0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif) f6 K; a6 t/ w( y2 N) [3 D' E
Why bank will sell 借據給第三者???
& V4 N7 N% Q# h! Z  D9 oI was so confused.....

9 c/ d* G4 p# [" A: ^: A! O

9 l9 Q7 Z" o, Q5 e講到尾都係賺錢
( N: S9 J* f+ tso銀行可以不斷放款3 P/ b+ R' X- V% K
美國的房貸問題散佈到全世界- E1 {3 _1 u9 {% Q, Q$ f' c3 j
0 W& {2 }2 O* ]0 i
mortgage loan
# Y8 _; I1 _1 ]" R& l>conduit
9 c: ]4 e4 X' c4 e; E- {>RMBS(Residential Mortgage Backed Securities)
9 I: m" W8 R. q, W0 W- l' f7 G>arranger
4 E; S# f: z% x0 _- Z>CDO(Collateralized Debt Obligation)
0 _* I& Z" p; k/ l/ d, @4 U最後去到投資者

Kev

i thought it is the reason of rate of return.
$ ?3 J( E8 N1 c4 C( h3 L9 F* h7 FCDs could have different ratings, AAA -> F,
1 ?% X3 h; }7 `8 gmore risky ones would have higher premium (interest rate) as a compensation for an investment.
& c# N$ N! x1 T9 nmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, ^  l5 R, E- V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% ]* X8 s$ q5 P8 z1 t* L0 f& pAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 \1 z( v. }+ U; i! j- A. W$ g- O
similar to bonds, CDs trading in the secondary market have different value at different times,
  [; ^( n" ?4 d8 V) H$ d! enormally the value is calculated by adding it's principle and interest.
1 k) _+ W. W* b! jeg. the value of the mortgage+the interests to be recieved in the future. : `& h7 p; J+ u  d' C/ `
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.
. k& b1 _: }, a
: I! I+ L. {, m+ Y" U* R/ o5 B. p# Pim not quite sure if the multiplier effect does really matter in this case.8 g- P5 {6 Z7 z7 O% c5 ~0 o. K! S
in stock market, it's the demand and supply pushing the price up/downwards.
2 h  p3 C% a5 N7 O1 |For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# Z* T1 i; g& L* F
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% Z  x$ q1 m( ~( r7 a+ h9 }
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. " a2 }( V# m# A! Z$ U
but the value of their assets did really drop significantly.% s6 v1 M! ~+ Q1 t  V- a
5 P. l# U% K0 F
[ 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 S3 g: M6 I+ u( _
Refer to last example,
7 Y# }5 ~5 J& n9 \9 |/ |; r$ J4 j% rthat means bank A have no money because we borrow 10 dollars from bank A ' f7 w$ n3 x2 |9 v
Because bank A doesnt have enough cash on hand
8 i7 j6 S$ d- u1 ytherefore bank A need to be bankrrupt ??? Am I right ?? ...

% w: m6 h; U4 a+ a+ k. n3 Y. o6 T+ Q0 S; [: V0 ?( }

3 Z- B+ a2 y' F& \A->B->C->D->E
' A4 P- g! ^6 J9 y9 t% b: X) Aso does it mean if E failed to pay D,
3 Y# Y5 X- \" }7 ?7 Jall the B,C,D,E have to go bankrupt?
/ K' \- a0 T4 g$ f# i0 A  _; O: u) x
' n' ]4 w+ d  u5 s3 n: g
the multiplier just tell how much money created in a whole economy,
' R2 [" Y6 [. Xin this case it doesnt really matter how much money is created,
9 D3 p7 B2 o% X. C# ^% ~0 xit's the problem of the debt itself.
( L2 S0 t& U8 B. P4 I4 \; Qthe 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.gif3 l+ d7 t2 D9 Y  C2 y- W8 c- Z" I
小弟一直都唔明...8 o0 Z+ i! b( S0 j- Y: R
  K+ e7 b# p$ h0 G9 B) D
全世界都蝕錢，咁邊個賺緊錢呢?
8 T6 f3 p# s! i, `. r9 A+ e5 J3 Y  b5 M3 B9 |8 Y3 e. @+ G; c/ n
無可能淨係有人蝕錢無人賺架嘛...
) `) k% `1 u6 a: L* a% f$ x- M
. S$ K" \7 N. ]9 }敬請各師兄解答
" T5 ]+ D5 e! l7 z+ A$ @
- E  d) p8 Z! E5 V% MThanks

8 M, o$ n& v! N+ O# |4 T* w那些根本係 紙上財富  
: w! \5 [; w( ]& B' {; o' I0 X; n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
% J) |1 Q, u" ~. ]  b0 T1 p/ j0 u2 k. e# I, ~7 t1 y, \
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 Y# l! v: h# a1 ]6 J' P# r
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高+ V9 W6 u, l* ]/ 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0 P. @+ R! e+ U
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
  V8 K3 N6 r  B! f  g% F扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# `8 U) c/ I' ~/ g
計番回報率就已經係50%,所以可以好好賺4 g# l) F+ a6 _& K" K5 q, j
前提係銀行之間要互相信任先可以咁樣借法
0 v* ]0 O* f5 e' q% a2 G$ u同埋個市場既前境要係好先得
" a4 W4 e( s' Y; f5 n0 V但當經濟一差,公司估值趺了,物價不升反趺1 x1 H" |: B2 v3 b! ]
例如剛才說10蚊的, 趺到得番9蚊, 0 o7 K* B* r, r( `
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%: h" Z4 ~! O: \+ {
所以你就會覺得D錢好似蒸發哂咁  \& i: v+ @. }1 ?' k9 w$ w

  c" {' Z, v. }2 a- ^你都可以當標野咁諗, 個樣野多人可以狂升值,
) F9 E. G. ~: b& g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, ( \1 W- @* t3 V: r" E3 E3 h
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ i% Y' @8 a' X$ X# L* N
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6 V( r% s5 s7 ~) s1 Y
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.gif2 H. Y5 b1 `2 W1 N! D7 g
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
$ {+ i! E8 I7 k# {, W! C淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, C# |( V+ g/ T! E1 w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
9 i5 f8 B9 r8 j) ~咁你話d錢蒸發左去邊? ...

: V( f+ V, U/ p; c9 a8 d6 h' i* E  v7 f1 y$ \1 ^3 D3 [% u4 a% o* b
正係咁樣2 P6 G; E  r1 @+ Z2 b# O* ^
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# b6 |* h3 n& ?
分分鐘佢地唔使還錢
4 Y, K9 ~( s  o. N% ~
, k) K9 V4 y$ l: A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 K$ L; Q$ d* ?% Z8 K- l) d
連國家都係問人借, 不停發債券, 印鈔票0 b1 B+ ]/ |) s  N' X7 w. Z: u9 h
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產4 \9 R8 \+ T: `
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
1 C& @0 o5 J' M( _( f. Q咁而家"爆哂煲"算唔算先至係變番"正常"???

/ K: ]9 O+ G& a: _2 K' v
2 _! Z! u# Y6 J8 k" V8 S
其實係...
$ W6 [# S) B' V8 n+ I- c& @因為以前未生產, 先消費; Q5 S, H! }5 d/ e, a9 B
而家就要多生產, 少消費