9 F
all the B,C,D,E have to go bankrupt?4 a. P0 \# ]: ~! m' l. O% F. S) H1 b

) c! R5 |' W- r% y8 j& j6 i- O  A& ?3 {( U2 B( c/ d3 t, R
the multiplier just tell how much money created in a whole economy,
3 F) G# u) v  Fin this case it doesnt really matter how much money is created,
' i! r7 F; d# Bit's the problem of the debt itself.  a. d9 w7 f; I- h5 m
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$ K$ t! S: w. V  q& o
小弟一直都唔明...
5 I) F8 R) w/ [* |1 |1 ]2 L& }! p7 o7 K/ \
全世界都蝕錢，咁邊個賺緊錢呢?
7 V* D8 j5 e8 ]* W. T$ ^7 V7 \1 N$ R8 V. S: U6 V
無可能淨係有人蝕錢無人賺架嘛...$ |* N( M( z; J. y! k
# l9 I& M+ z, P3 A
敬請各師兄解答
6 B. @% W3 i/ f0 t& p% x" m% f, [7 X4 W! X2 Q9 v( [
Thanks

7 o- [; W5 q( M6 y! W" N那些根本係 紙上財富  
* K, U# o+ L6 ~: k: p, A. K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
  Z1 S# k8 u; [, a# e- b
8 F( ~% F9 h6 L0 ^# s* Whttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產) @: k$ U2 {3 v
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, P6 t! }6 M( p% Q0 l3 r. O$ Y+ U! T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 L- ?" n: q5 c$ R2 B3 |+ j; X3 [; z
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦1 y. R7 y0 M$ D/ V$ K
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,) B, s5 _! m% l8 G4 [8 k
計番回報率就已經係50%,所以可以好好賺
) B5 c9 w% }7 G. L9 f2 X) B0 R0 Y9 S前提係銀行之間要互相信任先可以咁樣借法
# M# a2 `& F; l( v同埋個市場既前境要係好先得+ ]: n  {+ E9 c2 L" h  \, o
但當經濟一差,公司估值趺了,物價不升反趺
% J" \, Y/ N/ |* i' I7 E: g7 G. P例如剛才說10蚊的, 趺到得番9蚊,
/ [& @6 F, y' F7 Y1 S咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" j8 {  S4 g: q6 J
所以你就會覺得D錢好似蒸發哂咁
8 l! ]& }4 q0 f* S+ E. F5 w0 P: f& @
你都可以當標野咁諗, 個樣野多人可以狂升值, 8 Q3 ~7 K% d. f, y
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, ; m/ v0 ^3 [' \
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: v+ B3 h: E! [! v( J; N/ `4 L& s' Q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 h9 Z! I$ y# x3 {! s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.gif5 Z6 n. b2 k; \7 o7 G2 G, C
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
6 B/ ^$ @9 ~5 ]% D$ _; `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ k' E4 p) ?) ]; V: @- }( E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
# u1 W' d$ [" P9 c4 F) i% ]咁你話d錢蒸發左去邊? ...

$ i! g1 i& Y9 W& Z: w( D2 D% E- V' p9 o+ R
正係咁樣
! u$ x" A* V2 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
# c( u, \  c. X2 D分分鐘佢地唔使還錢* r  x/ G5 C5 D( ?5 M7 P' o
* ^9 |. ~" e# p' B; |5 x1 J. D' ?
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,. N( g! {+ ]6 @3 a( l
連國家都係問人借, 不停發債券, 印鈔票
; j4 M" m/ p8 ]$ c6 S' G一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
' p  o" @( H% [2 _1 a8 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+ X. i5 y/ W7 [0 i5 |: e$ G
咁而家"爆哂煲"算唔算先至係變番"正常"???

$ o) {% T& \+ q6 v
6 y5 i5 c0 r9 p5 F. g其實係...! l6 `4 S5 n8 D- E* h  `4 z
因為以前未生產, 先消費
# _$ ~# \. N  l0 j/ Z1 h而家就要多生產, 少消費