0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif" a4 P2 ~4 ?5 W
Why bank will sell 借據給第三者???# J& `$ O7 x4 Q$ Z0 z: z$ {1 _3 e# n
I was so confused.....

. `2 ?/ F) B2 Z
4 J* P- k: u% r$ q+ I$ A; f$ b
講到尾都係賺錢  {* t) C$ k; p! W) Y
so銀行可以不斷放款
: G& n1 S$ s, n2 `( J: K& F- R4 n- u( }( `美國的房貸問題散佈到全世界
0 c5 e4 \$ T: Q  l9 }& _1 J1 p4 C/ e
" T' b; ~, l+ {5 Rmortgage loan
# m% \4 z/ m4 b5 m8 r>conduit# o; H4 f5 o( P7 g
>RMBS(Residential Mortgage Backed Securities)
% r$ z/ H9 `# v6 s0 y% M/ t>arranger6 p2 ], i; m2 O# s/ ^  c/ D, p- Q, x
>CDO(Collateralized Debt Obligation)
1 A! R! p7 M  [$ y最後去到投資者

Kev

i thought it is the reason of rate of return.
* W" H3 O; W  Y# @9 I8 `- v+ B+ dCDs could have different ratings, AAA -> F,
9 T6 p. u0 B8 Y3 [  ~, y1 v, ymore risky ones would have higher premium (interest rate) as a compensation for an investment.
. ^: T+ \$ a0 A/ b+ w3 N4 }2 vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% u4 e* L) K$ d' q# M4 Ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. t' _: J! p0 b/ T; g! v) p' KAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ l6 b7 `# G4 e: R5 v2 `3 r" V5 @
similar to bonds, CDs trading in the secondary market have different value at different times,
3 p" T0 A) z' y* r) K3 S% q4 ~; onormally the value is calculated by adding it's principle and interest.
7 P5 U- o3 z9 \& M; W: yeg. the value of the mortgage+the interests to be recieved in the future.
( `3 t- j: C" P6 T3 O8 p8 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.
0 }: [, m2 H8 `" g
1 V2 \; _: x  i5 O& Q2 Bim not quite sure if the multiplier effect does really matter in this case.2 G* c5 _9 @0 S& q% b  L
in stock market, it's the demand and supply pushing the price up/downwards.
0 n; m1 S" Y6 k2 N$ EFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 y2 ?' J. w- M+ z! oA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# [/ v$ s- ]& b1 G0 Z+ F' I" 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.
$ T% q' e# D1 Q  q, ^/ i1 |4 Nbut the value of their assets did really drop significantly.
; V( m: |* D5 h- m( P' X6 ]. l- ]
9 k; s" c# ^1 x[ 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% `  |# n0 j( x! P$ p
Refer to last example,
2 ]) n. q3 z& P( F" O$ Rthat means bank A have no money because we borrow 10 dollars from bank A % S! m5 {1 Z0 F( U' O
Because bank A doesnt have enough cash on hand 1 g6 C  Q2 o/ F% K& E  J
therefore bank A need to be bankrrupt ??? Am I right ?? ...

4 {6 E4 i: Q$ q: e! p4 U& O- \$ N

7 j) e4 g- n( W; \0 q, O) D; Q7 o
A->B->C->D->E- w3 V  Y0 K& p
so does it mean if E failed to pay D, " }6 Q" S5 [, F4 h5 V- i5 Q0 n- v
all the B,C,D,E have to go bankrupt?: O: v- ?) E  t# w- s

1 I2 j0 I  z  K5 U, e
* }! |0 b2 o. e$ r& R" M* Tthe multiplier just tell how much money created in a whole economy, 6 n; W$ S  Y9 E3 p* T. g% y! j0 C: d
in this case it doesnt really matter how much money is created,
: o5 T% g+ s* c, O. nit's the problem of the debt itself.+ l0 Q1 Z( \% n+ }  Y1 C
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
$ e; T% Y, Y7 K! F* p  M# s小弟一直都唔明...# j3 C. E% v& [( ~; @) i8 Y
' v3 q* [3 C) t. H
全世界都蝕錢，咁邊個賺緊錢呢?
3 H0 R9 E% W7 r1 E0 L# C7 d. A4 W5 G( s9 s: i4 F
無可能淨係有人蝕錢無人賺架嘛...
& I4 n. t8 o) h- y
$ m7 s% _4 h% j7 @3 J& g8 [4 v敬請各師兄解答
4 K, c' d% g- Z  h9 @
/ W* j8 `: I* J8 x4 H- F/ lThanks

$ t% E# f* ~. l. c% @& F3 b$ \
那些根本係 紙上財富  
( e( n) T! L6 b$ |# S* D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
5 X2 n) L1 G; t$ b
3 Z7 N2 _( C/ A4 I4 v% ^1 mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
8 `# z: D$ J- n9 i當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
! ]2 E( ]( k- C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
% {9 f5 K( y5 H; v/ i, h/ b個件物價係市場好既時候升, 例如15%先算,變左12蚊啦8 `: C! u- \( x5 [/ j2 E. c
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
& p2 c5 m( Y) f$ E( Q計番回報率就已經係50%,所以可以好好賺
7 |. p3 u3 X: _; V) O* i3 H前提係銀行之間要互相信任先可以咁樣借法6 S* Z' E0 P( e. F; P) i1 ~5 k# j
同埋個市場既前境要係好先得
3 N' s4 }+ f/ b0 `: }3 T- S1 c+ }2 z但當經濟一差,公司估值趺了,物價不升反趺
8 k7 c* B4 Q- O% T" m6 V- S- B4 I例如剛才說10蚊的, 趺到得番9蚊,
5 t. ^6 q3 g; V: i咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
" X6 W6 m0 t% Q' `2 b/ I所以你就會覺得D錢好似蒸發哂咁$ _( `+ Y- w4 c* I* C! B
$ O+ b. b) ?- T" J, R8 }/ z
你都可以當標野咁諗, 個樣野多人可以狂升值,
; h9 i6 [6 U3 A# Z; }; F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, 1 d8 X' L% A0 u. p# `( D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ S7 K6 j- a8 t% j0 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- _- {% E& E# Q# \7 E* 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
  u: x/ x/ p- f  T5 Y8 \唔係d錢蒸發, 而係比美國佬洗晒未來錢, . ^- [- P( O( O( `/ A* K
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ N8 x4 H, L$ B: C. Y  K1 ~5 d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; C( q7 {: \$ n& c
咁你話d錢蒸發左去邊? ...

+ M6 B) P' {7 Q" A7 c2 m5 {8 c

" C' G' j' [7 u2 _% D正係咁樣+ G! C* b1 t5 i) R/ {3 y, C8 K
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
  x9 V* m7 ?) u7 z1 g0 {$ q分分鐘佢地唔使還錢2 Z1 @) W% {" G# N7 |* l5 c

0 V% ?- a2 f9 H, |0 G8 L1 O* 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,- W& R/ A) D: N( }
連國家都係問人借, 不停發債券, 印鈔票
! r. W+ e; L& g! b8 N一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* q- f+ o# D9 s4 l; o- [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
5 a. y1 a( |7 j3 A! q. R咁而家"爆哂煲"算唔算先至係變番"正常"???

; @' @1 T3 t  N$ U3 N' E1 ^+ ^, r! K: V1 [  p) A1 D# s7 C. r
其實係...8 n' x4 [2 ]4 W9 V& d+ w
因為以前未生產, 先消費/ P2 r! X( [+ n5 R
而家就要多生產, 少消費