0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif& k3 Y* E( Q1 [
Why bank will sell 借據給第三者???
  X4 z( f+ ?+ E. J! MI was so confused.....

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講到尾都係賺錢3 k6 E4 G. p6 G, A
so銀行可以不斷放款" q7 G9 R) q6 u
美國的房貸問題散佈到全世界
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4 q6 X/ f( X9 a9 b, r7 r/ ~mortgage loan
9 t! \9 u% P; n! ?/ v9 m>conduit- s  l2 I7 T2 \  ]5 m% @( w# I
>RMBS(Residential Mortgage Backed Securities)1 a) ^2 f: J' L, P' ~9 u( y- f9 \
>arranger6 U- a4 S2 B* _# M& C/ q; q) |
>CDO(Collateralized Debt Obligation)
. Q; ^; S4 h' E' U# I6 V, l最後去到投資者

Kev

i thought it is the reason of rate of return.
% }# l# E! f6 ?: b: A9 L, LCDs could have different ratings, AAA -> F,) u/ `* l( ~+ x3 `3 z" N0 l/ \3 i' s
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 n1 i+ N" _4 y: a1 y7 h7 C
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 ^# C# v- _0 x# H; R
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# b/ u4 }$ w$ |* D" YAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 p9 i9 l3 ~% k
similar to bonds, CDs trading in the secondary market have different value at different times,' ?8 _/ d2 B+ J! {/ m6 E
normally the value is calculated by adding it's principle and interest. : D/ {. w+ g( ]7 h: U9 y7 ?# t
eg. the value of the mortgage+the interests to be recieved in the future. ) k! y: q8 M: t
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.: t) X7 M1 j; h
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im not quite sure if the multiplier effect does really matter in this case.
# I: P; C' I* x4 o# jin stock market, it's the demand and supply pushing the price up/downwards.7 T5 d8 o% }" @' r
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ m) h6 I' z; Z( G6 @
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 @& O* `; O$ g2 Q) _2 p
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. " O, Z+ l  }3 F) {; D
but the value of their assets did really drop significantly.0 T0 C8 C6 N0 @5 k( B* {/ c
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[ 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
7 d+ J. G7 G2 I: u7 z: dRefer to last example,3 j( {- L" Q  w
that means bank A have no money because we borrow 10 dollars from bank A ; V( Y0 P& `1 _1 y4 F. N9 x: O
Because bank A doesnt have enough cash on hand
" K( Y% J) ~# e6 ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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( @7 X$ U' ^' v5 e3 ~A->B->C->D->E: {6 O, ?5 a% f8 D$ O
so does it mean if E failed to pay D, 8 o( H: Q" h- M. Z  k5 A  t
all the B,C,D,E have to go bankrupt?$ ^. h, K2 j  S$ D& z
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the multiplier just tell how much money created in a whole economy,
( g) @0 t5 j' F  U3 l3 F; Qin this case it doesnt really matter how much money is created, ) T) X% C1 M5 L2 p9 D
it's the problem of the debt itself.
2 p2 L3 Y/ G& Q9 V) Q9 w! |2 Z2 cthe 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* t' ]2 ?( B4 I7 ?4 x" L+ L! ?; u
小弟一直都唔明...$ r$ d$ r% W( P2 m' h

. e5 F1 y% y4 b0 }+ E( X. o& ?- R3 Y全世界都蝕錢，咁邊個賺緊錢呢?$ q" M2 S" k4 ]7 f$ ]8 {- T
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答8 Y; M9 Z' T! I* I

4 o1 Y5 [$ ]; X/ I2 lThanks

9 P0 T0 M$ \* Q/ s0 L那些根本係 紙上財富  8 N$ `$ U0 X0 \5 M
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 graphic6 C/ T5 A: g3 {( W* E$ G2 p8 e
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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 H, l0 z' i
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) l0 R6 {0 |1 G; C. O9 h  F8 J
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
: V9 Y* I4 |2 |7 R1 Z4 M: G4 K' ^個件物價係市場好既時候升, 例如15%先算,變左12蚊啦4 l- ]: D/ G4 ]
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,* }  [. ]1 X& y4 S# i# ^4 y
計番回報率就已經係50%,所以可以好好賺# W2 d  h4 C# l4 M  u' d% K) M" E) B
前提係銀行之間要互相信任先可以咁樣借法( E* @5 X5 U( d4 G$ B
同埋個市場既前境要係好先得
, x1 Q9 \) x" m% a但當經濟一差,公司估值趺了,物價不升反趺
3 t0 Y) P. J6 {' s! y8 Y例如剛才說10蚊的, 趺到得番9蚊, ! j% X* R: m) R& o. L: v
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
& P1 e" }4 a6 k# C0 r所以你就會覺得D錢好似蒸發哂咁
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5 E* R& d: ~5 m3 k6 j你都可以當標野咁諗, 個樣野多人可以狂升值, 1 ]0 W4 Y( |9 E8 g( G% l& \
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,
. b( w: m- E! k* J1 t淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 v' }! W5 K2 Y' ~' k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
% E) X" `6 a1 U5 K$ F$ |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
9 J! J. q% O0 a& i# }) L* R2 y; e唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; p; g/ x0 @. T  v% {, A! o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) X+ [+ `  ^! E; w( `4 W3 L
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. N' p8 o1 q0 h
咁你話d錢蒸發左去邊? ...

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$ N! y4 M5 i5 h' B# D  W正係咁樣
: m& P, m. `; q" 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4 o7 ^1 r  f; w  V5 {
分分鐘佢地唔使還錢0 J; z" ~, N! b# Q/ n/ Y

) P/ g1 z6 E) T& c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,- k% e# E" \6 j- c3 ?1 E/ a
連國家都係問人借, 不停發債券, 印鈔票
- C( O/ E0 ~$ F7 z$ P1 p一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 l+ W- W, V, D8 K: D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/ z" a5 k1 o5 N  I
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...4 T) \! f2 n6 {0 x& k/ a8 g
因為以前未生產, 先消費
0 @  h5 v! V  h4 C而家就要多生產, 少消費