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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 N# M4 Z  H  cWhy bank will sell 借據給第三者???- {; d* C) N; N4 V, v7 `4 |2 E
I was so confused.....
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講到尾都係賺錢6 u& b  n' j" x' J
so銀行可以不斷放款
. y8 h- n& z; j美國的房貸問題散佈到全世界/ K) f# L- Y: A% T4 L

( X/ g& \" t, Z: A; Nmortgage loan
) g- k5 }0 c" S; x' T, Q) O# x>conduit  F4 o- @) k7 `# k4 h1 n- X. |
>RMBS(Residential Mortgage Backed Securities)" T# o- A) I. ^$ b( K% U# D
>arranger+ v: K. `% h  f4 r1 J7 z
>CDO(Collateralized Debt Obligation)( }, t- m4 C4 l: E+ \0 W
最後去到投資者
i thought it is the reason of rate of return.
* S3 A4 [# Q2 r- ZCDs could have different ratings, AAA -> F,
1 G2 l& Z9 ^4 v1 Rmore risky ones would have higher premium (interest rate) as a compensation for an investment.
" j7 I) r; p' A$ t( J+ f9 J, ^& _main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( Q5 T& R* k% ^1 win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ i; E6 F7 m2 L5 L' U& Z. i# RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- L' S1 n+ g0 P7 _1 ^
similar to bonds, CDs trading in the secondary market have different value at different times,4 D$ `7 }" M* u$ t. T: G, R, r. H
normally the value is calculated by adding it's principle and interest. : h) H! b% y9 X: M: S
eg. the value of the mortgage+the interests to be recieved in the future. ' T; P$ H& L' N4 ]5 g
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.2 M8 O0 k( j3 C% ^0 R

" C7 X4 f9 {$ Q8 r  @1 Uim not quite sure if the multiplier effect does really matter in this case." z' d8 a( b! i; w
in stock market, it's the demand and supply pushing the price up/downwards.' z, i) f+ \' U- g5 b
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' {+ [/ j# M" F; L9 U- mA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; y5 v) A6 S+ M$ o5 S% m( D4 }! K0 RThe 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.   c  k1 p3 V, \, h% S
but the value of their assets did really drop significantly.1 Q% F. s) C' S; H+ L$ h, ~
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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
3 q/ X7 p; G) z/ W7 IRefer to last example,1 ?9 n3 V2 O3 o; H
that means bank A have no money because we borrow 10 dollars from bank A : e# w8 t- K4 v0 ^* X, f
Because bank A doesnt have enough cash on hand
* E: [5 P: V& U! ~. _# Z9 T) O6 vtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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5 {0 `- x7 p# c) ~9 U# BA->B->C->D->E4 k8 |1 s9 Z! z- i9 `' N- R7 e: B9 ~
so does it mean if E failed to pay D,
: ~! M: O6 C, P. Z' {8 eall the B,C,D,E have to go bankrupt?
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; i5 c% F, P" _the multiplier just tell how much money created in a whole economy,
9 Z* r6 c  h! K$ w6 ~in this case it doesnt really matter how much money is created, & K2 n7 @" ~! L3 {) P
it's the problem of the debt itself.
4 _  C( z$ R' O. Nthe 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
% b) Q0 z4 B5 U  H小弟一直都唔明...; U: q- @; n2 j/ P
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全世界都蝕錢,咁邊個賺緊錢呢?. s* n' ~" _1 Y3 k, x

! B/ u) Q$ @2 [+ N* k! ~" g無可能淨係有人蝕錢無人賺架嘛...* e6 ^% L0 H3 a! v) }& L) y) Y

/ \2 E- F% P2 N1 e/ a- [敬請各師兄解答( ]) }: h& n7 h, L3 T
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Thanks
: J: n9 N/ y6 M6 Y: u+ ~$ q那些根本係 紙上財富  
: ]5 ~' A2 c; D# _3 H. y. F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) A* u1 a6 v( i6 W! c" N# r* p8 g
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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 _9 g: @9 ~% Q4 j8 K# c9 [9 q當經濟好,投資銀行相信會賺錢, 物價既估值相對較高7 Q0 I! y, V7 i5 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/ ]+ D5 G7 `4 E+ R
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" v" g2 |) g% `8 ^9 U
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,& L# R( G8 s3 S9 a6 H+ j0 l
計番回報率就已經係50%,所以可以好好賺
4 r& f0 }! P+ n. Q3 T前提係銀行之間要互相信任先可以咁樣借法
/ p' R$ ]1 J6 v! h4 y同埋個市場既前境要係好先得
3 L* d( \' M2 x7 t9 g: B/ Z& r! @3 w但當經濟一差,公司估值趺了,物價不升反趺6 i. c* @' v" s+ a
例如剛才說10蚊的, 趺到得番9蚊,
# l9 H* B$ c0 p9 D咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 f& W8 m  E) H( u: Q/ X# k所以你就會覺得D錢好似蒸發哂咁& j0 A# \; J( t9 q7 G- u

+ J) d) T$ d8 q& J4 w. G你都可以當標野咁諗, 個樣野多人可以狂升值,
! u) P  D5 K' ~$ J4 r2 D' n5 i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, / l  K' d, f% G7 _3 F0 j0 u0 q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - p/ ~7 X$ E" r# V  e  T8 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
# o4 d. k$ P1 k3 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
. q: O: v9 X# H: a6 X唔係d錢蒸發, 而係比美國佬洗晒未來錢, $ F& M; f: w  Y6 L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & [2 B  N2 j/ q
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 g4 [- }* X- Q' `# |- R
咁你話d錢蒸發左去邊? ...
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/ a! r8 C2 r. ?% E; U" C, S+ @正係咁樣8 v& e7 t! D  \$ Q( {# 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1 G) O, y/ W2 ?% S( ~
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,1 N4 u  l; |2 b+ ~9 _
連國家都係問人借, 不停發債券, 印鈔票
- F6 J+ K( ], J. j# [一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
+ R) g: P. S5 c+ {& @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' K, M( \' L' L" S0 V  O& M2 w9 n
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
2 F. x) [/ P6 q8 H& F* v+ \3 W9 D) v因為以前未生產, 先消費
9 W4 `- d& t& Z! y! I3 W2 ]) _而家就要多生產, 少消費
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