0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, M4 F( T* l6 |* i9 m; D
Why bank will sell 借據給第三者???
+ H1 ~8 o' Q5 g5 gI was so confused.....

/ v8 o  z, S3 ^1 J' @5 P1 z* L5 I
  m. ?# T5 b0 L  \- V* P/ t
講到尾都係賺錢
: n: Q' b! v. s- Iso銀行可以不斷放款
! z1 ~/ T- x0 V( N( Q2 W! e4 Q9 f美國的房貸問題散佈到全世界# }; H: }5 z9 K9 E" Z, ]; }
' ?7 l4 j$ `) o2 c# h
mortgage loan
+ ^  n# r4 h* j. |& r' C>conduit
9 n" i$ W) L7 {' W9 c" G>RMBS(Residential Mortgage Backed Securities)
' b2 M( X* s/ s5 D! G>arranger
+ h3 p! {# u! m+ P$ Y7 Q>CDO(Collateralized Debt Obligation)
2 o8 P8 _% n3 e4 K( K2 Z最後去到投資者

Kev

i thought it is the reason of rate of return.7 c& ?$ k" c- v$ _) R4 q- i7 z
CDs could have different ratings, AAA -> F,. U7 s8 W; B2 n; t( q- r* J
more risky ones would have higher premium (interest rate) as a compensation for an investment.  S% L; q% G' ?3 N5 T7 ]
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" Q1 L+ T- I+ k- ?4 ]$ Ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- b3 ^; O, @! I# lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ e, m! M( d7 u2 D+ c0 U! {similar to bonds, CDs trading in the secondary market have different value at different times,. `) A! p( i& j0 P3 C# t
normally the value is calculated by adding it's principle and interest. ) m% A. ~9 B# M8 M
eg. the value of the mortgage+the interests to be recieved in the future.
: q2 g) v# l2 |3 Jbanks 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.
0 ]1 W, E7 F. L* \
: e1 I8 z; F* jim not quite sure if the multiplier effect does really matter in this case.8 ]) k+ T6 ]; b* S8 f
in stock market, it's the demand and supply pushing the price up/downwards.
6 e% q3 C  B' H: `: yFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ V* h; o1 e; ^7 UA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 S/ e- v. |+ zThe 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.
* Z) K" B- G9 i, I1 Q% dbut the value of their assets did really drop significantly.6 D% O' k3 Q! n+ X$ Z
% I9 C! d$ t3 x; A
[ 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
8 [; Z/ J* l6 YRefer to last example,: ]. q4 S% Y( n
that means bank A have no money because we borrow 10 dollars from bank A
( g; H% f1 o  |4 x% x7 ABecause bank A doesnt have enough cash on hand - ?  H1 ?) o& u$ o1 U
therefore bank A need to be bankrrupt ??? Am I right ?? ...

( n- z; [/ m# `
/ ^6 C# o$ ?0 \' P9 t# p3 F( C" z$ ~) m; D1 |  T1 t5 y# _/ T
A->B->C->D->E
/ p, Q' _4 ]- z0 C. cso does it mean if E failed to pay D, / o7 v' ?+ `' d" R5 y
all the B,C,D,E have to go bankrupt?9 q# V: c+ G8 a( W4 M* ~

8 s' Q7 k: [% f$ M6 ^
* ]1 ~& L0 l/ g0 m! D, E. Dthe multiplier just tell how much money created in a whole economy,   U$ O7 d; N9 o/ P, O$ V$ V
in this case it doesnt really matter how much money is created, / g9 C! E8 h" p
it's the problem of the debt itself.
% b3 S# z0 U$ Ithe 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
$ J% G1 t# T1 |! U  d小弟一直都唔明...) f( J3 ]5 k. V
" P+ B5 q% c$ K+ I& M2 e
全世界都蝕錢，咁邊個賺緊錢呢?2 P( \3 b$ a4 g0 g4 B+ F9 r  |8 c

2 [+ F7 g+ ^  v+ X( I無可能淨係有人蝕錢無人賺架嘛...
9 P2 w9 E9 Q. b2 T  o* U
0 h' c* h3 W1 b( V( G* d* B敬請各師兄解答
9 t4 r4 `; m9 j8 z  [1 R
7 j! S3 a. t4 T( FThanks

! ~) \) |) c# I, A! \: ~
那些根本係 紙上財富  
6 w% E$ {+ N! g  ]% }$ N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
. _# A7 O1 ?8 W" f$ j' I& W6 N2 S4 V! n  Z
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4 S: a& p- p$ [( c; H& |* n
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: @) _7 |8 v* W* e+ P, |
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
  ^  p, u! g. z- y個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, h7 ?+ L' R) _
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) O; r5 Q( Z. q6 K- l計番回報率就已經係50%,所以可以好好賺
# E' ?( P( @; l# Q* b9 Y; B8 E' W前提係銀行之間要互相信任先可以咁樣借法
# a, j3 }$ N" e7 k0 s5 q1 [同埋個市場既前境要係好先得
7 m! X" V1 D$ M- {$ y8 D但當經濟一差,公司估值趺了,物價不升反趺" d7 K0 p+ R8 ]4 G" L( w
例如剛才說10蚊的, 趺到得番9蚊,
2 E3 X& i* q4 i) X9 Z咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
) i8 L  ]: H# \! c所以你就會覺得D錢好似蒸發哂咁
: `# J+ C) t0 x, k; ~! E
/ M4 |' t% J7 {) w' N& K你都可以當標野咁諗, 個樣野多人可以狂升值,
1 ^. l2 _) Z1 E! B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 l" k4 d  v8 o: _3 }! G) I2 T淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 F9 d- \! z* E5 [/ C3 }! G+ M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 r) X3 N# G/ w& P$ R3 z8 [' Q. }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. p7 o6 \- `9 \
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
* F- Q3 v$ Z/ @, d淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& ?5 c- U4 u4 X# F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" U9 Q$ }) M' O7 K
咁你話d錢蒸發左去邊? ...

* j3 m; E- E- s- L0 f9 U( _) ^) V
正係咁樣. t& Q- U9 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 H) P1 C9 _/ @1 c$ B. }
分分鐘佢地唔使還錢
; S7 T+ |+ e5 f' D% {& w% r! ^8 l6 i0 y' o
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,; l: Y; A* R! D1 w
連國家都係問人借, 不停發債券, 印鈔票. P' |& D9 r& ^5 v. t2 ]& k
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' R$ w  Q- Q, Z! f( `
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' O2 ]5 q9 ]$ N, `
咁而家"爆哂煲"算唔算先至係變番"正常"???

; j5 g- v9 o( F1 {* n& I6 T* f. Q

7 y  P- p5 o7 z1 \1 ]0 t# {其實係...
1 c' |$ }3 V3 Q( |5 i4 ^因為以前未生產, 先消費
5 D; S! T6 J5 H. u6 x1 v, x而家就要多生產, 少消費