0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif0 A. L+ i  v" J) {
Why bank will sell 借據給第三者???
6 Q' Q5 ~4 F9 tI was so confused.....

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講到尾都係賺錢* C  a1 b# S7 c( f
so銀行可以不斷放款
' [. @) i: W8 ~9 ]# F& I美國的房貸問題散佈到全世界  k) E7 M4 o/ h$ Z/ h- b5 r
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mortgage loan , n# U% g( e  }; i
>conduit
* ^# _4 W9 r, d* E1 |>RMBS(Residential Mortgage Backed Securities)
7 `: x0 |# C0 P& l( [>arranger
/ B0 O- B: e+ _+ Q2 p>CDO(Collateralized Debt Obligation), D: a: i0 Y: F- C
最後去到投資者

Kev

i thought it is the reason of rate of return.2 J. z: N3 Q  C- d2 c  h0 o0 N
CDs could have different ratings, AAA -> F,6 W. t6 g/ B! H9 [) e* S6 ?5 R) _
more risky ones would have higher premium (interest rate) as a compensation for an investment.  @- S$ J- v% m4 ~( ]
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) [& s# T+ c7 @9 d1 u6 e
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 G9 y# l5 O, ?6 G7 H1 X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& K# q$ b) i+ ?( }# nsimilar to bonds, CDs trading in the secondary market have different value at different times,
  I2 L3 f1 W7 x7 q( d3 ]normally the value is calculated by adding it's principle and interest. 4 `$ k* n, ?# [( U+ [- J
eg. the value of the mortgage+the interests to be recieved in the future.   w, b8 g7 A7 [7 L
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.1 u) ]2 K6 m/ k

) a9 f0 m! L- s1 w3 ^im not quite sure if the multiplier effect does really matter in this case.
# Q! j8 ^% A; Q1 Iin stock market, it's the demand and supply pushing the price up/downwards.2 W* I3 c8 _2 f; K# U
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,  L9 s7 Y+ s5 O- s) v
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.3 D2 l, P, ^2 b6 O
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.
/ `9 g* ]3 K% W" K6 Nbut the value of their assets did really drop significantly.! V+ K" q6 ^2 l7 }8 _6 p

- x6 P, \; c3 t. v; D[ 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' R& y- g1 p5 d: @& G' G2 b6 t
Refer to last example,  d& ?1 r+ G& M( p$ [/ i# o
that means bank A have no money because we borrow 10 dollars from bank A
0 A$ e% n" T' z5 UBecause bank A doesnt have enough cash on hand
, g( R$ |  |6 J  ^, K$ |( ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

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8 s+ Q4 M' c0 g: |( m; e0 cA->B->C->D->E: D0 r; y2 |5 o: \9 V
so does it mean if E failed to pay D,
4 y3 x& l4 i& Nall the B,C,D,E have to go bankrupt?  [7 \/ K5 r8 k7 ]4 g2 V! {

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6 s; ~' o- r; j) O; |the multiplier just tell how much money created in a whole economy, 8 h( z+ a* R) g+ {4 w
in this case it doesnt really matter how much money is created, 7 P; W5 ^, ~8 C# c" K0 W- d
it's the problem of the debt itself.
4 @5 X, Z( U6 |* y; I% r* l- Athe 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.gif6 X4 u' r3 U+ I
小弟一直都唔明...' O" K* S/ |! I1 s7 s- Z
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全世界都蝕錢，咁邊個賺緊錢呢?
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1 O4 M! \) g2 U) h無可能淨係有人蝕錢無人賺架嘛...
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7 [9 h/ U9 @5 g5 W& U敬請各師兄解答3 N- d( A: k' Z  Y

9 e# y$ Q# ^) P3 cThanks

* U% O. H5 y9 y5 J那些根本係 紙上財富  
* h8 B% a$ v$ H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! G& N2 ]+ z! _3 X2 F: w( O- l' @

  u4 C( J6 y- z* l; Vhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
5 w3 @: ^* _+ ^4 o8 r當經濟好,投資銀行相信會賺錢, 物價既估值相對較高  V) l" N  Z# }( N: Q' q" t0 u% M
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$ W0 p' j+ A$ I7 i0 H4 S' \
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦* V( A1 z( e0 O: R* b
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 u. Q( J- T- f4 E+ k9 Z計番回報率就已經係50%,所以可以好好賺" l8 y) [! J* G  L. X( W& b
前提係銀行之間要互相信任先可以咁樣借法8 o4 L5 D( z: u9 _
同埋個市場既前境要係好先得2 r1 [3 h8 E+ V2 s4 O4 ?1 S
但當經濟一差,公司估值趺了,物價不升反趺
% ^6 i9 h# E$ A! Q; E例如剛才說10蚊的, 趺到得番9蚊, 4 V2 e9 E& e4 Y9 U% ~: T$ r$ V
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 Q  g- O- z& a% |2 M6 H+ o所以你就會覺得D錢好似蒸發哂咁3 K/ S" I7 R8 n1 Y
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你都可以當標野咁諗, 個樣野多人可以狂升值, 7 B' ~% |4 K' }" G- C- p
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,
$ g- r! y  U& S淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ V( ^# z* L& U) `% d! v- J4 k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
# v( p$ T6 f0 Q- k7 g# 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.gif2 @6 X2 N2 j. C2 c4 K3 R
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
5 p" e$ O7 _- r  |3 }' [1 P, f2 M淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- n& z0 n" O) ?7 b7 ~5 _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
: n$ @9 K. ]/ I% y. R# N# ^咁你話d錢蒸發左去邊? ...

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正係咁樣% z4 W8 p8 L' a, N
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 Z. Z( n& d6 U+ P6 E分分鐘佢地唔使還錢
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3 j1 M5 E# L2 i$ H8 f8 m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,0 x; G9 Q  D, i/ W9 S9 v
連國家都係問人借, 不停發債券, 印鈔票' u! |, ^7 e' W; ?# H
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ o4 K- y8 S9 f& X, ^/ n  I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! S' p" L- \3 Y+ [8 S) L! h- g& ^, t6 [- i
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
* z# G1 @( A( n! B0 G% d9 ?- z因為以前未生產, 先消費
2 D1 L" M+ b$ m& w0 f) g6 y! L3 f2 T而家就要多生產, 少消費