0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif- C  |6 J' U9 R9 `9 S0 Q: a. K) M
Why bank will sell 借據給第三者???
8 X8 [6 I1 Y  B3 l8 ?# zI was so confused.....

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- l. r1 u2 U9 P' ?: m- }& T講到尾都係賺錢- \7 j2 b" F4 m! U5 u" T
so銀行可以不斷放款0 R' v! {) l3 L- F3 g0 A
美國的房貸問題散佈到全世界
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mortgage loan
  S: ]" n4 b: K4 B>conduit
9 L1 C. R) c3 d4 W( C9 n>RMBS(Residential Mortgage Backed Securities)
6 A8 y4 v& e2 S# J>arranger/ a% ~( r3 C; j5 V9 @8 s
>CDO(Collateralized Debt Obligation)" \. z# f# U+ w! i
最後去到投資者

Kev

i thought it is the reason of rate of return.
% \& R% i1 O. B/ I! ?CDs could have different ratings, AAA -> F,
  C+ w) K( `/ s7 G) U# j% wmore risky ones would have higher premium (interest rate) as a compensation for an investment.5 i9 w% l: d. u4 Q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ E5 h6 x$ v8 e& Q. y: m) l
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* n9 x; E% s' R7 ^7 G3 T
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.  x4 P$ ~- o# h! T
similar to bonds, CDs trading in the secondary market have different value at different times,
9 [; h) `, T$ N$ Vnormally the value is calculated by adding it's principle and interest. 8 m8 ^. a' [6 O
eg. the value of the mortgage+the interests to be recieved in the future. , O' E" c; s! 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.* a$ R/ P' J2 A. X
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im not quite sure if the multiplier effect does really matter in this case.
( `1 x+ A% j$ F- Zin stock market, it's the demand and supply pushing the price up/downwards.
; A  b& ~. M  Y7 c8 X' ^For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 S& z+ U; O5 S: ~+ uA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 H6 {# {9 o1 C3 t' u# r5 sThe 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.
# i# _& k, w5 ?  xbut the value of their assets did really drop significantly.
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[ 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.gif4 K# N0 n% S7 A$ [" j' Y2 e$ E
Refer to last example,. w6 E+ D# l* n! K' U# e9 a
that means bank A have no money because we borrow 10 dollars from bank A 8 s, @, O* o4 X% W- \( b+ m
Because bank A doesnt have enough cash on hand
( o( t: q5 d6 q6 I$ ktherefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ Y+ y- O' ~' YA->B->C->D->E! }* k0 o. t0 T; d) ]4 h
so does it mean if E failed to pay D, . b5 ^  J! {: [
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
4 u1 u6 ~" d( Q9 {# Q7 Xin this case it doesnt really matter how much money is created, 5 W7 J+ \$ A  a+ O7 J
it's the problem of the debt itself./ H+ s0 Y5 P/ v5 j6 q1 S0 g
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
' i& `! X  T- `1 h, D2 p小弟一直都唔明...( z: \  R5 F, b# I

+ F# i% u1 }5 Q' v全世界都蝕錢，咁邊個賺緊錢呢?
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- U0 O2 Z! [7 p/ ~無可能淨係有人蝕錢無人賺架嘛...$ a1 w* Q, P5 S, R/ @/ ~

1 g' J( d- a$ U& I# ]敬請各師兄解答
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Thanks

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那些根本係 紙上財富  9 ^, {: V' A7 \8 p# y- h  t
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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/ B$ O! i2 T- h& C: khttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產; h* E2 e9 x0 w8 z9 p- P1 b) @
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' J  E, n: `0 {1 u4 d, [6 \
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$ O% @1 J' F: f
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦* P, _; r! Y; Y: g2 v; ?
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,: R! r% F. g$ G% @/ }
計番回報率就已經係50%,所以可以好好賺" A' F9 B, W  J; K
前提係銀行之間要互相信任先可以咁樣借法
2 Q2 F3 _0 x  l$ h2 A6 l: k* S同埋個市場既前境要係好先得6 e" ]: X- W$ {
但當經濟一差,公司估值趺了,物價不升反趺
0 F" S6 Q* M( q) z8 L例如剛才說10蚊的, 趺到得番9蚊,
: D3 ?9 y: v0 P% x2 l咁投資銀行一下子就要還11蚊, 一來一回變左虧200%9 y4 c7 T$ }% C
所以你就會覺得D錢好似蒸發哂咁8 h  W! D1 D0 Y

2 Y( ~& Q1 g6 o* z2 g/ Y- L你都可以當標野咁諗, 個樣野多人可以狂升值, + g# t- |8 A8 K6 Y
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,
# t: v3 B# W& k5 M" h. g: p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; a1 ]+ x" K" V5 T
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 L  W2 Y, @( W
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
0 k% g4 Y! H, u# ?唔係d錢蒸發, 而係比美國佬洗晒未來錢, . o; @: }3 p& |1 v3 D' k8 N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% X0 a) Y; o* U# s9 a2 Y/ n  g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
, x. n7 S$ q2 X$ ?咁你話d錢蒸發左去邊? ...

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  O/ D4 |- H( m7 E$ q  u正係咁樣1 T! K; W0 N9 H
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
- O1 f0 _8 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,# T; O1 h9 B' o3 x0 p9 |* r
連國家都係問人借, 不停發債券, 印鈔票7 e3 t0 U. s/ G, Q
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% {, p' Q$ u  f) Q8 Z4 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.gif
: n: |" P& D( Y5 }咁而家"爆哂煲"算唔算先至係變番"正常"???

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8 W; b( B: P9 v: ?* H7 m其實係...
4 H, T" \4 I+ z, G% J因為以前未生產, 先消費. X7 l+ Y" t4 H, d; W
而家就要多生產, 少消費