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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
5 s; E/ l4 t! Z. P: wWhy bank will sell 借據給第三者???0 ^9 h  D2 ~( Z- w; P1 Q. Y* P) c
I was so confused.....
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$ ^: d8 o- k- z, q講到尾都係賺錢( A: n% C7 m! L+ b6 T: C4 z
so銀行可以不斷放款; d! Z! x8 L1 f9 B  j# q0 z
美國的房貸問題散佈到全世界
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mortgage loan
- ]" s8 `' t8 n$ k. ^6 ^) e6 V( }>conduit
  G% w2 Q3 o) F: s>RMBS(Residential Mortgage Backed Securities)
% e9 v" U! N0 ~$ a>arranger3 X8 E  Q/ {8 u- H. P! W, U5 V
>CDO(Collateralized Debt Obligation)8 Y( {6 p0 W5 _& I* o
最後去到投資者
i thought it is the reason of rate of return.* G1 H' t4 J+ m
CDs could have different ratings, AAA -> F,* i  T: P1 O: b6 w
more risky ones would have higher premium (interest rate) as a compensation for an investment.5 k) e) J; Q  b
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; G$ Y/ c7 \& w6 _1 Q% tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( G. b* Z  @3 G. n0 x- E. HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% O3 t7 \( Y7 v9 Bsimilar to bonds, CDs trading in the secondary market have different value at different times,
& @8 z* d' I: s( j( g5 ~" Znormally the value is calculated by adding it's principle and interest. 1 u: j- q0 S7 N" \, ~4 F3 I
eg. the value of the mortgage+the interests to be recieved in the future.
  B8 p& T* R3 rbanks 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.& B- d6 d4 y; L: q& ~

# f7 S& v# m0 O7 k" Oim not quite sure if the multiplier effect does really matter in this case.. ^( b. y: T6 t$ ]
in stock market, it's the demand and supply pushing the price up/downwards.
; y$ V9 U5 A) D/ ~7 g3 FFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. F$ m! n6 c1 x. K3 ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 `2 _* `3 J5 @
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. ; H+ H& S7 |5 s& l9 w) @
but the value of their assets did really drop significantly.* ~2 T6 [3 Z, R* _& }2 C0 V2 ?8 b
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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
: z. J! w8 t- b7 NRefer to last example,6 d3 S  m- _6 I8 ^8 k
that means bank A have no money because we borrow 10 dollars from bank A ! w8 U7 o# |, ]$ F% A4 E" ?6 \
Because bank A doesnt have enough cash on hand
$ z/ u- s/ Q& itherefore bank A need to be bankrrupt ??? Am I right ?? ...
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  k1 H0 ^) K2 J2 }" r5 aA->B->C->D->E
8 ?! ?8 s% t7 }' t0 ~6 G" lso does it mean if E failed to pay D,
# @" v( D7 a8 `1 fall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, ( q# J  i$ R! M9 R& z6 X8 r! x
in this case it doesnt really matter how much money is created,
8 M( x2 f/ v! Z( @* r) X" Jit's the problem of the debt itself.9 D! o6 w0 V# l  t6 I  L& M- @
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& f; n" K( c. j5 y2 |
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...
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敬請各師兄解答
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Thanks
- J  B* V( J* n( K. @那些根本係 紙上財富  
+ I/ x, y0 H" a8 o( a) x, l9 j# f' C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 graphic
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3 s! |9 \: t6 E8 h8 phttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
- i3 b3 C& ~2 S+ U# ?. {當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
. n! u8 }, t0 N# s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
$ b, z) ^$ T7 ]6 v4 S7 I7 T% S個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
* `1 I+ s1 g  e1 `6 \  {; \扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
8 s. |% P& O4 Z計番回報率就已經係50%,所以可以好好賺: R1 J1 c& n; u7 O/ |0 m
前提係銀行之間要互相信任先可以咁樣借法6 S0 n+ q, S/ t8 A9 V
同埋個市場既前境要係好先得/ J6 O/ E) H! U3 n; r+ t
但當經濟一差,公司估值趺了,物價不升反趺2 ~5 o: H  j$ q4 z9 i
例如剛才說10蚊的, 趺到得番9蚊,
+ }) j6 y; \  q咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
4 K. {3 e% B0 p( q# _" B所以你就會覺得D錢好似蒸發哂咁
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8 g, q- S  w9 I' A/ }( L* p+ a你都可以當標野咁諗, 個樣野多人可以狂升值, . i$ Y4 M- r5 A- t% r0 ]
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, ; j; i: |2 n& i! V1 s$ t
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! Z* J" K9 |! Z/ W' F& 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# p: n( s5 C7 L& p  ]3 {; M( {
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.gif
  u- r1 V8 E8 t, ^唔係d錢蒸發, 而係比美國佬洗晒未來錢, & c% @5 T' @& x: i( y/ T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 _  E- y! s7 Q( _6 f2 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
2 D8 M" Q" @, n6 s咁你話d錢蒸發左去邊? ...
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正係咁樣+ U3 m) c# X+ f" j4 x
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
& P8 o0 x6 u) z+ }分分鐘佢地唔使還錢
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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,5 y. @3 @. |! x. k% ]9 V. b
連國家都係問人借, 不停發債券, 印鈔票
  ]& Z9 l! f3 a0 ?" `一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
3 W6 d$ |4 R% Z3 d- z1 }# D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
$ |. c' C7 D7 ], U6 r* V) I咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
3 y( ?/ S' J: g0 z2 A" N* S% L. l因為以前未生產, 先消費
+ I) p& ?/ l* y而家就要多生產, 少消費
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