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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+ }/ k. K& v( [
Why bank will sell 借據給第三者???" X6 H+ z) ~( c7 o
I was so confused.....
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講到尾都係賺錢
; x& Y0 T$ e5 A8 A/ g& Fso銀行可以不斷放款
: G* _* i- J( Q/ Y5 X美國的房貸問題散佈到全世界5 N, I, ^: G! N2 |

. S' S; @2 R, d# [( V1 _2 _( Ymortgage loan . D( y1 z  K: Z
>conduit
/ e# z: t# W# ^0 ]# Q. U! G( e9 W>RMBS(Residential Mortgage Backed Securities)4 B& r3 j( V+ p% r: {) u$ [
>arranger
- `/ T$ N  H( Y6 k" I' c$ b>CDO(Collateralized Debt Obligation), p6 F  s# v: R$ Q
最後去到投資者
i thought it is the reason of rate of return.2 ?2 k7 g# N+ k; M" X$ `2 R
CDs could have different ratings, AAA -> F,5 x+ T: o- ]2 F/ p" l; j/ `
more risky ones would have higher premium (interest rate) as a compensation for an investment.
) r. T6 v. l: p, qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* x* r+ Q7 d4 F. ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) z" R7 D, u! j6 z2 W, h( `7 MAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 F  J4 {; Q  A# B
similar to bonds, CDs trading in the secondary market have different value at different times,
  `0 r( U. Q1 C3 x3 Mnormally the value is calculated by adding it's principle and interest. # j* w9 W) t+ _' C
eg. the value of the mortgage+the interests to be recieved in the future.
" {4 W! a5 K0 q# H* H6 U: B: R$ Lbanks 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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im not quite sure if the multiplier effect does really matter in this case.
, ^7 w& C3 v, N: `- min stock market, it's the demand and supply pushing the price up/downwards.
) s0 A' H5 ]" H0 U5 fFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" X. K/ \! X+ w9 j& D" q& YA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 i0 |4 N! [! {: ZThe 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. 0 ~5 U7 N4 q5 |4 ]% k* t1 P' D5 Z9 j
but the value of their assets did really drop significantly.) ?! N+ [+ m# w. v
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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 P2 A/ n& G4 }6 m# k3 z1 m
Refer to last example,
; A. l; m4 T$ R, t. U+ ?3 rthat means bank A have no money because we borrow 10 dollars from bank A
3 @5 N5 O) p& a/ b( s9 HBecause bank A doesnt have enough cash on hand
5 W- k1 ~* D+ O6 jtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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3 G( ~/ `* k: m$ gA->B->C->D->E( p6 H  \. C* A* `( g0 ~! t
so does it mean if E failed to pay D, / [  Q* a. b, y: T3 {
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, " B9 d; \4 w$ X8 Y# e
in this case it doesnt really matter how much money is created,
, F: Z2 ]6 q( `$ Q9 d7 |$ e) Z1 [it's the problem of the debt itself.
+ ]5 M2 P+ O: D$ F) |% kthe 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! ^. H5 O9 v2 `小弟一直都唔明...& g' i. F, z# M0 R' x" S
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全世界都蝕錢,咁邊個賺緊錢呢?5 B6 u/ A1 v' X  w0 a5 d2 X# i/ a) n. y
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無可能淨係有人蝕錢無人賺架嘛...$ x& A+ n. n1 f
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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    e# ]. O5 y  v$ b1 n8 g+ ^$ P
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
9 {. F1 k2 Q8 S" F8 i' ]  P當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ a! ?1 i7 B) f
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
$ ?/ L4 [( {# k0 ?個件物價係市場好既時候升, 例如15%先算,變左12蚊啦+ M) g' w+ Z* u7 A$ z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% d9 T+ b1 D; k$ V- s計番回報率就已經係50%,所以可以好好賺. \$ q% t. m, e; y' c# d
前提係銀行之間要互相信任先可以咁樣借法
4 c, R& T1 ~% J同埋個市場既前境要係好先得
) x% \/ ?) y; W2 N但當經濟一差,公司估值趺了,物價不升反趺3 E! ]2 {- E  @+ m0 c& _2 [
例如剛才說10蚊的, 趺到得番9蚊,
( G5 |( L' C) {6 W咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 `& k4 J7 U& _# K8 z" V: X所以你就會覺得D錢好似蒸發哂咁2 x6 `, A0 f9 n1 g3 b3 y! c  K
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你都可以當標野咁諗, 個樣野多人可以狂升值,
9 r. ?6 R2 m- V2 Q& r8 Y. L' a2 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,
7 o" C+ l( ]$ Y0 f+ r( K' w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 M8 H5 ^* L6 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
4 y4 w6 l1 u) [' J; D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
/ ^5 v! _; f3 m3 k' Z! i' c: e7 \唔係d錢蒸發, 而係比美國佬洗晒未來錢,
5 P1 l2 N; ?9 f9 i淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: c; p# z2 w3 \. S; ~1 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5 y, N4 o, l5 k: L
咁你話d錢蒸發左去邊? ...
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8 ~2 z' C$ W0 |' U! d$ r$ D" D1 a5 f正係咁樣( p' s) ?$ a  }  z6 a- L4 r
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 P& W( n% A# L. g2 C6 N/ c  B- w分分鐘佢地唔使還錢% y. z+ d& r" V$ l  N1 A$ X. G

& `- o; O) Q8 f) E, u) i- M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," x# }; z' }( E3 B1 s4 G7 g- @
連國家都係問人借, 不停發債券, 印鈔票
) P' l8 r) N( I) \5 b( P一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
7 N! k! |- M7 u3 o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
: b; `; M$ `: l3 n咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...5 M5 F1 l$ P: e; ~4 g
因為以前未生產, 先消費
; o$ X5 G) G7 o% u! P3 Z8 h而家就要多生產, 少消費
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