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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
( S% E  A* n7 E) t4 P) xWhy bank will sell 借據給第三者???/ ~) w7 n+ m- R
I was so confused.....
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4 {0 S" b. w2 L講到尾都係賺錢
+ x' }4 I4 J3 pso銀行可以不斷放款
/ @7 p; ~" V0 s4 u' c- C美國的房貸問題散佈到全世界" ?* U4 B, N4 b0 H7 a/ M0 @
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mortgage loan
" O7 W1 W8 z) \* V5 z1 [- q>conduit
& n4 z2 n: ~0 N# ~8 D4 `: B4 c>RMBS(Residential Mortgage Backed Securities)
1 M: ]: f. B- S$ W6 w4 }>arranger
6 ]4 q3 V% v. B3 r>CDO(Collateralized Debt Obligation)
1 |2 ~( ~# Q& H2 B最後去到投資者
i thought it is the reason of rate of return.) Z/ N  q$ T- k* X7 E+ r* T1 m
CDs could have different ratings, AAA -> F,$ s" ~3 z; p2 M3 n/ x; n, d
more risky ones would have higher premium (interest rate) as a compensation for an investment.' s- y2 U) c" D
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 c. ^; r7 u3 {5 u' E) Z  L
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 f* e  u% P3 t" U  _3 v1 uAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ O7 r2 t) v. e# D
similar to bonds, CDs trading in the secondary market have different value at different times," ]9 K2 w4 e( N/ V* ?. {5 A1 S
normally the value is calculated by adding it's principle and interest.
( ^3 p# N$ j" I& T3 ?# S% w7 Ceg. the value of the mortgage+the interests to be recieved in the future. $ T8 Z. U% [+ e3 z2 T
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.
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4 s3 c# f8 G6 i6 @2 p4 F+ kim not quite sure if the multiplier effect does really matter in this case.$ k  J$ h0 |9 P( u, A, s  G& [
in stock market, it's the demand and supply pushing the price up/downwards.
$ V& U1 P" Y- j; L; ^7 B2 ]9 c& s3 J+ |For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; |; _& N1 O/ c9 b: ~
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& X6 C( `4 [# o% j, s% u( aThe 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.
: ?3 i' r9 ]5 ?but the value of their assets did really drop significantly.7 P) _9 ~% L' {

" z4 g/ ~( U% L1 E' z2 T[ 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) c  K$ f$ {: e* a+ `' W
Refer to last example,
0 G" X2 H! H& zthat means bank A have no money because we borrow 10 dollars from bank A
" Z. C: p. w6 r$ c; mBecause bank A doesnt have enough cash on hand ' `4 \- R. n- Z- A: J1 I
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
$ H0 W- X  q% P  }so does it mean if E failed to pay D,
/ R* H  I2 l  p! ~1 Lall the B,C,D,E have to go bankrupt?+ [* Y( \5 n; `2 X

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! g4 y9 j  W3 k* H' A& Lthe multiplier just tell how much money created in a whole economy,
5 N  x) i% T! }2 E7 ^4 u, @$ `in this case it doesnt really matter how much money is created, 5 x  K. k% i# y, [+ K+ q
it's the problem of the debt itself.# ~* d7 [9 e) k! g- _8 M- X
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.gif4 s+ ^) p; b9 q# T7 x7 f# J
小弟一直都唔明...- U  O  L& N  ]0 h( i

# |( e( U: b1 o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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' Y. B8 z* R; M9 S敬請各師兄解答
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$ b- ?6 Y; r- U9 LThanks
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那些根本係 紙上財富  ; X$ `8 z1 ~& o1 V+ o" M
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
5 a( s1 F7 K3 A. g當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) v3 Z+ K4 T0 v; \8 D& d1 ?! @
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
( o" Q3 l5 w- s個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 J# p2 o1 e  ]6 m扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
; P+ U. {' x& k% A$ D7 ?計番回報率就已經係50%,所以可以好好賺2 W) R4 m* }- i. U: o. Y
前提係銀行之間要互相信任先可以咁樣借法9 ^$ g% x! Q# f" R
同埋個市場既前境要係好先得
6 z# }3 x* \# Q; c& v6 Q0 x但當經濟一差,公司估值趺了,物價不升反趺' }, W" `5 J2 g* |8 q! ]
例如剛才說10蚊的, 趺到得番9蚊,
' h# @5 f" ?& q咁投資銀行一下子就要還11蚊, 一來一回變左虧200%; @( E: Z. w2 c# X0 J) d
所以你就會覺得D錢好似蒸發哂咁& S" G6 `% U. i3 w% A) Y
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你都可以當標野咁諗, 個樣野多人可以狂升值,
2 p, I, i' M1 r" h' a7 i" v% z4 x! k$ `  d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, + D' C9 P( H8 e0 ?
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; R& t% G& K4 S9 ?% h9 J" R
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 u  P  |, k+ _+ [
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# I1 A+ ~+ Z8 M% P
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) N  J7 \" p) D+ h( J  S7 m) F
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' X  z  W% Q' a6 c/ u) u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
$ s2 H! v+ p! @咁你話d錢蒸發左去邊? ...
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正係咁樣4 e6 N9 P! K" Q% B
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
0 P7 G7 F% g" A分分鐘佢地唔使還錢- @1 q; O) Z- j2 {2 D$ o) r( l* A

! R  O7 c  f$ ^( I2 s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,
* V6 N1 s- O5 u3 o, R, o連國家都係問人借, 不停發債券, 印鈔票
' z1 w! B4 v- T  N6 s1 F一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* b/ w8 ~8 R; Z( ?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
8 U; L( C! g( P咁而家"爆哂煲"算唔算先至係變番"正常"???
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" f& B) a- ]  R- N0 Z9 w  d. l7 Z其實係...
& z3 L) D0 L& E: p) a8 X4 P; Z因為以前未生產, 先消費7 G0 j0 d* D' h$ E, }/ H
而家就要多生產, 少消費
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