0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ ^4 p6 _( y+ ^9 g) |4 T8 o
Why bank will sell 借據給第三者???
& m  p! ?+ W, ?$ OI was so confused.....

$ v7 m& N+ a- y* G2 J& \2 `
. E% J+ E- b7 u; v4 F1 M& S講到尾都係賺錢
9 g4 A8 W% E$ J% n. Iso銀行可以不斷放款
5 H, W9 L8 c6 |  Y9 a0 p美國的房貸問題散佈到全世界
) M( {" H. [& ]5 P% e  c
( D8 [6 t1 Z- y- V: w& M5 y2 omortgage loan
6 c; m: q# A+ e7 b" p>conduit
+ I6 n; [1 r; o+ B>RMBS(Residential Mortgage Backed Securities)2 y& I0 D4 ~- ^! @% s- J9 U
>arranger
' ^* t, R0 D' R7 D; ^>CDO(Collateralized Debt Obligation)
+ V1 q: z- u4 Y1 s; {最後去到投資者

Kev

i thought it is the reason of rate of return.
+ S" ^, {# @1 jCDs could have different ratings, AAA -> F,* {3 i, |9 \5 p0 ?! V) L
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 j7 J: D, C6 A
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ \$ q* V6 [8 y2 Tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& z$ j1 H- R' ]* l; T* g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% @% z- b" b  I6 k; [similar to bonds, CDs trading in the secondary market have different value at different times,6 m" G, F6 t3 m6 V
normally the value is calculated by adding it's principle and interest. $ k6 q: L5 P' B/ q; v
eg. the value of the mortgage+the interests to be recieved in the future.
* o0 }. V: ]8 _& q' P/ g2 bbanks 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 K5 d; p- X* b( J( o

+ s" Z; a$ r8 H3 fim not quite sure if the multiplier effect does really matter in this case.
6 n- E% x; [7 U/ F+ T! x( ]+ u. ~in stock market, it's the demand and supply pushing the price up/downwards.
( F( Z( `& r3 |) YFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, M  _9 J7 K; z1 i) f+ DA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# ^) S; H1 h1 B
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.
, ?6 K/ y- f: r! Pbut the value of their assets did really drop significantly.
/ Z. b6 ^" w3 ^
% F3 ?: B( b7 W7 x. J- v$ u) Y[ 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% Z) t! M9 d* g& `7 a; z' ^9 R
Refer to last example," K6 q# \5 ?0 \3 b, B) H7 ~- r2 v
that means bank A have no money because we borrow 10 dollars from bank A # N- W# q0 h8 D) \' [' V5 M
Because bank A doesnt have enough cash on hand
' f/ x2 z) ^; k' f6 gtherefore bank A need to be bankrrupt ??? Am I right ?? ...

! b+ t( C$ F% W+ @3 T8 m
0 O7 A; A! j- X2 H5 x2 g- B; u" X% J7 U2 o  R% m
A->B->C->D->E4 Q4 ?, e, S) w3 `
so does it mean if E failed to pay D, * L( A8 r5 a' A
all the B,C,D,E have to go bankrupt?
7 f1 n/ Y/ U/ J0 P4 Z. K; Q5 Q" A7 s3 ]. H, I# `3 O9 J& H

* V% T. w/ k$ j  Y1 e, D' ^/ Zthe multiplier just tell how much money created in a whole economy,
  Y9 I$ {0 i: f* a/ Nin this case it doesnt really matter how much money is created,
7 ?0 H8 Y. K1 q2 a! X3 e, A, Bit's the problem of the debt itself.  e2 e+ @6 _+ E( T# x
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
7 ?7 E& B: m4 u( \4 M0 {! }) J" @小弟一直都唔明...
$ ]- [8 J- t/ R8 r/ C9 x6 ^7 Y' |$ H! L/ ~; m; V
全世界都蝕錢，咁邊個賺緊錢呢?
8 k$ h+ @* R$ d6 \
% }( p4 J0 A( |3 M無可能淨係有人蝕錢無人賺架嘛...
8 W) o# }+ U0 _3 `6 P0 @5 P/ D+ J8 X. L* U, W# `; O
敬請各師兄解答
0 r; \5 |+ K8 k" q1 K4 c) \9 M8 B4 |7 X$ r+ @
Thanks

  g6 u* c" L! ?# d( n0 G
那些根本係 紙上財富  
/ |+ z) `# d4 I( u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
' Q6 S( c# h$ X8 K/ X
$ T, p2 s3 I8 d1 Q  @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
# a  `, I: v( K: }當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) n$ f; Z4 S5 `3 V
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
8 G' X. K- F1 H# b% M9 s' C/ S/ c個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
- ^9 o  R9 f  W, C8 K扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
- H5 b- K  R+ L( g2 h: ?& W% T8 ~' J計番回報率就已經係50%,所以可以好好賺
; ^" p9 |  N, H前提係銀行之間要互相信任先可以咁樣借法  Y4 U  ^0 j( K  ?! O5 ^
同埋個市場既前境要係好先得
6 a& P. ?" n* _; z2 J但當經濟一差,公司估值趺了,物價不升反趺7 ^* `1 D6 \/ Y0 n' ~
例如剛才說10蚊的, 趺到得番9蚊,
& [6 d: L+ d. C/ E5 y# D$ o咁投資銀行一下子就要還11蚊, 一來一回變左虧200%0 o( l8 ~- d, w# ^
所以你就會覺得D錢好似蒸發哂咁5 `  p9 K. U" t- N
+ y, T! G+ S  t$ s( O
你都可以當標野咁諗, 個樣野多人可以狂升值, ! h) `/ j  A. t0 {
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, ) A) h% A& [+ S. O8 k" N- X2 v
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - i2 J9 ~/ m7 r2 X
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+ e$ O5 M: O* l; G
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* W2 Y# g  \# }- z# e
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
  {: X5 Q; o2 J! O淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: Q# E6 V8 L, g" 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
7 `) \. c: F6 L0 }( i咁你話d錢蒸發左去邊? ...

% R0 S3 i% ^  }
- L' `  Z* Z; N. g; b* N' }8 O$ w正係咁樣
+ A1 M: _3 W; z2 F, a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5 u# L0 B' m1 _% r& v
分分鐘佢地唔使還錢
- p- y" n- N; n" a% K- j5 m+ y
- p6 Q: e5 l! L3 h6 f" r5 b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 I  V+ X+ {7 ~' S' x連國家都係問人借, 不停發債券, 印鈔票" ]) q/ w- V$ t7 E  l
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產3 ^% a6 b- }6 b- G3 F! j' S
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.gif0 r1 F5 i, {! y" x* T  i' _1 s, A
咁而家"爆哂煲"算唔算先至係變番"正常"???

& T% y7 X2 b: K* e/ j" I5 [8 s/ W# V  n+ n6 A
其實係..., e  p7 [" K* X3 w% H; w- F
因為以前未生產, 先消費
0 N6 ^( D' d; H5 o/ w) k而家就要多生產, 少消費