0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif# f; r4 x' n( G9 x1 R# h
Why bank will sell 借據給第三者???
! E+ ^0 X" I0 uI was so confused.....

. ^2 f1 a! D' k; {

8 u( }+ Z" G$ M0 V% X& ^0 p* G講到尾都係賺錢
& }5 q' o/ N% X  Y4 F2 fso銀行可以不斷放款
  G, |. \' u* {6 ]4 M; T美國的房貸問題散佈到全世界
; Z1 n, s# C% {1 n4 V
0 b9 a6 f8 J: h2 B* ymortgage loan
) r# f2 r% r, t, D>conduit
6 S7 s8 ?8 h1 {; d, d1 t) b>RMBS(Residential Mortgage Backed Securities)+ ~2 y6 M7 `: A
>arranger9 u5 N5 ^# }; O3 |& t# }9 Q
>CDO(Collateralized Debt Obligation)
0 {4 k0 r# z0 O. `' t# ~$ _; B& [最後去到投資者

Kev

i thought it is the reason of rate of return.
/ y6 k; S( R0 M1 TCDs could have different ratings, AAA -> F,& X5 x+ t8 W% n. n
more risky ones would have higher premium (interest rate) as a compensation for an investment.
: J: x' |/ x% [/ A8 b, xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, p1 k2 w" d3 n7 t: \; Z" _
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 W7 I/ d5 Z; J! |Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 S; J! i$ P: r
similar to bonds, CDs trading in the secondary market have different value at different times,
( ~( @2 `0 h, _/ [% @3 X4 Dnormally the value is calculated by adding it's principle and interest.
" }2 V5 h( l. M4 deg. the value of the mortgage+the interests to be recieved in the future. % J9 i  V0 b7 i$ j* N5 x% 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.2 g" {' M0 B% H% T6 X4 e
* V- X5 K! S8 ~4 n8 T2 g8 `
im not quite sure if the multiplier effect does really matter in this case.% ?1 ]0 ^( |) Y* N! _0 H
in stock market, it's the demand and supply pushing the price up/downwards.+ E; r0 M$ S% i1 r+ j: Z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
9 p9 b6 b' n/ n8 UA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! q. T8 s+ H% g1 E( LThe 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.
2 ?6 b7 h, J6 M2 zbut the value of their assets did really drop significantly.
0 w& ~- N2 J% L% L
# F3 K/ s! u. w* W0 |$ z) }[ 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
) w6 q# S# A# X5 r5 tRefer to last example,
  w5 j. s  A, \: x) M2 q7 g0 jthat means bank A have no money because we borrow 10 dollars from bank A 1 y3 v* q! V0 s' W* W7 E! ?
Because bank A doesnt have enough cash on hand 7 X; J- {* K- r( S
therefore bank A need to be bankrrupt ??? Am I right ?? ...

: V- X: w; H+ O5 h( ^" @/ b, v( y
. l% R, V4 J+ _9 r+ t! U

- E. V, [% g3 T: ^( kA->B->C->D->E
( |5 n* `8 T& @; w1 O: c3 _so does it mean if E failed to pay D, / n0 J$ h) i  ^. N% f4 u
all the B,C,D,E have to go bankrupt?
" M- |1 _6 A. Q( g% D1 R9 c  P* _& n, a3 }- A* K8 C3 T

, V" O" A: ^. @: gthe multiplier just tell how much money created in a whole economy,
* j! n% ~9 Q, Y/ Qin this case it doesnt really matter how much money is created, & Z- ^! D: z  @' J8 J4 n* p2 ~
it's the problem of the debt itself.
3 a: j+ X6 r0 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
8 A$ ?4 s) B+ Z1 p! X% E4 E$ f/ ~小弟一直都唔明...9 Q7 j' m" |  R8 z' a

! Y( L! |+ J: M  F: G全世界都蝕錢，咁邊個賺緊錢呢?9 o( y' x: m" r5 K, C& a" Q0 q

, U9 N! [( y8 J無可能淨係有人蝕錢無人賺架嘛...
  Y. y5 U' P* C# ~- Q( Y9 G8 m) ^6 h
敬請各師兄解答
' [; S1 S" H0 Y* J9 }
0 A8 g8 |  ^& d4 }Thanks

3 V9 o' L( S! `
那些根本係 紙上財富  
% g, G  t7 k0 q1 F  d  [) i' X  _9 `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$ r5 L! \1 ^. l/ B7 D& q0 ^+ C& Z

+ v6 F6 ?' a: hhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
1 C/ g- P' u* G2 e# v$ h. M# R0 j當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: _* }; }0 `' C# R
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) N6 i# H- L$ f2 P% s  s
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 B8 h1 L7 w: I
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 h6 `9 }1 Y  e計番回報率就已經係50%,所以可以好好賺5 i# q' h' T+ a; a
前提係銀行之間要互相信任先可以咁樣借法
3 O; t, h5 {+ [: [0 U同埋個市場既前境要係好先得
+ h8 C: u: m1 n( @但當經濟一差,公司估值趺了,物價不升反趺2 J  W$ r0 a2 x( }, ^- Q
例如剛才說10蚊的, 趺到得番9蚊, . V6 w6 I9 z2 v
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 ^6 A+ l5 J3 f4 U
所以你就會覺得D錢好似蒸發哂咁" ~% F8 J1 F) a8 Y" @# V

# o. E% W+ _* z你都可以當標野咁諗, 個樣野多人可以狂升值,
6 P6 p) {9 @. `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, + W4 R. i  o/ s: B5 T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- z* q" N2 J% Q2 C0 Z$ y2 ~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
5 c0 `, s  t& i: p/ R, b' T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
) z* r' n8 F8 P) s  P+ z- g6 R唔係d錢蒸發, 而係比美國佬洗晒未來錢, ' H2 Q/ H& }2 k8 [
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' R$ i1 p( t; x/ s# H, ?
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, k& s7 s7 f; V( }2 y. n( }% q$ {
咁你話d錢蒸發左去邊? ...

' [( I2 p" S4 q1 c1 l$ s$ c) M
+ x+ O, k% {% I" p0 m" A
正係咁樣
3 g  ?+ |7 `) U* g7 I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& Y$ t6 Y' K0 d! x
分分鐘佢地唔使還錢
9 r! A/ f3 v; G- J
5 {' q) l. Y7 Q. L8 Y6 ^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,
+ y& B9 z" d8 O4 |; h連國家都係問人借, 不停發債券, 印鈔票, k3 ~: O. ~1 |- B# e1 E
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
8 B. x+ H( V: |' c, Q# K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& N, ^; D; r' `6 z1 X
咁而家"爆哂煲"算唔算先至係變番"正常"???

: e3 ]6 E2 b$ _; v2 e4 T+ b0 H) K5 P3 ?4 l
其實係...- n4 }; t9 h. p8 q5 Z" K# ?/ r
因為以前未生產, 先消費6 @  `, N) t! v# H+ d& S
而家就要多生產, 少消費