0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, J; R4 M5 R1 B/ T. V3 D* u/ ?/ R
Why bank will sell 借據給第三者???8 B8 {7 b5 q$ Z
I was so confused.....

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1 r! i1 s* O/ S6 Y4 @( ?- B/ @講到尾都係賺錢0 O* p9 f& S* y* U3 a$ o. O
so銀行可以不斷放款
; T" l; W0 N! K( n$ k7 j- F美國的房貸問題散佈到全世界. @1 L7 y/ }0 Y! H( k  D7 |! s

. K8 s7 j6 V( r6 q& j3 wmortgage loan   A8 {+ }* R% l! H8 T5 ~
>conduit- E! d4 ]9 ?8 o# ~3 F
>RMBS(Residential Mortgage Backed Securities)
9 L9 ^# D, N. f' f# a>arranger
3 g2 j: R- l7 i$ K# R>CDO(Collateralized Debt Obligation)3 h- y  I9 d) N) e* E' w  d) d8 M
最後去到投資者

Kev

i thought it is the reason of rate of return.
$ n. }- S" H9 `7 R4 E# ^* m# J- oCDs could have different ratings, AAA -> F,% {7 L  J' o8 O$ t8 D. K) ?
more risky ones would have higher premium (interest rate) as a compensation for an investment.# h( f/ B7 A. }" F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ w" ?8 l* i0 \" ]1 ~8 Yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& v/ H8 a) @4 n, d, xAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." E9 u7 Z' F3 [8 k/ Q1 U; E
similar to bonds, CDs trading in the secondary market have different value at different times,
$ R" L0 r1 v- U. j- E- F3 `: Vnormally the value is calculated by adding it's principle and interest.
5 }( L9 d. Z3 V. E! A" aeg. the value of the mortgage+the interests to be recieved in the future. $ b" a8 _5 B9 R% D9 `$ e
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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( u" y$ F$ ^7 Lim not quite sure if the multiplier effect does really matter in this case.
$ j  z0 N3 T' H! a" [' [0 i5 c6 min stock market, it's the demand and supply pushing the price up/downwards." ]5 U8 B# P4 \7 X) U, B
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 ?# x5 C3 b' d( M2 a! R2 tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ F) T) p6 U( [7 J* Y( f4 s
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.
; g1 O. ^1 k2 W6 A2 E. qbut the value of their assets did really drop significantly.
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; X" H4 S4 {/ g- i) k, D* J; F5 z[ 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
& j# X# q8 v  URefer to last example,
% d# l% g3 m) {% Y$ }) ]! l" y2 ethat means bank A have no money because we borrow 10 dollars from bank A ! Z' y+ ~+ c0 E9 P$ I$ ^& K2 ?
Because bank A doesnt have enough cash on hand & U' [( s7 y6 p7 @. O. x2 r' t. Z
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E, \# S/ \  ~' ~  H! U; h# y
so does it mean if E failed to pay D,
; q; {( D8 s% M9 d. U, Z0 y' qall the B,C,D,E have to go bankrupt?3 ^( Y$ g6 s3 h$ `* z/ j( L+ \" u" e
; E; u" E+ W9 M6 A  X

8 j1 V$ o3 o9 _the multiplier just tell how much money created in a whole economy, # f3 \7 v! L" N9 U) R( F
in this case it doesnt really matter how much money is created,
! u& U. T+ y. i# {it's the problem of the debt itself." r* k+ T$ u& t9 k- E
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( l- B6 t$ |8 G8 U+ J! R' S& r
小弟一直都唔明...
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$ H3 f7 O. s% T9 Y8 O8 O全世界都蝕錢，咁邊個賺緊錢呢?% H) C- H; l6 N9 _

2 J5 \! s6 G: s: u1 F. J; _無可能淨係有人蝕錢無人賺架嘛...' w+ {6 Y1 J. H7 e

; U! w+ C" a) E" k$ j敬請各師兄解答
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+ u& M9 i: D8 d! DThanks

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那些根本係 紙上財富  # H# s6 X# M& K; Y* @5 s1 W' Q8 S$ s
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' [- H4 G, T) @0 Z* K

& ^0 R; a  i/ ~3 V8 X( Ohttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
/ ]" g0 X8 O. I' I; m當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
+ ?6 e5 `) J- o: `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
) w* q5 ?' }" }1 I2 ?3 C! G2 n個件物價係市場好既時候升, 例如15%先算,變左12蚊啦3 _. ^. Z; R( H1 G
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊," y- v. G) {. Z, q! g& G% O8 c
計番回報率就已經係50%,所以可以好好賺6 n8 o% a/ W8 I* z! M2 A
前提係銀行之間要互相信任先可以咁樣借法
- m5 ?8 o( ^* F- u1 U6 R- z$ N* x3 B同埋個市場既前境要係好先得
: _! y3 g) M5 R9 q8 A但當經濟一差,公司估值趺了,物價不升反趺' ?; d( I# ]' O: {2 u
例如剛才說10蚊的, 趺到得番9蚊, 2 l6 g0 H) @( D$ F
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 N$ l% |9 ]7 ?8 m/ Y% M
所以你就會覺得D錢好似蒸發哂咁3 n  b$ ?1 m. E2 Q0 D
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你都可以當標野咁諗, 個樣野多人可以狂升值, ' C+ K# h+ U& ]: `- M! k
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, ; b4 D3 Q- N2 T$ q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 X+ l8 B  L" G7 U$ z, U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
# J' o+ V$ |& v! S4 y/ Z; ^- _3 Y) `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- e5 @' C2 N9 X9 Y: O5 K0 W% ~5 w
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
* _( w0 j$ v8 e0 y. d6 v淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # k, }0 `& f$ ^( _! H
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
/ B0 c* P5 ^5 {咁你話d錢蒸發左去邊? ...

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! z2 f. a* i, t; l! Y正係咁樣6 Q4 E; X& `2 F6 c& A4 f, G
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
! e1 d* p' j, J! 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,
7 Z! E' u3 |$ @7 y( @連國家都係問人借, 不停發債券, 印鈔票: _* c" V, r1 j. i; n& Z
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! k* a5 {1 b# f! ?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# ^$ B' ^& B# q* {* i8 x( v+ I3 t
咁而家"爆哂煲"算唔算先至係變番"正常"???

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$ z6 f1 y! b) ]4 }  F其實係...
# h0 t( X; y- Y  g# O因為以前未生產, 先消費7 F6 A# f! ~8 s! Z
而家就要多生產, 少消費