0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
/ k& r  X3 C; }3 JWhy bank will sell 借據給第三者???
! K: x  P* y$ bI was so confused.....

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. L( t0 y! U3 m# j1 I7 A講到尾都係賺錢
8 x' P4 b% A  _* ]8 fso銀行可以不斷放款
/ S' A  Z5 d, @0 t9 q& s6 R! h4 B! u2 H美國的房貸問題散佈到全世界  M3 q& ^) ~: h6 x6 i

0 r0 i0 j& K# Y9 Y  amortgage loan
2 s+ ]8 S: \) ^, ]3 v>conduit
2 B! H7 A& d- K>RMBS(Residential Mortgage Backed Securities)
6 @5 T- P7 T% v) r>arranger3 _- @, e, Q+ s8 Y( N3 `/ F# N
>CDO(Collateralized Debt Obligation)0 u( N; d- n  P/ l$ J- H
最後去到投資者

Kev

i thought it is the reason of rate of return.
! M- I7 A% w9 [0 m5 pCDs could have different ratings, AAA -> F,. A8 x' `2 F3 g
more risky ones would have higher premium (interest rate) as a compensation for an investment.
" c( L* e! v6 X% \6 ^main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ Z6 c' d$ p5 m" C1 iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' Z+ N) ~! V4 W$ m: zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; M# ~8 B- l' q. Z* u3 c+ e( csimilar to bonds, CDs trading in the secondary market have different value at different times,
6 f' i3 n  f; L$ M% O  K: R4 ynormally the value is calculated by adding it's principle and interest.
( i0 ?+ J7 v0 g( R3 y6 ^+ N0 @eg. the value of the mortgage+the interests to be recieved in the future.
& A2 v/ j% d2 `' Y. f1 x' dbanks 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.
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im not quite sure if the multiplier effect does really matter in this case.8 D4 I1 C! d7 }, `
in stock market, it's the demand and supply pushing the price up/downwards.
" c1 c7 n. O6 q8 AFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 c$ O4 Y! J8 t8 h: K  i
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 v0 e9 s, f; }2 Y  zThe 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.
# I( N. _- Z, `: m# F# Fbut the value of their assets did really drop significantly.
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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.gif6 j* n  g  u) _4 b( R5 m
Refer to last example,
, U8 V, ?# F, x- Ethat means bank A have no money because we borrow 10 dollars from bank A # V4 N- j- U0 r4 k0 v% O8 t
Because bank A doesnt have enough cash on hand
) c( i1 r6 [& Q% s4 G9 B: [therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E1 |* ^" D( e, Y+ ?8 i* P0 k# ~
so does it mean if E failed to pay D,
" |0 e( Y5 G$ n  i7 ^, N2 _all the B,C,D,E have to go bankrupt?! ~  B' ?# m- t% L0 |
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the multiplier just tell how much money created in a whole economy, ; n8 a5 I" F' e
in this case it doesnt really matter how much money is created, % {) P! p7 M$ M9 P: {. e2 D/ E2 u: F
it's the problem of the debt itself.
8 S# d% Z5 u1 S  `/ Wthe 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: b/ r4 e' Y2 U- s
小弟一直都唔明...( j, G# @6 a" B* j8 q2 m4 |

" }" Z- M4 T/ @3 r全世界都蝕錢，咁邊個賺緊錢呢?& L( }# _- O8 @; C- _& A) ?2 E( A
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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
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Thanks

3 T; |5 r/ L7 I: v3 `. e那些根本係 紙上財富  6 _) F* S9 w: U, y; X
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
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" Q* ^: J& u; J& q( x4 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
; I6 w* t2 p( J# J1 A3 ?當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& u3 z, ]" ^/ `9 x
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- j3 g, V! W& C% P* ~個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
1 a+ H# X0 [( v4 O" E& ?# J扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ Z  u# b" i. R; ]6 R
計番回報率就已經係50%,所以可以好好賺
# I; n" u" h7 y1 B' I前提係銀行之間要互相信任先可以咁樣借法
- Z5 F/ w$ s% e- ~; i7 B' r$ {0 G同埋個市場既前境要係好先得  v, I" I* f+ A- v$ x
但當經濟一差,公司估值趺了,物價不升反趺
6 O+ E% H) N; k3 s例如剛才說10蚊的, 趺到得番9蚊,
5 u4 G( g0 z' p2 O咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
" d; J$ K, f) z# d+ Q8 k7 M所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, 0 h, W. e% _0 K& F6 t
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, 7 Z( e4 ]  Y! c
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; e# \6 L) x6 |% V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  A+ ^: @0 |* u* E
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 H" E3 Y' v0 U唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 C" U7 Z2 S  B" P! T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # m' G) f8 ]: s1 r! Z3 ]
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
! w1 H* \  V/ ?1 w0 v' h咁你話d錢蒸發左去邊? ...

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" A8 l7 `6 Y9 I  C  E  _正係咁樣8 s- B: \; V$ V3 u; L
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+ e, _0 t( m' Y) }! j
分分鐘佢地唔使還錢
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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,* c6 b. ^5 O6 H
連國家都係問人借, 不停發債券, 印鈔票! S" }0 x" o' P+ w0 |; r9 x1 d
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ X$ o5 k7 ?# @1 E$ G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.gif1 r  R) h+ G% ?" F, U
咁而家"爆哂煲"算唔算先至係變番"正常"???

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0 g, a5 |  I: j9 }; P) b其實係...
9 ]7 Z: N$ V3 @, ?( d, I4 s9 C$ N因為以前未生產, 先消費
3 m( |2 j/ J. H0 I! l而家就要多生產, 少消費