0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
4 w. r5 q( Q+ ?' MWhy bank will sell 借據給第三者???
! A: ^3 Z# Z" ?I was so confused.....

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講到尾都係賺錢
+ _  E% e' [  E1 {so銀行可以不斷放款+ d6 [1 d3 U9 F
美國的房貸問題散佈到全世界2 [) L- N, D3 w

( D" t) J- C9 Z, f- `# f, f" fmortgage loan
8 {% U3 G. D  r+ l" S' `. x>conduit) D5 ?. z3 @+ H
>RMBS(Residential Mortgage Backed Securities)" P1 d+ X9 u- g6 I4 x
>arranger
$ m5 [! p" c% n+ f>CDO(Collateralized Debt Obligation)8 S8 b( i* {( P4 v" k  |
最後去到投資者

Kev

i thought it is the reason of rate of return.+ ~& M, Y: i' U. y% c) t1 e3 B0 V8 m( e- C
CDs could have different ratings, AAA -> F,6 E$ G# G2 H( m; ^4 B& k
more risky ones would have higher premium (interest rate) as a compensation for an investment.) J1 x/ Z* P. b% I, L
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 j4 u4 H* v! s: K% O4 A3 win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ ?7 e" `0 r/ t7 j" H  X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" ^  q! y6 C2 b* a# K$ l# v! Dsimilar to bonds, CDs trading in the secondary market have different value at different times,
/ @  J, o- Q8 znormally the value is calculated by adding it's principle and interest.
" q3 g, r' O4 ueg. the value of the mortgage+the interests to be recieved in the future.
7 ]$ |$ b& g4 _2 sbanks 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.% u* t/ b6 }; V% i  x0 ^
in stock market, it's the demand and supply pushing the price up/downwards.
% o4 r+ x/ E) T& {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! n& y% S4 X% |6 m% u7 a* v
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% d1 k, d* S  w3 I, M4 X( U/ YThe 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. % g: X5 q0 l9 W! e6 O2 J, Z
but the value of their assets did really drop significantly.0 l# J4 }/ e7 A1 W& a& d
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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.gif7 h1 o7 f- ^6 i& s$ b
Refer to last example,
) M7 Y/ r4 G$ _. K* Ethat means bank A have no money because we borrow 10 dollars from bank A
3 a  {! O4 G: x; J% f3 j& c7 NBecause bank A doesnt have enough cash on hand # r# X* w4 J/ D; }% c9 e6 `
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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2 Z# a4 e  I( wA->B->C->D->E' d1 F% t  \  D; [% z* \3 o6 c
so does it mean if E failed to pay D,
4 s$ H& k8 H5 G. ^! O* @6 u+ fall the B,C,D,E have to go bankrupt?9 T1 x2 M+ X+ u( u) [* H! e$ G$ A

+ B6 E6 A9 f' {8 ]% J( |
3 s: L# y1 a8 x# j+ gthe multiplier just tell how much money created in a whole economy, * m/ |* Y* e7 u5 h9 E" H( ~" Y8 m9 X
in this case it doesnt really matter how much money is created, / `$ ]( A+ Z. T/ t8 Y% A: ^
it's the problem of the debt itself.: q" r1 W5 d4 f1 e: d
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
: a' y. a' u% f' N7 d9 ^2 i5 L% c小弟一直都唔明...6 p' V( \, H7 p3 y/ }: o7 ]
! Q8 ?3 Z/ n" u5 G* [
全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...+ M" d+ _# a; u: ?6 a0 H- a3 e
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敬請各師兄解答
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Thanks

8 W/ {$ p' w2 _6 E# U2 d那些根本係 紙上財富  
; ^4 I, o0 I3 ^7 H: 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# a3 E, F9 L+ |0 M
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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 c  X5 d- g5 _0 \# x當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' K, F, i. N+ H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# Q6 W' `9 @( `6 h9 O- N- k
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦# h# x8 Y* ~9 I! C- |" v: V
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,; ^* h1 ?* u5 o5 G. D$ x$ {
計番回報率就已經係50%,所以可以好好賺
9 x: B. F5 t$ c2 q前提係銀行之間要互相信任先可以咁樣借法
. g# n' P5 S5 |. V# B5 ^5 N, k同埋個市場既前境要係好先得
( e4 a! b- w2 W( P7 B) m但當經濟一差,公司估值趺了,物價不升反趺( L4 d# F( g" M
例如剛才說10蚊的, 趺到得番9蚊, 1 b8 c- L/ t$ @
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% c  q- ~9 e0 Y2 r" `- Z; G所以你就會覺得D錢好似蒸發哂咁
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: h! W# b' I+ q0 O0 a# d) g你都可以當標野咁諗, 個樣野多人可以狂升值,
2 u+ p( A( C, u3 T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, 9 ~; G* b. [7 y$ B% a5 y+ F
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' T" F6 q. X9 c& x0 K; Q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
9 _" R1 s0 y5 c1 }2 a" v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
. X& S: [" L8 G; }* w& c: [0 f唔係d錢蒸發, 而係比美國佬洗晒未來錢, ( R' e% s9 X8 A2 o
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 G: Z: T0 g  t% ?9 Y, v  W/ U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
( m) M5 L% h6 P/ S/ D咁你話d錢蒸發左去邊? ...

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正係咁樣/ A+ h5 a2 H( p# 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: F2 v8 F8 V7 l
分分鐘佢地唔使還錢
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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,4 g. w- X: Y* Q/ V! i. v  V
連國家都係問人借, 不停發債券, 印鈔票
& Y6 [" d7 `3 G  \/ |5 Y一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; f; D4 S& l) M$ }* x0 ~7 T8 `* 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
$ L9 w7 |; N& o4 `咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...1 m7 Q1 o; J/ j# z" U9 o8 b
因為以前未生產, 先消費: U: H: w; H* d% ]
而家就要多生產, 少消費