0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 z# f8 ?0 v" T: sWhy bank will sell 借據給第三者???
1 I4 l0 {6 O- JI was so confused.....

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7 x$ \8 v0 b- L: M" `8 ?講到尾都係賺錢
0 Y7 j* P& z* u% Cso銀行可以不斷放款  @% u( y0 c0 X$ ?
美國的房貸問題散佈到全世界. \5 h4 {, N: M( E

% ?+ k' ^3 X: K8 l  w3 x. bmortgage loan
* X# R6 N4 G" ]& m) Y>conduit
1 G/ c* c% o" l$ U. @2 C8 w>RMBS(Residential Mortgage Backed Securities)/ f6 a/ M& |1 _+ u- I
>arranger
9 f( W& V$ y' i1 Q>CDO(Collateralized Debt Obligation); \* J/ K+ |- M
最後去到投資者

Kev

i thought it is the reason of rate of return.) J5 o% X/ V/ y) X* T' _$ ]5 Z
CDs could have different ratings, AAA -> F,& n3 Z0 L- V% A' I9 l* h+ Q
more risky ones would have higher premium (interest rate) as a compensation for an investment.
( _& v) r9 ]; F* n  e$ R" jmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ a9 L( P) `3 z% C8 Qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! d7 P8 p3 H& W
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 O" ?, _0 K; e4 P! T6 w2 P. O' k! hsimilar to bonds, CDs trading in the secondary market have different value at different times,
* ~4 a0 k5 E8 \. ?1 t: M; Rnormally the value is calculated by adding it's principle and interest.
& H1 }  L# k$ U4 {+ I9 c5 r7 ueg. the value of the mortgage+the interests to be recieved in the future.
) l7 A7 |0 ]& R% vbanks 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.4 L5 A& k: k0 @1 N
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im not quite sure if the multiplier effect does really matter in this case.
( l+ s. L2 \5 V8 K0 d; R# iin stock market, it's the demand and supply pushing the price up/downwards.
3 u# {4 ~0 H% x  P! p2 \9 a. IFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 Y/ {2 D6 x6 N6 V. H( Y8 YA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% R, G3 d6 P5 f* x( V  R5 Z  C" w
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.
7 t+ B; e7 R; X; ]* `but the value of their assets did really drop significantly.) |- c; g' c/ _! `, o& r

, {: u. P8 J! ]  i[ 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.gif8 C  p, \+ B3 X1 ]; N3 c/ g
Refer to last example,
4 Y7 D7 a& S. f1 }1 D& F* O7 v/ _that means bank A have no money because we borrow 10 dollars from bank A
8 H' p2 S/ v' ]% ~8 H- [Because bank A doesnt have enough cash on hand & h+ u" o2 v( G3 \* H4 Y* K( v
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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; r, ^4 }* `- r2 \& BA->B->C->D->E* [3 K! ~7 H' ]  r0 x, E1 W
so does it mean if E failed to pay D, $ f. v2 g- T# X! L( Z& X
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,
- ]) I: @% S3 T- S+ C$ K6 i0 Lin this case it doesnt really matter how much money is created, 5 Z8 M4 C7 s% E: E6 v, e
it's the problem of the debt itself.
) q* N% |; H& Q4 k' J& i9 |" xthe 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% Z& N# E4 P- Q% c7 c( l
小弟一直都唔明...: I: s, }2 Y# v7 W! M1 g

6 [9 `# d8 X2 A7 u0 E5 G全世界都蝕錢，咁邊個賺緊錢呢?, b; b. ], }% w& _. ?' u

/ E) T* b! ^9 x無可能淨係有人蝕錢無人賺架嘛...( R& U5 R* c+ F. g! Y4 q

9 z+ \9 L( _% U! s2 e敬請各師兄解答
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# {& a, \9 G$ A% Y1 w! U' Y6 xThanks

" R4 w3 h5 o+ j& @* S那些根本係 紙上財富  
' W$ [# e2 l9 U' T$ d+ C8 K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, T: P3 }  ]& }( u, I4 m

+ }' K- d# z5 Z7 `- O3 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+ J* C: x) T5 h( q7 [+ V/ ]
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高/ n/ O7 W, w) B2 q# x  A/ s# e  M3 j
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
; i0 E" I+ Z: C2 C8 c) K* F個件物價係市場好既時候升, 例如15%先算,變左12蚊啦+ P. q9 J6 v9 x8 T. D
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
8 a/ ~3 s8 |) t& @4 a! a計番回報率就已經係50%,所以可以好好賺. c* I. g8 N) ~) I/ `6 Y" n, A+ X
前提係銀行之間要互相信任先可以咁樣借法
( }* A* h. S  g同埋個市場既前境要係好先得! X. x! B( `0 b* `( _6 _
但當經濟一差,公司估值趺了,物價不升反趺5 S, ]- S1 d" s- U$ R# Q6 r
例如剛才說10蚊的, 趺到得番9蚊,
) T; |( V) z- B. a8 K2 u& F2 N5 m咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
; R5 {0 u$ h2 D  f( ^所以你就會覺得D錢好似蒸發哂咁
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6 g8 O: r# \8 c- u/ e3 _你都可以當標野咁諗, 個樣野多人可以狂升值,
8 Z0 N, N. g9 D+ |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,
4 y$ C# a+ D; M- f6 \3 L% ^6 E  P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + @6 \+ o. q  I# b! [0 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+ f' u3 h9 U7 ^6 m
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
  n$ b& R) y$ B$ f6 O7 D唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 F7 E7 `3 v0 B+ P# A- C# o
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! T$ ?. e7 X2 s0 d6 p/ Q* H1 y5 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+ a  V/ f  s+ C4 u" _
咁你話d錢蒸發左去邊? ...

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正係咁樣
1 t1 a% U2 B8 X. x* i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
- G. N" `- ]  V+ K2 ?3 l! Q分分鐘佢地唔使還錢" d5 ]& l! W& w2 f; H4 i* W4 g
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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,
4 D8 w, c% f9 g連國家都係問人借, 不停發債券, 印鈔票( I, L1 u% u" f  B9 w- [
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! ~: m4 ?# U2 L# f7 O! v' Y0 b7 V
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
- Y/ J, ~& S5 Y% t! p( t咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...4 e2 h/ `" {+ x) R) t: R7 A
因為以前未生產, 先消費
6 W+ E" g4 P* |- d' `而家就要多生產, 少消費