0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif7 O1 O2 h8 z& z: H: E1 \
Why bank will sell 借據給第三者???
( M' v; e4 r  c3 {! i. mI was so confused.....

' R% W% j1 Q# Y8 [. H- u  j6 @3 g- ]; N8 q. x
講到尾都係賺錢7 Z, P3 j7 K2 i" T; ^7 Q2 [. ^' E
so銀行可以不斷放款
4 r# |1 Z3 _$ K; v6 r美國的房貸問題散佈到全世界! [( X* P/ _& h+ a3 N( I

2 Z! M" d0 y9 I  Qmortgage loan   ~. x$ T) ^' t; h5 _% g
>conduit& |$ |' S9 C6 u4 n. ~/ [' b$ b: ]5 {
>RMBS(Residential Mortgage Backed Securities)
9 Y6 @' S, l9 u8 f1 d>arranger
7 j  w8 b3 |% o2 X>CDO(Collateralized Debt Obligation)
, V8 t. Z9 E% R- u' q; d最後去到投資者

Kev

i thought it is the reason of rate of return.
+ h* U, ^$ h9 C  dCDs could have different ratings, AAA -> F,
$ }, L4 W- W* h9 t# N' dmore risky ones would have higher premium (interest rate) as a compensation for an investment.
1 o4 D! q0 `/ ]+ _3 a: Mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 n& y% L; v+ _0 G. B
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& H1 n2 ~( c! [$ K, G& c* h  k' IAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' d4 |) `2 @$ e' ~" ~
similar to bonds, CDs trading in the secondary market have different value at different times,$ V, Y) h& a$ `4 x9 J5 g3 r
normally the value is calculated by adding it's principle and interest.
# B( V+ ]" d( R, `5 c7 q% Heg. the value of the mortgage+the interests to be recieved in the future.
# a$ }$ C& n! _  e, wbanks 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.) f; [# s9 m7 j& `3 B

+ [5 z' \  J9 e* |7 Qim not quite sure if the multiplier effect does really matter in this case.1 G' n3 r+ e+ e3 H0 N/ g1 g
in stock market, it's the demand and supply pushing the price up/downwards.; M6 S* B7 @% k& |" \9 B( l
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
$ [2 N/ e& {: N$ [0 oA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' ?$ O: p, E4 `/ _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. 6 [7 `; x" w) B  o; |% [
but the value of their assets did really drop significantly.# }% I6 C' Z6 y1 H7 k( A# S

: L, r/ L4 k" b# a# p9 L5 g; y[ 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.gif9 W, n5 n  P+ N. J( Y! Y. ^
Refer to last example,
( {( g) l, Z. V! k  R& p& vthat means bank A have no money because we borrow 10 dollars from bank A
) b- o! K' h8 Z$ `5 Y+ ^Because bank A doesnt have enough cash on hand
# ]8 V4 C. ?2 W+ qtherefore bank A need to be bankrrupt ??? Am I right ?? ...

6 f" ?1 ?0 t% h& S9 i

7 g% H1 j* Z$ `8 S1 X# t! f1 d$ X
3 j  q$ @3 P6 P% i$ E7 q/ FA->B->C->D->E3 J* N1 q& N) t# i( V' q
so does it mean if E failed to pay D,
8 [4 L2 p  M/ h& c7 P0 Nall the B,C,D,E have to go bankrupt?
7 O( \" |, R1 f9 d( x2 g6 L+ R
  ^- }" W7 W  @8 ^
- x( P8 c- X- ^+ h6 w. uthe multiplier just tell how much money created in a whole economy,
9 o& d$ S. Y5 h% A* h0 hin this case it doesnt really matter how much money is created, 4 [6 Z# d( y8 N2 A
it's the problem of the debt itself.4 y: ~4 v4 p# k/ \, f
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/ _+ }  x! r/ \1 _2 k" ]8 f
小弟一直都唔明...
, G0 Q" L- o! F
1 t$ v+ i' |: ]* C$ F2 ^4 Z3 Y" j全世界都蝕錢，咁邊個賺緊錢呢?
1 |4 ^" {" ]' [  o; C/ \( B0 G# D- E! I; Z: d
無可能淨係有人蝕錢無人賺架嘛...+ H) K, Q, C6 Z0 o  r

% }% D' X" P9 M敬請各師兄解答, D1 m$ _  ^! l
  O# {4 E/ l, `' N8 w. {1 l, j
Thanks

# a' K2 _) x) g2 U# s
那些根本係 紙上財富  
4 q. H' c+ C; g8 |  I  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# K6 `; v2 [5 D: e8 `6 C+ O- y# v
0 G4 n6 i: D: B5 chttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產2 F/ g/ k6 g9 q6 ~7 l& l
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" P# B+ U$ ]  K3 l" P+ R
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( ^+ V) k7 t; U8 w  P( Y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦8 Q( P9 L0 p$ V' B6 {
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- I+ _% F3 }8 w3 V
計番回報率就已經係50%,所以可以好好賺, N1 G; ]2 s& u' m7 _
前提係銀行之間要互相信任先可以咁樣借法8 m+ c' I. _4 a
同埋個市場既前境要係好先得! ]4 E4 h, k9 p* }* @
但當經濟一差,公司估值趺了,物價不升反趺3 s3 d% i% `  Q4 G& B! `& s
例如剛才說10蚊的, 趺到得番9蚊,
3 a4 T$ D# q7 I# i咁投資銀行一下子就要還11蚊, 一來一回變左虧200%4 K' V' N' W2 i8 |, u5 `( G: t
所以你就會覺得D錢好似蒸發哂咁
# w3 \$ K( p& a. I/ H) Q' `1 x
' ^9 n  J- C! m* T你都可以當標野咁諗, 個樣野多人可以狂升值,
2 J: g5 R& U, o  p% J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, - {' ^' D5 L+ i3 g0 z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 R0 p$ g: {& v% y: s& w# X
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
1 X: r- k4 B3 a" J3 A0 x1 N, p% [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.gif4 Q4 ?) T+ F2 @+ N( ]1 ]2 ~( E/ m8 }
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) N: s0 y% a  R" w( i/ l2 I
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % o" q( t3 ]+ A2 V! i
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+ i% f. |" i咁你話d錢蒸發左去邊? ...

$ K" _$ v5 g8 O

) C' v( G* d+ M0 O& }$ g正係咁樣# F! o" T; P" ?" k$ F* Z6 K& O
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1 h& k( L: T  M4 z" \' q
分分鐘佢地唔使還錢$ x( D. J1 x( g; F2 q/ _
$ P  i" n) w% m# U; U
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,1 r. ?0 f3 i4 k! z! h
連國家都係問人借, 不停發債券, 印鈔票4 M( d/ Y3 E4 T# }2 D1 F
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
3 h5 m9 `) i" }" ^4 P4 p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 \6 o0 |6 K- z3 ]3 A/ l  y! c( B咁而家"爆哂煲"算唔算先至係變番"正常"???

, p' ^( Z9 j6 M; w0 {$ E1 O) _. \/ E6 i  k% `5 Z
其實係...6 u+ ^5 {# p3 l; A7 E$ s
因為以前未生產, 先消費" J; P. Z/ ?1 D4 i- K. g
而家就要多生產, 少消費