0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
! U$ d/ n, i, u! v& x* t% n/ ~Why bank will sell 借據給第三者???5 I6 N$ ~% W6 o9 Y( S$ F
I was so confused.....

7 t8 J* v! o# E  m  j  r: w+ {* ^) X$ _
講到尾都係賺錢
3 N2 g8 E8 l. H3 l) E* P/ V9 Fso銀行可以不斷放款
  _0 J; H0 N5 C" H( _6 j5 s* ?2 h美國的房貸問題散佈到全世界$ V8 F- u+ q% w. s
1 I, n! Y1 T  a6 U3 M
mortgage loan   t. Z" w5 T7 U4 E9 ]: z( D* B
>conduit
$ y# G) U* |1 C! I+ F>RMBS(Residential Mortgage Backed Securities)
% r9 a/ \' S! C9 Q7 H" x) g>arranger) [8 j0 F) \9 R/ S  f/ i
>CDO(Collateralized Debt Obligation)
1 r  T# i$ p5 c最後去到投資者

Kev

i thought it is the reason of rate of return.
+ p; K3 ?8 e, FCDs could have different ratings, AAA -> F,
2 Z- e6 ^1 Z# P, T7 ]3 O  ?more risky ones would have higher premium (interest rate) as a compensation for an investment.) N8 ^* p; t/ `
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; k! g# W& w# ^/ a0 |& Cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& O6 {5 r$ q- J8 I9 b4 q3 p
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 S* O( S+ E. D9 U' [similar to bonds, CDs trading in the secondary market have different value at different times,1 K; d2 J3 b( L) }1 s- l
normally the value is calculated by adding it's principle and interest.
7 d: V+ Q7 R0 {eg. the value of the mortgage+the interests to be recieved in the future. + V: K; M+ C# r
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.
, U% j2 h4 n4 K. _8 g
2 l7 T9 a7 K1 @, H% ^7 G- aim not quite sure if the multiplier effect does really matter in this case.
% I6 R. c' T0 W0 |3 Oin stock market, it's the demand and supply pushing the price up/downwards.
1 H  h, C5 E( q5 B% t5 B( C$ qFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! H6 N& _; z  E4 P/ W) K9 f
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 R; h3 y' O4 ]3 fThe 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.
4 @$ p8 r7 U& Zbut the value of their assets did really drop significantly.5 W7 H% q0 z2 S5 C
: x2 @% n3 T! B( z7 }0 w; M8 F
[ 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.gif0 y5 T3 Q  m  J) e3 i' u5 W! _
Refer to last example,
( @. ~# h6 ~: d9 E: Nthat means bank A have no money because we borrow 10 dollars from bank A
; i; e" E. b+ ?3 `' \Because bank A doesnt have enough cash on hand
' D" Q9 v; f' A/ {- f" stherefore bank A need to be bankrrupt ??? Am I right ?? ...

5 K9 }$ ]8 Y7 v
$ O9 W9 p0 l# G1 I' z/ o% d4 ~7 U+ V- {# S
A->B->C->D->E
) @  n- @1 x, n; n( xso does it mean if E failed to pay D, * g! H0 A# [9 S/ M
all the B,C,D,E have to go bankrupt?
: L* \0 M1 x7 I$ j) F0 S, N
+ D  A* X  s; z. \% G! w
9 R, Q% [+ Q: u0 _4 @0 ythe multiplier just tell how much money created in a whole economy,
/ O, d9 v$ _4 \. \+ q! y$ n8 zin this case it doesnt really matter how much money is created,
( ?  h+ q/ h+ w2 F) Ait's the problem of the debt itself.
, x" C; I/ m" J: x7 r3 @/ s" xthe 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; y3 s2 J& Z/ C9 i' R6 d$ s
小弟一直都唔明...7 V; }5 e" Z0 F1 S- d+ U. R
" Y7 W. o$ b8 h' ~& r; l, e
全世界都蝕錢，咁邊個賺緊錢呢?  _0 P! E6 N- q+ G* g3 b) z
4 u4 ]& \+ t  \+ F2 r# c, ]; a
無可能淨係有人蝕錢無人賺架嘛...
5 T6 O( X) h. {6 i- {& g
4 Y, @# E5 w' l3 h敬請各師兄解答
, u" p" X5 u& s% V/ k, @1 z1 @4 i$ |/ @3 f
Thanks

) n" J* j8 h" b! T那些根本係 紙上財富  
1 c+ y8 W& o: `% @. ~+ m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! U% G8 B1 @# [3 j" X9 U

) _7 q. q, D4 {! v; A+ shttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產! j" k9 G, c# o; V2 \
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 n$ B. g1 L5 r7 `+ ]3 N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3 ]# k) y. N8 _. v" p% {3 I
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
- ]/ h" y% h) Y& `0 v扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
  n+ @' k$ ~' v( L9 L計番回報率就已經係50%,所以可以好好賺8 X4 E- Q, Y8 I8 c3 G5 {. W! h
前提係銀行之間要互相信任先可以咁樣借法
; J- V. f% I& b7 L/ T4 @同埋個市場既前境要係好先得
8 x$ K9 i/ J- X/ V" ]9 w; A; @但當經濟一差,公司估值趺了,物價不升反趺
3 ]" [( j* g" I, M( {4 o8 u: h例如剛才說10蚊的, 趺到得番9蚊,
# l4 r% }! q- k7 g; T7 k4 k咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% x& p7 U" y% n% v3 v  j1 G
所以你就會覺得D錢好似蒸發哂咁
: R; s7 b* P6 t; |: I
4 C& {/ g$ D$ \4 @( \$ w你都可以當標野咁諗, 個樣野多人可以狂升值, ( v0 L1 B+ i1 y5 z1 L2 T/ h5 L
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,
& l5 }  \, y/ H4 |1 t! _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * x; p$ Z8 F5 |& L$ u# S
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" T; K1 p8 D( L3 A, q, n- M
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
' T7 C2 k9 R5 q' W. v& V$ p唔係d錢蒸發, 而係比美國佬洗晒未來錢, % _% d4 O9 ]) [6 d' I* x' q: ?+ X
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 G, Q4 ]& _6 L0 M0 ^% 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4 K0 l# F. w' G- Q& p
咁你話d錢蒸發左去邊? ...

$ P- v, o, ~# P2 @1 y- Y
$ {1 {- G' L- n" t# R2 ^% h正係咁樣% Q& z4 v5 z# b  c( D7 `
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* H0 Y' B9 w6 M0 J7 G
分分鐘佢地唔使還錢
- w( m4 k1 h, A! J& l& ^( p' E
7 X: r: p8 Y& N( n% b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,  J, E' M9 M7 i" i4 x+ a/ V4 |
連國家都係問人借, 不停發債券, 印鈔票( Q- a' v4 `/ h, C
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: k' p/ S# \' p3 n. a9 r' d1 {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
6 v/ F+ b5 B! L8 a2 Y* S( E咁而家"爆哂煲"算唔算先至係變番"正常"???

6 q! t' R# i6 `+ Z8 v0 ^8 B: T. M' [# z" A/ n2 U, J- G
其實係...
9 J- L& Z, _$ H因為以前未生產, 先消費/ i9 A( t: s# s
而家就要多生產, 少消費