0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif' W* }6 Z0 q% a) o7 u& S! w
Why bank will sell 借據給第三者???: {' {" f, T" \5 w+ j7 A
I was so confused.....

3 p; f+ o7 j6 [2 h& k4 F  _
- T. Q! K- g0 U講到尾都係賺錢( u+ [+ Q1 n$ Q" b* u& L
so銀行可以不斷放款
* S* y3 Y; ^. P- ^. y美國的房貸問題散佈到全世界
" v2 F9 v: Z( f. r( \" t
7 V, g8 y3 X- q3 hmortgage loan
/ R% F5 X8 \  I( i& F. I" S& R>conduit
% D# v; f- I* L$ O>RMBS(Residential Mortgage Backed Securities)
) H6 f, _: I" R>arranger
8 @% Y; t( Z0 Y- [+ c>CDO(Collateralized Debt Obligation)) p8 T$ R4 N/ K* U7 ~4 w
最後去到投資者

Kev

i thought it is the reason of rate of return.$ i: p7 K; O  A
CDs could have different ratings, AAA -> F,
. _0 R2 w6 q9 y, B8 wmore risky ones would have higher premium (interest rate) as a compensation for an investment.: ]' f! k1 K- Y5 u( U: \0 p! V
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  Q* y0 w: A3 |# z& ?" Q7 u* u) Sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! ?! Y/ H2 G  v+ N, g# DAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. W( W  E$ J' [8 X$ V9 esimilar to bonds, CDs trading in the secondary market have different value at different times,9 A! N9 s" U! G/ F
normally the value is calculated by adding it's principle and interest.
% s) I, `$ W9 Seg. the value of the mortgage+the interests to be recieved in the future. 7 P9 K7 d0 a! g5 ?/ ^2 e9 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.7 D% P: z( o1 Y8 _  p+ Z+ s
: o( e6 a0 O1 v
im not quite sure if the multiplier effect does really matter in this case.
4 x+ W) z2 I) ain stock market, it's the demand and supply pushing the price up/downwards.
8 ?4 R6 [! M) Q( p! eFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! G3 C' \$ h+ Z# o
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( T) m0 B: Q9 f, L5 H# h3 nThe 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. / q  L. W+ \4 ~3 ~. v( ?5 c
but the value of their assets did really drop significantly.. u/ x! c: X' _5 {
$ B8 W* ^. U- w0 T4 p- g7 ]$ j( ?5 T
[ 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  _4 v3 L: ^* G! \  p8 A
Refer to last example,
& H: R6 p. L$ X2 q, p5 w5 y% Lthat means bank A have no money because we borrow 10 dollars from bank A 8 _% D& H; ^$ H: D9 b2 N8 S
Because bank A doesnt have enough cash on hand
" {' R: M& v0 Y1 P& Q' G2 \8 wtherefore bank A need to be bankrrupt ??? Am I right ?? ...

, V3 l9 }" A) s; [1 L8 ^$ L

; g- H# ~7 O3 E+ V9 O) D% M; T' U% @* O) p; S. \$ F' X
A->B->C->D->E& ]9 ?- B2 }' z% G- }2 L" B% x
so does it mean if E failed to pay D,
! h. X2 ~! u5 B" }" ^- j) }( `all the B,C,D,E have to go bankrupt?
* m5 @5 f' J1 b, i$ u- g! X+ l
, T  j1 G4 c* y3 W, s+ T/ r9 n- y0 A7 K5 W9 u4 R
the multiplier just tell how much money created in a whole economy,
1 C' v5 ^) x! p. P& l+ r7 R; S, Gin this case it doesnt really matter how much money is created,
7 z5 @# M& @* L7 s  e5 tit's the problem of the debt itself.0 Q3 P  {  p- }1 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
8 {& ^# v8 D0 r+ I小弟一直都唔明...
5 u; Q" D8 T" ]5 m5 z: D: L% Y2 c0 w5 n9 K
全世界都蝕錢，咁邊個賺緊錢呢?0 X. `2 q2 s5 n2 u

5 z* H2 [& O- {" Z無可能淨係有人蝕錢無人賺架嘛...
) @9 G3 a# _- M
! ?" \1 \2 q# N# N6 Q5 g敬請各師兄解答
; B" v( l4 k- @8 h5 u9 }$ G" ]
1 d7 I  C+ f2 N/ h. `9 KThanks

' P1 |- |' N3 x# _) K/ i5 N那些根本係 紙上財富  
1 M  Z% C5 `9 \9 d5 t: u! S; ~8 ~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 graphic2 ^4 [3 s' Z2 q$ u1 T
; z# S$ x: N4 |% \% j5 ~) p
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# q, x1 W1 o" W
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
1 l" O0 Y2 L/ W0 y0 _5 {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; ?/ R& l  k- c9 @3 x2 \8 U
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
* V; E) |0 t' ~5 {. I+ U扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# e1 Y+ W% V9 t2 W% r% |; \計番回報率就已經係50%,所以可以好好賺. o( f* q. d$ ~9 x7 }8 i9 f
前提係銀行之間要互相信任先可以咁樣借法9 e! r: S4 ^' ^
同埋個市場既前境要係好先得" s; @: W* J- N1 ~0 h
但當經濟一差,公司估值趺了,物價不升反趺
' f- @8 i! Z( m例如剛才說10蚊的, 趺到得番9蚊,
2 ?( K2 ^$ I; J, }: m咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ z3 r' l; T* D( `2 L
所以你就會覺得D錢好似蒸發哂咁
& `1 a( |8 u/ f& s5 V4 s0 V5 H% @
1 c+ P, t# G3 E! a  ^你都可以當標野咁諗, 個樣野多人可以狂升值, : S1 q) V- x+ s7 X* x) t
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,
- [- s- W' s# C, }6 B$ N5 Z- c8 J: W( l淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & C, M$ w1 t: {' |# A' f  |/ y8 v
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
! q0 @# [0 W9 q% V3 P, 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/ {/ b4 `8 P# O唔係d錢蒸發, 而係比美國佬洗晒未來錢, , M( M# X1 W7 j) M6 `8 b2 A; L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % l: a5 A. H# u1 O) V% ^- u# L
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4 O' u- Y, ]2 F
咁你話d錢蒸發左去邊? ...

  ?6 K; j# M* t
+ B' h, ?: C' @( f) v正係咁樣
. O, ?1 n4 X$ Y- Q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3 J' f, S5 r0 A, l1 w0 k
分分鐘佢地唔使還錢, m0 f7 P+ Z7 |4 S! h- q; Z

! C, i3 r- D" g& 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,) K: @3 J, ~' d% ]- `
連國家都係問人借, 不停發債券, 印鈔票
# D7 `2 H% ~. k( m9 y$ Q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產9 M. g0 R5 T& m
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' d8 ?# [6 H" T
咁而家"爆哂煲"算唔算先至係變番"正常"???

# E) W7 I2 f3 i' ^# |: j, I- b6 c0 F
其實係...
# L1 k8 O" D3 O/ u$ m% O因為以前未生產, 先消費) M6 A8 ~, u: q# C) g7 |
而家就要多生產, 少消費