0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif4 E; n5 Y& w2 r+ M- [% k0 N
Why bank will sell 借據給第三者???* c+ ?$ e8 s- q/ }" Y0 ?7 H
I was so confused.....

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. _' x! T0 B% _& _& U講到尾都係賺錢
+ ?, i3 z5 C2 a6 @. O! ~so銀行可以不斷放款0 v$ J9 s" ^  x! t
美國的房貸問題散佈到全世界/ ]; \6 R/ e) m, {7 h8 v

3 y/ G+ ~0 ]: m, @/ T0 fmortgage loan . @4 K6 W/ h5 A  v4 G3 \
>conduit
$ m  {# @; f% f# U/ F>RMBS(Residential Mortgage Backed Securities)1 \/ R8 }8 e2 _4 C$ A3 _$ z8 J# M
>arranger9 y0 J! Y+ T. R6 c" z
>CDO(Collateralized Debt Obligation)
* j  Z# V! P9 d2 e最後去到投資者

Kev

i thought it is the reason of rate of return.% e4 ]- ^' D5 r* H1 O  x
CDs could have different ratings, AAA -> F,
  C/ i" m8 ?$ M+ W& c; `4 S& imore risky ones would have higher premium (interest rate) as a compensation for an investment.
4 R/ `+ e& q8 Nmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 b% d1 \2 Q8 Iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
/ S0 ?# N7 J: y8 ?4 }. Q$ kAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 {4 T+ l4 |& X$ `* m/ g
similar to bonds, CDs trading in the secondary market have different value at different times,
$ J4 O5 t7 Z' k, X& S+ [$ Ynormally the value is calculated by adding it's principle and interest. 7 s; s& B* }, ~6 b! B
eg. the value of the mortgage+the interests to be recieved in the future. 1 Q8 S$ }7 D. D) }) h" w1 G
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.# a" d( t6 p5 H4 H) j0 O2 x

9 [! |3 L  [: `+ V8 G+ t% _im not quite sure if the multiplier effect does really matter in this case.5 x5 x; L2 Q" @* c5 j% p
in stock market, it's the demand and supply pushing the price up/downwards.
' l* ?8 F; Q( h( H2 v) ]; R7 ?For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* G" n4 N9 o) \* G2 i: Y) S3 HA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. Q' ]' y3 `0 ]8 I  O  @9 u- Q7 L
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+ M8 l: ]7 [: Cbut the value of their assets did really drop significantly.
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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
3 M8 ~3 D5 j* W$ XRefer to last example,0 t$ @8 v3 L" P5 L6 {7 E% X
that means bank A have no money because we borrow 10 dollars from bank A
) W' t9 u* J/ E9 T; U1 e8 E6 xBecause bank A doesnt have enough cash on hand
7 A# s0 C7 B) F4 Z# Mtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E) g8 r3 p1 g" N# [
so does it mean if E failed to pay D, $ |& q+ w/ M5 R7 B) a( G
all the B,C,D,E have to go bankrupt?7 f" {# c7 g& G% J
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the multiplier just tell how much money created in a whole economy,
+ H: t3 m# r6 @& Q- Jin this case it doesnt really matter how much money is created,
: z8 F$ Z/ e, k- z" {$ ^it's the problem of the debt itself.+ [4 a. R# i% }$ V  c6 V  J' M2 c
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.gif0 p; J7 R3 Z9 _- |( T5 C
小弟一直都唔明...
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3 |$ Q% R* x# k  C全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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5 s0 M9 J, x- ]; @, Q+ ~  U8 m2 u敬請各師兄解答! g0 C1 a5 ~3 G& N" B$ t

$ ~0 j6 m7 Z3 b2 [# X6 [+ E" ?Thanks

, r/ a3 J4 P, B3 ~2 B7 V那些根本係 紙上財富  2 l( U. w: r  }+ y- [, a
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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9 Z+ w' e" I( j8 T& y' n0 fhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
9 o3 O' J2 h0 S) e- }3 Z2 R當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 e, G7 J( E8 ^5 t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, Q7 ]* b0 p# W7 g0 G" ^
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 D& N  C6 g: b; l扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 `- ~& A" U5 c& i7 ?1 Z- c7 }/ u  ^計番回報率就已經係50%,所以可以好好賺
1 Y$ D. t5 }6 i* y; q2 ^- c9 |前提係銀行之間要互相信任先可以咁樣借法" O; k$ e& ]% ]0 ?0 n
同埋個市場既前境要係好先得
& o' s- x2 ]. k" v但當經濟一差,公司估值趺了,物價不升反趺( @! R' ]7 ?( z
例如剛才說10蚊的, 趺到得番9蚊,
8 ^; z& p9 Y* d咁投資銀行一下子就要還11蚊, 一來一回變左虧200%: Y. i9 T9 M) x
所以你就會覺得D錢好似蒸發哂咁6 S1 n; H' P0 |' k/ A$ @& S5 f

* [/ p2 P+ q; A0 ]/ r8 m6 Z! |你都可以當標野咁諗, 個樣野多人可以狂升值, $ W9 h- v1 Y; V( t9 p+ F& o
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, " E5 @$ p$ \2 M& r7 ?- c6 X
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # {' z6 Q9 {& u. p
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# x4 F4 L4 H& C+ ?& r
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. w2 {+ z$ l  F. x) Y) F0 u  O  |
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
4 N8 U2 s# V# m, M7 Y; i1 E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) ^* Q  @; K9 r$ \1 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+ K. n+ E: B: T- A/ |
咁你話d錢蒸發左去邊? ...

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正係咁樣8 E2 K$ |* ?# x, ]# {, a4 R- D( g
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 a3 Y  ~& c: j2 p0 \
分分鐘佢地唔使還錢+ g8 `2 |, ]% r+ ^( [

  I1 Q: e4 @8 x1 i) k$ w& B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,
% ]& P" W* l* Y  m0 k& ^0 U$ F連國家都係問人借, 不停發債券, 印鈔票" K4 u$ `5 T4 C, r, J
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產& n& Z! Y  C5 k
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
1 ~& g& n! Z  q  |5 j  e, Q+ l咁而家"爆哂煲"算唔算先至係變番"正常"???

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  q& \0 T( p$ k  t" P9 M其實係...
5 G4 d  \. D, [* @% N( G9 \9 Y因為以前未生產, 先消費
1 j6 @+ {$ g+ g# [3 H而家就要多生產, 少消費