0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
" I6 S9 N. s+ s9 ^Why bank will sell 借據給第三者???& ]4 N% N. o* M
I was so confused.....

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, G; T  n' Y* a  x講到尾都係賺錢$ L6 Y) g* _& Z+ K. G0 Y& @, p4 q
so銀行可以不斷放款9 p1 _: B  X8 i+ r/ u
美國的房貸問題散佈到全世界
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& w5 u/ W4 i9 {- hmortgage loan
( h: M4 V' c' o5 M  _>conduit
; B8 ~% W/ r0 {- t$ K6 ?$ y8 F>RMBS(Residential Mortgage Backed Securities)' m; a6 F( J2 L8 q
>arranger; }* W- ~0 \% Q
>CDO(Collateralized Debt Obligation)6 o; U) ]! `9 ?9 @" @; a
最後去到投資者

Kev

i thought it is the reason of rate of return.
8 P0 L8 m. h& W$ CCDs could have different ratings, AAA -> F,/ u( x& W5 C8 F6 z* |4 r
more risky ones would have higher premium (interest rate) as a compensation for an investment.
/ b/ N, M* w: t" H& w: q) @main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: E5 X  f$ M, N! M
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ }# F6 X, O& s2 e" Y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, N, k7 e; n, |/ f( \4 L% Tsimilar to bonds, CDs trading in the secondary market have different value at different times,
8 e8 {; ]2 u4 o+ O  ?+ V, \normally the value is calculated by adding it's principle and interest.
+ E; a! o+ j0 [4 O1 k6 i5 Xeg. the value of the mortgage+the interests to be recieved in the future. ; H: ]' b% r" v6 d5 v
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.
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im not quite sure if the multiplier effect does really matter in this case.% e' I9 y" ]5 z4 i
in stock market, it's the demand and supply pushing the price up/downwards.
  c3 G' z* v9 j0 `For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% G" _# M; ?: |0 G3 u3 B" U8 Y. o
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 \6 H7 X; y5 d! ~; Y
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.
1 D& d; k# J# u5 @4 _but the value of their assets did really drop significantly.
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[ 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.gif3 a" }/ N# C1 y7 Z/ m6 Z
Refer to last example,
. p: b8 J! @2 F& b( C: @that means bank A have no money because we borrow 10 dollars from bank A ( a4 V# @; q) m$ G( r7 B+ N
Because bank A doesnt have enough cash on hand
: s' z  v3 |- G/ x* w! J6 Itherefore bank A need to be bankrrupt ??? Am I right ?? ...

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+ [: e# }' ?! R4 Y8 p( N4 ?9 \1 VA->B->C->D->E
' C% ^( n( u, N: vso does it mean if E failed to pay D, + \9 h7 ^0 C" H  F
all the B,C,D,E have to go bankrupt?
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" N: [1 A: q( b. q  f% x, J' rthe multiplier just tell how much money created in a whole economy,   p+ o+ ]2 b3 n1 N2 i* F
in this case it doesnt really matter how much money is created, ( K+ X0 v3 V- P  F8 P) V' U- x' ]
it's the problem of the debt itself.
, H4 o% c: ~$ J+ W- [" Vthe 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) F4 u6 C# f6 ^3 z9 v
小弟一直都唔明...6 [3 D- f; n! b9 O9 D/ R2 E& V" W

  [$ g# b* }: g( ?. P+ z  M全世界都蝕錢，咁邊個賺緊錢呢?
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  _# a8 f9 \3 h9 r; l5 A" M! H無可能淨係有人蝕錢無人賺架嘛..." y4 @( i& N0 L* W2 \9 q0 C

9 D& ?+ K$ d- @, [: E4 S. H# a% @敬請各師兄解答& u9 c/ a# y. A  N+ y4 t

0 P, V4 U* n" y. ^  v7 _Thanks

3 l! C0 P/ U% D6 q+ \那些根本係 紙上財富  & f- Q  v% l) t8 S
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- N; b; s0 d  g' ^, S3 N" p/ a

& z( |- |* q) o: V1 z; 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
1 O1 p" r2 y+ L! e( J當經濟好,投資銀行相信會賺錢, 物價既估值相對較高; v* {) J0 \/ `+ `- E) 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
) L" t, b# G4 h4 M4 q# u" c- }個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
. m, S8 h0 @" W3 c8 f. r扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,2 i' \) E/ I- J' r* Z4 f
計番回報率就已經係50%,所以可以好好賺
. G4 F" @, L  d) K前提係銀行之間要互相信任先可以咁樣借法
  C- Y1 m% e! i/ R$ G同埋個市場既前境要係好先得
2 h* c+ ~7 X  h9 e( |9 i8 C但當經濟一差,公司估值趺了,物價不升反趺% j9 T, W6 q  t4 Z: H: E
例如剛才說10蚊的, 趺到得番9蚊,
/ t) A+ P3 D, ?; `8 U9 V" q咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 C% G, Z3 B  i, O& L
所以你就會覺得D錢好似蒸發哂咁  \* Y1 S6 f6 X* Y" z7 Y

" [; K$ C8 p" Y3 e( b你都可以當標野咁諗, 個樣野多人可以狂升值,
. u. l0 H/ w/ @2 N# w+ d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, & ?/ M- g7 k" p, a
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 V* Y1 o, y# R8 a+ T5 J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 ]3 ]! y/ X8 a$ P% n( O) N5 ?
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
! D0 @6 S  C4 m' s唔係d錢蒸發, 而係比美國佬洗晒未來錢, 9 U" \9 w* K' p5 P4 h& z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & A4 ?& m% h$ g% R) W! t8 [
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$ x: Y; c/ _  N' j! g# d咁你話d錢蒸發左去邊? ...

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正係咁樣
) F# X( g( F" R# D0 Y9 z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
- L% I0 h: b* u* i4 o( C分分鐘佢地唔使還錢$ i4 p2 V6 |* k

+ H. B5 v8 R, t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,
7 e8 j1 x# S8 @0 n. y2 H, n6 c連國家都係問人借, 不停發債券, 印鈔票# R' i$ I2 F2 Y! m$ M, C! I" |
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 G: R9 n2 J- r) K. M& ^
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% N' h- _. ?; c" F. l/ ^+ U  W5 l7 X; Z
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...3 B5 r9 F% L( Q7 E5 \
因為以前未生產, 先消費  P$ S4 V& p8 r- g$ s2 K3 M
而家就要多生產, 少消費