0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif2 n, q" o# Z" i9 t
Why bank will sell 借據給第三者???
! b7 L; N0 U  MI was so confused.....

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講到尾都係賺錢
* d$ H0 f3 _% J" |# @& X+ F% iso銀行可以不斷放款
: i6 S$ ~. D; N: e- I( e美國的房貸問題散佈到全世界5 f2 }. J+ \  Q$ M6 R$ G6 \* z5 r
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)' m7 J/ h, n- |/ s/ V* L
>arranger9 E+ V- f( ?0 b# f9 v
>CDO(Collateralized Debt Obligation)
4 r9 h1 q0 A  b最後去到投資者

Kev

i thought it is the reason of rate of return.
# h/ B  y3 l8 A$ B2 ACDs could have different ratings, AAA -> F,
! F1 a2 w% `0 p/ h' Ymore risky ones would have higher premium (interest rate) as a compensation for an investment.
0 a  G9 }3 S0 G. |main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* s; W7 U; w) c/ min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 Z& A, |' M" ?0 [0 B% F6 T! z8 t
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 W+ g8 ?# }( i6 Q! t0 L; b
similar to bonds, CDs trading in the secondary market have different value at different times,
  o1 L- N# ~  N) r; `9 ^, A3 |normally the value is calculated by adding it's principle and interest.   {% v, L, L+ T9 [
eg. the value of the mortgage+the interests to be recieved in the future. - r9 C% s# Z; z9 @+ j5 ]
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.( g1 P5 w  M) V/ v  Q: Y3 _5 T) J
in stock market, it's the demand and supply pushing the price up/downwards.
3 w! d3 B; Y) `% Z+ wFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
  m' M: S) H8 ]" K3 SA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( c0 l! Z4 d$ X) k6 K" ZThe 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.
# w) a- J7 e5 d$ @but the value of their assets did really drop significantly.) f8 ~8 C; G* i! ~, y* C

" p4 }0 G. y$ X9 l6 y; d9 G3 d[ 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.gif1 C' y: S) ^" ~* G
Refer to last example,+ s* Y, F9 z! E* ?6 R
that means bank A have no money because we borrow 10 dollars from bank A
1 A7 I9 S; `' p. p# P: ^Because bank A doesnt have enough cash on hand
4 j6 a9 T/ |8 e8 Itherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E; v( O6 q4 E. H8 a2 Y! O7 N. ]4 ~% O9 e
so does it mean if E failed to pay D,
7 a! w; U# ~- v# D. h2 \all the B,C,D,E have to go bankrupt?
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' t, _* K9 Y5 J9 d0 X- i; Q+ kthe multiplier just tell how much money created in a whole economy,
  T3 S( B# N; O% g. P/ lin this case it doesnt really matter how much money is created,
( J9 |8 P3 X- E  K7 Pit's the problem of the debt itself.! F8 v, M4 g5 P
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
0 U/ R! a, S; }$ C1 @小弟一直都唔明...
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( q  H3 E0 R! l全世界都蝕錢，咁邊個賺緊錢呢?, B6 {6 ~/ r3 s% Z+ O, {, I

7 `- O  c4 c0 [" _& ?" a無可能淨係有人蝕錢無人賺架嘛...7 v8 n, O) f7 ]; p
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敬請各師兄解答/ c- |" j" w& g; N0 J

: C5 i6 C+ m, P8 A# iThanks

# Q4 Q- g' w4 ?' j9 }那些根本係 紙上財富  ; V. {% {6 u; B* Z0 l8 |
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
1 u6 A& G+ U( T當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- W% |- Y' Z1 p6 \/ d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; g$ m& f8 e' m3 _& o
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦6 I2 `7 f" [% k, F7 W
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
; O, X& Y/ s( ~, }計番回報率就已經係50%,所以可以好好賺5 w5 |7 K0 }, ~( O, |4 R
前提係銀行之間要互相信任先可以咁樣借法
$ h$ j+ x2 m0 _+ j. m同埋個市場既前境要係好先得  o  S6 E# t* V
但當經濟一差,公司估值趺了,物價不升反趺" o4 Z1 a  l6 R. j
例如剛才說10蚊的, 趺到得番9蚊,
( ]9 M% B; d0 u/ w咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
* G4 p" N# G* Z) @' V* O: q3 w所以你就會覺得D錢好似蒸發哂咁8 Q; Z# H2 i* \8 `
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你都可以當標野咁諗, 個樣野多人可以狂升值, 5 d6 o, q* p1 _5 g1 A; }
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, / n( \" D6 {+ H$ l. d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; i' r4 W0 o3 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7 ^8 S$ K: y4 k
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.gif1 D' h; M/ X1 D2 q7 S( O1 q. N
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" }3 g5 o) l/ L淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , q* r4 z/ n7 m- a
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
$ E8 {" z5 H0 r  u! R- {$ w. K2 N咁你話d錢蒸發左去邊? ...

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正係咁樣
9 N4 V3 L, F$ N, E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
, J. p+ `) t+ c# `5 G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,4 _3 ]& u; z6 ?" j& G, c
連國家都係問人借, 不停發債券, 印鈔票# u& v' P5 M  L% b
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
. n" n8 x/ {+ _& `: \$ i3 e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( m  V" [# z9 D9 g9 u& W0 H( h5 a# c
咁而家"爆哂煲"算唔算先至係變番"正常"???

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3 l" ^- @' s' Q其實係...
1 E7 v; t  f) C# Z% p因為以前未生產, 先消費
; `+ Y' K2 D2 H0 x+ |2 k9 `( J而家就要多生產, 少消費