0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ |% l5 q( J$ N9 |5 H
Why bank will sell 借據給第三者???
4 U3 f6 R3 Y! p; [3 C' f' E) zI was so confused.....

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& `0 `# ^# y+ P; K. `% y3 z7 D! n7 F講到尾都係賺錢
0 ]: ~6 _$ W0 h7 D3 _so銀行可以不斷放款
6 M0 C4 }' [6 r% {+ P6 }3 m& m# R美國的房貸問題散佈到全世界
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mortgage loan
- I$ H- y: B* J6 C( K/ |; c) z$ M>conduit. x' Q* ^$ P$ @. K, E4 P
>RMBS(Residential Mortgage Backed Securities)
0 B! F; y8 Q/ K>arranger
0 T5 Q- C: Y# J% x# D>CDO(Collateralized Debt Obligation)2 B" [& V- {0 Y6 Z- @
最後去到投資者

Kev

i thought it is the reason of rate of return.5 J/ G4 Y* o9 B* R; m- Q
CDs could have different ratings, AAA -> F,
4 p- k; A9 m( h" cmore risky ones would have higher premium (interest rate) as a compensation for an investment.
5 O5 p! C& B( \1 H7 v! mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% N" i* J) S" i. m/ {' ~; s
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' p1 D) ^9 q( a  B9 W4 \9 i
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 u. ~, q' V- Y" c, d  L4 f3 n. E5 N& g
similar to bonds, CDs trading in the secondary market have different value at different times,
# Z% q7 V& ?( H5 R+ ?/ Knormally the value is calculated by adding it's principle and interest. . N0 t3 Q( L  t) D6 n7 Y  r! D" b
eg. the value of the mortgage+the interests to be recieved in the future.
& q. l4 D2 A$ G- Ibanks 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.
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im not quite sure if the multiplier effect does really matter in this case.
+ w; p6 O2 m/ W; _2 {5 `in stock market, it's the demand and supply pushing the price up/downwards.! F* l+ d* ]+ ~+ g
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
4 O1 @- A% m) J; s$ oA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* e  B9 a& V8 D$ m/ K
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. 4 c( U1 e+ [/ m/ f
but the value of their assets did really drop significantly.
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8 Y9 B# |8 T+ ^4 W" z[ 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
' E  r+ G; f8 SRefer to last example,6 G/ x3 R$ ?8 I& z" u: n
that means bank A have no money because we borrow 10 dollars from bank A ' n9 q6 C5 l" E4 W
Because bank A doesnt have enough cash on hand
* b; t& T$ b9 O; _therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E6 o2 j0 N/ {% F- j; T: w
so does it mean if E failed to pay D,
% U' J, W, U6 R; l. j5 zall 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,
$ U1 G6 E6 Y% {' _: @# win this case it doesnt really matter how much money is created, 5 m6 a; S2 G* W# F' _+ }' R
it's the problem of the debt itself.
* X. K! H2 t) xthe 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
) T  y9 ^: F, }( C小弟一直都唔明...
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2 A/ G. \. M6 y: M) x全世界都蝕錢，咁邊個賺緊錢呢?1 Y. v% ]: [" D8 k* a

! C% M: U3 d% q6 U0 ]無可能淨係有人蝕錢無人賺架嘛...* J0 s4 ], ?0 [

9 |% j2 D1 ^1 ^# A- b敬請各師兄解答0 F# E* _' E" T$ ?3 ]9 q9 |8 c  C0 y2 F
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Thanks

* K7 e) ^, `2 D2 A+ a. R那些根本係 紙上財富  
  |5 o  |7 G9 s7 n4 c( ]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
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: H, ~5 z3 ~9 D- s( |7 t3 k7 |3 K; khttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產* N' {1 q+ ]0 `. i
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
& N2 v7 c9 ~* l4 l; q9 `! M8 v  D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4 I5 U& e$ [4 ^2 R7 [/ H8 b
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" x- J; |/ H- \" F扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,' q+ t! e+ [* n: l7 l2 |$ ]
計番回報率就已經係50%,所以可以好好賺
& \8 c. e! c2 ?# V& L2 J$ ~前提係銀行之間要互相信任先可以咁樣借法' [5 b6 t! j  V1 r. @
同埋個市場既前境要係好先得3 h6 V. k8 i" z, H; j- k* C4 D
但當經濟一差,公司估值趺了,物價不升反趺! R# `/ f9 F% T$ I3 Y+ Z
例如剛才說10蚊的, 趺到得番9蚊, / C& R7 |; ^% a" v
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ @/ ^: v+ \2 P
所以你就會覺得D錢好似蒸發哂咁
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6 o) [4 M. e7 ?4 Z. B& W" C' Y你都可以當標野咁諗, 個樣野多人可以狂升值,
0 [& L9 A1 s0 p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,
9 p' v% g8 v5 p4 O淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ z! r, J9 R& F! r, @* a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1 J9 h& i2 b" I! i" ^$ h
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* @) p6 ~! U$ X- m
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, `8 x! x7 g& ~0 S% M# g淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 I' H5 p( |. S5 p9 [' w1 o/ Q0 a
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- Y1 d0 x( T4 ^" U0 E
咁你話d錢蒸發左去邊? ...

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/ w: T: v/ \" D* u7 ?4 F! V正係咁樣
0 ~8 d4 G& V* p1 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8 ^8 E9 O! P) }+ Q( c6 A" R# S
分分鐘佢地唔使還錢5 r! E" C# J- J, W3 [2 s

& c( ^1 R" n8 v$ S5 i# e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,
, D0 J& Z! C3 P7 @  B" F- g連國家都係問人借, 不停發債券, 印鈔票' h/ f2 I- J5 E
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產. O. \0 U1 v  e1 G2 `( ~+ H6 m4 C
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
2 S$ D! ~2 o0 |7 ?1 v8 Q. P咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
. W# h. U1 A1 S* \因為以前未生產, 先消費
5 w6 e5 {3 p' m4 [8 [/ r而家就要多生產, 少消費