0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
6 ]8 S" N/ l1 V$ Z1 u4 jWhy bank will sell 借據給第三者???" g9 o" m( y6 g/ l' ~* Y9 q( V! |
I was so confused.....

0 L& C% p3 o, F3 V5 |9 K
1 @) ?6 O3 G) F* F& P3 F講到尾都係賺錢
& o3 B) W! A, b$ J2 V- ^9 }# _- mso銀行可以不斷放款6 \2 S5 s% G7 s0 ]4 n. s
美國的房貸問題散佈到全世界0 S, Z, B' \" L7 u
' U1 o+ D& P$ |! w0 y) @
mortgage loan + G, G& p. F" @
>conduit
8 ~. \8 s* h. N  Q>RMBS(Residential Mortgage Backed Securities)
, g6 i0 P6 C/ C9 v9 z& t2 _+ M>arranger
. K/ w1 J1 C7 z2 ]>CDO(Collateralized Debt Obligation)9 Q7 o* M' y% @# w/ G0 o- e
最後去到投資者

Kev

i thought it is the reason of rate of return." T: c& }) |3 W7 g+ Y
CDs could have different ratings, AAA -> F,
! y8 v3 C% v7 x& A& Y. \# Zmore risky ones would have higher premium (interest rate) as a compensation for an investment.
" C0 l  I# [9 _3 Mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# X! f) ?, Y, b( H8 m* Lin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 F3 {5 D" ^& w% e. [  o! V
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: {& }( `  h! |. a' H
similar to bonds, CDs trading in the secondary market have different value at different times,! S: h* ^: I2 V
normally the value is calculated by adding it's principle and interest.
! m4 r; m4 j2 l6 s6 T, E- peg. the value of the mortgage+the interests to be recieved in the future.
! K, [- l5 g+ Fbanks 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.* w/ q  y$ \8 Y" k; V
0 H, l% D% W0 K6 u- R; C# ^" n+ T
im not quite sure if the multiplier effect does really matter in this case.( W1 D2 _  p: T( y
in stock market, it's the demand and supply pushing the price up/downwards.# Z) A% @& h; U! v: G- S
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 b4 m, G2 J6 R+ qA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) m7 U  N" o( r* ?$ b6 i& m3 N: L' cThe 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. & O( R) l; j/ z! s; H" @+ Y4 \( K
but the value of their assets did really drop significantly.+ x% C/ j6 a8 }% O
/ `/ V1 G# g; 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; Q7 G7 P9 B7 V) n' G! z1 h. h
Refer to last example,6 A9 ^' s7 Q1 M; m0 v0 ?1 N
that means bank A have no money because we borrow 10 dollars from bank A
! v; g6 N5 N7 g" F  B, ]Because bank A doesnt have enough cash on hand " L& i' \1 F/ v1 e: o" \; M
therefore bank A need to be bankrrupt ??? Am I right ?? ...

: I# ^% s( u* E  x- _/ M1 V- l9 n! M! d/ @' |1 _

; d# A# W! C3 ~4 e) J7 w: OA->B->C->D->E
; o+ h) j$ c7 D8 o5 {1 W# kso does it mean if E failed to pay D,
( [% ]1 x6 w& T' G- R  J0 `; U" e7 Mall the B,C,D,E have to go bankrupt?
: L: p3 g- x* A) {! ?, l6 l1 z
& p6 V* l; B. l, T6 D) E9 I* R- x
the multiplier just tell how much money created in a whole economy, ! i# H7 |) g) F3 B' m, f8 y
in this case it doesnt really matter how much money is created,
7 {, {: b5 E. i! eit's the problem of the debt itself.
. {7 r# x7 T" v+ i/ O' K2 Ethe 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
$ @" A1 ]/ B% Y( Q8 d6 _2 C+ G. L小弟一直都唔明...! [( x# q/ A# R8 d  a

2 r, \' ?% K* a; u- N全世界都蝕錢，咁邊個賺緊錢呢?4 i( R# T( L# h

9 {( _! ^" o% u0 d5 m無可能淨係有人蝕錢無人賺架嘛...
4 y8 U% t0 @+ e* l. ~6 p7 E9 S! Y8 w% g$ V
敬請各師兄解答2 W% \% Y2 n- N: i+ q4 X1 N3 }

' d8 P( z! `0 ^! qThanks

& I. S; ?/ K( r( v3 f6 u* U! h
那些根本係 紙上財富  
( q* h/ d/ K9 c7 G9 v  x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
' b6 U# [- g: N" [1 l4 ^# g% S* N4 R6 o
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0 q2 q  I3 y* w7 b; H- p
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 C* \( o, f; K$ y+ C4 ~8 Y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
# \1 Y, z4 @2 m2 S& T" B個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. s# c& T  J9 G! _  p, j* a
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ F  o( S! R+ t  O, g! W) i" K
計番回報率就已經係50%,所以可以好好賺8 x" j, j" q  `6 S7 H0 M' S
前提係銀行之間要互相信任先可以咁樣借法
: r) e' Q; a! z同埋個市場既前境要係好先得& |/ [# \+ H8 N/ m
但當經濟一差,公司估值趺了,物價不升反趺
2 M- j" q1 c2 f) k4 A例如剛才說10蚊的, 趺到得番9蚊, 5 H: N3 e& I: d* n
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 ?- z6 x, U. D( G- [7 l! Z所以你就會覺得D錢好似蒸發哂咁1 H; G- J  n; S! d& N3 F; h
% u6 T: M/ @; [5 b. [/ i% O
你都可以當標野咁諗, 個樣野多人可以狂升值, , Z% n- [/ R" t, V
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,
% C! [2 L, d* d, o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" u" ~4 x3 P- p! |  Y% d2 A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+ i8 Q2 ]; f. U# X
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
0 l: K1 l) _/ r唔係d錢蒸發, 而係比美國佬洗晒未來錢,
! c/ u7 G# A; j8 F1 [: _1 Z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( D$ i; F7 J5 [& v( J) r( 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5 i; d. f! T" g+ ?6 f7 Q
咁你話d錢蒸發左去邊? ...

  c% `9 e7 ^9 h3 p: ~) ?# W$ P" \  w" h3 ]8 v; I8 H  O
正係咁樣
: ^6 Y/ n* R+ |1 L$ M8 J9 d* 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
  M* s+ }5 z, M6 `/ p分分鐘佢地唔使還錢/ P- |. T' O/ u5 U3 N) n
% C2 t7 ~& s% |+ b( 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,
: f3 O4 f5 U6 D) W( |9 Z% z7 A7 @2 u連國家都係問人借, 不停發債券, 印鈔票
. X; c9 f* a) ?" f% Y+ }一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# G; n" X' m3 s# w$ Q  r* y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
8 _/ I8 L3 @3 y, k6 j! T, O+ I咁而家"爆哂煲"算唔算先至係變番"正常"???

" ]+ {* W- R. H4 T% E1 w
; z. h0 t) ?) g2 k% G5 R其實係...
- |# {2 C/ G; [; Y4 h因為以前未生產, 先消費4 `7 |6 _4 ?6 y# c, b! i) I
而家就要多生產, 少消費