0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif% W8 F8 T" ?# h
Why bank will sell 借據給第三者???
. x( N& B) F+ ^( i3 GI was so confused.....

# n5 ^% F3 q. r' O) l! e
2 x5 V+ V$ z9 U$ N. H6 q講到尾都係賺錢% K1 b0 ^; Q* m: t7 v
so銀行可以不斷放款( I$ t6 n, r5 V! E
美國的房貸問題散佈到全世界
3 Y+ K4 h" H/ e% G' ~% a% T, t  n" B* f) U
mortgage loan 4 i. N- Z3 A0 C" ~' U3 C
>conduit% F. B! P( X8 w9 _3 W
>RMBS(Residential Mortgage Backed Securities)% C+ \8 }% y: i& T7 l! n; U4 [
>arranger
6 `1 D4 W3 k; b% d>CDO(Collateralized Debt Obligation)$ o# x& X9 v3 _
最後去到投資者

Kev

i thought it is the reason of rate of return.8 G% q& z5 u9 O) a5 \
CDs could have different ratings, AAA -> F,
+ k. @0 t+ \3 I5 N# Imore risky ones would have higher premium (interest rate) as a compensation for an investment.9 O1 @7 |5 `6 _' U4 T8 F: e" w5 e  J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, i: i2 y" ~5 x8 H7 t/ R; O+ k! tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: z/ I: x& _7 a! O  Z; `
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 T# l( P1 a; G/ Z4 ?! K1 o. ?4 ]similar to bonds, CDs trading in the secondary market have different value at different times,, t8 S2 I1 W. b6 [  `5 @
normally the value is calculated by adding it's principle and interest.
$ V7 _, q& w2 V$ I) meg. the value of the mortgage+the interests to be recieved in the future.
6 w3 c- f: z$ @% Cbanks 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.
/ L* @- s' s' m  [
" U: W( j+ a2 T: G! R4 Oim not quite sure if the multiplier effect does really matter in this case.
7 \1 x% H* c1 e2 O3 din stock market, it's the demand and supply pushing the price up/downwards.( a4 _1 g+ L8 _3 h, H3 T* ?# Z2 F
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,  f  A7 m; A8 A$ H2 `- Y1 e9 n
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 y) f5 \4 [/ I- r
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.
; h+ x5 U- l, n- Gbut the value of their assets did really drop significantly., l. M$ s( F8 z: u
# _" m+ t9 S5 }
[ 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  z; X( e* a& [
Refer to last example,
+ |% y! X' W" @, s6 X/ g7 athat means bank A have no money because we borrow 10 dollars from bank A 1 q, Y6 j$ d0 j0 Z* x$ H  s2 e3 J
Because bank A doesnt have enough cash on hand
) F, V; a3 v4 y$ b1 m# i. c5 ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

! f7 }$ f) t/ q$ Q& L1 H4 d+ u/ M$ W- A; z1 Y/ B% |

9 F" ~  P/ v+ E  r3 MA->B->C->D->E1 h, D7 Y! c) N
so does it mean if E failed to pay D,
( b  e3 I" z2 g( qall the B,C,D,E have to go bankrupt?
3 p1 k0 f3 u: M: b8 M
5 L: B1 o; }2 |! b6 A; L* Y% ^/ L  g% c. @- Y% p$ E( u2 O
the multiplier just tell how much money created in a whole economy,
' y% C3 l6 V% {( nin this case it doesnt really matter how much money is created,
6 s: f1 g; s0 M, T! i8 t6 ~2 K- kit's the problem of the debt itself.
+ b  y6 y( B/ A' }9 r0 |4 ~% }" Rthe 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
) g4 w+ p7 U* B5 j  l$ x: ~小弟一直都唔明...
! v5 A' [, S$ n* |
, ^" b% ?: V! E- B% Z全世界都蝕錢，咁邊個賺緊錢呢?
# ~3 u" ?2 h2 C
5 Z! w: `  B- t無可能淨係有人蝕錢無人賺架嘛...
% x8 k8 O7 @. }+ ?9 g
1 `, b5 d* a. u, i0 d敬請各師兄解答' E3 F: }* j. N' H+ J9 o

8 X. ?/ @* X4 l& K* d& ^# h; NThanks

$ G# i8 C; l2 P8 G. D那些根本係 紙上財富  
3 W4 w2 ~4 h) Y3 N2 o, S) 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 graphic0 F# E. T6 @) E5 w' J

# U8 u+ M3 A* u8 thttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
- S  H: M$ i) v* j. o+ j/ ]當經濟好,投資銀行相信會賺錢, 物價既估值相對較高4 o9 Y5 Y1 }" S1 W4 ~
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" I2 |1 f; H# N' c8 x+ V4 T" |+ J
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
7 r& r8 X2 Z6 d7 O扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 G) E1 Y& ^, b: F1 n8 q0 b計番回報率就已經係50%,所以可以好好賺
2 m- p5 X: I3 h3 u( D前提係銀行之間要互相信任先可以咁樣借法
4 F  _! d1 d' s2 I. f$ y: E% p0 F: ?同埋個市場既前境要係好先得
8 y$ I0 R8 E+ e1 x. G: z但當經濟一差,公司估值趺了,物價不升反趺
* B. ]8 o5 a, e, X7 l例如剛才說10蚊的, 趺到得番9蚊, 8 o6 I$ H7 i5 x6 o
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% B. i) B! M1 O8 R0 M' D/ l所以你就會覺得D錢好似蒸發哂咁
# r- ]' r! a0 U: Z% z  H1 v6 t9 X% X3 W- m7 T4 j# k4 Y
你都可以當標野咁諗, 個樣野多人可以狂升值,
0 s3 k, D; D& h  E# j$ ]3 M8 @3 S% _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,
0 X  N2 C. c' U淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , T4 F. |6 o# b3 R+ 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
* L; P; P+ a# \5 Q# }8 ~. C3 ?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.gif5 m0 a# D4 ]( f4 K9 B& L6 U" F
唔係d錢蒸發, 而係比美國佬洗晒未來錢, * E% N# l1 ]4 V/ H% ]7 C( |5 }. G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( z7 |/ G: _% D2 o8 x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' f6 L$ K: w) y
咁你話d錢蒸發左去邊? ...

4 @$ ^, E6 ]4 V$ o7 d) y2 t9 J

3 N2 x" v& I' [1 }% y正係咁樣
; l% B5 i0 S7 c0 K0 Q6 `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2 {3 O( }. G5 F7 W: H
分分鐘佢地唔使還錢/ X6 B: ^7 h4 c: v; n

8 Y7 A6 K  W8 n  z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,9 `- Z5 w1 k! n+ J8 O
連國家都係問人借, 不停發債券, 印鈔票
  l5 G+ _8 o0 P: G# [1 [一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
2 n+ S' ^0 M. M6 h5 j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; x* v$ C. A8 p( i
咁而家"爆哂煲"算唔算先至係變番"正常"???

( `# j! M3 n6 r0 w- o
2 r% K8 z6 S3 F, H# O/ [* M
其實係...
0 Q& @5 q8 m9 Q, ?7 y因為以前未生產, 先消費
: ~# p9 ^, B! M: V' V. m, K! Q: C而家就要多生產, 少消費