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原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
  v) k$ z! w) \6 F1 q' zWhy bank will sell 借據給第三者???
! p# i  D) X! l1 ]+ n' o  R: ^; |I was so confused.....
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' b" z1 r9 ]9 u( L0 Z講到尾都係賺錢
9 g4 m, O- c; Iso銀行可以不斷放款
' _/ |: Y5 A7 I- i) c美國的房貸問題散佈到全世界
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mortgage loan 0 S) W3 h" Q; j( x3 k% t8 H
>conduit
9 q2 H* w" A7 Z& a>RMBS(Residential Mortgage Backed Securities)' S; s3 h  i1 R* j
>arranger
, g5 w* t/ W' \. G>CDO(Collateralized Debt Obligation)
9 B+ E) v8 H+ |1 I最後去到投資者
i thought it is the reason of rate of return.
0 a2 y; I2 U5 F( H$ s. zCDs could have different ratings, AAA -> F,! A0 ]% j+ J3 h3 L* v% A2 _0 a
more risky ones would have higher premium (interest rate) as a compensation for an investment., `, u. v- V3 N% j
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ J# ]$ q" r8 C; _  }4 c1 D  }
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& l) p! N: J. E: f; E: b8 EAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# W3 Z' W/ A7 F/ Q+ B" Wsimilar to bonds, CDs trading in the secondary market have different value at different times,
* s  Q2 P' }/ Y: fnormally the value is calculated by adding it's principle and interest. * u( x( v9 ]# _0 d" ~+ ^: ?
eg. the value of the mortgage+the interests to be recieved in the future.
: I2 O: {0 O1 \: X; Y, n" U4 vbanks 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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. l- L8 E7 \0 z, z  D( m1 N" vim not quite sure if the multiplier effect does really matter in this case." Z0 V+ n7 I% y) P
in stock market, it's the demand and supply pushing the price up/downwards." B. z9 ^% g4 R( f
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; s0 }) x% F  o" y2 r
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 V7 _- J: r& R. X5 ~/ wThe 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.
" x8 H  u  V  _# {but the value of their assets did really drop significantly.& ~  d, f2 E( n) _' L( C+ s
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ]
原帖由 balachiDavis 於 2008-10-8 04:09 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 d5 ]9 c8 H/ ~5 r/ i- ?3 _7 zRefer to last example,
- ]; d. m- A1 Y3 U- I9 Athat means bank A have no money because we borrow 10 dollars from bank A
, a, D* Y- y  i8 o; X, jBecause bank A doesnt have enough cash on hand + b4 F- F7 q/ f2 @* ]; [
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E1 r% h* @5 `7 f5 r1 S
so does it mean if E failed to pay D,
( f. j2 T% {- @0 S2 w5 Kall the B,C,D,E have to go bankrupt?
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' ]8 V0 [9 f7 F& l, l
( D, r2 Z$ E' w; h1 t6 Jthe multiplier just tell how much money created in a whole economy,
$ @9 b* S3 P+ `7 E* {( Sin this case it doesnt really matter how much money is created, ! N. v( j7 t2 @7 W# {. [4 o1 a
it's the problem of the debt itself." F$ q0 [1 ?  x! Y$ M2 |
the debt(securities) is bad, faulty, that harmed the whole system.
原帖由 kerr12ca 於 2008-10-8 02:44 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
  q9 w/ Z& ]+ |) R* d0 d0 _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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. I/ U+ {' r8 Y' C% c6 k4 _! D無可能淨係有人蝕錢無人賺架嘛...
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5 [" |, i+ Y$ t( m敬請各師兄解答
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  b9 }6 ~0 D" n+ w; e5 \2 I: o0 u( s9 aThanks
7 Y2 |7 }6 d3 |4 g那些根本係 紙上財富  
6 W7 U/ ]8 T8 `8 p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
with regards to the current crisis, Chain of fools does a reasonable job of explaining what happened with a nice graphic0 f) ]3 @& Q9 C! J/ V
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http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產8 r* L0 {# u5 W! Y0 e; H
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
. j- v, u! u) |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, J/ O. W* M; @) A
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
* A8 c' a# _1 x# V6 Y% y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
' V+ j9 S3 c( y$ b3 N9 O$ D* }  ~% e5 s4 q# C計番回報率就已經係50%,所以可以好好賺8 r, ^: z9 j8 T7 ~* k
前提係銀行之間要互相信任先可以咁樣借法
8 d* g3 h) J2 N; [5 M7 {同埋個市場既前境要係好先得  _7 X7 A/ _/ z" ?
但當經濟一差,公司估值趺了,物價不升反趺% i/ b. z$ X# y7 A8 v+ K
例如剛才說10蚊的, 趺到得番9蚊,
" k6 t" p$ X+ Y% x" U2 V0 z! d咁投資銀行一下子就要還11蚊, 一來一回變左虧200%' _* ~5 `' [. x2 z  {. _
所以你就會覺得D錢好似蒸發哂咁0 Y4 i+ `- t4 V4 Q: b! Q

8 y* C+ k$ R# Q8 I$ o你都可以當標野咁諗, 個樣野多人可以狂升值,
" I+ P" F0 a3 D; H# B6 G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~
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) C0 r6 e% t% I4 W+ O2 L2 H$ x
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 j5 r! F# B3 ~3 j1 t, s! M! G4 Z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- e, i( l, J- _' L$ N+ [) Q: O
咁你話d錢蒸發左去邊?
原帖由 kuru 於 2008-10-12 05:08 PM 發表 http://www.26fun.com/bbs/images/common/back.gif4 z& [8 C! y1 J9 u/ _4 m0 ]
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
7 F  B1 R' l/ V8 y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: T1 e* ^2 ]$ k4 ?* Y; @' S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/ s9 Q# c1 _
咁你話d錢蒸發左去邊? ...
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4 H; o; L$ Q9 M3 Q4 @% b正係咁樣
3 ~3 ^0 R1 n1 w8 p; E* W$ R; M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: ?+ {. }* X: P4 C* N
分分鐘佢地唔使還錢
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7 Z( G5 q4 J) r1 h' D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,: T0 J7 h; e6 d- h4 x+ T
連國家都係問人借, 不停發債券, 印鈔票2 U7 B5 X5 }: S/ c" }# t
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
+ E8 w% s* U; v; w編編唔生產又使用物品使用得最多, 美國就係咁既情況
咁而家"爆哂煲"算唔算先至係變番"正常"???
原帖由 Jk 於 2008-10-22 02:15 AM 發表 http://www.26fun.com/bbs/images/common/back.gif
: n6 L5 l% b1 N0 y+ [( j3 L咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...4 F, {+ W9 \3 x
因為以前未生產, 先消費
/ P4 `  s; T2 D8 m而家就要多生產, 少消費
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