0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif8 ~( G7 g$ q: G5 V; b- G* _, o, `/ A$ r
Why bank will sell 借據給第三者???
3 H& Z8 Z% g6 s1 H2 t1 K. s7 hI was so confused.....

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4 s- X% {) M* n# X1 g% x講到尾都係賺錢
8 U$ V) a7 }) l/ A" gso銀行可以不斷放款
( P: D. L! \9 ~  E美國的房貸問題散佈到全世界( p& p* A( ]: N- K3 a4 q
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mortgage loan
2 ^; O+ @# x. @% S& \>conduit* x$ j  k6 c  H$ p  J6 X
>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)& l8 G- N: Z/ @( d6 V1 K
最後去到投資者

Kev

i thought it is the reason of rate of return.
; c9 g0 F" x1 d& u7 Q8 o" DCDs could have different ratings, AAA -> F,- G( d9 A8 W! ~5 _) v
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 t; a: a, ]% H+ O) k- ]. G: _
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: B; n4 F$ Q/ r
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 m: |- @6 N# r8 d6 tAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* c( r3 H) f# G+ P/ |. R% jsimilar to bonds, CDs trading in the secondary market have different value at different times,  J+ I: r! ~2 c
normally the value is calculated by adding it's principle and interest.
, _2 O% q4 u- c: N% T! veg. the value of the mortgage+the interests to be recieved in the future. ' b4 s$ l% u! Y
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.! O4 h: j- Z# _- }" P$ {7 _  C3 \, m6 D
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im not quite sure if the multiplier effect does really matter in this case.
4 L0 T4 a' X5 s1 V( ^$ Z8 \1 V6 O* Xin stock market, it's the demand and supply pushing the price up/downwards.! Y- K2 D& |5 y# Q$ s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ C6 @3 _# I7 P' N2 }- l* D' l
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 D4 J$ E; w+ k; [7 a7 c" n$ pThe 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. 9 F1 e- U" z8 g8 I! ~, S7 q, t" \
but the value of their assets did really drop significantly.% r, q5 g& q" n, ^7 t% S

- c% ^) T  {5 ?[ 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.gif3 d: y0 C, _) \8 ~3 X: C) ~2 e0 C
Refer to last example,, w* F5 A% ]0 Y% P8 n8 s8 j, C3 e
that means bank A have no money because we borrow 10 dollars from bank A
1 A6 T/ o+ h5 z- K. o. Q. R1 J2 vBecause bank A doesnt have enough cash on hand
  d% W/ V/ L% }. z7 ?/ Y1 N3 Wtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ a' z4 L8 M8 @9 }& O+ b1 s% ~A->B->C->D->E  \4 q7 U" m" h3 d8 j0 ^: I$ |
so does it mean if E failed to pay D,
! H0 _: _4 @* \+ x, {7 `# F3 Vall the B,C,D,E have to go bankrupt?
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0 ]( b7 v. T; ?
: V. c2 f9 e4 X( H, a* uthe multiplier just tell how much money created in a whole economy,
( P% ~0 B# I  U7 kin this case it doesnt really matter how much money is created, . y% \' A9 `& _- s
it's the problem of the debt itself.
# B' W5 F; E% Y. y6 b8 `! k- A. uthe 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.gif8 m' r, S# z# M- z! X  T: ]
小弟一直都唔明...$ R# J& k6 d# F+ u( U
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全世界都蝕錢，咁邊個賺緊錢呢?( p4 a4 \* |5 j
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無可能淨係有人蝕錢無人賺架嘛...: }+ Q$ v5 V' o
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敬請各師兄解答" T& ^! e( F3 I9 {

( J6 o$ G- ~7 bThanks

$ K% \/ V" M& \$ ~9 t; b. [9 N! \. |* x
那些根本係 紙上財富  . O7 n6 _: n' b- n1 D) T8 X
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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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
0 y9 U7 J7 X0 a當經濟好,投資銀行相信會賺錢, 物價既估值相對較高4 ^! o2 F8 e4 {! O
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6 ?2 w1 K) I3 |: u
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
$ k! }! W2 q7 L; Y6 p& u/ k扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
& F- Q' X! u) c* @5 ^; _1 p計番回報率就已經係50%,所以可以好好賺" Y! b& s4 M" Q( {* L
前提係銀行之間要互相信任先可以咁樣借法
% i  p, R2 E9 Q6 V' K同埋個市場既前境要係好先得
$ q% ~6 Z! N' p$ c0 A/ e9 |6 E1 M但當經濟一差,公司估值趺了,物價不升反趺% S4 Y. W: F8 M8 k9 |  \
例如剛才說10蚊的, 趺到得番9蚊, 9 j( H4 f5 ^  o7 s( L. x
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 d2 {* ^5 z$ y  }所以你就會覺得D錢好似蒸發哂咁' j4 a9 _, C# p6 I

) v( R! W  z$ \, ~8 _你都可以當標野咁諗, 個樣野多人可以狂升值,
: [8 N" D8 V3 p' R1 C: r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,
- a5 O& o0 M9 Y+ C9 O, V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 C: i' X0 J6 O$ ~8 m4 A* B6 R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5 K. N1 W: w9 V* ]- o3 c
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
3 e# Y5 [3 M8 {. t唔係d錢蒸發, 而係比美國佬洗晒未來錢, % T. ?3 `5 a+ E: O$ t' D2 |; F
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% z( Q* @* \" I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
! j3 M+ M1 ?5 c* v' }2 ^0 A咁你話d錢蒸發左去邊? ...

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正係咁樣
& _) o2 Y; O( b/ h7 |4 }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
. W  O& G0 p: [5 Z9 e# q: r- K分分鐘佢地唔使還錢( s# W, n# C- v& N
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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,0 ]& A. Q: h) C' q# e( i
連國家都係問人借, 不停發債券, 印鈔票- F+ T+ ^0 t! l9 {7 T5 i( P
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產5 Y/ V0 ]- P  o& 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.gif
2 x: S2 H% X* g5 Q3 b9 J, ~5 z9 ?+ y咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
" E4 j! x; L  ^1 o因為以前未生產, 先消費
! q: H8 `5 Z. R, K& Z而家就要多生產, 少消費