0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif7 G. V1 Y, W+ q
Why bank will sell 借據給第三者???% }# a- \* a9 d  ?7 z
I was so confused.....

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3 f: K1 R# d/ f* I講到尾都係賺錢  O# i) W+ C' i6 F/ y" C
so銀行可以不斷放款$ V9 w) o" l( U# O/ X7 U: H
美國的房貸問題散佈到全世界0 z  O+ Y) f& u4 e" _6 f* T. y0 n

& p8 a& m) e0 p2 C, \/ K* Tmortgage loan 1 |' c5 ~! u1 k$ g: b) B4 U" P. \5 v
>conduit
3 D" k! o9 {2 x>RMBS(Residential Mortgage Backed Securities)
* ~8 D, Z4 x- a9 F6 x4 v0 d>arranger+ h* l5 Y& [$ `" w. {
>CDO(Collateralized Debt Obligation)
) f5 D' A: u4 P) p% w最後去到投資者

Kev

i thought it is the reason of rate of return.
2 y5 B' y6 g5 s/ n+ aCDs could have different ratings, AAA -> F,
* ~) o& E: h' B* J! hmore risky ones would have higher premium (interest rate) as a compensation for an investment.
$ K1 S% M/ s: G( ?: R1 G: L  Kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! T) j$ F; B# }% F  E: `. fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' r5 {% A# n  P. q
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& f. K) V% v* M, x" msimilar to bonds, CDs trading in the secondary market have different value at different times,; p& @9 E$ P2 R
normally the value is calculated by adding it's principle and interest. 9 C. r# t! g1 ]/ X. p' Z4 j
eg. the value of the mortgage+the interests to be recieved in the future. $ q; ?, M: R0 B: ?( R; P4 ?5 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.
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+ x% g9 _, K* \  {7 z1 ^/ l0 Dim not quite sure if the multiplier effect does really matter in this case.
; x( E% K" C. X1 Pin stock market, it's the demand and supply pushing the price up/downwards.
! W6 n0 i, E  R; q! kFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( v, ?0 x% Y+ o$ b0 ?1 i
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 X9 A& M( y$ I- z2 P+ R3 gThe 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. : X8 t8 d) P2 f$ H3 [  R
but the value of their assets did really drop significantly.
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2 |5 p% {$ M& h) F  G' t+ Y+ `[ 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
  W( j5 P4 f' @& U+ M* n% Y+ @- zRefer to last example,# T! s/ x! |  H; I; K" T
that means bank A have no money because we borrow 10 dollars from bank A
: i: m3 R/ _8 b/ c* XBecause bank A doesnt have enough cash on hand
1 _; G7 ~" O( L) V+ ^therefore bank A need to be bankrrupt ??? Am I right ?? ...

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; d5 R( ?( n4 Z/ O  ?/ p- @A->B->C->D->E4 E; F+ J3 F; b: G# B
so does it mean if E failed to pay D, : M; Y2 S4 m: o. \; Q! p
all the B,C,D,E have to go bankrupt?5 l: i9 `7 W0 s/ H/ m: i8 B! g$ E+ v, k
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the multiplier just tell how much money created in a whole economy, 5 ~+ {. k7 H' g- K4 g9 d# w% v
in this case it doesnt really matter how much money is created, . E7 @% e8 c. h1 x5 K% X' R
it's the problem of the debt itself.
5 l4 K0 h0 G3 g/ _- `/ @- ]. w% h8 Ethe 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.gif1 ], r4 J5 o" U0 ~6 c% {2 R0 r0 {  |6 S
小弟一直都唔明...5 C4 A6 B" k! O, Y
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全世界都蝕錢，咁邊個賺緊錢呢?
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6 s% p/ \5 w# y無可能淨係有人蝕錢無人賺架嘛...
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+ d7 ]. b; q* l& t& p/ l敬請各師兄解答
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Thanks

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那些根本係 紙上財富  % M' u7 ^. c! v$ N3 h
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& |5 [) O  s& B# F7 s# \

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fderek

其實個D錢係你可以當係虛擬資產. V. ^& I% y2 z: c. x! E) @/ h
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高7 V# o! b  l" W+ G% 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
5 w& o# q8 J$ D) u3 q個件物價係市場好既時候升, 例如15%先算,變左12蚊啦! V& G6 }0 H9 r  ]  S
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% D2 F2 T! v8 T8 h+ }6 F8 c8 F計番回報率就已經係50%,所以可以好好賺, U. g0 E, |* }8 M7 d
前提係銀行之間要互相信任先可以咁樣借法
9 c! w: W. d% _& P$ q# ^同埋個市場既前境要係好先得
: A" K- {  p7 L0 q' J% Y  c4 t% I但當經濟一差,公司估值趺了,物價不升反趺
9 a9 e: {6 V% |) E$ e  W( m- U0 I例如剛才說10蚊的, 趺到得番9蚊,
1 ?# y+ u( H+ _5 H咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
" e$ @/ h8 S/ x6 c: r$ j所以你就會覺得D錢好似蒸發哂咁8 j5 u9 C1 R6 F
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你都可以當標野咁諗, 個樣野多人可以狂升值, 8 m- }  E, V8 f" x$ j! l" S& 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, * a" w4 J% O' J( S
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, t1 Y" U1 S4 C* b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8 _; R5 l0 p2 L! E5 C
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# @) Y8 w& |, w8 e) O
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 X7 H: @, E  y  {0 b
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + T* W* R- y5 s8 @
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
1 a2 S  i7 p) [7 B# l7 J! w咁你話d錢蒸發左去邊? ...

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: X$ U, X4 U5 `: P正係咁樣* d* X& j% A4 S  v# \
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. k& n4 A% Q+ P
分分鐘佢地唔使還錢
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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,
% w, e' Q: M9 B0 x3 j8 Q. `1 c連國家都係問人借, 不停發債券, 印鈔票
! a& e) V, Y% N3 ]0 n一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
" O8 B% a. _- r: l9 W3 |8 N2 a/ `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! c, N" k- T8 T; p
咁而家"爆哂煲"算唔算先至係變番"正常"???

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# |/ n( w8 @0 O3 c2 B; \7 |其實係...
: M' M7 v3 y/ y" L因為以前未生產, 先消費
7 J9 u+ a' P: ^) r% i0 s而家就要多生產, 少消費