0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif. j% |( G- v& d8 J9 [, [, q6 f4 f) w* f; I
Why bank will sell 借據給第三者???( c  k( w( c. z. `
I was so confused.....

$ k5 l2 v0 g$ J. V0 a; p8 n/ I; U7 `! ]( @3 v* ]7 h) R
講到尾都係賺錢
$ V" b! Q3 U% V5 W2 `9 y0 sso銀行可以不斷放款
/ m" S$ q5 H/ M美國的房貸問題散佈到全世界
+ N5 Y9 ^! H7 T0 p  u
" E  D2 Z  K2 y, n7 C3 Wmortgage loan : i5 ]1 E! N' |9 h# R
>conduit3 k' }7 a. o2 {
>RMBS(Residential Mortgage Backed Securities)' x9 _, j; g8 y) k
>arranger
% [9 K: x) r8 N+ r% s& s# d9 X; w5 s>CDO(Collateralized Debt Obligation)
! S8 p! @! r  P& |& A最後去到投資者

Kev

i thought it is the reason of rate of return.
; h7 s# x' p' n2 }" KCDs could have different ratings, AAA -> F,. ]3 |" F, L" L* }4 L; v
more risky ones would have higher premium (interest rate) as a compensation for an investment.* L) _4 M9 h( h4 v% _7 e+ e! c: a
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 V  Y6 X2 P5 @% G$ j6 |
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 T& Y0 X, S6 ^( R6 JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: S7 e, p- d4 e. i7 M
similar to bonds, CDs trading in the secondary market have different value at different times,9 n% i+ i; E$ K) i' O
normally the value is calculated by adding it's principle and interest.
$ s; O: c8 u. |! {; y5 P( S+ P1 {eg. the value of the mortgage+the interests to be recieved in the future. ' J/ j2 ^7 r% M/ o* o5 E
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.
1 n0 v- p5 d# D2 s& E: i# S2 y4 ^. G- t
im not quite sure if the multiplier effect does really matter in this case.
: @2 w; S: r7 L1 \: I8 \in stock market, it's the demand and supply pushing the price up/downwards.4 k! a+ N9 C7 W! P- k/ L- p
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 g" H) v+ L* v: |
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 B7 B; D7 n' n8 N% F( @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. 3 N6 Q; ^1 A) b  y; F3 k0 J- J
but the value of their assets did really drop significantly.
1 u: L3 O' t/ x) ?" h- Z9 }* t5 \3 r8 u6 X" Z0 m; 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.gif
7 u; F- t! ~' H, SRefer to last example,# g+ z( M1 g' W( D( {
that means bank A have no money because we borrow 10 dollars from bank A   Z+ M/ O$ G" u
Because bank A doesnt have enough cash on hand 5 U2 G# j" [# O; ]. z
therefore bank A need to be bankrrupt ??? Am I right ?? ...

, h% k+ y2 {$ W% K. j
; @% n  J- F' `4 `
# a" Y7 ^; t/ A. i: p; ~2 \* ~; C
A->B->C->D->E
  n- ^! @- x6 }so does it mean if E failed to pay D,   t% b8 V! H. V  G- T$ ~* ?9 a
all the B,C,D,E have to go bankrupt?! H( k2 L/ Y. w# s7 H1 b

) i) \; a# ~: A+ L: o) A8 @3 T3 y) z; |
( j: K1 c, O6 K% t* Qthe multiplier just tell how much money created in a whole economy, ' `( g. c3 z$ J. E9 s" e) S7 w
in this case it doesnt really matter how much money is created, ; f+ `, Q; u: H
it's the problem of the debt itself.
9 \8 G2 }8 \, B& _! U" ~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
  M, q7 ^: H5 Q% L  z小弟一直都唔明...
0 n: h3 I+ F4 C+ v4 y' H+ m: V
, M; d& B: P" F4 ]; ^全世界都蝕錢，咁邊個賺緊錢呢?. @. H4 b8 k3 v- u& K1 d
1 \* p  J6 |' T0 f2 J
無可能淨係有人蝕錢無人賺架嘛...
- W, L# t4 o" m1 ?( Z. u: b7 [4 f$ r1 n1 N9 i
敬請各師兄解答
: t) X; K8 G4 q) O3 E, D6 O1 ?+ u- a# o2 v" L' w* L3 l
Thanks

- E9 j/ g6 Q- F那些根本係 紙上財富  
. g4 U5 P# M1 H4 X; M; {) D, ?/ }% C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 graphic7 s3 j' M, A2 e4 o2 t5 c* M/ G
- D. j' T9 b. A, x/ ]
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
& Q4 h$ R- a0 U當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& Q# y8 X, q  V; G9 o- U
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& L- c3 q: H' @! }
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
' y- K+ z& ^+ C+ t. p2 V扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
$ S$ u8 I/ f% b: w計番回報率就已經係50%,所以可以好好賺
1 }" W- w# n+ r9 J8 S( A0 ~前提係銀行之間要互相信任先可以咁樣借法
0 Z' f9 H' N4 j" f2 C: x同埋個市場既前境要係好先得2 I+ L% s# O, v) n/ ~
但當經濟一差,公司估值趺了,物價不升反趺
9 v& S! }; v, j6 W% Y2 ^( e9 ]例如剛才說10蚊的, 趺到得番9蚊, - E, \: @: @2 a( k/ s% `
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( r8 p, y" X( J
所以你就會覺得D錢好似蒸發哂咁5 n% G1 D) Y. i
* r4 {% I9 _% V8 [- z
你都可以當標野咁諗, 個樣野多人可以狂升值, 0 y' e7 Y& ^+ z
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,
" g2 {# g. c8 s8 v3 {# ^淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% j( ?( U* T5 V7 L+ S) `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
; u7 V7 f+ C$ b1 U) ^9 w: G  \4 K/ F( S. a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; u8 ^3 m7 X: ~% c唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; l$ h) h2 f& s: A2 @% x7 T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ j" h$ q6 z& {$ e3 c" \  W0 o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! {8 |- C, G% C5 E" u& `$ P
咁你話d錢蒸發左去邊? ...

! m+ E+ ^4 j) q. E
  V2 C8 m# u- f正係咁樣
4 m; y% D5 w7 S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
( O1 G4 z) @  X& C# T! o- x5 u分分鐘佢地唔使還錢* j: ]3 O0 b5 b- X

" c, [& T; u$ Z' |1 ~2 j0 o! s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," X. g! A/ [9 F+ `
連國家都係問人借, 不停發債券, 印鈔票
, x: Z  r. q* n! F2 t) [0 E一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
. Q# ~9 M9 ]' Z: R; \3 ~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) B: }: I* T. k- d# P4 |
咁而家"爆哂煲"算唔算先至係變番"正常"???

' h. u: b& u8 S7 v9 |

$ A" L- j- |2 g/ m2 P/ D- U其實係...# h+ c+ T- x7 H
因為以前未生產, 先消費4 ~! x0 ^# P# u8 J. z
而家就要多生產, 少消費