0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif! o. V8 v- |' O# |; k. M7 U
Why bank will sell 借據給第三者???' ]5 M$ F7 G- e! ~4 A2 ^* k4 A
I was so confused.....

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( z- N) [! ]2 e9 P# o講到尾都係賺錢) V+ }8 M! Q0 I$ J# V  l  Q+ @2 m- e; Z. Y
so銀行可以不斷放款- O  P( w" v3 h1 `
美國的房貸問題散佈到全世界% x& l( g1 h# z5 v1 a9 j  H

! V/ p+ z' ?  T; i& rmortgage loan
8 Z. {* O2 J! k. R7 D$ t: M# y: F6 d& M>conduit: e. s) E' ?4 U$ j% h
>RMBS(Residential Mortgage Backed Securities)
: F' R7 U6 _$ H& h>arranger
8 X1 r  ^$ U$ U: K9 o9 m>CDO(Collateralized Debt Obligation)
+ _7 D) g. G: r2 t1 K5 Z7 g最後去到投資者

Kev

i thought it is the reason of rate of return.. V' P/ g: `1 l5 p) Y. z
CDs could have different ratings, AAA -> F,
7 e0 B- ?5 O7 q2 n: [2 @( Smore risky ones would have higher premium (interest rate) as a compensation for an investment.3 y1 }. v3 [( O- s- f
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# y8 t+ p7 T6 h! A& u& N; h. c3 Z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: h1 t8 e2 t# S+ t6 b6 D
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& [" x  B& v$ f' ?# [5 G/ `similar to bonds, CDs trading in the secondary market have different value at different times,1 E" N* W$ n* B0 M
normally the value is calculated by adding it's principle and interest. - J7 q. {% C8 m2 k: v* i9 H
eg. the value of the mortgage+the interests to be recieved in the future.
0 B  g8 i. B( M. 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.) M$ T) D, Z3 @2 q5 Z

: b% X3 `- ~5 C  ~& X# F, Oim not quite sure if the multiplier effect does really matter in this case.5 T& e$ d" M8 n% O0 b# H. y
in stock market, it's the demand and supply pushing the price up/downwards.
! r: l* D  K5 `' o% zFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) L" V% V$ U. H" F4 @1 cA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ Z; q7 a, Y" F' Q  L: x7 Z9 Y$ [
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.
$ i' V$ g! h  a2 Abut the value of their assets did really drop significantly.8 j# v% U7 X/ v7 g' G5 u

  U8 Z+ L0 x6 ]3 X7 M- c[ 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; a6 d; ]0 A+ R  Z
Refer to last example,( q8 x$ {% @; j7 \, X1 d- Q, A1 L
that means bank A have no money because we borrow 10 dollars from bank A ( I8 e! f( T' F/ ?/ f4 C/ `
Because bank A doesnt have enough cash on hand
- x  Z% _3 ]1 ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E0 q$ k+ [5 L* H/ s+ p3 b- T& ?
so does it mean if E failed to pay D, / a$ K! G  r8 l5 d7 ~3 a1 \$ G* C
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, : \! _& D; _/ j$ x
in this case it doesnt really matter how much money is created,
* z4 J# y" u) a8 g" U9 qit's the problem of the debt itself.
- b- V% B( x1 g3 [, T# `2 V2 _  L( {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
- x* O( v; G/ ^( X9 }. w. R小弟一直都唔明...8 y; t$ s! i' v6 Z, P% I, r

, h" _+ j% t$ [' d* \: p) {: L全世界都蝕錢，咁邊個賺緊錢呢?0 A3 z* Q9 f  O# b. `- a7 R
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無可能淨係有人蝕錢無人賺架嘛...! f+ {6 e) G6 R4 W
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敬請各師兄解答6 }! Z% K) c+ T3 g: G" T

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. l) q6 H. W8 k% ^3 t% G( z那些根本係 紙上財富  ( R/ A- B( |* W# B
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. E# J% S6 Q+ V4 [

7 B5 H: ?7 R9 }$ ?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. `6 i% [7 Y8 r: m9 e
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
$ I, g# w! \9 N3 `; x: M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; z$ }5 p' _1 b
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! k4 b5 B% a% H+ r1 s5 u5 W& 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 W0 g8 f) K2 w9 s& @計番回報率就已經係50%,所以可以好好賺
* j3 A: p& Q0 T前提係銀行之間要互相信任先可以咁樣借法" M7 ]5 h2 j3 S1 {8 R
同埋個市場既前境要係好先得5 x4 _3 S* P8 `, Y- v
但當經濟一差,公司估值趺了,物價不升反趺7 D2 ?0 s7 g# C2 D9 T; [
例如剛才說10蚊的, 趺到得番9蚊,
! w& E( R( A1 J/ Y: {咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
# n8 E, h4 e7 a5 _+ U2 O, T所以你就會覺得D錢好似蒸發哂咁" ]% n2 n: J7 ]+ I

5 }; S+ P8 o5 x! M2 i# _你都可以當標野咁諗, 個樣野多人可以狂升值, ' l+ O3 w" I9 F- k6 ~1 g6 L8 N
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, ) Q. }' |% C0 {* U6 Y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * z# b, V' C! e
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 E! c% R- `& f+ \) O+ K& N8 q$ e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
: j0 E$ r: ]' [1 T% i0 }* X唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 ^2 U9 U- S: k6 y& V* l
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   \# F1 ?+ I- a- G% a& v: x
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" z7 J2 y: c5 G咁你話d錢蒸發左去邊? ...

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正係咁樣% d$ Z, u! L+ ?' l9 G# s
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
2 x, f) j* O3 I2 p& M! Q分分鐘佢地唔使還錢& m) i) Z4 a1 J) W+ [/ Z( \
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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,
) _& [6 f7 r5 z( ~連國家都係問人借, 不停發債券, 印鈔票
, |7 e" ~$ u! K! l( @# @7 }7 C一個國家好少出口, 而又大量入口 ,反映到佢唔多生產5 ^0 U2 j1 B( P+ f
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- s- h3 x! M( J8 b: L
咁而家"爆哂煲"算唔算先至係變番"正常"???

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* g* c# I, s- y8 [  i6 k其實係...% j" O8 r) p6 _7 |# p9 c0 C  a6 n
因為以前未生產, 先消費
8 y: ^" r" m: L4 H" a而家就要多生產, 少消費