0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif+ V! H, x/ P) A7 n1 E$ s
Why bank will sell 借據給第三者???
+ ~3 s! @7 D* Q* K3 [3 S" iI was so confused.....

1 Y* X, c7 T$ }

  ~' Y/ ]  R% p7 {! m. P, r( g講到尾都係賺錢$ |4 g# L: ?+ \5 P1 n. e9 N
so銀行可以不斷放款
: b; X+ E2 z7 D  V9 l# H美國的房貸問題散佈到全世界% z! H5 |! g3 [8 M5 z
; g! h* F' q, Z8 y+ I0 a8 N) X
mortgage loan # o5 H# C8 \6 R) O" x
>conduit
6 q1 j% T- U3 q% f7 v. Y>RMBS(Residential Mortgage Backed Securities)
$ }9 Z' {2 K& R# P. J8 B>arranger
# Y% o! |1 \; C1 ~  f>CDO(Collateralized Debt Obligation)
( S7 K5 m- V# d1 }  L) H最後去到投資者

Kev

i thought it is the reason of rate of return.
; _9 n& M2 g: Q. t& S; H( s; XCDs could have different ratings, AAA -> F,
, d3 q5 c4 Z6 |4 C; U6 Mmore risky ones would have higher premium (interest rate) as a compensation for an investment.
% y0 N1 k* J& E  W$ v6 r8 S$ Ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% N" \# o/ |* |; qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 Q9 t3 K' }# k- j* |; L. z" cAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.  s- |% C* [0 Q5 t8 \7 q
similar to bonds, CDs trading in the secondary market have different value at different times,% J' n6 Y( Z6 d
normally the value is calculated by adding it's principle and interest.
! P, D: f; b+ u) {, u+ f0 d5 Veg. the value of the mortgage+the interests to be recieved in the future.
5 t# n4 o/ }. h8 N0 v9 _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.
" j4 L% d& _  F" T5 ~* {8 ?$ {7 A& g
' P  M" R# R9 x, W- {& bim not quite sure if the multiplier effect does really matter in this case.6 {; G- E6 a) c$ }  L2 {* A
in stock market, it's the demand and supply pushing the price up/downwards.
0 O0 h7 c+ L* d2 f: fFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 T: s8 U7 H' A; S7 E
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: I5 m, S- ]1 k3 Y
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.
0 G1 j. b% M1 W; d! V! [but the value of their assets did really drop significantly.1 u3 A7 c" F) q$ q- z
0 v& s# W# K" o$ d
[ 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/ c1 s5 E; Y0 ?( V1 s0 c7 s& |
Refer to last example,
9 W: C- V; }( hthat means bank A have no money because we borrow 10 dollars from bank A
3 r# u3 r' R) j( @Because bank A doesnt have enough cash on hand 1 T* g- ], I. m# T% U
therefore bank A need to be bankrrupt ??? Am I right ?? ...

+ H8 G* p1 O  `+ c; |' A& M. b' [/ K% l0 n0 J# Q
  P8 G7 g# Z5 F
A->B->C->D->E7 V$ f- v! D! r5 q4 }# S# e
so does it mean if E failed to pay D,
' m( V, a& O% {7 j: D6 n. oall the B,C,D,E have to go bankrupt?
/ S7 D2 y  c- t5 `/ r0 d, U, \6 t2 D- s6 P$ x* ?/ C

: D! f. O: I2 z  j% W6 Rthe multiplier just tell how much money created in a whole economy,
& ]' {4 V2 z/ b9 q, S' Y. k. win this case it doesnt really matter how much money is created,
) g1 A( j9 L) M9 N7 T( Yit's the problem of the debt itself.# P% `, F9 ]" r
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
" K8 E" _5 `" I( ]& [* z小弟一直都唔明...
8 a3 K! _+ F) _+ U
" J- B* p, C) |# v全世界都蝕錢，咁邊個賺緊錢呢?3 F" Z: ?0 X) ~

" C7 @; L5 U! t( \- a$ s! B2 j1 y; @$ v無可能淨係有人蝕錢無人賺架嘛...
8 K/ z+ J9 I* T  [! }4 S* k9 x3 |3 R! F  \* q9 x( ^: c4 k  u
敬請各師兄解答; `/ V* V% c( N, ?

" f* }: H9 a6 I* oThanks

& f2 p- M: R+ ^* n1 z- X
那些根本係 紙上財富  ' k8 b6 m4 I* I5 j2 V' R2 k1 R
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
3 G3 T2 b. @$ A# U+ S9 N. d' E; D$ e: M4 H4 T" K+ S# U* J
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 k* B1 _) N  a* V4 o當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% V  H- c. p& M: d
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
5 F! c' ~9 E# T* s) c4 K  u個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 g1 ?; Q" Z! M
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
; P/ [. L" _* X計番回報率就已經係50%,所以可以好好賺
% p6 k, V) E6 Q前提係銀行之間要互相信任先可以咁樣借法; R# F! F$ i0 ]
同埋個市場既前境要係好先得
: n+ |9 ^- p6 |' S* O5 z但當經濟一差,公司估值趺了,物價不升反趺. G# ]3 M; Y3 Q: i" t
例如剛才說10蚊的, 趺到得番9蚊,   o, z4 o8 P; B' Z* {7 u1 I
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 ?% w! V1 d# P. ~+ {6 v
所以你就會覺得D錢好似蒸發哂咁' v$ Q9 h/ S6 R5 a* e9 k: F) K! F1 u
* w- A2 Z& P. L  U. D8 B
你都可以當標野咁諗, 個樣野多人可以狂升值,
; y* }! P9 u- X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,
+ u! K, m5 X7 B9 ]" w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: ~- z* f# F7 K% W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, o" @- @/ V2 H; [! P/ S! 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
$ m! i3 c8 v, B唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 i* Y$ r( q; e. N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. `8 \# t. m2 l: D; }- {& 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4 V$ a$ ^8 V4 b+ y  H4 a1 O
咁你話d錢蒸發左去邊? ...

, w0 J' W& g  I  {
( R; w0 D7 ~$ o% g
正係咁樣2 S$ R( N9 `6 [0 n
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0 B) I; w' z/ f! H7 S% g4 f9 m
分分鐘佢地唔使還錢3 J/ b  d+ e- X/ O3 v: ~
- a2 a, g* J. j% s
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,4 r( r, a6 |' {
連國家都係問人借, 不停發債券, 印鈔票5 h& m5 ?3 H9 B9 Q3 K( j
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 a6 P+ N0 P; p: u1 \$ S/ ~% q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! R! k$ i& b  d+ c  ?+ F
咁而家"爆哂煲"算唔算先至係變番"正常"???

# _' _5 N" ?* J6 S. h, N! P
4 v# R( j1 J, ?+ p其實係...! ], s% t* \" W1 H4 ^
因為以前未生產, 先消費
- b2 |$ \4 ]8 f: i而家就要多生產, 少消費