0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif: r/ E) F$ j' @# V
Why bank will sell 借據給第三者???& Q9 K9 r' J6 Z+ v
I was so confused.....

! i/ p6 |0 R0 C) U( S) y0 f0 X8 b  y& ^( H+ w; @
講到尾都係賺錢
* I! J3 C9 m+ Eso銀行可以不斷放款
. f% X5 x8 j8 e美國的房貸問題散佈到全世界! {9 j+ X3 I& m& G

/ I+ H) a: t0 g; Dmortgage loan * ]" }9 c: ~  s+ I5 h  N' w4 M
>conduit
1 y+ {7 d6 _1 C/ K  ~( O9 z# f>RMBS(Residential Mortgage Backed Securities)) T- s, R' e) ?
>arranger4 w% \# t( M: V  P5 b5 A  r0 `
>CDO(Collateralized Debt Obligation)7 Z& L$ q8 C9 L3 G
最後去到投資者

Kev

i thought it is the reason of rate of return.
: k  S: d( e6 c1 D7 gCDs could have different ratings, AAA -> F,
7 x  M2 c  h2 ?# O$ c" imore risky ones would have higher premium (interest rate) as a compensation for an investment.
- `! r6 f& c; o5 c( Vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 q+ n& m% E2 C: Q0 ]/ A0 O9 g  {in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." K9 |2 |1 L0 J2 v
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# `; @6 {. i7 ]- j* V5 {similar to bonds, CDs trading in the secondary market have different value at different times,
) L9 i) R1 N' F. \2 D: S0 Gnormally the value is calculated by adding it's principle and interest. * U3 V2 U& \! ~) n; }; |3 X
eg. the value of the mortgage+the interests to be recieved in the future. - q# z- d7 W6 O
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.9 m  n6 g, x& Q$ |" V% M3 [

3 `+ H2 ^+ n( O6 Yim not quite sure if the multiplier effect does really matter in this case.# M4 L6 @4 J' I# K& n' a3 I. P
in stock market, it's the demand and supply pushing the price up/downwards.  K+ a* L! p- k. g6 U3 F
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& d% C( Y; Y% p* k1 N& z/ `
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( a. V* N. O- Q1 A  |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. & e0 B3 M/ E: x0 Q9 d2 F
but the value of their assets did really drop significantly.
' S# y( d% T& s& J/ G! m2 k! g+ z+ ]- u
[ 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 o; u2 h8 X, I7 d. r- yRefer to last example,* `; [% X! }4 Y
that means bank A have no money because we borrow 10 dollars from bank A
" C5 L0 h7 n& v% t9 `7 \Because bank A doesnt have enough cash on hand
* U" p9 h' Y. R2 n8 j+ Mtherefore bank A need to be bankrrupt ??? Am I right ?? ...

0 [8 j% e! H) c* v7 T, ^& m( ?; E2 |4 y' e

" g. l5 s( i8 X, X: \/ \# z( OA->B->C->D->E
! k5 l. ^% h. z  lso does it mean if E failed to pay D,
& F* O4 Z5 V' i* Rall the B,C,D,E have to go bankrupt?
  t& V5 I  }/ h& M8 l
4 \* B+ J2 \, g, L5 q. J9 X9 D% A3 K
the multiplier just tell how much money created in a whole economy, # ^8 |" U, h$ ^; D
in this case it doesnt really matter how much money is created, ! l+ z2 h. m* Q# i' q
it's the problem of the debt itself.1 H8 O  O+ g. G1 F' u
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
% Y3 m0 S9 j8 x# }+ n小弟一直都唔明...
( [* {, J6 ^% k7 I& F! `/ q# L; C3 |% Q5 q% Z+ L
全世界都蝕錢，咁邊個賺緊錢呢?
. J9 R/ W7 I. {' x( o; W1 s. z( T* J6 z) t9 s) h
無可能淨係有人蝕錢無人賺架嘛...
7 m& n% j2 b8 Z9 F+ q/ L% V) H' A% E+ u6 W2 t
敬請各師兄解答% \! `* T8 @% y) p. p. Z

$ e7 M( c: ^+ N8 ^6 {3 Z' Q, ~Thanks

9 Z) s, `' H, d/ @; B
那些根本係 紙上財富  
. J# B- N/ M, f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
6 c; ^( K3 ]5 ~* I6 t$ _6 [+ `+ o. \3 g8 v; l
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8 r& A; Z( V' f: V1 c  A
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" i' h, \% v+ i0 I  a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* u8 M" Q5 L% z7 g9 z  M
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 a& }, Z$ U9 E( n- l扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 H( v/ Y0 B6 q8 @! _: \. N$ \1 E計番回報率就已經係50%,所以可以好好賺/ I  e, m; N' @/ U0 O
前提係銀行之間要互相信任先可以咁樣借法' _5 f, I, Q& i  j5 B
同埋個市場既前境要係好先得9 d" W- K8 h/ d  q6 G
但當經濟一差,公司估值趺了,物價不升反趺9 j/ s+ l: V1 Q) M
例如剛才說10蚊的, 趺到得番9蚊, ' a1 l9 S) h' O  H: y' J
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%7 R1 [9 c3 X; a4 V& z  o
所以你就會覺得D錢好似蒸發哂咁3 r% V9 R* p7 B( c5 q. x+ ^
: x5 i; u& N) l# O% ^4 b3 B
你都可以當標野咁諗, 個樣野多人可以狂升值,
: V- f, [  C  P: Z: w, M# l1 K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,
4 Y, |( a- U* A& r/ }2 a# ~0 w7 u淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + @0 n$ \9 ~( T4 g3 P8 Y
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& w: s+ N1 z8 Q+ N$ C: N
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
4 e* Y# I' _- s0 a唔係d錢蒸發, 而係比美國佬洗晒未來錢, , W1 L4 a/ j% U+ D" U0 j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 b& H2 B; Q) j! F0 Z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4 A$ y3 p( c  o! K6 I& ?
咁你話d錢蒸發左去邊? ...

  b. E8 D( e1 l( o4 t; V7 }3 F
7 i9 v2 ]' Z' n  `
正係咁樣- A/ Q6 b8 m- Z4 s3 ?9 Q2 G  B
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
" f8 v: t% L' [7 N! g8 c分分鐘佢地唔使還錢/ h5 Y8 n  o( |1 L& ~3 T

$ G' Y! X4 @- _- S$ f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,
: P0 Y8 E' B8 L( ?7 }. x/ i連國家都係問人借, 不停發債券, 印鈔票
5 ?, g* t# E8 q$ ?9 F. h! Y一個國家好少出口, 而又大量入口 ,反映到佢唔多生產, @" C" I+ V) |! c5 B. ^
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
1 {7 [% u/ p9 j" M咁而家"爆哂煲"算唔算先至係變番"正常"???

4 Y& d( p) e; o* F, |9 u( U- w4 u
7 n' m( v" ?& }. u
其實係...
7 H4 |" u0 }: E) Y; }9 C. {因為以前未生產, 先消費
+ m- c; Z6 ^8 Y8 U* H  K3 l# R- S而家就要多生產, 少消費