0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
3 ^& r/ @5 V- T8 o; s9 |Why bank will sell 借據給第三者???
# c4 X0 c1 O% \' ]- uI was so confused.....

: I4 l) \8 h1 p1 c: ^

0 Y* C$ Z0 g9 e9 h講到尾都係賺錢% Y; a9 D  r5 ^
so銀行可以不斷放款
: Q3 E- W- q1 ^3 p7 G美國的房貸問題散佈到全世界  [) B" U3 a$ N' v1 P7 ?

; l7 V0 H# a" @# o. y$ }mortgage loan
. z4 {- [2 T9 g! Y4 `; k* i>conduit
# [3 i0 D% q2 D>RMBS(Residential Mortgage Backed Securities)
! w+ z. N7 X) h- x' _! W>arranger" r$ ?: U, t- |9 Y) I& x
>CDO(Collateralized Debt Obligation), O; A1 n. }1 W
最後去到投資者

Kev

i thought it is the reason of rate of return.
5 R# O# I1 s' ?+ tCDs could have different ratings, AAA -> F,
& K/ a% V$ F& b+ }: xmore risky ones would have higher premium (interest rate) as a compensation for an investment.
4 C& Z' D; w' Omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 `- R) m+ ~0 d& `/ T3 R  e7 H
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 R0 N$ \0 ^5 w! Y  T& K/ y" \
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) T2 ^6 ?" D+ N. i$ F2 Q5 f8 N
similar to bonds, CDs trading in the secondary market have different value at different times,+ q6 a; f  ^: N2 M# Y0 p  E6 R
normally the value is calculated by adding it's principle and interest.   B5 R* }. X- j9 k
eg. the value of the mortgage+the interests to be recieved in the future.
' |# s2 E3 H; w; s$ [& mbanks 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.
! Q/ Q; d" c( ^2 B5 \( t: `
: o0 d! ^9 y4 G7 L- \6 Vim not quite sure if the multiplier effect does really matter in this case." H) Z0 v3 r& h# b/ g
in stock market, it's the demand and supply pushing the price up/downwards.
) g3 b- y) B6 d5 u  P6 {0 EFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) [% N, Z, d5 O' g& OA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* S, ^& e7 n# d  G3 t8 e5 ^
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. # m, I- P' M+ ~/ I! f
but the value of their assets did really drop significantly.- \% n+ }% K( x
3 q$ S1 W7 K0 ]( {  H
[ 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# M9 D3 s9 v0 G1 B. ^+ t( `7 w: e
Refer to last example,
2 O% c' p7 o- \1 Bthat means bank A have no money because we borrow 10 dollars from bank A
1 M4 J8 {; [  e$ X5 ~; g7 u6 b" bBecause bank A doesnt have enough cash on hand 0 ?% u' b9 f$ G8 U8 [
therefore bank A need to be bankrrupt ??? Am I right ?? ...

5 i8 V2 |5 l+ X! s( n1 t7 C3 Y; P

/ h# `- H' w1 z. M- O) D0 |* k( k  J# o
A->B->C->D->E" u( v  Q: I% {: ^  j7 V" |; y- V
so does it mean if E failed to pay D,
& r* n  c2 T; X7 e/ K' a& S% n2 qall the B,C,D,E have to go bankrupt?
$ V, v) j: a% D' V. o: y/ F6 N2 \0 m; s( w: O

2 V0 }4 Q. f& Y: a+ j. `; a/ ~the multiplier just tell how much money created in a whole economy, ' M8 C% q2 L2 L* R6 E
in this case it doesnt really matter how much money is created,
+ ]) ^7 \8 n' |" cit's the problem of the debt itself.) L9 G$ L4 B: N! q% ]
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$ D& h" Z' _* v
小弟一直都唔明...
; Q" T5 q6 `' z4 ]+ M9 L4 [6 q" ^% ~; Z
全世界都蝕錢，咁邊個賺緊錢呢?  k( X" k# g! C0 x
& A( [5 Y( V; V% v/ b. q
無可能淨係有人蝕錢無人賺架嘛...3 A) H& J, n" E' Z0 w. `. ^4 l

/ h1 i1 V: B/ H+ ]7 W0 k敬請各師兄解答
8 k4 T3 A* Q# [5 B* E& I) Z5 C) Z  {7 u! G! e6 R0 j/ ]
Thanks

1 i8 D" o9 K0 Q2 `- w  G2 k那些根本係 紙上財富  8 }. O0 r! x3 r! 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 graphic9 o1 c0 e* j4 g( A0 S1 g" _# L! V
" d; q' i; X& D, P/ \. ]1 J) I
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
, @+ P' S& |% X- O9 i' |' w當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
. [- A7 D$ q' f/ C9 [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
. L) G4 r/ f: M; F; M, [個件物價係市場好既時候升, 例如15%先算,變左12蚊啦3 M$ W/ V: w4 B7 J& J6 p
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
  v8 \. R" Y! a; Z2 j, Q5 L計番回報率就已經係50%,所以可以好好賺
* o5 V5 D/ ^/ y  K' y( ?前提係銀行之間要互相信任先可以咁樣借法
" }$ ~: q3 }) b7 q8 v同埋個市場既前境要係好先得
: `8 n4 W% ~+ ^5 C但當經濟一差,公司估值趺了,物價不升反趺! L* ~* ^8 n7 }5 ]
例如剛才說10蚊的, 趺到得番9蚊,
2 B: }9 n$ B6 G咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
& \6 T( }0 Q7 {* ~; z: m所以你就會覺得D錢好似蒸發哂咁
6 }" u+ a% V0 d- @7 v, `  i( [1 V
6 e' h  x" y% N+ I; M, q你都可以當標野咁諗, 個樣野多人可以狂升值,
) q6 M1 s" z) u: b# w& k/ R9 V0 `3 ^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 K5 R9 M- K6 L) c8 t2 }) w0 T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! q0 G+ r/ f% x/ T9 m1 [+ Z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; S: p: g6 K' v/ e8 j9 _( \% ]
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) c/ h/ u# J& L
唔係d錢蒸發, 而係比美國佬洗晒未來錢, $ o6 x. \! n5 L; F$ v/ H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 T) \& \% {; [; r2 j' p4 @
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9 U1 L6 e- @$ _' `7 D
咁你話d錢蒸發左去邊? ...

) i* Y. q8 Q$ H, q/ i
' B1 u$ t9 C* J! I4 M$ X8 E- z4 ]正係咁樣
1 R- }9 _( D/ f# D: K* 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
/ f4 N3 P2 M; j1 F" U# \6 O5 M分分鐘佢地唔使還錢7 K( C6 P" a$ ?. ]# D8 u

, e( ]& M% L0 n, n" t# ^! \7 ^- |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,
/ B* {3 H& K2 E$ H& b連國家都係問人借, 不停發債券, 印鈔票7 i, T/ d, c: o( g  ?
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產+ k! }1 `, l/ m8 }0 _1 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
% I+ v2 O1 Q3 u咁而家"爆哂煲"算唔算先至係變番"正常"???

( U# d9 m2 F* q+ L% t# v  @$ B4 H) i8 W8 O* o4 B
其實係...
1 ]& D& ^. [- ~9 \因為以前未生產, 先消費! u, H  w9 S9 M1 ]3 C7 [' z! w
而家就要多生產, 少消費