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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
% n4 K3 \3 h6 z5 `0 b. xWhy bank will sell 借據給第三者???6 O& ]% @* h+ l
I was so confused.....
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講到尾都係賺錢
: X7 @4 n, z+ b% Oso銀行可以不斷放款
" t. V) c. m# c9 _美國的房貸問題散佈到全世界
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( d- f: T( Y  p& d2 xmortgage loan 0 Y, M* @+ L! ^, z& K
>conduit
9 O& h2 e/ z* Q: D$ D>RMBS(Residential Mortgage Backed Securities)' j9 _& B/ u/ K7 S. f# q, Q6 D
>arranger$ ~4 d9 v/ ?2 ?- @
>CDO(Collateralized Debt Obligation)+ B8 R0 M& O2 _
最後去到投資者
i thought it is the reason of rate of return.
* N" ^: l/ x8 s; {, j; M$ {, H% d) L: oCDs could have different ratings, AAA -> F,
: v- W/ Q/ j5 V: V! ~, |8 Xmore risky ones would have higher premium (interest rate) as a compensation for an investment.
' F, I. m. A' {3 c! Tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# \5 Y+ o$ W9 D& u4 H8 V9 O" W
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: j. V3 g& b" Y# v, tAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& S' h* x. P: J; c2 ~" t* Ysimilar to bonds, CDs trading in the secondary market have different value at different times,8 N/ v+ Z9 f" A5 x% U
normally the value is calculated by adding it's principle and interest. - `( w) I$ a  J
eg. the value of the mortgage+the interests to be recieved in the future.
  }7 C- I$ a- V" G; C4 p% Bbanks 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.4 o1 {$ M  u& L" Q$ {

3 r, M7 s9 x2 F1 m! Xim not quite sure if the multiplier effect does really matter in this case.4 _0 R$ Y8 G0 l+ C3 s8 ?4 y8 h
in stock market, it's the demand and supply pushing the price up/downwards.+ N* D7 x& Z+ H8 D
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, |( ?0 B! w/ s' mA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ ]3 N- K. {5 lThe 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. ! w, s' w) l% e$ @9 ^
but the value of their assets did really drop significantly.* s9 Q3 @0 I7 G- ^& |. l/ 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  V! n1 j0 d( N% ]! t3 M
Refer to last example,$ L. Z  w2 ^/ K
that means bank A have no money because we borrow 10 dollars from bank A   I0 p( K% |9 u# s
Because bank A doesnt have enough cash on hand * m) P& Q- r! Z6 X" s
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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" l! T3 c- \  h( e9 n; {4 d2 fA->B->C->D->E
' M" o, w' J# b3 t# b/ Xso does it mean if E failed to pay D,
  C- m$ S# Q& Call the B,C,D,E have to go bankrupt?/ S* u% F* {0 |5 h9 E
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the multiplier just tell how much money created in a whole economy,
; y' J0 |0 V# E: u9 Z4 b' Rin this case it doesnt really matter how much money is created, 8 D  T' `* s) G7 c% a/ v0 |
it's the problem of the debt itself./ T6 _) a4 e- |2 s$ F2 U4 {2 ^, z
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, K1 R7 \5 s9 l+ l
小弟一直都唔明...$ J! H0 V/ D' Q( n; o) T& J

( M  Q, Y5 Y' g+ @全世界都蝕錢,咁邊個賺緊錢呢?
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( x) H6 y! Q1 h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1 O% k. v- }8 b, G: Y

! O; ]# z+ }' g. }( {Thanks
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那些根本係 紙上財富  
5 K7 s' y) s2 u0 [; r' s' 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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http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產2 h: e8 y' r; v  b1 `" u. {
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" y3 U# h! I5 s' F9 N+ D
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( i! k1 Z/ S3 `  j# ]+ u: C
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ d1 T9 Z4 E- a: S2 R# M. ~! ~扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# _$ ~% U% D' ]6 v' ^( t計番回報率就已經係50%,所以可以好好賺
; z" S% \, {* q1 o: q前提係銀行之間要互相信任先可以咁樣借法# D% O( Y2 ^) m& v2 f- ?# q' v4 g
同埋個市場既前境要係好先得2 ^' f3 ?6 R3 A3 l3 s) ?
但當經濟一差,公司估值趺了,物價不升反趺- g- F. E8 a8 G$ ~/ |; F
例如剛才說10蚊的, 趺到得番9蚊,
1 `1 ~* c8 R) u咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
+ E; A* I, h6 _1 r$ V- V所以你就會覺得D錢好似蒸發哂咁8 [9 y3 R- s1 o" D
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你都可以當標野咁諗, 個樣野多人可以狂升值, ( O& p& c0 ~- x& y
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,
0 A; M! O) X  q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: n( B' f+ M6 |# |% D- k, f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
! n8 F1 y; w7 J, e. L6 c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
. t/ j' ~% H# w  t& C# `唔係d錢蒸發, 而係比美國佬洗晒未來錢, / D& l  }6 K% l& R9 \6 k& V4 T- c
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" I" L) a% i, o9 T& A$ P4 ^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3 ~7 w6 s& i+ n  Y$ l) v
咁你話d錢蒸發左去邊? ...
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8 g8 U- I# F( o- [正係咁樣
. N! u3 y9 U* p2 A: L( h1 q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: B: P3 @9 R7 H7 _! `' d
分分鐘佢地唔使還錢
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6 C4 e- M( F9 A  L- j' [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,2 r+ V7 f+ {* V$ R2 i/ ^
連國家都係問人借, 不停發債券, 印鈔票( z$ Y6 z0 o5 }9 q( Q( W* X
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產* {* T- @! c% S/ S* m, M% y" E5 l0 @
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.gif0 b$ O$ C0 F8 b9 @
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...& C( H* b4 P/ Q' n
因為以前未生產, 先消費8 ~% [3 U) a& N$ L0 n
而家就要多生產, 少消費
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