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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/ y4 {& K" J  K! o- T1 [9 U
Why bank will sell 借據給第三者???( q, f0 L( K3 `) ~2 l
I was so confused.....
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講到尾都係賺錢
. V3 ?! s3 o) g, O$ @& [( eso銀行可以不斷放款; F2 I, G0 m* j  R5 O
美國的房貸問題散佈到全世界
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! }, R# F+ j, _mortgage loan $ g! M% h; u5 Z1 B* Q3 s
>conduit
( g, l5 R% ~1 q4 I+ j" w>RMBS(Residential Mortgage Backed Securities)
% X, w; D) `" b7 _8 {>arranger
  s6 R8 S6 B  d4 L6 W; m>CDO(Collateralized Debt Obligation)6 E0 w$ y/ [) F; \' m
最後去到投資者
i thought it is the reason of rate of return.5 V; g6 E$ ^  `# k6 Q6 k7 c
CDs could have different ratings, AAA -> F,
: o' r+ X$ X- Q' emore risky ones would have higher premium (interest rate) as a compensation for an investment.
3 W' M6 s4 M2 I/ F4 s$ Smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 ?& R! k5 q: h; P+ `; Y+ K" Pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* ]" m  I% N# Y" e( p, I
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# S2 D, a7 K8 X
similar to bonds, CDs trading in the secondary market have different value at different times,
; C  b1 y: y# }  S  y- ~normally the value is calculated by adding it's principle and interest. ; W9 a% a* Q% Q7 e9 g$ T
eg. the value of the mortgage+the interests to be recieved in the future. * J9 T8 ?& p3 Q6 h3 h6 N
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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2 Y+ C* _+ c. _. eim not quite sure if the multiplier effect does really matter in this case.
" @& E. P+ c/ p1 ~8 L9 Bin stock market, it's the demand and supply pushing the price up/downwards.
$ O/ a9 o0 A% s4 ~For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ |' E+ t+ n, F6 u" I) X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
/ h, X, l! D( l% O* F1 o0 f( i/ 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. # C  q/ G( n$ e' V; s& @; G( C
but the value of their assets did really drop significantly.6 j0 \- r0 |  z, r# L0 B6 F% S
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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
, U* e/ Z) C# ]; ?! a. h* RRefer to last example," x4 t3 n; L8 o
that means bank A have no money because we borrow 10 dollars from bank A
, t& k3 s2 I7 t& S7 nBecause bank A doesnt have enough cash on hand   `- E8 j8 m5 U0 q2 T3 i8 }
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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) B; O% ?& X: \. U# _8 TA->B->C->D->E
  Q. e" |& Z6 z9 n% iso does it mean if E failed to pay D, $ U% [  D$ P8 P: v! U: [
all the B,C,D,E have to go bankrupt?$ B+ \+ b$ D5 D% N* X
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the multiplier just tell how much money created in a whole economy, 6 h0 w- f" A0 V7 B7 P
in this case it doesnt really matter how much money is created,
' a1 W/ f! n' S4 b& v; C; [6 m5 L5 Sit's the problem of the debt itself.
% Q/ k6 C: S( P2 G2 z: z& G  {8 wthe 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.gif8 F% _& Y! g- T* r
小弟一直都唔明...
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全世界都蝕錢,咁邊個賺緊錢呢?
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  b5 _; ]; Q' a1 e( H, I無可能淨係有人蝕錢無人賺架嘛...5 S8 l4 S$ G1 l9 t5 e# H5 [3 @
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敬請各師兄解答$ K( ^, Z; |% L. m$ |( Z

  X3 E& Q4 v- f/ R& f& ?Thanks
, Y! X" l: I( E6 W2 M4 C那些根本係 紙上財富  
. p6 z8 q9 B) \" F0 Y; 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* J3 |/ y& S9 Q; h7 T
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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; L1 Q1 Q( e. x( S5 O. m
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高# D$ l, w$ w* q1 S7 }8 o- z
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- l: S0 P6 y$ A6 \# y4 X! o
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" K# m! w" e( c9 B: V扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
$ u$ o" |5 R5 g; C1 m2 @; y6 X7 _: L計番回報率就已經係50%,所以可以好好賺
3 j& ]) U& T; ]* s. w. ~2 J+ x* A* R前提係銀行之間要互相信任先可以咁樣借法. v5 T  Z* h$ D$ |$ q( |
同埋個市場既前境要係好先得
: [, l9 E5 v) Q5 q' J& [但當經濟一差,公司估值趺了,物價不升反趺* K+ o6 v* ^+ Q: v, M2 E; {+ g
例如剛才說10蚊的, 趺到得番9蚊, 6 ]5 ~4 o; ^8 _) {$ }) M( j/ P
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%4 L( C% }) X/ Y
所以你就會覺得D錢好似蒸發哂咁- {6 I& H4 E( L# t! w# C
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你都可以當標野咁諗, 個樣野多人可以狂升值,
8 z0 P- h3 X; i, L/ Q# T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, 2 ~) \9 z  R/ p% F/ A% a
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % ]4 S4 q& t- T/ j. X
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9 s( p, n$ b$ e$ E( Y
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
) |0 W( f6 [0 U8 J' G/ c0 q唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" n$ I- T1 J9 `6 y4 j. v淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : s( W5 x7 M! a
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
. |/ w. E  I5 }8 z/ U咁你話d錢蒸發左去邊? ...
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: k# }  Q- D6 c; S1 F  F8 E正係咁樣
5 v* y  Z9 Z. [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 U& I/ q- q3 e( U8 P. i5 O9 Z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,! _4 f0 B4 n6 g% Y
連國家都係問人借, 不停發債券, 印鈔票
$ N7 }! D; n7 B# I  e一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
& J, z" J" a0 a0 e; T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$ ]! G, J: D8 `; C0 r5 v0 ?
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...3 |/ M0 e' Z" H. O" u+ s
因為以前未生產, 先消費0 w- U4 M: E* T- @& y# k5 n
而家就要多生產, 少消費
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