0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif! M3 Y2 x5 d- T# |
Why bank will sell 借據給第三者???  h, @/ K' Q, I5 V4 g
I was so confused.....

+ |" u* _* t" T4 l$ Y3 m
( S7 c( Y& w' y+ T# Y6 S
講到尾都係賺錢7 Y  N- B# P8 ?; l. R
so銀行可以不斷放款
! p" w5 ]: ^! l* D- j美國的房貸問題散佈到全世界
5 h+ S5 y0 `1 f. Z% m
+ e: m* E0 j( q) v7 J, Q4 q; X. P- ]mortgage loan 2 |# o' M  Q" z8 v2 n4 ^7 _& {
>conduit
- d/ t6 F3 G8 g, I! {$ ~>RMBS(Residential Mortgage Backed Securities)- a2 f. x- v( X5 T5 o# v
>arranger! t8 Y8 o* Y! j' T' L- f
>CDO(Collateralized Debt Obligation)) ~$ p6 D% r! {* v
最後去到投資者

Kev

i thought it is the reason of rate of return.
. C2 q* i6 C% `7 G% jCDs could have different ratings, AAA -> F,
9 \+ R) C/ w2 ], C6 dmore risky ones would have higher premium (interest rate) as a compensation for an investment.
. e5 i5 i5 X; b) J1 qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# U, Y. l/ e3 M2 u, K9 c1 r! d! win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 J4 O+ p0 z7 q, Q7 KAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( ?' K" R3 E( P/ {similar to bonds, CDs trading in the secondary market have different value at different times,; i% i! z; a, D. L) e, _1 g3 E
normally the value is calculated by adding it's principle and interest. 8 g7 e: X! F3 |+ v% m) n
eg. the value of the mortgage+the interests to be recieved in the future.
. `5 s' [1 F  Hbanks 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.
1 m8 Q3 ?& k, q2 @& T6 ~( r8 S" ^9 z9 O6 K
im not quite sure if the multiplier effect does really matter in this case.
  t. A' ^2 V8 ?+ o) ^% [in stock market, it's the demand and supply pushing the price up/downwards.
; a" g: v* w( ?; [3 BFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ j6 j/ |! a( B4 S9 I6 @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" k2 x2 y& q7 \4 YThe 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. 2 c% f7 Y; g1 f2 A4 h1 |4 X. v8 y
but the value of their assets did really drop significantly.  [: ^1 X1 ]4 Z1 \5 c0 H) i& O
" d  N6 @( B  Z5 r6 X0 p% w
[ 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.gif2 s( m& E( o" T1 c2 I- n$ n
Refer to last example,
, Y6 n; [/ r+ L9 b9 A" _that means bank A have no money because we borrow 10 dollars from bank A # X5 i8 ^; s5 y7 b( X
Because bank A doesnt have enough cash on hand
% Q, f, E" x( l( E% g7 b0 O3 Itherefore bank A need to be bankrrupt ??? Am I right ?? ...

+ r0 X8 t. _* j5 d! {
+ C1 G; B; t. U6 H3 A7 M. l! q* j: T
! k4 D7 ?* J7 ?% G  e9 J; t% D" v
A->B->C->D->E
6 B  d) i% A# N& P% xso does it mean if E failed to pay D,
! v: }, c  n' o  Z0 zall the B,C,D,E have to go bankrupt?
3 ?$ Y& x! _6 |6 h1 n( \, A  P$ ?. s
2 ?0 {7 C5 _! ^, n  ?+ {
( n, u% \$ m* d: |7 O7 K( Dthe multiplier just tell how much money created in a whole economy,
" R( ^, w6 b* j9 [in this case it doesnt really matter how much money is created,
/ f, C9 h7 p9 l8 [! lit's the problem of the debt itself.8 `7 t% |* \2 \8 m
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  x6 A) D0 l% c7 }  O
小弟一直都唔明...
" O- U( U' r8 P! Z) J8 e8 p2 R6 T7 t' p: K! G
全世界都蝕錢，咁邊個賺緊錢呢?
! ?- z. w, V% r- ]
( L# h# m. ^, \4 ~/ n4 @; @: ]無可能淨係有人蝕錢無人賺架嘛...9 i! s$ m3 T0 {$ D! e: W* S
! |, J& z" i& L: p; o+ ?% I3 w
敬請各師兄解答
' h& B8 k" _9 V; q; v$ c- S& }/ b; i5 |/ R
Thanks

% K5 _1 v8 d/ W
那些根本係 紙上財富  
5 C* g6 v0 @% {* a; h4 V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: w7 s7 k' N$ h  t, N4 {
' z& n# B* n! P* i: K! R5 z
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4 x4 s0 h) N- J$ B6 q6 w
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高* C# ~6 F: g+ B. x* `! o; w- T/ 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
6 s) T0 M/ L+ h$ x$ l" e2 W個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
2 s+ o) n* K- y# K) D) s扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- B/ J2 R2 ~+ b2 q! K
計番回報率就已經係50%,所以可以好好賺
# n7 @0 _) P3 l" G前提係銀行之間要互相信任先可以咁樣借法" q( u: C; n' Y" i
同埋個市場既前境要係好先得
4 d, I* H0 Z% u- t: H1 k但當經濟一差,公司估值趺了,物價不升反趺
$ o' |' X3 b, G例如剛才說10蚊的, 趺到得番9蚊,
  H- M9 j: A( L咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! }: _8 D- o) W所以你就會覺得D錢好似蒸發哂咁6 A: a1 T3 D) `
  p0 {) M0 e9 O* e, A3 D7 F$ J" b7 l
你都可以當標野咁諗, 個樣野多人可以狂升值, 9 G; q# s/ o% D$ 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, . x- q: k6 V; w: H  b3 C, L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; n$ u. B4 w+ t  ~! Y
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
2 @8 J% o" V4 d2 o" c* u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) \7 l- G% @. W5 n9 u- u/ j9 ]+ ^
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 9 J, V3 B8 }  `* i2 j% l
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 j0 A% J! H! p6 o! A2 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
' Q% ^4 y# }; T/ b咁你話d錢蒸發左去邊? ...

0 J  v: p' I* S1 B3 E6 o/ e
6 b9 E9 m: t9 D正係咁樣
, C% `8 O; L& @  d2 X9 w7 z& c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
7 S: m; N" }, p# e* H% }分分鐘佢地唔使還錢
8 g* [- I" ?0 w- {
( o; M4 k* [3 b0 D4 J( r( i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,5 Q; S( J  i( p
連國家都係問人借, 不停發債券, 印鈔票1 B( Y0 p9 W* `8 @6 i. U
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產8 m/ g# G# l# f1 v
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' i6 p( {3 ^- K* `
咁而家"爆哂煲"算唔算先至係變番"正常"???

1 ]& f* F7 w) k" g
3 ^* z  C+ o6 k
其實係...
3 N% u3 H% d, Y& e因為以前未生產, 先消費' J. D' M* g* V2 ~, h
而家就要多生產, 少消費