0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif$ F  |. K. y0 z0 \/ B
Why bank will sell 借據給第三者???
* Y1 r/ J& @+ Z) S5 z* L& xI was so confused.....

/ F, v* p7 m1 n; Q! X

4 y& U) ]& a$ X1 w講到尾都係賺錢
! c5 c2 J  R- J) ?; _' {so銀行可以不斷放款
% S8 @+ ]2 n4 V, G8 w+ p美國的房貸問題散佈到全世界5 P- q. M! p/ I, a1 ^; b  p4 [, s
( k9 C3 y0 R9 `0 q3 Z1 a& y9 }
mortgage loan
6 e5 g( {% a1 x# I" x% u7 f>conduit
0 s0 ]/ m3 C3 g0 Q5 l>RMBS(Residential Mortgage Backed Securities)
0 C% T) b" |! ~  U5 p  [>arranger
' r( N3 m5 x% `4 K- @>CDO(Collateralized Debt Obligation)9 E& k% D4 \' j" j
最後去到投資者

Kev

i thought it is the reason of rate of return.
& h# p4 C& ?( m8 P/ O; [' [CDs could have different ratings, AAA -> F,$ v. Y& [+ g# m( N
more risky ones would have higher premium (interest rate) as a compensation for an investment.$ }$ o1 U& m0 l
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 D6 i. [0 J; f! i1 a4 n% Lin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# x* I8 e- L, ^! L; R+ ]( A
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. M  P* w/ H/ q" Y: j$ F3 \
similar to bonds, CDs trading in the secondary market have different value at different times,1 S  m9 G; l' b* C, s  V
normally the value is calculated by adding it's principle and interest. . o1 {0 v! n8 @. e% H. W/ s
eg. the value of the mortgage+the interests to be recieved in the future.
+ z" f  G6 ?# \4 ?9 G/ Obanks 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.3 |% k+ [) }  \' p

" _* R; C: g$ t* O& Y8 ?7 Oim not quite sure if the multiplier effect does really matter in this case.# L- D5 a$ O9 X' F
in stock market, it's the demand and supply pushing the price up/downwards.
3 l2 t4 L' m- i' MFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& O* \- k" F6 d* [; Y' s& h: ]
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# N+ O; z& ?9 H; ~* ~
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. 6 A3 l# k! e# G2 ?9 I0 p8 f- G! y
but the value of their assets did really drop significantly.
2 s3 i+ z: X  ]% |5 k: C' g5 l7 V/ n7 O
[ 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/ \. J8 W# k& J* V
Refer to last example," n( a! P+ d( `) g
that means bank A have no money because we borrow 10 dollars from bank A ! L: f# n- a- F
Because bank A doesnt have enough cash on hand
1 r8 n* ~' {0 u1 Z4 ~, f+ Otherefore bank A need to be bankrrupt ??? Am I right ?? ...

+ ?$ F. o+ q; R( `! J2 L
3 S, Z0 i# O$ W
1 I" `- b# Z4 y
A->B->C->D->E
! q1 @' ^7 r9 H/ A8 H6 u0 Jso does it mean if E failed to pay D, " V8 j) t" r5 q2 S
all the B,C,D,E have to go bankrupt?
; O  ^8 W. d/ r# i- [/ I
& @( T) J# i4 A" t5 F
* l- I0 D# u$ e7 O6 P% Jthe multiplier just tell how much money created in a whole economy, 7 @8 i/ x+ V; e, ~9 x
in this case it doesnt really matter how much money is created, : t& z: ]7 F* L* {3 e
it's the problem of the debt itself.
6 L+ }3 j+ _& I: x! fthe 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
# o1 j9 W% Y6 @5 q7 ?小弟一直都唔明...
, }* m: P# q; S( U, p; A5 e% e& z* O- P3 i- y5 w3 y  w$ I: Y
全世界都蝕錢，咁邊個賺緊錢呢?
$ G& b2 x: z( f1 P
: l* L# B0 m5 o8 E2 P4 U無可能淨係有人蝕錢無人賺架嘛...- y$ v- W. _; a6 T' C) z
/ _8 J4 x' }7 Z
敬請各師兄解答1 H) E5 N* H- o8 e% S- _7 y# s# h
( I" ?! x# `& c* Y" j
Thanks

' k9 V% P9 G( \: Y那些根本係 紙上財富  
, @; H3 v  g. A7 J1 P. |6 c; o% c5 l7 \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 s" X' _1 {, C5 I  p% i. X! z" b
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& V" _6 A7 ~" i+ _4 }7 h% E, T2 k
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高2 D& u: }; K3 U3 k0 Y2 L
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+ V  A; c. p$ f6 g+ Q
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
5 g! }5 R4 h8 z3 }扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,2 A7 J5 U, |9 U8 b5 y% P
計番回報率就已經係50%,所以可以好好賺5 C6 U, S( q% B2 N( J
前提係銀行之間要互相信任先可以咁樣借法& f( ], v5 _; U7 M7 K
同埋個市場既前境要係好先得
. W/ N- W4 M# @1 I但當經濟一差,公司估值趺了,物價不升反趺
- R+ q' B; L6 ?' M7 I8 R1 X例如剛才說10蚊的, 趺到得番9蚊,
5 u% J+ V( j! D咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
. u: B6 l" k: [. l" r( Z, G* ]所以你就會覺得D錢好似蒸發哂咁) }+ N% D0 d) h8 T& t" Q* S
, o. o0 A0 p/ Q1 A
你都可以當標野咁諗, 個樣野多人可以狂升值,
' n/ o2 L" _3 ?& 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,
/ j9 h* U5 _7 I7 G: _  \淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 F2 @# G2 c" q% a9 A; B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" v; K( ^, ]+ G$ P; }* [
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
& H1 s, N0 A( r! }+ ]唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 s- S8 \8 G" w8 P6 E5 W
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 b( ?* Y3 Z4 X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
0 l$ ]0 F! z% D6 K0 c0 i咁你話d錢蒸發左去邊? ...

# {8 ~+ h3 ~9 {. r" s- o
( Q8 U* q! g4 }4 \' d( y正係咁樣
! e1 A2 [8 E, v- V5 F4 Z* S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
# N& U( g$ W6 z. `分分鐘佢地唔使還錢# J8 n! H& T5 Z# k( f% g# n5 X

" d% p% D3 R# G2 N6 \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,
2 l& {  V: n/ t連國家都係問人借, 不停發債券, 印鈔票: `/ w# z' s( B# Y- S, m% V9 ~
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
& E% Z0 R/ T, V! P( d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
4 R1 {3 C+ _! k咁而家"爆哂煲"算唔算先至係變番"正常"???

- G. v6 v* j7 d  G

$ \# z4 g* q, f" x: e3 \! o( W其實係...7 q2 k8 j; ^! l" Y/ b5 m
因為以前未生產, 先消費
' J5 c" x" o( E  `& W% z而家就要多生產, 少消費