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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
; s6 q+ w( b5 TWhy bank will sell 借據給第三者???8 k2 W# V. M* h/ I
I was so confused.....
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8 r7 f, `; N0 R, a講到尾都係賺錢6 A9 m3 j- u/ o% f6 S
so銀行可以不斷放款% k5 W2 Z7 k0 ~0 ]7 Z% C; K- C1 z
美國的房貸問題散佈到全世界
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" t7 Y: c0 W: j( cmortgage loan " d' n0 {  g  R
>conduit
# T2 Y" c8 u! k9 C/ F4 i' Q6 g& C>RMBS(Residential Mortgage Backed Securities)& t6 v9 w* o& U: j2 X0 F, O7 Z
>arranger
$ ]+ A# P. [+ C6 ?>CDO(Collateralized Debt Obligation)9 h/ P$ y, H! Q& D, d
最後去到投資者
i thought it is the reason of rate of return.: S/ y$ X; L/ ]6 f; P. W8 L. X- p. g
CDs could have different ratings, AAA -> F,
" _5 ~! i; H, {6 ~. }8 m1 u+ bmore risky ones would have higher premium (interest rate) as a compensation for an investment.6 C7 d1 e6 n, g
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  J& R, F: q, a+ H, gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 u# Y4 c0 W2 Q' E3 z' f/ nAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# d: J9 S9 _1 e& S6 D" l
similar to bonds, CDs trading in the secondary market have different value at different times,
+ \( h! @5 E1 ~, Q; Dnormally the value is calculated by adding it's principle and interest. 6 n+ p1 t5 Z, s8 K1 {7 t$ G
eg. the value of the mortgage+the interests to be recieved in the future. 2 h# @3 v( p5 J& O' W- |
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.  h/ R& g/ c0 T# y3 W( B. c

0 \( i  Q# K0 t  S& ?' Wim not quite sure if the multiplier effect does really matter in this case.3 j# m( S/ W" I. G
in stock market, it's the demand and supply pushing the price up/downwards.
) V6 z$ _% R- q1 x8 ~For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( g9 B0 V) c1 X$ _
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( c* U8 p8 M% X( 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. # G; j/ R& y5 b" P  V% U; ]
but 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 ]
原帖由 balachiDavis 於 2008-10-8 04:09 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
* d/ ]/ [/ f( H7 |Refer to last example,9 b$ R9 B0 J; K" V" [
that means bank A have no money because we borrow 10 dollars from bank A
$ F$ j) C* X2 J" hBecause bank A doesnt have enough cash on hand
  T# T0 u# U9 Qtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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( Y4 j& i% A- w2 w" i  JA->B->C->D->E& x1 [4 ~( J/ E" @( `% I- s
so does it mean if E failed to pay D, ; i; P$ @# k) ]. i/ c
all the B,C,D,E have to go bankrupt?$ p" R# A5 i/ t

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8 l5 i% B( v6 G- w2 a& l" ythe multiplier just tell how much money created in a whole economy,
3 m* o. j% t; [/ q% vin this case it doesnt really matter how much money is created,
/ s+ q8 w# F1 o+ ~5 J: Lit's the problem of the debt itself.
& ?. Y: }; k- A6 O/ n8 V: n3 Q% Cthe 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
' Y7 d( s* S% k- M& w小弟一直都唔明...
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全世界都蝕錢,咁邊個賺緊錢呢?% t# N; t8 ~! f9 K
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無可能淨係有人蝕錢無人賺架嘛...  v& x: G) _8 o& g( B6 ]) k+ ?: J

6 [3 l& G2 k. l: e2 k6 M7 r& \% k7 m& f敬請各師兄解答
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Thanks
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那些根本係 紙上財富  
& O3 u, m) W3 @' w# v! ^8 L7 ~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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% m5 r5 d2 ~' ~% Z2 W( [http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
' b2 v3 i  g7 b當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) m* J" `* P& P5 s; n: [! m) `5 q- ?
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! V8 L6 ]. U7 q: \) v
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦6 d  X7 z1 W+ Y! A- I6 z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
1 x% x- k& k+ b7 N/ w: i計番回報率就已經係50%,所以可以好好賺
1 N  `: J9 F7 F$ n( O. [前提係銀行之間要互相信任先可以咁樣借法& r/ h3 v% G9 i
同埋個市場既前境要係好先得0 u+ [3 O) ]3 \2 q* e* r% i( N
但當經濟一差,公司估值趺了,物價不升反趺% n) T, O0 r$ y
例如剛才說10蚊的, 趺到得番9蚊, 5 ~4 R) y% H. R9 ~; ^, S
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
) _1 T* q4 b4 ^: S所以你就會覺得D錢好似蒸發哂咁3 g2 Q: w4 h/ x# V6 n
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你都可以當標野咁諗, 個樣野多人可以狂升值,
2 E; o1 C9 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~
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
$ [& u9 ~& S. d* x淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- Y8 U" p) c9 S0 U+ {" K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+ x5 K$ w4 H6 y
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
. z! v0 t" {  D# |唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 T! V$ t$ V" W1 q9 L1 X
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 f) ^( ^/ y$ q2 B
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
, V+ v# |2 @  Z* C& R咁你話d錢蒸發左去邊? ...
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正係咁樣$ T# T; G" G0 L
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8 E+ W; @$ N+ F: U, r- h6 [
分分鐘佢地唔使還錢# f. o/ [. z, O% L, ~

& Q0 M. u4 U0 c" x/ }# R3 n! e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,
% r& Q- c. ^! W; I6 z) }- Y連國家都係問人借, 不停發債券, 印鈔票
* o! L8 ^& ~* q$ V$ ~一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( w8 D9 P  @' W, b1 |& `- T: c
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
9 C- I3 y  h) n4 W- G9 F咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...2 ]0 i: b6 |6 D: E: d
因為以前未生產, 先消費
9 `  t5 j8 c$ v, N" R而家就要多生產, 少消費
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