0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif1 w  m2 `1 B+ u$ w& T3 Y* Z
Why bank will sell 借據給第三者???& u# r$ W; f6 X: g5 o9 H; a; ~' L
I was so confused.....

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講到尾都係賺錢5 Q/ t* r, N0 Z
so銀行可以不斷放款9 U8 G: a0 B/ B' o' Y& R
美國的房貸問題散佈到全世界
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% ]/ L8 l$ h9 jmortgage loan 0 o0 h" U8 e& y
>conduit6 E) _( e) k2 M5 v
>RMBS(Residential Mortgage Backed Securities)
$ D9 P9 n6 c! y' p! O! M/ [>arranger
& V6 w, D4 s9 A6 O% K7 Z- W7 e1 u; E>CDO(Collateralized Debt Obligation). X; d8 }4 P  s
最後去到投資者

Kev

i thought it is the reason of rate of return.
3 R( Q  q5 i! {5 w4 \CDs could have different ratings, AAA -> F,3 v3 D# t3 @7 ?* K  ~) G1 A
more risky ones would have higher premium (interest rate) as a compensation for an investment.
" ~7 s9 ]" _. S0 {, ^main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 _: g/ r" k( F: \in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- x6 p7 G( O# h/ |
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  t  P2 L# j( S4 k( W+ hsimilar to bonds, CDs trading in the secondary market have different value at different times,# e( a* O; N! [/ m. R
normally the value is calculated by adding it's principle and interest.
1 r7 n2 c) V. a8 q# R' Ieg. the value of the mortgage+the interests to be recieved in the future. % p3 H3 M0 {6 o8 N. ]3 q
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.+ F1 r$ |8 a6 V7 {/ `# |& R

! s7 s- y! d1 [0 |- z$ R9 h- `im not quite sure if the multiplier effect does really matter in this case.
5 c' y" w. U6 w2 r9 }1 Kin stock market, it's the demand and supply pushing the price up/downwards.
+ p8 O1 ~- h( c3 sFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ U0 ^! i8 y% ^- m& a, JA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., |. i# r+ E2 Z; V* C
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.
- U6 V) t" c% |5 w5 n& z/ Qbut the value of their assets did really drop significantly.! ?1 ?1 L; D* c& D! |6 y" e
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[ 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
/ k. L4 k3 A2 tRefer to last example,
6 v. d/ C$ J% b% [that means bank A have no money because we borrow 10 dollars from bank A   A# t9 M2 h, H3 K
Because bank A doesnt have enough cash on hand
' D2 |  m' ~. U8 ftherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E6 g9 i2 {" r' V8 |7 r
so does it mean if E failed to pay D,
: G0 X* z  B7 F/ k! ball the B,C,D,E have to go bankrupt?0 d4 @5 i& n' f8 {# P

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+ W3 s5 \4 n. v8 j) U+ cthe multiplier just tell how much money created in a whole economy,
6 J" a* j8 y9 L: _6 W2 I& N3 ~, c! |in this case it doesnt really matter how much money is created,   x/ a" `6 C5 D+ k0 C
it's the problem of the debt itself.( O( G% Y% ]) h4 G, x& z
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.gif9 i8 n# M. A" U  b% w4 }0 R
小弟一直都唔明...* E4 x) x# H, [
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全世界都蝕錢，咁邊個賺緊錢呢?
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/ e& \6 d! U5 m$ z4 G無可能淨係有人蝕錢無人賺架嘛...- l( T$ n) w: u/ g6 L7 f6 q
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敬請各師兄解答
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Thanks

2 f4 I+ e0 ~! i9 b那些根本係 紙上財富  
- S+ W4 D8 n2 A5 k6 n4 V3 {: U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# p$ X* s9 c$ v2 j  ^+ A

2 h; B1 W% t8 q# lhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
- q! L, v/ P0 M3 ^  e當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
+ Y' b& [7 L6 n* o/ w& a& S! 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
- z9 p, k% U- q- C個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 F. k. x6 Y4 i1 N
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,: a; S% ~, l! L
計番回報率就已經係50%,所以可以好好賺3 w4 M) ~) o/ t
前提係銀行之間要互相信任先可以咁樣借法' ]$ R2 ^3 _/ b5 Q
同埋個市場既前境要係好先得6 Y3 ?$ z9 N# F
但當經濟一差,公司估值趺了,物價不升反趺& Q$ d3 X% O4 M5 d/ g% N
例如剛才說10蚊的, 趺到得番9蚊,
- j) t6 y- F5 m0 H: O  b咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 {0 P  E* M6 ?6 Q7 D所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, ; h$ |8 ?( q4 w% J* @; h" [' ]- e
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,
; n; J/ Y. W! x2 [; H* @淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( k$ Y0 N9 M! h% E5 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7 ~& H3 R" C0 j. N% l1 W; k( q
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) B4 o$ L( u1 w: e
唔係d錢蒸發, 而係比美國佬洗晒未來錢,   s8 R% C' `4 H) j4 S4 t
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 h  {1 n7 _1 s( [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: G: A1 O( @8 r
咁你話d錢蒸發左去邊? ...

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正係咁樣/ q7 X. [' J' x" E, A
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
# w3 b8 w7 x7 p. k分分鐘佢地唔使還錢2 R4 e# [' _. z# }* K" {; R
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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,1 b% h8 E# m. z0 [3 W1 J
連國家都係問人借, 不停發債券, 印鈔票) o' Y; [: G' J, ^0 c) c" f) J) M
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產7 ^3 m( R$ w, E: R
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+ {$ G' z8 O7 z3 J+ W( @2 z7 x
咁而家"爆哂煲"算唔算先至係變番"正常"???

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8 E3 ]3 a# ], ]& e, h& {其實係...
9 S0 r5 N8 a7 ?, X4 Z6 S' ~" j! s, S* G因為以前未生產, 先消費
3 B' d$ z, G: w# U/ r) N. V$ r而家就要多生產, 少消費