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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: E' t- s$ M3 E3 ^
Why bank will sell 借據給第三者???
7 c) `/ o1 v+ {) z+ fI was so confused.....
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講到尾都係賺錢" O( V9 ]& r+ F4 p0 S
so銀行可以不斷放款3 k/ t* ^* L3 ~
美國的房貸問題散佈到全世界( ]) j0 b% f; \  R7 X( `

! _& ?# e3 n% \6 z7 U- g# o( ~9 Mmortgage loan
$ k" ^4 L" B; V0 @5 I! p- \>conduit
- G# I+ h6 ^+ u, P9 C: p0 L>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)
2 u4 A0 ^" ]+ a+ Y最後去到投資者
i thought it is the reason of rate of return.4 |/ T+ p9 Z3 L+ H
CDs could have different ratings, AAA -> F,
( \1 ?/ s$ D: K0 z3 ^more risky ones would have higher premium (interest rate) as a compensation for an investment.
/ H2 g- O7 d9 y$ n, J/ kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, i9 |) v" g& a/ \$ g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 ^+ [9 j+ g. i. e2 R0 z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* \* I  U$ V9 [6 }  a- G7 T  b
similar to bonds, CDs trading in the secondary market have different value at different times,, r2 j, g" F! j7 O. {7 n1 @7 j
normally the value is calculated by adding it's principle and interest.
( o, o" m% x# a9 ]7 ?eg. the value of the mortgage+the interests to be recieved in the future. $ @7 ~' A; ]% L; s
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.4 m- H" E% p+ w" H2 \* S& l* P
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im not quite sure if the multiplier effect does really matter in this case.( U' s  {0 q* d8 Z7 K5 w, f  V
in stock market, it's the demand and supply pushing the price up/downwards.
4 n( p% t2 H" R2 H7 L. v# fFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, T4 C1 k3 @+ Q5 d! I  g( v0 ?
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 Q9 Q+ c/ a+ h! {! FThe 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. ; b$ s/ h0 S6 J' u8 `. K
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.gif5 H7 s) b, b1 z, D( z3 U, e, B
Refer to last example,
$ M- B) k0 I" Nthat means bank A have no money because we borrow 10 dollars from bank A
( E6 w" {4 B- H9 e, _2 N+ R/ [$ EBecause bank A doesnt have enough cash on hand
  \; _' e, d* h+ E" `- vtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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* o" R$ t) I) PA->B->C->D->E
( [5 ^$ s/ H- d7 oso does it mean if E failed to pay D, 0 Z7 U, s1 Y, w, d8 e7 E3 ?- l
all the B,C,D,E have to go bankrupt?5 _2 T0 I3 x2 O. f8 V9 ~& N0 }% I* V6 ~

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the multiplier just tell how much money created in a whole economy, 4 o/ a& o& a3 U- W/ S3 _0 N
in this case it doesnt really matter how much money is created, % D. j! J1 p# ]( }+ O# g
it's the problem of the debt itself.
3 v5 _3 ^+ ^' w3 t( ?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% x: o- `5 t( \3 V. X& a$ Z9 B
小弟一直都唔明...
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全世界都蝕錢,咁邊個賺緊錢呢?2 K5 X7 T& W+ W9 A9 @: |) o% D' f* A
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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& }% N( O1 a2 _4 e8 O
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Thanks
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那些根本係 紙上財富  + F: u' N! `/ [3 f+ T6 I/ d5 @
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
* {( k1 z& L* ]# R當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: w% j2 F6 B/ i! q- J( `
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/ k4 P: B) x2 j- E1 \) Q個件物價係市場好既時候升, 例如15%先算,變左12蚊啦- H4 P. ?7 _3 t; \8 R3 G
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,3 Z) i# S( ?( E) t8 e0 s
計番回報率就已經係50%,所以可以好好賺
, r: a1 d+ O6 I/ ?前提係銀行之間要互相信任先可以咁樣借法
5 G- e  s' k2 C4 j. s$ L7 I$ q) v同埋個市場既前境要係好先得
& U' ^/ b5 |+ K# Q9 b# M但當經濟一差,公司估值趺了,物價不升反趺5 a  R% ?7 a5 m! L
例如剛才說10蚊的, 趺到得番9蚊,
8 F* J& {2 T; U  `咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( `* E9 P" A7 B; B/ ?) c- {. [所以你就會覺得D錢好似蒸發哂咁
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" O! P4 ]. X/ X, ^; j你都可以當標野咁諗, 個樣野多人可以狂升值,
9 [) |% o1 u; [, L9 P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, * d4 d- M+ `7 B! |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 `6 _" [- Y( k8 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% E) q7 l4 G) i$ I
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! P2 K) e3 f# \0 [6 t3 j+ \
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
% [/ J6 t. Y/ r# l' y* K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 L6 V) u5 D* c2 R* u9 ^- P( _2 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
0 N, d* k* U7 P; ?咁你話d錢蒸發左去邊? ...
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) U8 C3 C6 h- T! q4 ]正係咁樣+ k7 J# q0 b" P3 I1 {. Q/ B4 G. a
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
2 ^$ Q: e0 l) C, [分分鐘佢地唔使還錢- P7 ~+ W- f6 f7 q+ D  S3 w( m

8 u: i" U2 {) ?4 \: O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,; d; n* `% R$ S" h4 ]! f5 G2 E
連國家都係問人借, 不停發債券, 印鈔票+ g* q: A. G; M7 d# z7 Q) I
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產/ |% f4 C' e- J6 u
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" u& s$ ?5 g) D+ \% Q- m  T; e: Z
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
- c2 k# ~! x* Q+ \+ W因為以前未生產, 先消費( u' F3 }6 g$ j/ V6 \" i" B6 ^
而家就要多生產, 少消費
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