0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif% D; d$ S* w" B0 v) u
Why bank will sell 借據給第三者???
) R2 b+ H1 B: eI was so confused.....

8 D) t8 M) y  t. z( y+ N* F% {7 |
5 Z2 d7 {! O) n! [$ C- K) ^講到尾都係賺錢/ G( J* ]0 z9 X% @
so銀行可以不斷放款* o7 K) B$ d4 V
美國的房貸問題散佈到全世界
( e9 R; g+ Z( D
1 O# b' y6 @" e6 i; T  c8 F. \mortgage loan 1 r$ f1 y3 F7 ]' H# s* S7 K+ @
>conduit  F# \2 g, ?3 C: z8 i/ f
>RMBS(Residential Mortgage Backed Securities)
# k! Q& Y, r  t' s>arranger
7 t$ d8 P! }& M>CDO(Collateralized Debt Obligation)8 }  x& s( h. N0 |: B1 C) \0 n$ b
最後去到投資者

Kev

i thought it is the reason of rate of return.
$ q' z0 C+ L7 z5 ~; GCDs could have different ratings, AAA -> F,
: q) u6 ?5 a' |) ?more risky ones would have higher premium (interest rate) as a compensation for an investment.' z2 x" ~. ^0 [& f) @3 r& d1 l& J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ ?2 y+ h: L% q! v' V' p
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 [3 `- u  ?# V( D% s) ZAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 ~7 `2 c' j' j2 Ysimilar to bonds, CDs trading in the secondary market have different value at different times,
! Q' H% }2 |0 {9 jnormally the value is calculated by adding it's principle and interest.
  o& G8 N# W. H% Zeg. the value of the mortgage+the interests to be recieved in the future. / C' q" y; W5 m) q1 T$ E1 d
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.! j4 N' j5 o, @- ^

6 B4 p" d8 u. L! w8 B5 Bim not quite sure if the multiplier effect does really matter in this case.
3 r* t" ]" D. J; v. e) ^' ]in stock market, it's the demand and supply pushing the price up/downwards.
4 g. T: O) |- z4 |For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ t) x& o& E! DA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 B" n1 U. {/ R- E3 _) a
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.
. _8 Q$ B' z9 Z& v5 Gbut the value of their assets did really drop significantly., l. D/ h8 J0 ^) ^" o8 O% m/ a! X

0 g) i$ D! _" X! J) i6 C[ 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
$ Y; `3 Z+ C* {. k3 x  aRefer to last example,
6 K9 S: s) S5 u+ M+ k. nthat means bank A have no money because we borrow 10 dollars from bank A
1 |0 D  t% K$ Q- S& {4 S, ]Because bank A doesnt have enough cash on hand
* L" t8 e8 z' gtherefore bank A need to be bankrrupt ??? Am I right ?? ...

8 G5 r, P* T. B9 s3 a: D
' K7 j( c1 J& }! |( Y3 Q
( y+ t, ]* |  t" G' i! PA->B->C->D->E
/ ^8 R) R8 L* x+ C4 ?& K8 U* vso does it mean if E failed to pay D,
* |/ c3 X; h, z6 L. `. Gall the B,C,D,E have to go bankrupt?
$ O+ N/ Z; O6 U" o; \+ O) z  k/ c/ b
1 G# H8 _/ n" {) ^  E* c; F
the multiplier just tell how much money created in a whole economy, % y& \$ q* b: ]& j% W
in this case it doesnt really matter how much money is created,
( y- @7 y' V+ t8 }it's the problem of the debt itself.% ?) u& b- k$ q; Q& T5 Y
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
; F! ~0 N8 z# N3 o. u" Q) E5 k小弟一直都唔明...- ^6 R. ~7 R2 I
* g8 X* E3 h, k
全世界都蝕錢，咁邊個賺緊錢呢?$ W+ Y& }! u+ i9 B

; I* n" g3 |+ H無可能淨係有人蝕錢無人賺架嘛...
/ h6 K4 r* R. j4 I" |
/ U4 Z& i0 @& F2 n5 p% i敬請各師兄解答
, l# U4 C' Z% m/ u, i' {, Y7 |' S
& L1 w- }$ ]- _6 Y; Q7 wThanks

) k; g0 X$ S5 p3 F( x7 _3 A& b, O那些根本係 紙上財富  
7 u2 N" P! S  N& 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- d2 L* q2 p* T& J. j9 [1 m
; \6 U3 @( _5 c2 |, [6 M
http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產4 j3 z4 d+ W, l2 N
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 m! i! Y, O; z+ M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% G2 r2 ]/ Q) C+ g- N. B+ p7 ]
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦  \, H6 p4 y' U* _; s
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,, a) u# \8 p# \$ Z
計番回報率就已經係50%,所以可以好好賺; i* r. f- d$ h0 ^$ O  R
前提係銀行之間要互相信任先可以咁樣借法: v; @! ?+ T$ W  r  v: f6 A
同埋個市場既前境要係好先得) b! Q- E: Z0 s* `/ ]
但當經濟一差,公司估值趺了,物價不升反趺2 J  S. N% v* u0 T- j. E% Y, @
例如剛才說10蚊的, 趺到得番9蚊,
; j/ n& F. c' i) R咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 r! l2 N/ s4 X5 w/ z所以你就會覺得D錢好似蒸發哂咁
9 ~& B- }% R6 V& Q2 X: z  i5 W
# _1 Z. q5 V6 _8 E7 u- k你都可以當標野咁諗, 個樣野多人可以狂升值,
- k, t4 H2 x4 W# i% J9 }- d8 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, , l) L0 A( U3 o$ b7 z7 O5 l& ]# q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 `2 n" @3 Z, A4 _6 A. I; p, W
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
6 x* ?& j8 ~" L, k/ {+ Q/ ?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.gif5 D8 x. f# M! {0 b5 X
唔係d錢蒸發, 而係比美國佬洗晒未來錢, + G$ O1 H( X+ W" c- \* t! q" V
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 ^3 n! k* z5 ^5 k" G7 P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 N5 G! f; Q5 x; F( i( v# ?- {0 ^$ [
咁你話d錢蒸發左去邊? ...

. |7 n9 `; B3 M

( m, ~6 i% a7 l( `. O4 E正係咁樣, a7 Y' H" }" V4 `
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 e* b. J2 G& g分分鐘佢地唔使還錢9 E8 _* G0 {1 U8 b2 v$ V

3 Q3 f% k. q5 i: H9 U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,
& B, t- K( {. H9 _  E6 C連國家都係問人借, 不停發債券, 印鈔票
2 i& }- V5 m' }# E* Q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產, B/ B- S# o' M
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
) u1 u* P3 E2 p9 D4 i咁而家"爆哂煲"算唔算先至係變番"正常"???

( ^. `8 X' W7 i" f5 M
! B, q# u/ m1 a3 v7 m3 C其實係...
+ N# a6 C9 }: K/ ^因為以前未生產, 先消費! F! n0 D) h6 Z
而家就要多生產, 少消費