0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
( C$ s/ i# _& w& E/ P* VWhy bank will sell 借據給第三者???
. m( z+ D& k# S- }8 I& [% m" wI was so confused.....

3 o2 {+ \/ ?2 g5 g6 f$ h' h7 F5 G7 D! x: ^$ ~+ n
講到尾都係賺錢  I/ V' B4 [7 x# A/ K7 \
so銀行可以不斷放款
  s7 p1 M' C1 W- j. l5 r$ G美國的房貸問題散佈到全世界7 f4 E8 E/ _2 f

7 e% S' z$ [+ t7 W+ D0 Emortgage loan 8 k- S) J3 F. }  _5 E
>conduit% e' u+ p0 k2 Y8 A( j  Q
>RMBS(Residential Mortgage Backed Securities)
7 L% a% G- j% k$ c>arranger7 A$ U+ P# V3 B. p1 c
>CDO(Collateralized Debt Obligation)
0 G5 n! b4 `) s; y* A: h最後去到投資者

Kev

i thought it is the reason of rate of return.
0 X0 \1 K6 T/ U" A6 CCDs could have different ratings, AAA -> F,
5 |$ t! r$ `# X3 d/ qmore risky ones would have higher premium (interest rate) as a compensation for an investment.& ]2 q# z! b1 f0 o7 l
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" u1 ]' M* g. L* g1 N3 ?7 ?4 [3 Tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- _/ K0 I: S- l1 T  D3 W: C
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- R6 K1 _$ E$ l6 G- N5 |1 b4 xsimilar to bonds, CDs trading in the secondary market have different value at different times,, I# S8 F  X3 K8 f9 n7 {8 F* y
normally the value is calculated by adding it's principle and interest.
3 I+ ^7 s+ A6 B, P% Q# Q! zeg. the value of the mortgage+the interests to be recieved in the future. % \) ?& R0 D% a- d! s
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.
$ A7 m1 @6 e: g" h* C' l
7 r& S! d4 \2 B" Lim not quite sure if the multiplier effect does really matter in this case.
8 U) T, \& |0 v- Tin stock market, it's the demand and supply pushing the price up/downwards." W$ ^4 f% N4 V( Y# n1 `
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 N6 m9 m' z% k3 {3 S9 i0 z! f
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' a5 S2 n$ H8 ~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.
" t2 U( d# P! q4 A! v9 `2 H4 ~but the value of their assets did really drop significantly.
3 g/ r! I/ }' b- g: j* a; ^: o" S
- o" u' Q+ p+ v0 W[ 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.gif9 S/ }' N- o" a* s$ R* P1 Q& |
Refer to last example,
0 F! h( @3 X4 z3 B0 x, Q; z! xthat means bank A have no money because we borrow 10 dollars from bank A
2 m: U4 N( g( R0 z3 O  Q- OBecause bank A doesnt have enough cash on hand
0 ?: t+ D- z0 p' m, |# \therefore bank A need to be bankrrupt ??? Am I right ?? ...

  y& G) h; d! B- h1 |2 j; j
0 R( }) m" M7 u! F6 ^

- T& o7 U8 a! l/ V+ RA->B->C->D->E
& n; Y" w4 I) D6 Z" y, ^8 `8 ?* wso does it mean if E failed to pay D,
$ X9 D9 J3 D( ?/ O; d: Nall the B,C,D,E have to go bankrupt?
8 k! X) Z' j% z( n; g7 o* u8 Y/ B; h8 v2 @+ f

) |$ F- t& |# Vthe multiplier just tell how much money created in a whole economy, / ^3 ^9 _* b, X- a3 b. r
in this case it doesnt really matter how much money is created, ) O7 e# k7 @8 a  v& _+ X* h1 B
it's the problem of the debt itself.# x* P; }9 g! l
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.gif8 V8 {/ [! m9 I
小弟一直都唔明...8 J& i# u7 d8 h; p$ ?' ]% E- Z
/ g$ x/ \% Y* D! t
全世界都蝕錢，咁邊個賺緊錢呢?* g4 M$ E& T. w: ^

; P6 v/ i( M4 \7 }. c) Q* m: C無可能淨係有人蝕錢無人賺架嘛...
. |5 ]1 l9 K5 @; E$ |/ F9 j) S; q  i8 l; X% S$ l5 i
敬請各師兄解答' d6 O! Q2 j) W
& ~0 ?* a  n. _$ `+ t; R
Thanks

# m" q% S1 q  W" P那些根本係 紙上財富  
. C  r5 q4 D. ^( G. H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! L7 ^  ]8 a1 _3 {( x
2 f2 J( ~: f3 }5 I. g0 m* l) x
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
- L! A. N- Z0 o1 \當經濟好,投資銀行相信會賺錢, 物價既估值相對較高* q' A& r5 o$ ?' 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1 g0 h+ ^7 u! [" h8 b- W7 a
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. k- G8 m9 b# y  o
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# z3 B0 n) `: D: E  t3 R6 ]- V計番回報率就已經係50%,所以可以好好賺7 h$ |) B; H* m: O+ l) M
前提係銀行之間要互相信任先可以咁樣借法& M4 ?: U# [/ C) g+ [7 u* D4 r- i: G
同埋個市場既前境要係好先得
- ~. A$ e& y% M1 F/ R' V3 S但當經濟一差,公司估值趺了,物價不升反趺
+ P6 o# R3 v3 S8 ^1 S7 s例如剛才說10蚊的, 趺到得番9蚊,
8 U! x3 y1 v2 k0 l0 b1 j咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" T7 P& m; J( C; D2 S. _3 ~4 [
所以你就會覺得D錢好似蒸發哂咁- \1 o2 f2 R5 n; N

  g1 z  K. _" r8 N3 |# s你都可以當標野咁諗, 個樣野多人可以狂升值,
- W" D' h5 C, n. K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,
* n& `  }( Y! G; N淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# L1 D7 {, b* b9 m3 F* |" M4 }- ^" w' H  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
. w0 ?* l6 A) w' o- K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
- Z/ k9 {& _- u) |唔係d錢蒸發, 而係比美國佬洗晒未來錢, 0 B8 g, p9 s; K  ?. c
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! ^7 g, C: w# t. P" w: U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
7 _  F8 A6 C/ `, Y; W咁你話d錢蒸發左去邊? ...

% S3 ?4 l: L# `) J' G

$ F! Z1 ?/ L% X4 V, B% l正係咁樣* O. V1 J# R  h' A* D5 k
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
* k( a8 I/ X* V* i' r分分鐘佢地唔使還錢
- p2 C5 \1 F+ {1 X3 T( G( L# K" G  h9 {- j! w
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 b$ a7 J, g2 P# g; G/ r
連國家都係問人借, 不停發債券, 印鈔票
" p2 M. n& o, C, |4 @( s2 R+ g0 s3 b. J一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
+ Q! ?, X6 H, E# G$ f- `( v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! M) L; O- p. t7 j0 ]
咁而家"爆哂煲"算唔算先至係變番"正常"???

0 z# t" f" |8 u% O; O! B
1 I* X& [2 G' e5 c% K
其實係...
" t1 L" v% N! a; y' Z+ Z因為以前未生產, 先消費% g; s' \- b+ ~# u# K0 R! N) X
而家就要多生產, 少消費