0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif2 `8 U' h: Y6 y7 m3 X; l
Why bank will sell 借據給第三者???
$ g7 D+ }  P9 F+ RI was so confused.....

3 M6 |, ?# k# L& x- t' Q0 |

( D5 O% W9 ]% Y, K8 Q6 E9 {講到尾都係賺錢
. p9 G- v2 J" k0 `/ @so銀行可以不斷放款6 [9 ]7 _! Z: [8 Z
美國的房貸問題散佈到全世界
/ q  _( P6 R/ ?0 g( g4 T
% N0 p+ I2 T. A/ ?mortgage loan
. K% P3 O' d$ m$ V$ m) \) g( e& y>conduit
# e+ f4 h# J$ u+ [% A  i>RMBS(Residential Mortgage Backed Securities)$ O0 \# R- p3 H5 d' a
>arranger. ~4 I9 _( g! S, z1 R! ^
>CDO(Collateralized Debt Obligation)
9 [: g: B& e9 S5 c% ]; j1 h% _最後去到投資者

Kev

i thought it is the reason of rate of return.1 N/ Q0 z- y) g3 H( ^
CDs could have different ratings, AAA -> F,; n% Z- w8 ^3 ?( [7 S. y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
) U) h! e  k1 M/ X7 Vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ p6 S8 ^$ f0 m4 b7 Vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! i) R- ]3 k+ G' HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 m% f) a6 K! o- D3 I, N" v
similar to bonds, CDs trading in the secondary market have different value at different times,
  J) g8 A& p- T# r$ _4 P- A6 h; B- g( anormally the value is calculated by adding it's principle and interest.
% j; |1 i/ x) Q3 [1 Keg. the value of the mortgage+the interests to be recieved in the future. 5 i+ y, X# R4 X6 [9 w7 r
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.
# i+ y4 v) r2 u; _" G5 C# v. A
" m3 f! F' m4 v" u# e+ \+ Y7 j9 ~im not quite sure if the multiplier effect does really matter in this case.
( q% D) ~+ @: ]  Win stock market, it's the demand and supply pushing the price up/downwards.5 t: K7 b9 m% @6 r. Z  N
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
9 W5 W0 y. J9 d+ }. Z; C0 J# qA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 T# f( f+ ?  q' d1 z. D1 @3 FThe 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.
) w2 [9 l1 }) N2 ^! cbut the value of their assets did really drop significantly.4 x+ K  |* G- w$ M+ `
( l9 y- t2 @( P! l
[ 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
6 c: ^2 ]; x9 m$ O1 Q, PRefer to last example,
0 ?' ]& c/ V2 c+ Z; _that means bank A have no money because we borrow 10 dollars from bank A % i+ |  u7 o+ v; G
Because bank A doesnt have enough cash on hand ( d* |3 }" b+ v
therefore bank A need to be bankrrupt ??? Am I right ?? ...

5 W( q9 b. q; J; N/ ^* B
+ r6 W2 Q5 A. D! @, g0 l

, }8 l" @7 ]/ N# Q7 CA->B->C->D->E7 Q( D2 l+ r' d6 M3 p* c0 i/ F
so does it mean if E failed to pay D,
0 z$ k% D0 e% k5 ~: hall the B,C,D,E have to go bankrupt?! ?1 Q7 L3 Q5 W( }: K* }

; v$ u: f( V) m6 C. O# v4 T8 b* ?5 b/ R  i; K/ u5 [6 l
the multiplier just tell how much money created in a whole economy, 7 ]6 j9 f) F. o; G" o  B
in this case it doesnt really matter how much money is created, ( P. Z: @4 a7 ]4 w% b+ O
it's the problem of the debt itself.
) U0 p2 ^+ K  k0 ~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
# |. G( d( S5 ^3 g/ I小弟一直都唔明...
  ?2 i' N3 W: u0 E7 R) M
4 |2 v' {3 O* }# e/ Z全世界都蝕錢，咁邊個賺緊錢呢?! x; |5 }9 K6 p0 i2 Y. o2 p8 d+ c7 l
9 X2 j& w. w4 V+ I6 o: h
無可能淨係有人蝕錢無人賺架嘛...
& ^* B5 v1 t) y' S3 Q: d. \; Q8 e- _. a7 I. @# T
敬請各師兄解答
( _$ ?3 E8 t: D8 P" B, j, t# \" q2 [  p. S, O. X3 O/ q
Thanks

) v/ |0 g: O# H7 T9 v$ o那些根本係 紙上財富  
' Z9 P" [7 h* D8 W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
2 b/ I  n% T. o! u+ m& L; ^7 K9 k$ W% a) E, j* t, u
http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產: d2 i2 i% G2 |9 p$ m! n
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ p& e  [  t1 U, U. s4 \1 N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
  ^+ L8 V2 A3 U) f) J1 q+ S個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
5 Q4 _8 N! `  e, R. [0 x6 R' y& g  U扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
0 n2 p" W- y8 x9 ]計番回報率就已經係50%,所以可以好好賺
- e; R( i6 t+ M2 T% a前提係銀行之間要互相信任先可以咁樣借法, b0 P* N8 o6 W, L
同埋個市場既前境要係好先得
5 }$ t# w* U1 B3 ?; A但當經濟一差,公司估值趺了,物價不升反趺- `) [5 h& p4 u( ]" C& t
例如剛才說10蚊的, 趺到得番9蚊, 8 d1 C5 M5 d* ?
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ z% N' o/ M6 {' D, D
所以你就會覺得D錢好似蒸發哂咁
& V, [9 M; E$ g& Y, c( h) b
% b4 o# S) y4 h) d3 b) S你都可以當標野咁諗, 個樣野多人可以狂升值,
: n& j$ J" }) q; {! m3 @8 Z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, 7 D' A  x$ _" r4 x) ~. \( y/ s
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 c! y( y9 h; f( T0 I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 ~$ w& G" z$ _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.gif9 l4 J9 c. h: z+ {7 {' B
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ' B7 e0 v* Z2 s- B& j! x7 T. ?
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 Z: w% W2 N( a& `0 ]: c' [2 Q
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
& y- |/ f5 }! L+ i咁你話d錢蒸發左去邊? ...

, B% b1 a' }1 r' t: d" q/ J: T! W/ {# d
正係咁樣, L) h& D$ D8 @5 x- \/ z0 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, u. h. l8 N) q- Y( R+ H
分分鐘佢地唔使還錢
9 s; s) p  w0 I) v9 r
% e. S9 H5 \  J, j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,
; z/ X$ C* ^8 [- N# r( T連國家都係問人借, 不停發債券, 印鈔票
, L2 [2 t; d: V  a$ s( l- |一個國家好少出口, 而又大量入口 ,反映到佢唔多生產  ^1 f* ~; }6 s" O* S" B) w9 D
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- A8 U  T$ o& @$ _9 M" @8 h! b
咁而家"爆哂煲"算唔算先至係變番"正常"???

! r" G% G" R9 X1 }: T: O( x) D6 W

; ?8 u. Q+ v4 V1 g' e其實係...
4 _1 F' a( r) J& v8 }因為以前未生產, 先消費
) V- E' L$ s, \( F而家就要多生產, 少消費