0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif8 @9 B  \' S' M, {/ Z' k
Why bank will sell 借據給第三者???
6 J( ^8 W; i( G: g; K; q% K2 i9 `I was so confused.....

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講到尾都係賺錢
; R/ l) f3 G0 Cso銀行可以不斷放款/ M+ m. ]9 j5 `6 q- P- \
美國的房貸問題散佈到全世界) ^1 F: T4 f# g* Z

5 [& W2 W% p$ ~mortgage loan , T# a6 ^  I$ b; S0 L- c; e9 m- S
>conduit
# n% i( k- n$ e+ [1 M- b>RMBS(Residential Mortgage Backed Securities)
" o3 x1 E# S$ r>arranger! r* N& M- S1 U5 l* ^, e
>CDO(Collateralized Debt Obligation)
4 [2 N8 m' c6 F0 o最後去到投資者

Kev

i thought it is the reason of rate of return.
5 {3 A% V6 ^5 r2 ]- {CDs could have different ratings, AAA -> F,5 u6 P, J9 E  z& e' x# G
more risky ones would have higher premium (interest rate) as a compensation for an investment., g5 O1 W& i4 }+ W& ~' k
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 a; B# e8 P2 ^6 Y9 m: N/ I
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 Q4 u# K% [4 o2 j/ nAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ f( b; \: P2 l
similar to bonds, CDs trading in the secondary market have different value at different times,1 C# }2 M0 q/ T
normally the value is calculated by adding it's principle and interest. " j- h3 Z0 p( A2 c& ^9 X
eg. the value of the mortgage+the interests to be recieved in the future.
3 e* I8 ~( c4 m7 K' vbanks 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.
$ |/ q/ I, Y  M3 b$ c$ ein stock market, it's the demand and supply pushing the price up/downwards.
" r5 H* @( K! J* p3 F# y" X' |' uFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) p, p  y/ L7 A$ A( T& u
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction." ?/ }7 I6 @! u  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.
; v5 ?- O/ a$ y0 ~8 s! mbut the value of their assets did really drop significantly.+ [% C$ y- m0 Y9 K- `

; D0 @! d; Y  M8 P& k[ 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
5 [  _  U- C2 E6 j; F* {  r( zRefer to last example,* B: A" a# o1 L  O% O9 i. `( y8 R5 Y
that means bank A have no money because we borrow 10 dollars from bank A , Z7 D. Y; `% g( E. A0 B  J& e4 {5 ]' {( v
Because bank A doesnt have enough cash on hand
+ Q1 t5 b5 g. Q; Qtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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$ G2 T& M3 O/ nA->B->C->D->E* o- N( b/ T( ~0 Z8 F4 M
so does it mean if E failed to pay D, . V0 D0 g* {% T$ @% q7 m% }
all the B,C,D,E have to go bankrupt?
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2 W0 b0 ?" w# Y  [the multiplier just tell how much money created in a whole economy, " v3 L4 k! j8 A$ e% F$ P
in this case it doesnt really matter how much money is created, , N$ w/ X- P4 }+ |0 a" y6 s
it's the problem of the debt itself.& C5 L' T* [' Z8 t; O. c3 {- D
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
( `: q/ K9 o9 b6 R' j小弟一直都唔明...* @4 ?! W) e5 K/ r  o

7 ~3 r8 s' a' n9 J( K全世界都蝕錢，咁邊個賺緊錢呢?
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5 o4 f9 S# Q1 T+ O- v, S+ k7 |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3 d" d7 s! [; x3 m" {$ @0 Z( M4 g1 N

3 a2 k, j. @5 f: a( ]: \. y; M6 o% R! P3 @Thanks

5 w- L% c3 A. Q, `) I  n
那些根本係 紙上財富  
% n) k) F( `3 |4 b) K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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. u6 r! U5 N9 H# l! Y9 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
/ O: {6 k: ^& ^5 w0 S當經濟好,投資銀行相信會賺錢, 物價既估值相對較高7 j. D, x6 H* n  e. }9 t: @8 R
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8 o0 a$ p$ A# `5 A  x- y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
4 L1 T# q. c6 L6 F扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
& j" G/ |% H% U0 y# b$ i4 k3 a計番回報率就已經係50%,所以可以好好賺+ `% `5 y- }# j5 c% {
前提係銀行之間要互相信任先可以咁樣借法
0 h  |1 k5 H* h0 f. ^( ]$ u同埋個市場既前境要係好先得# U3 {9 G0 x7 Q- e/ Q" G0 S
但當經濟一差,公司估值趺了,物價不升反趺
- m7 o, V2 N$ s- ]3 a8 A例如剛才說10蚊的, 趺到得番9蚊,
& ~9 {% f. D5 K1 J% f' L1 x: B! E* O咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
: n2 X' {  d6 n" T7 L- C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, : {4 v) L5 Z, u/ a
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,
& e, j6 a' X% c, X3 F: A淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& r1 J. a# c! l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$ _% C% z$ R) w& a' s1 c* f2 w
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* d# Y1 n+ d3 k* w+ M
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 5 a4 _8 }% O' v& f+ o
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 C, F5 f; p; `% D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
; d' ]. Q' k$ x* c# a咁你話d錢蒸發左去邊? ...

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* J6 B2 s: C& r& B4 D( p正係咁樣9 _& @' Q' N- i: J; n5 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& f- H% l1 \$ u
分分鐘佢地唔使還錢3 k- Z, P0 y7 O1 B
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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,
7 b1 z2 V! I7 u; l, d& j連國家都係問人借, 不停發債券, 印鈔票6 o* G3 }& b! V5 ]
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產  [& `6 x% D5 t/ z( q
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.gif6 x6 C$ T1 C  ?2 A3 Y, {" u# z. Q5 E
咁而家"爆哂煲"算唔算先至係變番"正常"???

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8 o& l" n, K% _+ W$ ^其實係...' d* ]3 |4 `! `; _
因為以前未生產, 先消費
7 [- _* W5 h2 {& d8 C而家就要多生產, 少消費