0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif" U3 _9 ^3 o5 |: N/ s
Why bank will sell 借據給第三者???! E& k# F+ q9 V
I was so confused.....

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講到尾都係賺錢
' q, p1 L& J8 h3 Z/ \6 Uso銀行可以不斷放款, l% x5 v7 c, W& ?3 t# y, r  \
美國的房貸問題散佈到全世界* _0 I2 c3 X: }- o
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mortgage loan 3 x3 ^3 x8 ]+ \" B
>conduit1 |! q7 {. }% L
>RMBS(Residential Mortgage Backed Securities)
$ i% u" q" O" w% _) f>arranger
# V0 O* w$ c6 V' W+ a$ H>CDO(Collateralized Debt Obligation)' H6 i: ?) x) @9 C, t( L
最後去到投資者

Kev

i thought it is the reason of rate of return.
- r4 M3 B" k- m# o' I8 P' R3 tCDs could have different ratings, AAA -> F,) j7 R' c) n0 c, \" J$ g. ]
more risky ones would have higher premium (interest rate) as a compensation for an investment.
* B7 M9 p  m( _( kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- Y3 [1 j! H3 P: C# y* Q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 _" N5 K7 j/ [9 {, v+ Q" y$ o- }
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 ]% r5 |* Z& U; D
similar to bonds, CDs trading in the secondary market have different value at different times,
  q  [* D/ w# X, enormally the value is calculated by adding it's principle and interest. . J5 S! C! p& g" Q* E
eg. the value of the mortgage+the interests to be recieved in the future.
! l' Y3 a8 t  D" obanks 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.! u2 @8 G1 Q! ~% ]
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im not quite sure if the multiplier effect does really matter in this case.
  q. y* a& v( ?7 O$ pin stock market, it's the demand and supply pushing the price up/downwards.
+ y- A% }- p& N% fFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! f5 u5 g) w- @2 @4 k( ?- |9 j
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; {/ t$ T, J, j0 N. s
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. ! Z. h* s' w4 U5 a' k1 P' x
but the value of their assets did really drop significantly.
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9 `- x0 k1 _1 m: c5 j[ 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
3 T3 M' y' |; x5 b3 H% z8 q3 g3 LRefer to last example,( y8 }  C* [& _) `
that means bank A have no money because we borrow 10 dollars from bank A 6 T9 ]7 \' H# R' v% F* C
Because bank A doesnt have enough cash on hand
0 v4 k7 G, K1 h" l( e  a% T" V* etherefore bank A need to be bankrrupt ??? Am I right ?? ...

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  y, s1 @) x; w/ j' I6 BA->B->C->D->E/ E+ |: b: e  K4 W
so does it mean if E failed to pay D,
# V  o* B6 [( j# f* Yall the B,C,D,E have to go bankrupt?
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" m* |9 J( F$ x! ^4 ~: A" U4 N# qthe multiplier just tell how much money created in a whole economy,
% q- ?7 @1 f4 E$ l7 sin this case it doesnt really matter how much money is created,
) z4 C0 t# M* Y( i0 q9 d( \8 T, zit's the problem of the debt itself.
8 I7 s: b/ A% @9 D+ `, }( Pthe 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. P4 n& ~8 r5 w+ t
小弟一直都唔明.../ Y+ S. h; ]# f; J0 s1 |2 R

) p6 G5 `8 Y, B, X全世界都蝕錢，咁邊個賺緊錢呢?/ |( `2 j8 W8 F& M# W! @: ?. G# }

6 o3 K! l- ^8 d) a# Z3 z5 m) _  M無可能淨係有人蝕錢無人賺架嘛...+ y' V4 f5 f7 ]! |' Z8 f

7 @! U' j2 N% Z敬請各師兄解答* {; g9 R& s9 o$ @

. q+ q; e$ C3 iThanks

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那些根本係 紙上財富  % A9 @' {2 K8 a0 `( z8 Y8 e( c
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
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3 z, c. W3 A! r: `9 v% Y# V6 Ghttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產% n0 e7 v4 q+ j$ J8 ~/ f
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% c- B' A) d* B) {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
# ]% U$ D; ~" ~. O8 o; Y+ X! s/ S. g# g個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 ~' i3 T' c. ?" O扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 Z# @2 @: r5 K6 \& `5 U/ _計番回報率就已經係50%,所以可以好好賺& o/ X+ T- A$ l: d1 P
前提係銀行之間要互相信任先可以咁樣借法) `" }+ K7 t0 r0 N: Y
同埋個市場既前境要係好先得( N: ?5 M3 c1 Y& o. B
但當經濟一差,公司估值趺了,物價不升反趺9 l( V0 u+ P) V: T8 Y
例如剛才說10蚊的, 趺到得番9蚊,
! n$ F6 {' H) o7 c3 @" z" i咁投資銀行一下子就要還11蚊, 一來一回變左虧200%' [3 @  A3 W7 m& D+ }8 n+ Q
所以你就會覺得D錢好似蒸發哂咁1 N1 G4 N, A9 y5 A9 Q- w% C& Q
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你都可以當標野咁諗, 個樣野多人可以狂升值,
* q' m6 Y8 S: W/ B" Y7 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, . c( S1 d  |8 |8 {
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ K3 c4 P- w1 v/ s& \* c! 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5 }/ s8 ~: g  ~9 d
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
. E/ j3 ^9 b+ O8 ^: \唔係d錢蒸發, 而係比美國佬洗晒未來錢, # [2 R  M. F9 Y+ x7 Y; w
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ B; A3 b8 f3 k2 m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8 t! k# b% L1 a
咁你話d錢蒸發左去邊? ...

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正係咁樣7 L6 \, a- @9 v" 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
2 g* b5 W8 r; m# N; d9 h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,& w" N- z2 B6 Z" f+ g: K  l1 I, T
連國家都係問人借, 不停發債券, 印鈔票
4 p' U# K4 X) C/ c一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
' H2 F- J7 o2 B2 b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
+ O# x7 v/ ?7 o0 r( w2 o1 D4 C咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
% j' ^; m! q( l: g5 f因為以前未生產, 先消費
9 Z- ]2 ~' a: Q4 ~% }$ B而家就要多生產, 少消費