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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. N7 l1 Q. _0 u
Why bank will sell 借據給第三者???+ R2 ]5 a( j$ v2 R
I was so confused.....
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講到尾都係賺錢( F9 _" C, k5 K' q/ k  h
so銀行可以不斷放款# G- S) ]% G9 s) o5 w% e
美國的房貸問題散佈到全世界
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mortgage loan
( I8 o) _5 R* }! W% ]  y>conduit
4 ?( i9 E3 y( M4 K# m>RMBS(Residential Mortgage Backed Securities)
5 Q% u$ z2 \: C, `! I0 c9 U  I>arranger
! b6 B$ E) g& g1 Z+ `& q>CDO(Collateralized Debt Obligation)6 O* p$ \- K! ^; a: L
最後去到投資者
i thought it is the reason of rate of return.
) P1 A/ i' y. H: k. HCDs could have different ratings, AAA -> F,& G( |) y/ S4 f2 l. m0 c& U6 t
more risky ones would have higher premium (interest rate) as a compensation for an investment.7 W" r/ }5 D4 I6 `4 t3 K
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ l4 W! g" G3 u  m- t; S" fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! ~9 @" @* e9 }3 qAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 t. C( B+ V8 ?similar to bonds, CDs trading in the secondary market have different value at different times,# E8 T) D8 R/ h7 p
normally the value is calculated by adding it's principle and interest.
. V# E' L1 j, yeg. the value of the mortgage+the interests to be recieved in the future.
1 U4 w7 i8 F! I* @2 p8 d- \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.) j- s# p5 ]% c1 b& f% y

& k: q3 G$ W+ ?  o& z* W& O' C* qim not quite sure if the multiplier effect does really matter in this case.
+ L$ Y1 n. I6 j1 S: q8 din stock market, it's the demand and supply pushing the price up/downwards.2 S& t" ?5 ^" w( R4 P# T0 s- r
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- q8 k1 g, N( U" a1 }! v: Z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" J8 _; j+ U, GThe 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.
7 \2 F0 f3 u5 t2 J/ v" f/ Q( ~5 ]but the value of their assets did really drop significantly.
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: k7 N& c. u, T& n1 J. Q[ 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
! L# T7 ^8 z$ t* C* rRefer to last example,3 g+ O5 c7 [+ [1 C% `2 e
that means bank A have no money because we borrow 10 dollars from bank A - w- M' W( l1 m8 L
Because bank A doesnt have enough cash on hand
9 ~- \4 D3 S7 P' {therefore bank A need to be bankrrupt ??? Am I right ?? ...
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$ e9 r, W* L7 p& tA->B->C->D->E) _( n% N; H4 _! O- O, j
so does it mean if E failed to pay D,
7 f1 ^- A$ \1 ?6 b0 s7 Call the B,C,D,E have to go bankrupt?
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, L2 I. T/ V$ A( }" q0 r" Tthe multiplier just tell how much money created in a whole economy,
% b8 t4 ]+ ~9 u; c$ ]; ?8 j# yin this case it doesnt really matter how much money is created,
2 |, H" M+ V+ q* D0 D; t, ^it's the problem of the debt itself.$ S' i7 P8 l+ g' z- j( b+ R
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" s9 v, s) M, 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?! A6 T: {# w$ l
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無可能淨係有人蝕錢無人賺架嘛...
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! t) R' O) r, j, J敬請各師兄解答, F  T9 Y% F" i. v8 D
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Thanks
! {& s/ ?% l. e那些根本係 紙上財富  5 M6 }( |' A# C4 |
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: L* [+ r! |, r, j& C

# @4 b6 e+ h- `! _- e  phttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產0 S: C0 B9 z9 V( @7 V' ?% Z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
+ r1 {+ ?7 x0 g: B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4 Y& W( W( j7 v5 ?$ Q
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
; i7 ?7 h7 a* `0 t: _& I扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) h9 b1 i; f- u  [- q; O8 V; a# |, Q計番回報率就已經係50%,所以可以好好賺
! e. C+ B' O% b1 Z0 b4 s前提係銀行之間要互相信任先可以咁樣借法/ O: |9 X0 |/ Z% x8 A8 H
同埋個市場既前境要係好先得' w/ S% x6 g  o6 Y1 u
但當經濟一差,公司估值趺了,物價不升反趺
. T5 n- k7 D* K* A( G例如剛才說10蚊的, 趺到得番9蚊, 4 F4 C: Z: y4 s2 F/ n% ?2 p# T
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 A2 a& @+ c& G3 E所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, - x& c( t1 o8 v" k/ P7 E
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,
4 Q) v# d# Q/ r" U6 U  X淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; A& ~5 t* K, o% w# n
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 h) J% n' Y" Y$ {# O- V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.gif3 L. z! |9 f; Z2 A! {6 \& T" L8 @
唔係d錢蒸發, 而係比美國佬洗晒未來錢, , L# c4 \/ I7 ?2 _! t" S
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 S, |0 O$ c9 _7 ]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$ U1 U7 [$ T# h5 L: M. l7 o
咁你話d錢蒸發左去邊? ...
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* n  R& P' D; ?9 _; a- }. j正係咁樣
% g6 _( A1 \0 C: q$ t& F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$ x+ u; U0 D3 V. Y
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,2 b; Y  V+ V# Y0 c
連國家都係問人借, 不停發債券, 印鈔票" q% e( S; [4 H$ D& F/ R! x5 Z
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ s4 Z6 j3 n6 V; k+ }8 D1 {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
& O6 F) `+ H8 S. i) R- j) [6 R9 g4 w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: a4 ?1 P; T+ q, q+ F$ P1 _
因為以前未生產, 先消費
$ S4 j3 J/ y$ q0 A3 F6 d而家就要多生產, 少消費
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