0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' a, ]/ W0 x, w4 }2 ?Why bank will sell 借據給第三者???( g) O2 |2 Y" \( v4 c% Q5 K4 t4 _
I was so confused.....

! {3 {! g! _& d, H% T5 H
" c8 G" [: `7 r0 L$ ?9 i
講到尾都係賺錢
6 y& ?' \* {" R2 n+ K$ M" ^! A# T  Fso銀行可以不斷放款2 k. Z8 e+ C: y5 U$ R7 G3 C
美國的房貸問題散佈到全世界
3 G' T9 t# l- z4 P# |, O
9 K! }) D* e1 N, z+ Umortgage loan 9 ^1 I7 m' L" o$ b4 t& O, \
>conduit
9 I3 B) E6 }) H9 N* g. M, K$ ]>RMBS(Residential Mortgage Backed Securities)6 E* Y. p% s* d  n% W0 V
>arranger. V5 ~) U6 b' M
>CDO(Collateralized Debt Obligation)
) q# Q0 H7 q9 e. x' V4 D( v# D最後去到投資者

Kev

i thought it is the reason of rate of return.1 r( T5 }% O6 n" {5 b; f2 o
CDs could have different ratings, AAA -> F,% _6 A4 I, Y( Z
more risky ones would have higher premium (interest rate) as a compensation for an investment.+ j1 ~& [4 l( Q* C
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 `+ g* D3 {) C$ f# u, @
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ \# k( x5 _. i  m
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! j' Y% e* O4 `5 `' q% W2 k/ u7 _
similar to bonds, CDs trading in the secondary market have different value at different times,' N1 t- x* E# p8 p4 C
normally the value is calculated by adding it's principle and interest.
* U; i- n& y6 zeg. the value of the mortgage+the interests to be recieved in the future.
3 k3 g9 T. v0 z, {& A! `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., n) R4 I/ b# p7 r& ^* Z! y

4 a8 q! p/ \3 }im not quite sure if the multiplier effect does really matter in this case.
0 V; E3 [! R6 Min stock market, it's the demand and supply pushing the price up/downwards.! D  b9 k% o* t% P, W! C  X
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ B1 l3 [8 v' ^, P2 h/ w
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ M; r8 S$ V0 T# t
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.
/ x/ E( n3 z' _  H7 h4 V5 w  ubut the value of their assets did really drop significantly.  f- m+ g( B' M; P
3 F; _! c1 a7 b! G
[ 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
" M3 n& k6 O& `. }Refer to last example," ^2 s3 c! r6 V" |
that means bank A have no money because we borrow 10 dollars from bank A ( a* P6 `- c5 [: P& q3 s" E: o: \2 }: o
Because bank A doesnt have enough cash on hand 5 j& T  e- C& J$ Q- b- z7 ?
therefore bank A need to be bankrrupt ??? Am I right ?? ...

4 _+ h* o5 M) ~, c4 ]8 D
7 M' h9 T9 _7 B% C; a  q7 @) w  e

) W4 z( S7 Z3 B1 M: j. ]0 BA->B->C->D->E9 M" v& M, W1 ?8 R! A! [0 Z
so does it mean if E failed to pay D,
4 F/ I0 w7 j" ~all the B,C,D,E have to go bankrupt?
6 Q4 {+ p/ p1 g3 P$ K9 F/ ^, D/ P8 l) d/ j

) X; o: w: ~" K, g% othe multiplier just tell how much money created in a whole economy,
) C, C9 j3 d; k0 M5 m7 s3 Y: Ain this case it doesnt really matter how much money is created,
! w5 [* q& _8 P' Oit's the problem of the debt itself." d, |( A$ v9 g! ]8 H+ H" A
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' s$ I& G% E; w5 [9 E
小弟一直都唔明...
' A: v- A8 {6 y6 \
; W$ @% Y  J; a8 p; [全世界都蝕錢，咁邊個賺緊錢呢?6 ]2 `" C  d+ [9 D7 T+ }5 f( N8 f
1 c  g5 w, @, ^3 R7 [
無可能淨係有人蝕錢無人賺架嘛...1 m. O" F8 }7 ]0 x9 f4 v4 z$ E+ Y
1 Q' P) r! P0 ]$ n  E3 w5 K
敬請各師兄解答
' e0 w$ f# |6 `9 X" |! }
$ y7 F. \4 l1 ~, G6 w2 I2 C5 }Thanks

/ ~2 A7 e6 _3 X6 H" b: C
那些根本係 紙上財富  6 K" G. g6 Q) K  u5 G: Q: f
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, h- k" Y3 u' }3 K7 g9 |: c' {

$ h9 |9 {0 P5 i; Ihttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
/ w. c2 ?7 P  I. B& u# x當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
9 W3 {5 f- n. h2 }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/ I( s6 P* ~, ~$ ?, d7 ~
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 }; o2 \  L: U- P! c3 d, v扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) y" t$ D5 K# A計番回報率就已經係50%,所以可以好好賺
. p3 [- W  \" m- W" u; T7 {前提係銀行之間要互相信任先可以咁樣借法. ]! X1 T- F' ~9 O, K$ v
同埋個市場既前境要係好先得. u3 D# d8 a6 x* t) V
但當經濟一差,公司估值趺了,物價不升反趺
: S5 v/ u/ z& E+ O$ y5 _9 j例如剛才說10蚊的, 趺到得番9蚊,
# W- c4 u# A) h3 g% z! l咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% P, \7 a- P3 R' c2 F" Q% [. L所以你就會覺得D錢好似蒸發哂咁+ S' X0 D1 L! W5 L
2 b6 c" a- @9 k0 I
你都可以當標野咁諗, 個樣野多人可以狂升值,
+ K, g. V+ Y& s: n$ c' z9 g/ ?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,
3 |) B* l( b( I! S* E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " @0 V$ s; i3 x3 U0 Q- 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
5 ]# ~2 O/ s- |, J: T9 m3 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.gif7 L# m+ ~/ ~7 h0 o( U6 r
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 9 y2 n; h& Z' d, `1 i1 V! h
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 V& J% w. b# g+ ~7 O0 E) [% ?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) j, P' S0 L! R; b, |/ v
咁你話d錢蒸發左去邊? ...

0 i! e) ~& B. ^$ _+ ~2 f( s8 S- D) {/ M, u, I
正係咁樣/ s$ ]2 h* r6 ?6 t
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( L9 P$ m% D' R* Q6 i" `
分分鐘佢地唔使還錢& U* _" r3 o, U1 ]- k

+ u- Z6 k/ n) Z4 x0 i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,* O1 k5 |1 C; @8 a
連國家都係問人借, 不停發債券, 印鈔票, I6 T5 Y: g5 I' L4 Y
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
) P2 T  C8 Y/ h- ?& t! T0 K- r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 t6 @; A( r* @8 u8 d- u$ V咁而家"爆哂煲"算唔算先至係變番"正常"???

9 B. x; J/ C' f  t. Q4 K% C+ q. W2 C+ ]* c
其實係...
& L" @( [- s, v- R( r  Y因為以前未生產, 先消費
6 K8 d2 I' e5 [8 b' N而家就要多生產, 少消費