0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, L6 ^! E. x  D9 \7 c
Why bank will sell 借據給第三者???/ ]( b+ W" I. a; s3 [+ K
I was so confused.....

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* t2 c, _+ b7 ?. k' f講到尾都係賺錢. C" _- A4 Q, n8 g  E+ T
so銀行可以不斷放款
9 D! c' M+ k) F( x1 N7 I% [0 p美國的房貸問題散佈到全世界- J: B" t. ?# d6 t- Y6 l. l/ R

0 [2 m- Z( M* U& d+ ^mortgage loan
4 T: M% a* q7 |; G. _7 k# n* ?9 a' c>conduit( J( r8 ^" P. Q* v2 Q( M
>RMBS(Residential Mortgage Backed Securities)
( _9 p8 W! @" r( H4 `$ m0 P0 \- S>arranger
6 d1 d0 s9 i, _0 R9 r>CDO(Collateralized Debt Obligation)( }) w1 [/ _. H  K3 O
最後去到投資者

Kev

i thought it is the reason of rate of return.. R5 S, U9 d3 t  `
CDs could have different ratings, AAA -> F,
, @0 h0 q' [6 F% H) a! Bmore risky ones would have higher premium (interest rate) as a compensation for an investment.
2 D! ]. K( A- `# w' w& ?, lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ t1 u( |) m- b# v# v+ Kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., N; Q9 F0 p# p. `
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, k! q' \9 R! S5 y, Qsimilar to bonds, CDs trading in the secondary market have different value at different times,3 ^! g' h. G% Z% ~, m9 G
normally the value is calculated by adding it's principle and interest. - T! o4 y- p8 F3 G2 V, l  r4 b  }8 _* A
eg. the value of the mortgage+the interests to be recieved in the future.
& e' h, r6 E4 q2 P+ }: G% Z) v" 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.6 _. G+ ]" U! s
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im not quite sure if the multiplier effect does really matter in this case.5 W1 y) v1 K( F! C0 f- p) U3 H* T6 w8 y( S
in stock market, it's the demand and supply pushing the price up/downwards.
' L9 w9 ?# ~9 o  [For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: \3 d. G% ^+ e5 w5 B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 R) h. B* v9 g' }6 \
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. 1 A1 E0 ~+ N0 k1 E" W+ b7 Y: h/ G
but the value of their assets did really drop significantly.
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9 Y( F& B! S; B2 F) F/ 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 i8 y; _5 b* R, y: @! l$ S0 H- h
Refer to last example,
; [9 a: d! L' ~8 P% Ethat means bank A have no money because we borrow 10 dollars from bank A
3 x8 d" C; B. ~, @9 nBecause bank A doesnt have enough cash on hand
2 g9 c5 J$ c& {8 M) v: ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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  f' S& b! Y- ?/ m) \+ R8 w1 i: |A->B->C->D->E
4 V/ i* r7 v6 H! o8 {so does it mean if E failed to pay D,
% S0 m' D  a6 o+ ~0 }1 H( c+ B1 U. ^all the B,C,D,E have to go bankrupt?+ w: o" I5 F2 Y

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the multiplier just tell how much money created in a whole economy,
, e4 M: r! y- \/ U' }in this case it doesnt really matter how much money is created, 1 u6 B( Z; F7 c  a
it's the problem of the debt itself.
8 ]5 l4 n6 r7 Z& p' R6 y% Kthe 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
" ~" K" B$ G" g, ^5 [小弟一直都唔明..." i4 I3 {+ s/ {( k7 n6 K! x! w
$ Y  F. w% Y1 E9 n
全世界都蝕錢，咁邊個賺緊錢呢?
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9 o8 D$ ~, c6 ]! `7 G無可能淨係有人蝕錢無人賺架嘛...1 d) ?6 a2 G* p+ ], X

3 _, Z% a/ O/ Q0 D& y8 W0 y敬請各師兄解答) _& i/ {8 W( W( `

! _9 R; ]( f* X' wThanks

  E& T. z2 N; y1 c那些根本係 紙上財富  ; m3 r, M. r2 F& `1 u, Z
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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* j4 i4 A2 T  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
- o+ ]( N7 ?7 L6 L$ [  c當經濟好,投資銀行相信會賺錢, 物價既估值相對較高3 L( G8 K, ~8 L6 a8 V9 T" 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" f! n0 S* O8 P/ h/ p! v1 n
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦: G: U9 c0 L' r4 T- ^9 c4 x- ~
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
' w4 E0 C, j: `# V計番回報率就已經係50%,所以可以好好賺
+ S: g5 m0 r) E前提係銀行之間要互相信任先可以咁樣借法4 W1 q0 p% @7 H& a1 M6 K: `% p
同埋個市場既前境要係好先得5 \- H# M, p! d# w3 ]# c
但當經濟一差,公司估值趺了,物價不升反趺
) p( s0 |, m) w- s. K( D- B. {( m) z例如剛才說10蚊的, 趺到得番9蚊,
9 E# g4 K% |5 G' I' r3 t% w* j咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
4 A$ [8 W9 [9 M9 f: l所以你就會覺得D錢好似蒸發哂咁
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7 T4 h9 B$ \+ S  {" N你都可以當標野咁諗, 個樣野多人可以狂升值,
& d8 J' k7 X4 `/ ~1 _' U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, ( f, ^; R: ^7 u% H' C# Q& V) @
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- i! o7 U4 C6 O% {+ D+ ^$ G( I: ?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" v. t* \* {# P4 n  N' Q4 |
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- L) `9 b" u4 O+ V" a0 i) N
唔係d錢蒸發, 而係比美國佬洗晒未來錢, " d$ P/ @) O5 U
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - i# U! q0 k# _
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
' J, R+ E- `# L" c咁你話d錢蒸發左去邊? ...

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正係咁樣8 g  s* s- D( }
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) c) i5 c& _0 _( ?1 n! ?& u6 ?# T% A
分分鐘佢地唔使還錢; c) ]) I! S3 J8 f% L2 A* ~

- ~: W( ]" E3 g* x, k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,3 u0 F( r8 D* ^0 y
連國家都係問人借, 不停發債券, 印鈔票1 |% w# d9 {( i. i( m2 R4 [
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: g  Z" p5 E6 N  Y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
+ b6 y8 R8 a7 Q) e# V: l咁而家"爆哂煲"算唔算先至係變番"正常"???

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) k, \& ]0 F' @3 ]5 ~1 a2 f, p其實係...8 l! m. g8 A$ x; |" I" `6 B8 H
因為以前未生產, 先消費' I; q; X8 R7 [. R# @
而家就要多生產, 少消費