0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif# x( _: E% R( P' \; ^
Why bank will sell 借據給第三者???
4 i# Y7 c8 t( M% Q: QI was so confused.....

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講到尾都係賺錢/ K' D' \' I; y. F3 B: L
so銀行可以不斷放款
! K' N6 A# k6 V: J& |3 z美國的房貸問題散佈到全世界
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mortgage loan 1 d3 }  r1 k+ S+ t/ z( t4 k$ r6 E
>conduit0 l! L% L. _* W& B/ M% y
>RMBS(Residential Mortgage Backed Securities)
# r# V& y5 H. a  a) t7 U2 a>arranger; |3 \9 v: m* L, S. q2 X
>CDO(Collateralized Debt Obligation)
" _8 s% e' r: O: L5 \- C2 J最後去到投資者

Kev

i thought it is the reason of rate of return.: }9 L( h7 Q. W* Q2 N& i$ O
CDs could have different ratings, AAA -> F,( l) l* V/ x4 F+ c% p# {- {
more risky ones would have higher premium (interest rate) as a compensation for an investment.4 }/ o* z* {, ?: V% d# I6 u
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# r. U' u# F& n
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 ~; |% H+ r. ~: f1 v/ J
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; b( l/ M. n% t
similar to bonds, CDs trading in the secondary market have different value at different times,9 E8 U) L$ K+ S# m- W
normally the value is calculated by adding it's principle and interest. ; S. @% V- q  o- K9 k9 m/ Q
eg. the value of the mortgage+the interests to be recieved in the future.
8 W- g/ f$ R: v* abanks 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.0 [* Y. |, g) `( D% y4 G' R
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im not quite sure if the multiplier effect does really matter in this case.
* X/ Z6 V+ c: D% D9 ain stock market, it's the demand and supply pushing the price up/downwards.7 o+ X! \% M8 R4 k6 s5 Y! E& Y0 U
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% ^" m: K! [  ~- iA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) p$ |7 v) o5 |: O! O6 P* ]" P
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.
6 M/ V& l$ \/ N) |  q) vbut the value of their assets did really drop significantly./ F2 m" ^8 ^) o+ U( ~6 ]" E$ ~  K
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[ 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
* p% G4 C3 D! ~8 N4 X0 j9 gRefer to last example,; V3 W  |6 _# E4 I4 o
that means bank A have no money because we borrow 10 dollars from bank A ' ?0 R  v+ m- t
Because bank A doesnt have enough cash on hand % D: S$ S- `9 o  I6 s( Y, }* m
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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0 o* H1 q+ `) y) `- dA->B->C->D->E
) M: ~& T# r7 Q' Bso does it mean if E failed to pay D,
2 k3 B7 l5 J' g+ o: Iall the B,C,D,E have to go bankrupt?8 U6 J  f8 U: G+ ]! O9 M3 S
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& B/ H( `5 }' U# M* G# lthe multiplier just tell how much money created in a whole economy, ( q* w6 Z) R5 q: ]2 a
in this case it doesnt really matter how much money is created, 0 k. V" {  _' _( B
it's the problem of the debt itself.2 g' s$ @$ b5 w3 ?, ~4 w5 k* V8 h
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
- b* x, h6 J  V2 U小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛.... G; B; d! f7 O7 h
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敬請各師兄解答
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- K8 `$ L8 w7 I2 TThanks

- {- s3 v# s" l4 E那些根本係 紙上財富  
) r4 r. |1 `( R9 z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# a. ?, k+ f- M6 D: j

0 O4 O9 S, T) F$ K4 \* h6 vhttp://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. O' H: d4 O# B0 }! d3 m! Q" r當經濟好,投資銀行相信會賺錢, 物價既估值相對較高  r3 Y3 R. c; x$ d" V
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 \) a- {' K- f# \: K! A  G
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% E0 W  ^0 \/ a/ `3 S
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,  n% ~2 X! M/ \' n# ~
計番回報率就已經係50%,所以可以好好賺9 ~: r& \( z8 W$ [1 i; K, @
前提係銀行之間要互相信任先可以咁樣借法
" F/ L( I* l" Z+ k" j6 ~4 G5 B同埋個市場既前境要係好先得2 w: F% v# K' l- }" O) k
但當經濟一差,公司估值趺了,物價不升反趺8 {4 R) x* X+ `, h% L$ h* P" u& m9 x
例如剛才說10蚊的, 趺到得番9蚊, # x# w0 O8 v+ x/ i8 {' l0 c/ u
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
4 i3 _# U  p7 r5 B: W- Q2 z& T% A: m所以你就會覺得D錢好似蒸發哂咁
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  t% i3 `5 n" z, }1 Y: `7 L9 o! ?你都可以當標野咁諗, 個樣野多人可以狂升值, $ I8 m9 H: m& R; C4 ?% v
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,
; s& d- b6 _3 c- [% K( Y8 @; V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 |/ e0 ~+ y# a: 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
. y# A6 h5 i8 }  v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
$ I5 `- U1 U; P6 H唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 X; m! `& X$ Y1 w7 i2 q$ X; G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 Z5 Q3 ^% v; {) \; E  j/ y- F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0 d& n+ v, u& r" O* V
咁你話d錢蒸發左去邊? ...

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正係咁樣
' o: Q, ~1 r, m- I& b/ U; x9 O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7 i1 I9 y" r& S  |# W+ |% V; i1 F  ]
分分鐘佢地唔使還錢0 ~0 x6 @8 r6 I) U* g/ }
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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,
4 V- x$ @, }' Z- r$ {* i連國家都係問人借, 不停發債券, 印鈔票7 I7 i$ H% y6 s. y& Y+ u
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( J% |5 J+ b: h1 b! D7 |- J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' _$ _. u+ @8 D: @1 S! o3 B
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
9 g2 }; Q2 A$ l6 z+ f7 D因為以前未生產, 先消費0 A  Z: l4 s0 T* ?3 y
而家就要多生產, 少消費