0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif0 T5 B) k' L/ K9 s
Why bank will sell 借據給第三者???$ N9 T% C& V$ O) n3 D( ~
I was so confused.....

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講到尾都係賺錢3 C  _- b" T3 [2 R+ X: G
so銀行可以不斷放款) A: M+ ~7 }' b- K
美國的房貸問題散佈到全世界2 C- ?, T& Q8 a& N  ~2 j6 C, T  N
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mortgage loan
( |& b! T9 V$ \>conduit
* j% w1 G. j6 R1 G6 l>RMBS(Residential Mortgage Backed Securities)
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" C) u9 `! Z% S6 j0 _>CDO(Collateralized Debt Obligation)9 x* u* y: X* ?+ {' \- Y$ A
最後去到投資者

Kev

i thought it is the reason of rate of return.
7 w6 v5 ]4 ?1 TCDs could have different ratings, AAA -> F,
4 l. s* C* @8 B4 Q# X6 C5 R# cmore risky ones would have higher premium (interest rate) as a compensation for an investment.+ \$ D4 R1 g% u7 F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( ^, N0 z, B3 i
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 p1 s& j* ]8 T2 m; v
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 D6 A. i6 b* n* a; i2 Q9 Rsimilar to bonds, CDs trading in the secondary market have different value at different times,; g# C3 _0 J" _4 l; Z
normally the value is calculated by adding it's principle and interest. & Q- L: M: a% i3 ?/ o
eg. the value of the mortgage+the interests to be recieved in the future.
$ {9 w+ z9 A& n3 R$ \% e" ebanks 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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6 U9 U" a+ V6 N, ^1 i5 Vim not quite sure if the multiplier effect does really matter in this case.
! q- ]' Z" N$ \+ Oin stock market, it's the demand and supply pushing the price up/downwards.7 R- b9 N3 C9 n- P/ P3 E( x8 o# E5 m' {
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; O; F( [8 `( D. `+ J0 h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: C4 u8 D8 `; h
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 M/ L0 S' ~) `% ]5 ibut 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 W9 d  D; ]& D( [4 A) U: bRefer to last example,
" H; g$ s" x5 S: [6 ?; F+ uthat means bank A have no money because we borrow 10 dollars from bank A % G; q# V2 g& C
Because bank A doesnt have enough cash on hand
. W! o$ C; `% ]; a  z4 a8 rtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
" d) S' U2 f5 v' A9 ~! q8 qso does it mean if E failed to pay D, : B6 ^0 M6 r2 g2 O+ m
all the B,C,D,E have to go bankrupt?0 w4 h9 P$ B% B# Z& n* A# f
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the multiplier just tell how much money created in a whole economy,
2 m$ I' W& J/ f: y; \; n" xin this case it doesnt really matter how much money is created,
5 X. r! e+ V3 b1 Z7 i. \it's the problem of the debt itself.: q, u2 _) }5 z+ q0 b7 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.gif
- s  T: H7 u! {. L: k小弟一直都唔明...
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3 Q" Y; y; p' e+ A. e% S全世界都蝕錢，咁邊個賺緊錢呢?6 y, R3 l4 _/ r1 z* G
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無可能淨係有人蝕錢無人賺架嘛...6 a4 x& V" L# e3 S2 h# Q/ ~% J
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敬請各師兄解答8 k% K, y+ f. H$ ^1 o3 @

! R3 i* J' y' m4 IThanks

5 u" d+ t( w. p5 @/ H那些根本係 紙上財富  ! |0 x3 a1 H) E: L- W4 j
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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1 L9 o, K8 h; l5 Y- Jhttp://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" f8 W! l  `當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% T6 O- D0 `* v  O" E* 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
; N) D- s3 l, D6 R& B個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
1 X( K' e0 Q6 s7 L, _扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# B( \6 _9 T7 n9 {. V" Y( C
計番回報率就已經係50%,所以可以好好賺% a2 q$ }1 m5 B' W, ]1 a, [& C
前提係銀行之間要互相信任先可以咁樣借法, o/ Z2 ?! I! B1 H
同埋個市場既前境要係好先得
! w. {$ R7 K5 \8 j但當經濟一差,公司估值趺了,物價不升反趺' ], B# ^, c9 d% |. v  h
例如剛才說10蚊的, 趺到得番9蚊,
( z3 _5 R5 z2 e3 E% S1 C咁投資銀行一下子就要還11蚊, 一來一回變左虧200%' T$ O1 A- q4 n! ^+ u+ M
所以你就會覺得D錢好似蒸發哂咁) \- L1 c# Y* W% ^8 Z/ [" d2 A

3 ?7 z$ B- n, T) W你都可以當標野咁諗, 個樣野多人可以狂升值, : a, C+ |2 T4 |- C0 h
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, : U* `% x0 K# |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, / y8 L* F' d# 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
& p8 C; R$ f" U. a& u/ P$ b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" m+ H5 p% R" d/ t4 I
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ f0 Q& R# F: `( G' c* h3 n淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; T& |$ O5 j$ Q; \1 ~
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 ?& C6 }$ \0 D. c/ R$ G3 e3 J咁你話d錢蒸發左去邊? ...

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正係咁樣
; w. H( |1 R6 j& d0 b! q8 t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4 B" w& r0 B. _3 @( B: f9 I
分分鐘佢地唔使還錢; U1 d4 D1 ]+ {$ a% f" n

& R' b- G' `* T- M  V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,$ q/ O3 L/ U  `$ U- c: w, V; w
連國家都係問人借, 不停發債券, 印鈔票$ B5 _4 t  _5 F, |0 s5 @" l4 X7 Z$ w
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# q( c, x5 w0 T# n# a5 L* M+ F- a
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
' n4 S# p& d: o% L) Q咁而家"爆哂煲"算唔算先至係變番"正常"???

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& S: o) }# @) {/ B) C' S, @其實係...
1 e& G  S+ n( w8 F3 U9 b4 K& X因為以前未生產, 先消費; J# y& d, G) |: v. {' p2 R
而家就要多生產, 少消費