0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif1 k$ V+ ^: i& i! b- G5 g
Why bank will sell 借據給第三者???- q4 f! d: a- a
I was so confused.....

3 ~" E, ~5 G3 [7 {; _/ `- F% S8 i2 D; g/ [9 L( T9 @: @8 c
講到尾都係賺錢
; m0 X% [) u/ V* Z  Hso銀行可以不斷放款
; C9 N* U2 g/ \/ k美國的房貸問題散佈到全世界
- l6 O" `' U5 P7 @
" l9 |9 r" l2 n3 `5 F8 omortgage loan
# s" w0 X6 }& Y7 T( [4 X+ @>conduit
( G  E5 s  F* t, e( g>RMBS(Residential Mortgage Backed Securities)
# f1 c5 r- U" G+ O  `, Z/ t: A>arranger
; K6 {* D; n8 \>CDO(Collateralized Debt Obligation)- A! j" r1 O: r4 m* k: z6 `
最後去到投資者

Kev

i thought it is the reason of rate of return., y# J* F3 W3 _" f. _
CDs could have different ratings, AAA -> F,
; {6 b2 u+ @5 u) L/ s1 ?- I) fmore risky ones would have higher premium (interest rate) as a compensation for an investment.
' Y0 r0 |  M0 `+ t$ d. A  Lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% w0 s$ y' k" `) Ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 H- q# s4 P. Q$ e
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; b4 N$ T& [, Z# z1 T$ l8 z4 C
similar to bonds, CDs trading in the secondary market have different value at different times,
* c, l& T/ v. o1 p* jnormally the value is calculated by adding it's principle and interest. 7 c6 X% G& \) Q) ~
eg. the value of the mortgage+the interests to be recieved in the future. 0 l; X4 ?2 d$ `% K' A$ f* v
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." M4 w- q- g7 X( E+ \, w/ h: f

7 G* t* G1 {% g& x$ xim not quite sure if the multiplier effect does really matter in this case.
, T/ ?* t2 j; [in stock market, it's the demand and supply pushing the price up/downwards.
3 M  L# C2 c# i" ?$ WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, E# R: b+ T# u4 s
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' r$ T; V% f8 K$ ]6 ?7 X+ c7 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. 8 c! m! s, z3 x) R! d; H
but the value of their assets did really drop significantly.
) ~3 `* A1 P- _4 T0 i6 [3 q2 |2 X0 F& l- s
[ 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 Y2 D) t6 ?3 Q* ?$ `& V9 `8 v: j1 |
Refer to last example,
% H+ X* A. v# S6 s, J3 x' j3 nthat means bank A have no money because we borrow 10 dollars from bank A
. q8 l7 u3 X9 `. x! I  _; IBecause bank A doesnt have enough cash on hand $ G$ v9 Z4 w- T) {: |8 O
therefore bank A need to be bankrrupt ??? Am I right ?? ...

7 U4 d% f/ l! @
$ V  U) _6 H+ H5 q  }0 J
3 m) w  B- j/ C% O
A->B->C->D->E0 h  N- ^1 }8 u9 [, |, P$ S; P
so does it mean if E failed to pay D,
, `; \+ ~# H& O& w  o) Hall the B,C,D,E have to go bankrupt?- u) u9 L* S2 n# {7 [( B
4 Q/ Q5 x3 |: i$ n* V. g1 T

( C: M6 i( {2 l- Q3 U" }the multiplier just tell how much money created in a whole economy,
7 U: B' E- o' J; l' M( Kin this case it doesnt really matter how much money is created, % Q4 m6 S1 P8 N( U9 ^! J4 R
it's the problem of the debt itself.- N3 \) e' W+ l* r7 u$ `% Q
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.gif
3 P% x) y* ~9 F  J; F0 ~小弟一直都唔明...) u3 \! g& e; P0 W8 ^, W" c

2 h3 v0 t, W9 W8 H9 V4 L全世界都蝕錢，咁邊個賺緊錢呢?
  X9 s4 t9 }; }4 i% g+ ^( H+ t4 |0 Y! ~2 v! E+ j
無可能淨係有人蝕錢無人賺架嘛...4 p' Q! K2 Y4 g  m) O. W

) ~/ u. m  A+ l敬請各師兄解答  J) }' ~/ ^: J0 d1 x

' I1 T8 W; J  c. dThanks

; d$ A& P5 N! S: z- c6 A" e9 X那些根本係 紙上財富  ( L6 g4 \# r' I
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' p2 v4 U9 A. u  @

! [! H) R; j1 v$ Vhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
+ m; L9 x2 ]8 _: r* r2 N當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, D% w" ^$ r, Y" w# E6 d( F: a; v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
/ y' X8 \- H5 l; {- c- L; M個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
- v5 P3 j# }+ a1 k- m% r, `, }扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ g2 B! j+ z0 j4 v
計番回報率就已經係50%,所以可以好好賺
% _6 i) B: j4 o前提係銀行之間要互相信任先可以咁樣借法
! z" D3 Y; l0 ~0 h' O同埋個市場既前境要係好先得+ F5 G& j0 [: L3 M+ X/ i( }1 Y+ U
但當經濟一差,公司估值趺了,物價不升反趺: K/ w; [4 G: K
例如剛才說10蚊的, 趺到得番9蚊, / Q: I. x( e& x+ a
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%4 E7 X+ \) x) W
所以你就會覺得D錢好似蒸發哂咁5 O, n; K; G5 |4 l' i. |
1 u* ]1 x+ q3 V& u+ ~7 ~8 S4 E
你都可以當標野咁諗, 個樣野多人可以狂升值,
- }5 _% m6 F! }9 L  W+ W, L/ f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, ' r+ Q2 Z% O0 N& ~# s
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* Y6 G# T3 u4 q) a4 R9 Q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3 {: E! x" ^7 {
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
; v0 J$ |) m" w8 h% ^唔係d錢蒸發, 而係比美國佬洗晒未來錢, , A& x% R1 Y4 z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 |$ L' U9 k2 {; P) f
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
4 h5 L9 \$ A2 L' i% b4 J咁你話d錢蒸發左去邊? ...

) B: z, h! W4 O( x, u9 ?& @0 }+ U' D' d% \) |
正係咁樣5 }0 m* O( H) F
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
0 G2 c. `  [& q8 B6 v分分鐘佢地唔使還錢1 \$ i9 @" D6 T2 ]! ]8 h
$ x4 D5 z* t3 P
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,
* d( Q: m" t% t7 V1 h* p9 n( i6 \9 R連國家都係問人借, 不停發債券, 印鈔票2 [$ O( q% E- A2 g
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! G5 s: c" f, r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
& L, `' x5 t1 P0 V! B咁而家"爆哂煲"算唔算先至係變番"正常"???

6 t9 r/ s! \1 L/ z0 q, z

  n( d4 g9 a5 I4 j, K: ?0 u2 w其實係...) }: X/ M& m$ L% p5 H5 b# O
因為以前未生產, 先消費
' `2 Z/ D# H2 p1 E/ Y1 [6 u9 F3 D而家就要多生產, 少消費