0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif$ s! _7 V+ ~  y, A
Why bank will sell 借據給第三者???
) }7 |3 O: z, ]/ lI was so confused.....

0 [3 E' p% k' f6 C) \5 ?! B: t
; ~. N6 ?/ x/ V7 M5 A
講到尾都係賺錢
) q" L& _  U0 m$ R2 U6 kso銀行可以不斷放款! G9 M2 h; b" K" B
美國的房貸問題散佈到全世界
0 B- w, D) Z* |
# z; c0 L1 ?5 x& b. o1 a0 Vmortgage loan 2 T3 b9 ]6 Z3 X
>conduit
- l7 A& A  K% ~! D8 `* U  R0 W>RMBS(Residential Mortgage Backed Securities)
4 S% U+ Z% _& P' \) A>arranger
  o7 C* f5 U" W1 ~$ U  g: Z>CDO(Collateralized Debt Obligation)
$ Z5 P# p1 `! i) K2 X+ |最後去到投資者

Kev

i thought it is the reason of rate of return.
, s+ v8 T* |( L; YCDs could have different ratings, AAA -> F,
) N3 p, W9 l5 q8 l6 x7 Qmore risky ones would have higher premium (interest rate) as a compensation for an investment.
' v1 T9 }/ z6 S- a8 l0 bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- x' Z0 m. i6 Win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 ~& ]6 @6 ?7 \9 G" R8 Z, e# l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ L& K5 N% T4 p
similar to bonds, CDs trading in the secondary market have different value at different times,3 L. O1 S* ?. f$ T
normally the value is calculated by adding it's principle and interest.
5 \" y' Q4 U! Y1 u1 x" s! Xeg. the value of the mortgage+the interests to be recieved in the future.
0 D, G$ t, x) K+ m, Q1 _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.
) j0 m- A+ L$ {! n8 S7 q3 Z' p4 G! w& Q) P7 G4 E- z
im not quite sure if the multiplier effect does really matter in this case.
  t3 W' A* J& N% @3 qin stock market, it's the demand and supply pushing the price up/downwards.0 f7 r2 c( z. w- ]7 b; U
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; l- Q/ E. a% o; r; v- yA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., t* T" t/ c) ~/ B" ^
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. , B5 d3 E* J6 X" i( I+ H5 y
but the value of their assets did really drop significantly.4 Q3 D" o% p$ j; P6 m: H2 x) u
' S. {$ p+ ?4 x' x8 x. d4 F0 V
[ 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
# t0 V' y. `* v0 `8 y6 o/ s* aRefer to last example,
( @. V2 i. H6 n4 d, hthat means bank A have no money because we borrow 10 dollars from bank A
7 Z" C% K# F0 M- Y9 nBecause bank A doesnt have enough cash on hand
' r' `* p3 |: ptherefore bank A need to be bankrrupt ??? Am I right ?? ...

, G  F  T. I& j% I
0 o" L! G6 A* w" A2 g4 W! `& |8 J/ E/ r% O7 s9 B1 R! f. l" e
A->B->C->D->E
) @% \* b9 C0 t) Y4 H' ?6 T6 ]so does it mean if E failed to pay D,
- G  [' Y0 d* H& [all the B,C,D,E have to go bankrupt?
) [% Q" Y2 b) E+ b6 J
+ d4 X' B7 o2 R; a4 H! s  f% Q+ b- ]1 e/ d
the multiplier just tell how much money created in a whole economy, 0 z& h" j7 B/ p" N" ]4 @
in this case it doesnt really matter how much money is created, * ?' }$ w5 \6 d0 c$ h
it's the problem of the debt itself.% o2 h% g0 E- i9 T' G: W, \5 }6 |; s3 F
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: Y8 h+ p! i3 M7 E4 z
小弟一直都唔明...; C6 J# J  J. d" O5 M- T

" w& N' D; v4 U( a2 ^5 [全世界都蝕錢，咁邊個賺緊錢呢?4 @6 H+ `1 ^. i6 |3 v' r+ h: G5 d
4 V+ ^3 Z: ]; Z2 {' N  S
無可能淨係有人蝕錢無人賺架嘛...
6 c  |3 U) K+ @: ?3 |8 v) l* N  ^8 X8 |7 {' {+ K
敬請各師兄解答
! E, h% E! `. ?/ v6 _: e3 p: z7 Z3 ~8 t
Thanks

1 x* m$ B3 D! F$ n那些根本係 紙上財富  
$ o5 z* c& B* p! f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" g" R$ r# J1 Z$ R) h4 b3 l% [% P

: c5 m' U4 ?, c0 Q& H, k% P& chttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產. k. B. E$ w# L% j8 f
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ D* n) z% Z/ D2 H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: L6 j" L. Y, d個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ X3 M  q' _% y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ [+ k0 v+ M( @/ G0 M7 h
計番回報率就已經係50%,所以可以好好賺
# u8 a% D& U7 ~: Z- m0 \  F前提係銀行之間要互相信任先可以咁樣借法# |5 }( n5 r7 s+ `5 e
同埋個市場既前境要係好先得. E/ ?5 Y$ i  H' Q# v. M# Z0 ?* z
但當經濟一差,公司估值趺了,物價不升反趺0 _+ t" `& [: X8 I3 }* \) x
例如剛才說10蚊的, 趺到得番9蚊, 0 v+ r$ x2 |- j0 Z3 k; b" d. _; g
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
- k3 q0 F, I6 N5 P" a: V) T所以你就會覺得D錢好似蒸發哂咁
* m" x6 q& q" y$ T  e  h& T$ @
* f/ S  Z2 M& y/ E你都可以當標野咁諗, 個樣野多人可以狂升值,
  y, E+ k) G$ @! G& R  p9 F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,
, x, X( s8 w1 q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " [! n2 U1 Z( ^$ h
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/ j9 ]/ _' j* H0 I
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
% S* d5 o  }% Y唔係d錢蒸發, 而係比美國佬洗晒未來錢, 4 d  \. w! X( x
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) O3 I/ [* _" @& Q
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# E6 W, t/ O8 X$ s* G" L# _
咁你話d錢蒸發左去邊? ...

$ e# D, g) p5 G6 F9 g. n7 H1 B% U2 O0 u% I7 v% n
正係咁樣2 n. t% J5 R* M. ^& n& c3 {( 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. P/ M6 G4 I0 i) r( b5 k
分分鐘佢地唔使還錢' ?6 g5 z/ e2 x, I% o

' P0 J% R- u0 c3 H0 S- Z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,
/ r0 ]/ p9 P5 t2 e2 r4 }9 l連國家都係問人借, 不停發債券, 印鈔票
4 k7 [: l2 q* A% r一個國家好少出口, 而又大量入口 ,反映到佢唔多生產5 _: `. d% P2 }
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: w" M, S% j* h# J1 v+ h
咁而家"爆哂煲"算唔算先至係變番"正常"???

' q: K4 k$ N+ }" e

3 v0 O: U  |. n. P其實係...
0 j! j6 D6 P* b& `9 y  `, _1 z9 s因為以前未生產, 先消費! E) V3 k: ?1 D4 g- c% W$ \/ p
而家就要多生產, 少消費