0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
# N& B4 Z+ z5 ]' VWhy bank will sell 借據給第三者???
+ _% j" o1 E# |4 l$ l! d) `I was so confused.....

5 {% b: x- p/ Z/ u8 p
4 b' {. p4 ~* F8 j  e
講到尾都係賺錢% [' q% @" I0 K' e8 y% R
so銀行可以不斷放款" F1 `) w  M$ |2 l$ h
美國的房貸問題散佈到全世界
! m( y/ S& _# N9 v& }8 m9 ~0 n- x
mortgage loan 3 K  n7 c" R4 }* w. Z
>conduit
$ D* R; {8 Y' f4 U; |>RMBS(Residential Mortgage Backed Securities)7 R% Z+ p9 h3 O2 I2 l. e
>arranger1 n3 E7 Y0 S- P) R4 E
>CDO(Collateralized Debt Obligation)
) [" K- ]3 Q4 i1 W最後去到投資者

Kev

i thought it is the reason of rate of return.
: v2 c& x/ i+ [5 n/ ACDs could have different ratings, AAA -> F,
+ K3 N9 J! M0 N$ v! X: Emore risky ones would have higher premium (interest rate) as a compensation for an investment.5 V+ S3 `4 C  l! t5 c  P; W
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# O. t) f# G0 e/ U
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 y- y/ p* {5 O4 C- p% @1 `' OAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; N0 ~( @1 r2 Q4 X- nsimilar to bonds, CDs trading in the secondary market have different value at different times,
6 r+ t( a6 `6 Qnormally the value is calculated by adding it's principle and interest.
, J! w( M1 c. Q- ceg. the value of the mortgage+the interests to be recieved in the future. 6 l6 `/ t  D6 }
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.
+ _  B: Z! R* Z. n( V
% m1 ?  t- a* o, a( {8 U6 Bim not quite sure if the multiplier effect does really matter in this case.
) }+ S- Q- F4 ?! z5 Xin stock market, it's the demand and supply pushing the price up/downwards.
+ N. C* _; e2 F2 }! V) ZFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 D! T& l. L+ O1 w* uA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( b, d2 A9 v  R: `1 L3 d  ZThe 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.
! S+ I1 I9 s6 q$ Jbut the value of their assets did really drop significantly.( K* W5 E# _# h1 T  {6 g
! L: u& z+ d; r7 d; u$ m8 f" K. L
[ 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
4 m% _2 n3 F  O, W, k( IRefer to last example,0 ~( F5 L) F  l+ w- a% `
that means bank A have no money because we borrow 10 dollars from bank A
2 c* C6 @% Z* _& rBecause bank A doesnt have enough cash on hand
9 i" q4 S! V7 e! W. b8 f# btherefore bank A need to be bankrrupt ??? Am I right ?? ...

1 ~! W; H+ z8 s. @& l0 q- I3 a- g2 A, c2 ]! a) n& w2 A

6 y" g: y+ h$ v9 u+ rA->B->C->D->E7 d" t3 Z& z" }. R
so does it mean if E failed to pay D,
2 E3 [4 l4 W6 r; F. S9 j) v; X' D, \all the B,C,D,E have to go bankrupt?
  v& y" Y# d! b% K# a- ~8 I0 H4 h8 |, V
! [' o4 W7 v* A% b3 ^
the multiplier just tell how much money created in a whole economy, $ D6 f8 j( d2 r1 e$ L0 \  |
in this case it doesnt really matter how much money is created,
/ L" Z: R3 |' T9 hit's the problem of the debt itself.- X* o* q$ B2 M2 V4 d7 M
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.gif3 S& p/ p  M% Z& D, u$ P
小弟一直都唔明...0 u4 u  I+ f4 c& N4 c6 ?, s

, Y' i4 ]1 w8 K, ^! }) J6 _全世界都蝕錢，咁邊個賺緊錢呢?
& @! C; y  Q( T+ m5 U% D8 ~
& X  L  c) ~4 T7 |* w2 q$ f無可能淨係有人蝕錢無人賺架嘛...
- W" @/ ~% Q3 ^1 |7 e# h5 J$ W# _) S' k+ d0 D7 p% u; I
敬請各師兄解答# Y/ X5 `# e6 ?; ~- _

2 S6 v& u( W) x/ |Thanks

- f2 x7 d8 |2 d5 i那些根本係 紙上財富  
) C' a/ \' C2 E3 D0 y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( f# |4 K- G; |0 |

; u+ ^7 a- G( c) S/ ?) Hhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產/ S* p" G$ \+ B" x* V
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 x( `8 |  p* Q3 V9 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  ], w& B- B& q$ i& g
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% r3 h& h4 Z9 }2 ~! t* Y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,, I& Z% |" x$ q8 E5 {5 N
計番回報率就已經係50%,所以可以好好賺1 N+ M+ r; P4 s( U
前提係銀行之間要互相信任先可以咁樣借法
) k9 n( J, G$ b' @同埋個市場既前境要係好先得: W5 l1 h# ~" L6 {. z6 h+ c  M
但當經濟一差,公司估值趺了,物價不升反趺2 v! T0 t2 }3 g: i# V
例如剛才說10蚊的, 趺到得番9蚊,
7 @- V/ D- Q6 s4 o# S" W2 n咁投資銀行一下子就要還11蚊, 一來一回變左虧200%! e. W( h; d5 |9 `
所以你就會覺得D錢好似蒸發哂咁8 a# D- }  f2 M) B' u! h# F

% Q3 Z& M3 j$ C5 a  |  P) f0 X0 k你都可以當標野咁諗, 個樣野多人可以狂升值, 2 S" v. {. k) J! e/ a) 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, 5 T' B2 M8 x7 j3 Z7 L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 m9 T9 W/ T8 H# K1 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- K* C: H* C% }/ z3 x& a% g
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
8 N/ @3 I7 z4 f/ h唔係d錢蒸發, 而係比美國佬洗晒未來錢,
2 g8 s; I% x4 T2 G淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 b% D- Z$ k! @, Q# m. W  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
  {9 c# l/ Y+ B$ `. q; D咁你話d錢蒸發左去邊? ...

2 H. A; \; h0 Q. }0 }
# v7 _3 ^4 C5 a) m1 G' F% q6 H3 Q
正係咁樣5 Z+ v6 ~: S7 ^# \8 {' u
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# [: W% Q8 Q7 a+ z6 s4 j+ |& C3 q
分分鐘佢地唔使還錢
4 f7 n7 _2 L$ }$ A! h. _1 m8 s+ Y7 ?, 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,  `! U6 c* O4 `
連國家都係問人借, 不停發債券, 印鈔票3 u2 }" T% l+ m. I! i, R
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產" a% d$ k; m: S$ S/ u' @" s' V
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
6 ^* \: {" c- F- t) R咁而家"爆哂煲"算唔算先至係變番"正常"???

# R$ @# s; O6 s: J, e
3 Q1 u' A8 |6 d# k7 B
其實係...
/ n: p. B7 P/ w/ W- m  e因為以前未生產, 先消費# ]3 d7 }- ~8 E6 c" g
而家就要多生產, 少消費