0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
* ~8 ~. I+ ^; p# [$ g5 sWhy bank will sell 借據給第三者???
4 h% I$ B9 d& O0 t/ K: h0 @8 qI was so confused.....

3 I: @$ s- k7 y' z4 U$ y% [+ {0 A5 F* I- K1 Q* l3 H
講到尾都係賺錢
" ~! I. Y/ g% W, r  V! ^2 W* oso銀行可以不斷放款. k% P  z/ [& p, H2 {
美國的房貸問題散佈到全世界& D  C4 E; D1 a9 F. T6 y
6 z4 ^/ R% [7 c! j: ?; k
mortgage loan & l* F1 B' I( k9 N
>conduit/ R! o9 t( {* o! p- O
>RMBS(Residential Mortgage Backed Securities)9 m+ E9 G/ _' Y8 q
>arranger9 @* k4 }) u/ H- e* r5 o2 Y
>CDO(Collateralized Debt Obligation)
9 y4 Y: }+ a$ D& W最後去到投資者

Kev

i thought it is the reason of rate of return.
1 b! x# }" E) I/ _CDs could have different ratings, AAA -> F,
: o: o3 q9 I% U: A! _/ _) Emore risky ones would have higher premium (interest rate) as a compensation for an investment.5 G' _- s, l8 L
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 e/ g- ^1 Y( L1 D2 ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 J5 n! _5 S$ F" t1 i8 U$ g' `1 |
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& f7 A% b4 O; `. Ssimilar to bonds, CDs trading in the secondary market have different value at different times,
4 o/ n; o" m) _# T% L0 tnormally the value is calculated by adding it's principle and interest. 8 I8 o) k8 i, F$ g; |/ Y9 I4 }/ T
eg. the value of the mortgage+the interests to be recieved in the future.
5 s7 ~* w/ X' _3 ubanks 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.
- V: q+ E' I5 K1 ?; X# D$ @  P! j  O
im not quite sure if the multiplier effect does really matter in this case.7 H( a' D3 O$ _0 j- [
in stock market, it's the demand and supply pushing the price up/downwards.
' h+ D! q8 g% a7 C5 j8 t5 V5 aFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 Q4 v+ N" y* W- A
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 v) W, ?/ P8 F) q3 t* Q3 d
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. 2 c+ G1 k( N8 f" \4 Y% @
but the value of their assets did really drop significantly.
. Z3 `4 u/ \' |6 p$ y3 `& L4 ]: ^
/ @+ K  G7 w' x; a2 U  `[ 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.gif4 X$ D9 C, }4 T- r. e
Refer to last example,
$ f. p) n6 Q% othat means bank A have no money because we borrow 10 dollars from bank A 5 O8 e1 A0 I% ^
Because bank A doesnt have enough cash on hand
; A5 M& Q5 b. h$ A7 ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

, j9 j3 n1 V2 V% {( t5 X" Z
3 _' j" E/ h* K$ Y( T- q/ K
" i; N7 P; \5 d8 N$ V; G
A->B->C->D->E* H/ h2 E+ q$ w; [" u. J2 K" M
so does it mean if E failed to pay D,
- z) @4 d2 i5 A  V& ?8 }all the B,C,D,E have to go bankrupt?
; j" M: X5 ?. Q( [. Q- Y1 t8 e9 y6 C/ N7 U. S! I3 b! z
1 P' }: r8 R. U
the multiplier just tell how much money created in a whole economy,
, P6 }0 Z! l6 i1 \! C& L' }in this case it doesnt really matter how much money is created,
( K7 M: E5 L: q  s  ?; I8 sit's the problem of the debt itself.- j! n5 w, R9 e8 [* A3 [
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( ]& S- `% E( H* ?2 _
小弟一直都唔明...
2 B* }9 l' y1 @9 W1 n9 O+ y' X! t( Y- F/ `
全世界都蝕錢，咁邊個賺緊錢呢?
: a  B& ?( x5 M1 Q) R
5 D& h0 I0 X8 d: J無可能淨係有人蝕錢無人賺架嘛...- I- ~. m5 f! `% l
$ F( d* e; n) h3 j
敬請各師兄解答& _* d) I0 A& D! |
9 b2 @. P7 F) o, j
Thanks

( v( I8 {% X8 x: m* g$ H那些根本係 紙上財富  & D: ]# k3 j6 A, X  [4 T& P6 `
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
, L( \, b: i( e  n' n4 n
' ?  S' c1 t, z0 mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
! z3 a* j& P+ E+ G0 r4 Y. L當經濟好,投資銀行相信會賺錢, 物價既估值相對較高( X9 L8 f' \; h1 f
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* I# c4 t3 D/ S6 s( Y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦! Z+ w. O/ {3 F; M9 k
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# ?8 T: R( f% {) A+ v; a( ]( F: H4 N計番回報率就已經係50%,所以可以好好賺
1 [6 R8 m; g: h4 m前提係銀行之間要互相信任先可以咁樣借法* i, o' Z+ v3 u
同埋個市場既前境要係好先得
- ~6 q1 Z% C9 M4 A9 p& n. ]但當經濟一差,公司估值趺了,物價不升反趺6 r- @) e5 M8 p
例如剛才說10蚊的, 趺到得番9蚊, ; i. \- y- t4 w" X; s1 \
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%, f: [" ^/ v( b! I3 U2 v1 Y! j; y
所以你就會覺得D錢好似蒸發哂咁9 ?: ^  v1 X! R6 s' p

$ k' X" J5 l+ K, a2 W$ L6 t你都可以當標野咁諗, 個樣野多人可以狂升值,
/ N" K$ H" d7 }3 h3 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,
! B: A& K. |; z- d淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! |1 {8 f( o$ o" Z. w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0 Q" p+ v7 k2 o& S/ ^# |
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
% f' l4 C# Y' W1 T/ w* Q唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" J$ i7 G; C3 `" Y2 a: {8 {8 C+ A淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  J  s8 T( ~4 L/ \/ ^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
; \+ n' V  G5 W* A咁你話d錢蒸發左去邊? ...

% E1 C* S$ P# V

# [! A) H. X9 [$ u! v6 N正係咁樣
9 [4 L8 ^% U6 D; U- C! ~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
5 w& g6 {, F; R; B& t# L" f分分鐘佢地唔使還錢
3 U: P# n0 L' y$ T4 q" a7 F. Q/ H2 m, L3 }, H; Q
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,! {/ w( y" K! I- q# ]  @) b, O6 z7 R
連國家都係問人借, 不停發債券, 印鈔票: Y4 [( Y9 a8 G0 U& G1 P9 D
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產- E. X( e5 d$ u9 ^  v. f. Z
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, r& D. K+ }: T1 f
咁而家"爆哂煲"算唔算先至係變番"正常"???

* n" N7 O0 T7 D$ U8 ^- @) l0 z0 Q& o  V% i
其實係..., c4 ]6 g9 @# b- U* k1 n" @
因為以前未生產, 先消費9 O; [3 L7 v+ {; D- M5 s; R
而家就要多生產, 少消費