0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 x. \; x( ^6 E- e3 B9 bWhy bank will sell 借據給第三者???( X+ F$ l( Y) a" c+ _1 K) {
I was so confused.....

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講到尾都係賺錢
) ]; p8 H( G& N# _; Z6 lso銀行可以不斷放款6 q4 ~$ Q; R: S5 |. E3 R7 F  |
美國的房貸問題散佈到全世界/ A5 o3 }5 q8 S7 T" p

7 Q5 @. r  a' k6 ?mortgage loan . N4 |  c9 D: Y( s9 M9 f
>conduit
9 N9 E' x0 `5 j3 W" x>RMBS(Residential Mortgage Backed Securities)- o) X, W+ v5 r  f* G* l: t# X, {# i
>arranger
& j# Q7 D2 U( F& l) G1 U  {5 k% h>CDO(Collateralized Debt Obligation)7 @5 N& R& O$ x% }4 b# M
最後去到投資者

Kev

i thought it is the reason of rate of return.  a! N' |/ P# h0 y6 u
CDs could have different ratings, AAA -> F,8 c; Y: K$ P( K: Z
more risky ones would have higher premium (interest rate) as a compensation for an investment.
- F8 A& v9 W4 `; f. [$ Ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 u9 v: T' `5 V  O1 ?- k, Qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 V' U# E. Y3 ~  A2 hAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 C# r" ^# i- Nsimilar to bonds, CDs trading in the secondary market have different value at different times,
2 \; Q9 f% s. n! p* n& j# I# n2 Cnormally the value is calculated by adding it's principle and interest. 8 o% _% [- N; D4 G" b, t9 ~
eg. the value of the mortgage+the interests to be recieved in the future. " o' a3 [  X, v8 C( Z: u( a/ J" @# |
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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im not quite sure if the multiplier effect does really matter in this case.* ~+ F* I: m6 V. A. \) [" j. k
in stock market, it's the demand and supply pushing the price up/downwards.9 d0 P# H: `/ S& g
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 M- k/ [: O" n! p4 }8 N  |3 H
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: O) Y' s% ^/ pThe 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.
$ h  ~. t. Z7 Hbut the value of their assets did really drop significantly.
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, j/ F* Z2 S6 v, ^[ 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.gif5 J$ T8 P+ B6 _
Refer to last example,1 v; Z4 G/ d. t9 W/ m1 z2 M
that means bank A have no money because we borrow 10 dollars from bank A ; P3 e. x5 K) N. [
Because bank A doesnt have enough cash on hand , h& T: `' s7 ]
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ @  ?5 x1 w, k! ^& t* F' C# |! @A->B->C->D->E
5 e" _# ?& }5 y1 Y. b$ kso does it mean if E failed to pay D,
1 I6 e! w, `/ {8 pall 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, ; S; Y4 V; k9 K, b
in this case it doesnt really matter how much money is created, 0 E2 S% r4 b* V7 R( O3 r
it's the problem of the debt itself.
! Q' l6 T: g: {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; G; h1 o; |% k) c- b: B& Z) N% Q3 Y, w- v
小弟一直都唔明...; \! i6 H) K' `& ]7 o( @

) a; k* q8 z  T) u! h8 M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...
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. B( d5 b# V5 u8 M: R4 |# M敬請各師兄解答8 q6 T( ]5 W7 _$ A' s4 f

( |" F* T2 G$ }2 N# L  Y8 ^Thanks

, f( L: z0 m% X6 p( E那些根本係 紙上財富  
+ U0 r0 D' K) ]$ Y7 w7 \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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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
8 v' Q9 C& X5 r  p# y2 W當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
! C* f! R$ j( @# {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
1 H# g" P1 M1 Z8 p4 s個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ T: O2 A" o' N0 S扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
: g3 U& h3 D( t) o5 w: u; Y計番回報率就已經係50%,所以可以好好賺3 ^  e, j0 m, X
前提係銀行之間要互相信任先可以咁樣借法, |5 p' l; ]8 C% x4 Y2 f
同埋個市場既前境要係好先得
: V: k/ A, J4 r' Z. E& m但當經濟一差,公司估值趺了,物價不升反趺& w3 s( Q& d) K3 c" s
例如剛才說10蚊的, 趺到得番9蚊, - i& `: m' t% z6 X/ V
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 k& r3 S" d3 h! [! p) s& ~
所以你就會覺得D錢好似蒸發哂咁
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; U1 r5 F: `: P6 |你都可以當標野咁諗, 個樣野多人可以狂升值,
! a- V" }: ^+ f% L: 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, 0 W, r. M; `, m# x) i# M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' w9 V. H% O. [+ S( Q& i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
7 v& f2 ~4 q& b& g- o' W! @3 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.gif
* W) w2 E  E' _, w! c唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 B7 S- @; }3 [& d" w( p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- m$ _+ Y# \  L6 z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
, a2 [* u* N& b. G2 w& J  r咁你話d錢蒸發左去邊? ...

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7 ~. V6 s6 s) X. Y; F4 ]正係咁樣
0 M# ^# l5 j- I6 D1 J% V, v8 k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
, u) \6 k1 _; R- \5 S分分鐘佢地唔使還錢  l& Y! j( Q! ^, k
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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,
9 @# {/ ^, o6 r1 R連國家都係問人借, 不停發債券, 印鈔票
' a/ F" L# _0 h一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% }9 U5 Q' \9 ]" J
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.gif9 a/ Q7 k( e  E& k! q/ y! ^
咁而家"爆哂煲"算唔算先至係變番"正常"???

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. m( J3 g3 B+ t) b- u( b+ {% [其實係...5 D3 U) E( K+ {2 ~, O
因為以前未生產, 先消費8 a' `; M; o$ m! T6 v6 ~
而家就要多生產, 少消費