0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif3 w! T8 C: c- G2 G2 N
Why bank will sell 借據給第三者???
( T& Z: \* H$ i. _I was so confused.....

1 V3 X2 I1 l3 L- _0 X

7 g$ n$ `; s$ C5 n3 d8 F9 U9 d: c: b' G講到尾都係賺錢, T# U; r$ B, n$ ~. M$ M, P
so銀行可以不斷放款
, ^! `/ m8 M7 l! q+ [: I美國的房貸問題散佈到全世界
2 d5 E) W' u: d8 |. l" l/ Y; F& i1 T; c6 ^! ?
mortgage loan % a$ o$ r+ J2 {& k, u4 H7 f
>conduit6 ~, \/ c" C/ w1 I* s7 p
>RMBS(Residential Mortgage Backed Securities)
& s4 |2 n  D. ?* A>arranger% B1 k  q. K( N
>CDO(Collateralized Debt Obligation)9 B/ g8 O% i: F. k0 z% V2 m' v
最後去到投資者

Kev

i thought it is the reason of rate of return.% Y% _; G  `7 g" M0 J
CDs could have different ratings, AAA -> F,
, x$ g6 ?) K  q, i0 X* ]3 f  E9 Gmore risky ones would have higher premium (interest rate) as a compensation for an investment.
& O8 B" X0 H2 w3 M/ mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 t+ E: w- i# S3 t8 J4 Cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& g' c' N" F# ~9 UAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, a9 F+ E  q( y1 v$ z" xsimilar to bonds, CDs trading in the secondary market have different value at different times,3 q$ Q( T' n' h$ ~) w0 c7 G
normally the value is calculated by adding it's principle and interest.
" @" S: ^* f# [eg. the value of the mortgage+the interests to be recieved in the future. ' M' Q) E+ k  P. v3 Z# g
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.
5 Z' l' J8 A6 Q$ j7 |
7 @, R$ M- i$ R8 J- him not quite sure if the multiplier effect does really matter in this case.( k0 i8 l! u: [& a1 w% x- x
in stock market, it's the demand and supply pushing the price up/downwards.
+ @+ R6 v- k: Z5 hFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ v: B& f; O! s: _* D1 U% t$ c
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' u) U; [$ Q5 q* R* VThe 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.
4 e( b& H2 j% G* w- C; n( I4 P. sbut the value of their assets did really drop significantly.$ V; G. w$ m4 ^0 `

5 G. h5 h7 B8 U0 r5 ~( 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.gif1 E6 z% J6 t$ A. @
Refer to last example,
  L; x. g& f7 N" x' O5 Xthat means bank A have no money because we borrow 10 dollars from bank A
, H8 a, Q5 s5 D' D3 xBecause bank A doesnt have enough cash on hand : I) }6 I$ l: d& Q7 K! f
therefore bank A need to be bankrrupt ??? Am I right ?? ...

' H; o$ n) ]6 Z/ I! u
! P8 {2 d' Z: v2 |

0 b* c- S, S' _! Q; r& a1 RA->B->C->D->E0 y- A0 L, [& F4 r" k( s0 Q3 E
so does it mean if E failed to pay D, 5 a( ^, H4 J( L6 W6 L. K$ P
all the B,C,D,E have to go bankrupt?
2 E1 O" R' B9 T6 W, [$ v4 ]8 e' [$ E* P' S' [
6 Y2 ~5 P# {/ V8 t6 ?# M, C  @2 P
the multiplier just tell how much money created in a whole economy,
  y7 r3 h* \2 @2 jin this case it doesnt really matter how much money is created,   {- H  _# t/ a7 ?/ d
it's the problem of the debt itself.
: k7 G0 J/ N* [2 s7 o4 {% vthe 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
5 Q3 I' n3 p% u) V小弟一直都唔明...
" Q; U3 b- D2 N5 ~! {
2 J3 U% M8 @, S( D$ x5 i! t! K9 q* v全世界都蝕錢，咁邊個賺緊錢呢?: x' x4 W( h* r1 c: H# X" h
8 U9 |( m2 I: M/ o5 a( c+ j- U
無可能淨係有人蝕錢無人賺架嘛...
( C' n' v; ~4 s- k* [1 K0 G  g7 H0 E3 I; ^
敬請各師兄解答2 g5 Y1 i9 y+ m( ^: N+ E. _
1 T6 G, |' S+ j$ p* ]) f- s: W
Thanks

9 \9 D6 g5 Q" \+ ~+ F
那些根本係 紙上財富  : V: E9 q$ ~5 q% w8 w
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. |1 y  E+ {* P* S- W# A

$ r( F6 s. W7 a# T% a, 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
7 B9 X6 N+ `$ ]當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. `. s# `8 X, }5 O
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/ X) w9 l* `$ S4 f& {: [! y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 Z- Y# `2 }& p扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ ?  G: i( H2 L' A# P+ B
計番回報率就已經係50%,所以可以好好賺
  a9 I3 _2 E2 F  s! D, d5 T% @& f前提係銀行之間要互相信任先可以咁樣借法* C! x( W" s1 n* L  q% J* u6 A( B+ E
同埋個市場既前境要係好先得
0 o) ^3 M1 E- J6 T: a但當經濟一差,公司估值趺了,物價不升反趺( e0 R# d5 n- i  k& W; j
例如剛才說10蚊的, 趺到得番9蚊, ; H: P8 _4 L- U9 o
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' j9 i; k( g- a9 i1 f  [7 c8 G; F所以你就會覺得D錢好似蒸發哂咁
( I7 R7 l( Y$ ?. \) N  I# s* M' w  y
你都可以當標野咁諗, 個樣野多人可以狂升值, , t, k# X! }. E0 x1 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, : ?( {5 }8 x/ t1 h- E7 [! A5 V
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ T, d4 C8 B5 P2 \) H
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 R( s. |* b) O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
8 @# ?' E5 C0 H' C# c' ^/ ^唔係d錢蒸發, 而係比美國佬洗晒未來錢, 4 [% V8 ^1 ?! D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) x7 u( e; y4 J0 E( E7 {0 W$ M3 d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, f5 @% E/ n; x! y( Y! B6 d
咁你話d錢蒸發左去邊? ...

/ g$ n5 u" W" [& W  \( [4 ]8 o5 t( I8 z
正係咁樣
1 U/ ?8 O7 k( B- u' Y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
& w' [* D3 X- a8 B( `分分鐘佢地唔使還錢7 y- l* F2 X& ?2 x
! M8 e+ c& A4 k% ?; t# V7 g$ M, r
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,
  s' ~- d# ]- m* p- e1 `連國家都係問人借, 不停發債券, 印鈔票
1 w- j6 C6 `6 P$ i8 m: W2 J) d一個國家好少出口, 而又大量入口 ,反映到佢唔多生產3 f" Q7 b" S5 i# b: K" J
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$ f* }2 W' k& y  {. h, U+ j! E
咁而家"爆哂煲"算唔算先至係變番"正常"???

. ]% ~8 {/ a* B/ K7 p9 ]* ?! b- E- ?
其實係...7 `2 M2 B- L  m0 ^" |+ B; d
因為以前未生產, 先消費( [- C% v) c3 S- Q' R3 X% J
而家就要多生產, 少消費