0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif) H4 k, c1 i, r! E8 F$ |
Why bank will sell 借據給第三者???8 Z- ]" i+ w: S/ L" ~
I was so confused.....

& _+ O- f' b3 P2 V
6 |: o, ^3 F2 P$ N( z* L2 H8 m! k講到尾都係賺錢; z6 f1 E: w8 q% ~/ J
so銀行可以不斷放款
6 h5 o1 w. g& p/ ^8 A$ Z" z美國的房貸問題散佈到全世界" ^( t: P  W1 ]7 s5 W6 A
" a2 F" o1 V3 L! H# A5 Y# A
mortgage loan
) N- ]2 z  N- F. s/ q6 I>conduit; g" _. |7 h. ~
>RMBS(Residential Mortgage Backed Securities)
/ m; L' [  ]; g( A( n/ h9 P>arranger
# O4 M8 q, z, G) e# e2 c>CDO(Collateralized Debt Obligation)7 B) l9 ?- L9 d
最後去到投資者

Kev

i thought it is the reason of rate of return.
% c, k2 n9 A3 k& z  c' w: `7 VCDs could have different ratings, AAA -> F,, ?; N& o3 U+ Q/ Q
more risky ones would have higher premium (interest rate) as a compensation for an investment.+ V" l8 k' Q: g& k- O, B- u) Z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' j* @- b. @$ o8 i2 L* a- }3 ^
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 p6 A' p; p! o, P5 P& o$ v* @8 qAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ c4 o8 U, o& t4 |5 @' {6 p8 m
similar to bonds, CDs trading in the secondary market have different value at different times,* j% J& r0 l" `$ t' d. c5 a
normally the value is calculated by adding it's principle and interest. - Y6 F9 S  o' H. V" F' h" R8 j; ^" c
eg. the value of the mortgage+the interests to be recieved in the future. 7 @" C# z. e8 l8 q# 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.$ F( `5 p# |  h! `
' S4 @" x# Z  p" @! o
im not quite sure if the multiplier effect does really matter in this case.8 o7 b$ U$ Y7 H- G# k1 q4 p, t
in stock market, it's the demand and supply pushing the price up/downwards.
; O; t5 N4 f. j% G# @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 t( }! L( h9 P, O, C$ v
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 s: o3 t- c( e( U- N" J% W- ]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.
9 v+ p. b# B4 i) U* vbut the value of their assets did really drop significantly.
7 M9 u  G0 x/ x3 g' X% Z* W) [- a& P9 t3 ^$ M# P
[ 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.gif5 c* J8 f0 ]! F
Refer to last example,
0 }" A* Q4 j* h( S- |0 sthat means bank A have no money because we borrow 10 dollars from bank A
, z" ^: N; v  h* ~: n9 t5 a* pBecause bank A doesnt have enough cash on hand : V$ N# w: f; m2 P; z
therefore bank A need to be bankrrupt ??? Am I right ?? ...

! @6 k3 a) ]8 e3 U( t+ F
1 G6 F4 `  y: h& Y- j0 w+ l
/ F2 k+ b4 D$ h% r* {' R* `
A->B->C->D->E# o  e" {# t$ @
so does it mean if E failed to pay D, 5 M6 K: w; i9 q: [1 x
all the B,C,D,E have to go bankrupt?
1 f( `) f& k  F! P$ K5 P: f" z+ O1 I# S% H3 C. a8 q

( d& M7 }! @- g4 jthe multiplier just tell how much money created in a whole economy, % X. C5 n2 M6 x: z, z
in this case it doesnt really matter how much money is created, 9 d: m9 D& R4 s5 `* C
it's the problem of the debt itself.
# R. l" D* T  u0 d9 `5 C. }7 }0 hthe 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
. \! k7 O$ L# S: C小弟一直都唔明...
+ }: S2 W. @- q" J; g/ v* m& k- v4 e! }; e+ e' G% |
全世界都蝕錢，咁邊個賺緊錢呢?
: c  V! A4 j9 U2 H  J3 ?/ ^: a: l0 e. G& s
無可能淨係有人蝕錢無人賺架嘛...
6 ~1 w, s3 G* n# @) K8 G0 K+ r
8 z* J% T% h. x# h敬請各師兄解答+ m1 H- l) J; e5 l4 w
0 r- D; q3 g4 v* W) D6 h2 N( e
Thanks

6 I3 p; x- [! s& H
那些根本係 紙上財富  & p, j0 v. m4 W$ E& w. o3 U
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 graphic9 O( T4 D6 _' z$ l8 s: k

- o' S- G1 P+ h! |, A( yhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
- ]9 r+ {( |9 i0 P# K當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ H' K# h8 V/ u* m
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
$ H* L  h* p8 Q+ F$ H個件物價係市場好既時候升, 例如15%先算,變左12蚊啦+ c& ~* `# H4 R) f2 }. V
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
/ D# N" e9 k) y1 c8 v" v計番回報率就已經係50%,所以可以好好賺5 a/ u; z/ ~2 g6 \" S6 t& r
前提係銀行之間要互相信任先可以咁樣借法
( [1 l8 V% ]2 J同埋個市場既前境要係好先得3 r  W+ s; I$ {0 G0 Q
但當經濟一差,公司估值趺了,物價不升反趺* n# M1 f; Q" a' e4 ]" }6 L
例如剛才說10蚊的, 趺到得番9蚊, 6 L# R- O) \6 H( s4 g  s3 V
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 ?# W* h: S. c所以你就會覺得D錢好似蒸發哂咁
# x: L1 w. K8 i
7 U; _. _4 _2 L7 Q2 P你都可以當標野咁諗, 個樣野多人可以狂升值,
$ d: Y+ W0 B) l6 e$ n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,
, w3 u/ ]/ k2 v* J淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ g3 M# L6 A5 ^. H1 y9 ?$ f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
" S$ A- Y  S% m' O# N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 E8 T* U  Y) r4 h  T8 x唔係d錢蒸發, 而係比美國佬洗晒未來錢,
8 ~2 v! t5 Y' D; A淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& Z  p9 S( c0 j& ]9 B0 Y( ]- 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- f/ y& f9 R2 i3 p
咁你話d錢蒸發左去邊? ...

1 e6 X: U) `4 |' F: ^, W

, L. @. x) u% g+ {正係咁樣
2 q1 J( f2 j2 p: k0 ?- 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/ Z! f! s& X  v" n2 M4 |, V' B2 f
分分鐘佢地唔使還錢5 w2 J( y, O" p/ u. l

1 L( s% E3 N$ d6 p* A" Q7 r. b' a$ M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,
0 o& l* S8 y! l) @% ?6 t. A連國家都係問人借, 不停發債券, 印鈔票
- W/ u7 B8 Q5 p4 @一個國家好少出口, 而又大量入口 ,反映到佢唔多生產7 T0 \( I% \) t
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 n2 k  `  h5 e4 T" G! T, y7 T咁而家"爆哂煲"算唔算先至係變番"正常"???

1 I' }# b7 X- A  p
% d4 z5 L+ d  h! U0 g5 I% J. |) F4 Q其實係.../ J5 n* U+ A" g& N9 f
因為以前未生產, 先消費7 A& A8 |8 X# {0 s2 [
而家就要多生產, 少消費