0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
# ]* W3 c: ?. }0 b) V- ]& qWhy bank will sell 借據給第三者???
. w6 M/ Q1 J6 _. R, S2 k7 e5 sI was so confused.....

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1 h" \2 S9 V  m. l; m講到尾都係賺錢
. S" i6 N5 [0 l& Z' X# x: b- fso銀行可以不斷放款
) V: s- ]; U( T* k4 q美國的房貸問題散佈到全世界
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mortgage loan " I$ [7 A3 C" n2 ~7 f; P, }' W
>conduit
4 H5 j  z( R" ?>RMBS(Residential Mortgage Backed Securities)
/ r  M6 e9 y% x0 S2 ?>arranger
( _- i6 h: \' f>CDO(Collateralized Debt Obligation)
: B5 y% x) _( n: C. Y, N' `最後去到投資者

Kev

i thought it is the reason of rate of return.! B5 W3 h( O8 s6 w" z; H4 i
CDs could have different ratings, AAA -> F,
9 ~4 A* r, t9 T2 w3 @! W$ Y: x) Dmore risky ones would have higher premium (interest rate) as a compensation for an investment.
2 u: q9 ~1 q+ H7 P* h6 p4 ^main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 F' C( Z* N4 C% Win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& a, v/ g( T5 E. l  L. Q5 H6 e
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 f9 l7 O" b. ]4 S% s* Q3 Y% U
similar to bonds, CDs trading in the secondary market have different value at different times,8 }1 O$ L# z7 R6 q" z
normally the value is calculated by adding it's principle and interest. # b  i7 j9 r9 U2 ^( H7 [
eg. the value of the mortgage+the interests to be recieved in the future.
, t) e, p# x; W0 P' Ebanks 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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  L5 f, I& T$ p8 h. M5 Cim not quite sure if the multiplier effect does really matter in this case.0 I# Y( z' f8 u# J  G
in stock market, it's the demand and supply pushing the price up/downwards.
5 x+ E! `  D. y0 R; vFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. L$ b1 a; D$ Z9 w. G
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 y6 w6 {5 I  z* N
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. : B: L' m- D0 z; G2 n
but the value of their assets did really drop significantly.) w7 E* v6 D/ J% p5 ?

  N9 g' Q" r  H3 V* R[ 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( T7 N/ k4 L' P5 y
Refer to last example,
1 O- U" i; D2 \1 b* ~% N# qthat means bank A have no money because we borrow 10 dollars from bank A
; Z  W- w  }3 Q- `: P' @Because bank A doesnt have enough cash on hand 6 j8 [+ b4 ?/ _# V5 E
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E( c( v6 E  }# `
so does it mean if E failed to pay D, 1 {8 S+ A: ~7 Y3 J+ S4 q' e" r, o7 w
all the B,C,D,E have to go bankrupt?9 m% m4 q  k/ t8 L6 U* T, f; [

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. V! O2 G9 t# {  y' e. Sthe multiplier just tell how much money created in a whole economy, 7 W' o3 Y  e8 l! p0 J
in this case it doesnt really matter how much money is created, 9 K. R% o7 u9 L. u( q* ]& S
it's the problem of the debt itself.& K( c9 ]5 g( g- I# d
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
1 d) T1 Y" b# c  K% E小弟一直都唔明...2 S# v0 F' S* `8 j5 O* b+ p3 z2 h

, Z) O; G9 m4 ^! H) u- x/ r; n9 Q全世界都蝕錢，咁邊個賺緊錢呢?  G; |% U- A6 w
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無可能淨係有人蝕錢無人賺架嘛..." Y! o4 u6 i  L6 W. ?0 @: E7 ?

3 r" c6 `6 z6 l3 `4 S敬請各師兄解答
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Thanks

( w% |+ V( f3 t) T7 Y! }8 G那些根本係 紙上財富  + C: L0 W9 s$ G3 \( w
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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. }. V* _5 X; E; `6 D! O' [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
7 |) F+ P8 B# D6 _當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: u1 @' z( @6 e7 d4 m. `: x
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! m, t$ ~& l9 \
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
# Y5 Q; {( z8 ~' b& T扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,( Z8 ~% y, n1 p& J/ |# `
計番回報率就已經係50%,所以可以好好賺& b1 d1 U7 f7 b0 s/ v$ s9 x
前提係銀行之間要互相信任先可以咁樣借法; O4 k3 J' k4 n2 r" ?- N
同埋個市場既前境要係好先得
+ @8 o3 c( H1 Q1 W2 _3 y' g但當經濟一差,公司估值趺了,物價不升反趺
. H3 @, A& K! }例如剛才說10蚊的, 趺到得番9蚊,   K# D. v' Q& R4 W
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% n0 B) Y0 h! @6 X/ e, V" ^所以你就會覺得D錢好似蒸發哂咁6 x) P6 |* k: F; d! A9 z. v, y7 |
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你都可以當標野咁諗, 個樣野多人可以狂升值,
0 L* G- U0 ^! s9 w3 s# r+ X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, 5 g7 l4 i! n* c, a6 d2 b. E
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ r3 R1 K# f7 i( b4 C0 G# k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3 S, n9 W7 L9 e0 U' ^: R
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! ~  A( G  Y8 N4 s4 s. W2 d: x
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; ?$ y5 U6 r1 a3 }+ W1 R
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, V  z) t# V9 ?) B6 c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
$ B( l" u# a8 g4 m9 }. W% I2 p咁你話d錢蒸發左去邊? ...

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正係咁樣! x% T9 }8 I8 Q1 p* I2 E( y
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' C2 J: P% M7 `
分分鐘佢地唔使還錢
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" E- H# D# l4 m' {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,
2 H# _9 N! I2 w9 k: r; B; ?% j$ ^連國家都係問人借, 不停發債券, 印鈔票" Z, {7 ^+ @3 T. W& ^2 L3 {
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產- P8 A8 v1 ^0 f9 r* G2 I
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.gif6 R3 N" L1 r9 u  ~# |
咁而家"爆哂煲"算唔算先至係變番"正常"???

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( n* J" E- b! t/ d$ }2 J4 s6 i其實係...
1 \* F4 u* v: l0 d因為以前未生產, 先消費
2 C9 W: B* b. w$ J& A而家就要多生產, 少消費