0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
0 ]. Z7 M, I* J1 E# `' v1 ?Why bank will sell 借據給第三者???
, B6 L6 P5 y1 ]I was so confused.....

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講到尾都係賺錢
5 q6 Z- F/ B. g$ p  _1 zso銀行可以不斷放款. h0 _8 O7 w! R& x4 _7 Y# a
美國的房貸問題散佈到全世界1 \7 c2 D1 f- g5 c
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mortgage loan & q; D* }' p+ [1 C" R. W( z
>conduit
. d1 N/ k" \" b3 T' D( @>RMBS(Residential Mortgage Backed Securities)' u0 {9 B( K! B% ~
>arranger
2 R$ Q" x0 u  y" ]>CDO(Collateralized Debt Obligation); c# _0 c: M1 o! o3 y* m$ [7 A
最後去到投資者

Kev

i thought it is the reason of rate of return.
. f& A6 `* V, ZCDs could have different ratings, AAA -> F,; w: l4 v3 A8 x+ i  y* k7 |2 F
more risky ones would have higher premium (interest rate) as a compensation for an investment.
3 h" A; B8 _  k5 |9 N' e# }main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 B0 S' S# `% h- C' A8 ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 P" n, f% {. z9 T$ N. N2 _1 x( |Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 [- b5 }2 O5 w: R$ g) Asimilar to bonds, CDs trading in the secondary market have different value at different times,  \7 i/ B4 z8 Q8 w- ?$ K
normally the value is calculated by adding it's principle and interest.
# a( s. m1 q; T# K5 Aeg. the value of the mortgage+the interests to be recieved in the future.
9 N3 a" s& j8 K- Z4 P" Pbanks 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.1 h" o! `0 [( ]) f7 M$ E" i( K

+ S. n8 j" S. J5 N& J" ^# v- Cim not quite sure if the multiplier effect does really matter in this case.
" b; ]' y/ w+ ]+ _in stock market, it's the demand and supply pushing the price up/downwards.& R. Z8 t4 l- f3 q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,  t8 d' Q2 I2 H4 t
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( [. s# q. n5 }: Y
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.
" _7 K! S2 }( h3 ]) t/ Q3 t: b- B9 fbut the value of their assets did really drop significantly.
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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! V2 \, q% b7 x* D
Refer to last example,
1 r* F# `' B7 Q" Dthat means bank A have no money because we borrow 10 dollars from bank A + j# d; l5 [& u2 A( n, I4 @
Because bank A doesnt have enough cash on hand
) U0 k' E# x! z. x" P! t+ \therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E- A/ d# x# U' O" `& w! `# I
so does it mean if E failed to pay D, 2 X; O# ^8 d0 N9 ]- d3 g6 M1 ?
all the B,C,D,E have to go bankrupt?8 v( I1 ]* S& q2 F5 Z
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. u! W% k& Y8 ]9 K/ j0 s, _the multiplier just tell how much money created in a whole economy,
: a3 }( ^5 E5 q& s$ ^2 tin this case it doesnt really matter how much money is created, , X9 y7 R" p- S8 J" v* n0 S
it's the problem of the debt itself./ I  H: U2 ^! C5 c
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
" R' B$ M2 Q; S1 X% L9 H  r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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& g9 {- a$ }6 E" ~. i無可能淨係有人蝕錢無人賺架嘛...6 Y. U' C" G3 P

* O. Q. @4 ?' {: }- R1 T敬請各師兄解答$ L, m) [8 H9 T' [: @# i2 O9 K
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Thanks

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那些根本係 紙上財富  
. K8 l, R: z' 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: o* F* C$ ]" R6 @

6 \/ e0 q3 X( i) [. uhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
% n3 T9 @0 U' w; i' `當經濟好,投資銀行相信會賺錢, 物價既估值相對較高3 x" D3 q$ ]7 c: ?% ~) _6 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8 N/ [/ s1 K6 e: ?' g7 X
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
4 j; R4 x$ l) f% v2 J( v% e1 j扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,7 E* s) H8 ]5 }& J3 D
計番回報率就已經係50%,所以可以好好賺: I: H6 I% |9 J* Z6 n# |+ w, p
前提係銀行之間要互相信任先可以咁樣借法1 |4 I6 ]0 ]0 [
同埋個市場既前境要係好先得5 e) n: @9 S3 D$ v
但當經濟一差,公司估值趺了,物價不升反趺9 u, T) p$ F9 J! e$ F1 U. n
例如剛才說10蚊的, 趺到得番9蚊,
  g* e1 r4 |: M咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 m6 g. s- B! E所以你就會覺得D錢好似蒸發哂咁
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# a0 @4 X  U3 {% o4 m你都可以當標野咁諗, 個樣野多人可以狂升值,
$ E0 f* R) R. x+ J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, - J" ]7 N$ X1 {6 P  P4 s1 q7 t! Q! g, q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( T$ }& D" g7 t. r# }# ?
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; K! p/ V- c0 l% n& _) J
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# j/ l7 }4 t4 F7 Q; Z  [6 R
唔係d錢蒸發, 而係比美國佬洗晒未來錢, + ?! j8 E$ N3 s4 v
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ i/ d% y$ J7 G- }- t5 }  T7 k; t( p0 v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$ \# h* {1 T! y( N% V- i& @- w( L! R
咁你話d錢蒸發左去邊? ...

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正係咁樣
& a! m3 K& g/ g/ E5 U3 s$ t6 e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
% m) X& P5 e; J- B' i2 w- }; t分分鐘佢地唔使還錢0 `+ t7 j7 s8 C, W2 ^
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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,8 |; ^, ]& I4 E7 U/ u% S
連國家都係問人借, 不停發債券, 印鈔票
" N( u! E8 T' A/ |2 d4 N3 {0 G& T一個國家好少出口, 而又大量入口 ,反映到佢唔多生產  V# c& c- m  N' z" 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
/ e8 F% m- K  x6 ~咁而家"爆哂煲"算唔算先至係變番"正常"???

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$ |$ ?9 C5 |& Q0 e) K' H其實係...* O% c4 g3 s  [3 e  i: _
因為以前未生產, 先消費  r# g+ \8 U; P, l+ j% |
而家就要多生產, 少消費