0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif7 l2 p& C/ d+ D' k( W" T2 \5 n) G
Why bank will sell 借據給第三者???
# ~+ p  W/ U/ V7 o0 P" HI was so confused.....

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5 `4 B6 f9 K. P2 u9 O/ X講到尾都係賺錢1 I1 g, b+ e. p# K
so銀行可以不斷放款
  i2 J. n! _. `) E美國的房貸問題散佈到全世界2 o; b  G6 e+ s% i! X" G; n
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mortgage loan 8 u" v! H# ~) B7 ~4 m+ m3 q
>conduit
" o3 j0 r9 R1 X% b" j% E! ?>RMBS(Residential Mortgage Backed Securities)$ H1 g- {5 B+ {; d
>arranger
; f  N8 W4 X& w7 ?( [>CDO(Collateralized Debt Obligation)) t8 a2 J5 t( x# ?
最後去到投資者

Kev

i thought it is the reason of rate of return.
9 z! ^; Y( ~0 R7 d  Z% FCDs could have different ratings, AAA -> F,- N$ N6 ?4 c7 d# }0 r! q
more risky ones would have higher premium (interest rate) as a compensation for an investment.
" y) v! S2 A1 j, bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# L' i% `7 e/ j0 @8 T% ~, ]9 ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: p# ?* Y: {, L' KAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ K4 \8 U( a4 H: {+ D3 Hsimilar to bonds, CDs trading in the secondary market have different value at different times,1 r4 s/ H' @' d$ Q3 [, L' E
normally the value is calculated by adding it's principle and interest. 9 L4 |' R1 u6 l4 o- ]
eg. the value of the mortgage+the interests to be recieved in the future.
: R) U7 k9 g% j0 `" obanks 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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0 P8 q2 D  j0 A8 lim not quite sure if the multiplier effect does really matter in this case.
) B6 A1 ?4 L; i( T# p2 ]in stock market, it's the demand and supply pushing the price up/downwards.
0 `/ ~3 b0 X" w8 `7 XFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 ^; Z( Y+ K! Q) X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: M0 h" a8 w4 I" f0 u8 g
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. ) o5 H2 K3 y$ t4 n9 u. P1 r' s
but the value of their assets did really drop significantly.
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' U' X' E" d0 @/ ]8 u[ 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# q! ^6 {1 \- z) {
Refer to last example,' ~* Q3 w/ T* `- I
that means bank A have no money because we borrow 10 dollars from bank A
7 E' \3 F; u, NBecause bank A doesnt have enough cash on hand
: x1 N! k( A; B& X5 Htherefore bank A need to be bankrrupt ??? Am I right ?? ...

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7 G, i' J. i# F+ I) j3 E. R' oA->B->C->D->E( B8 R& @) g* y
so does it mean if E failed to pay D,
6 k* }' {' c' W* q9 P  lall the B,C,D,E have to go bankrupt?
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* U6 `8 h, U  w7 D/ L4 ?) Z3 Q/ Qthe multiplier just tell how much money created in a whole economy, 8 g* u  p0 S3 N  k3 J2 k8 n+ z
in this case it doesnt really matter how much money is created, ! o8 _6 d) `- l  {  }3 B& x" P
it's the problem of the debt itself.& e) @. R( r+ m" @; j4 H3 r( O
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
6 u, |* e3 L, Z9 i: A9 n. \小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?3 v+ c7 j* |6 F/ L* C" E

4 C; m) L5 f8 u* }3 N無可能淨係有人蝕錢無人賺架嘛...: ~; Z( q- j9 u5 V! v% i

' W) \/ }: Z0 |' S) A" A! h: l敬請各師兄解答; F# j+ G1 _9 H* P

9 g# X$ ?4 x! Z" |; AThanks

, u4 Z4 C! c. _! I; J1 a
那些根本係 紙上財富  
3 Q! V# f5 W0 `% I3 x9 f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/ |0 O, D% \. A! R0 ~$ p& z8 ]

- {7 e$ [$ C  ghttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產" Z! d# b, S! n% k2 Q) B& z, q
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
5 f& _% [' u: q& E  h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
! K  e& l6 ?& n, q個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
' S4 _/ D$ F5 m# S7 [扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ Z; o$ \8 O9 O, @  t
計番回報率就已經係50%,所以可以好好賺) m4 i) g# E7 N; M# @" K# ?, D
前提係銀行之間要互相信任先可以咁樣借法0 j) W6 e% m2 E, ^# K
同埋個市場既前境要係好先得2 v% a8 S$ G/ b1 J
但當經濟一差,公司估值趺了,物價不升反趺
" ^) D6 p: Y1 R' e! e& q例如剛才說10蚊的, 趺到得番9蚊,
8 P7 s* V- p8 c: H2 X3 o咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 O+ l' \7 A0 J% v/ m9 d
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,
/ l& r: `2 W0 r" O# b1 c0 }5 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, 6 p$ r$ H) R2 ^( a+ Q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , O4 S1 ?! K8 \/ G3 a
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
& I; Y) E2 V- @! E! J, R. h9 @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. Q% w. Y9 P) N' n6 `9 t
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
# B) E* c8 M, T* A0 b! Z1 s淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( @4 f8 m) d/ ]1 E; X: j9 Q- j$ g
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
( _, P5 J8 }8 d4 Z0 U: s% h咁你話d錢蒸發左去邊? ...

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正係咁樣
# i4 V1 E+ H9 N3 Z: x7 n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4 B9 l' _( E4 o; l! a# @( L3 k
分分鐘佢地唔使還錢+ k# V. I% D+ q) s

" m$ |; o: f$ w9 O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,* S  W" a2 {& ^
連國家都係問人借, 不停發債券, 印鈔票
( u% S; i8 B8 u+ @一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
6 B0 C! P1 v* z0 y* V- W! b) @( y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$ E3 t3 o9 }& E
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
6 @5 d! u" C0 C, Z" v" @# |因為以前未生產, 先消費( [4 ?- y+ z) o7 o* E
而家就要多生產, 少消費