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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; H4 h/ k. @* t2 @
Why bank will sell 借據給第三者???2 s, D1 z2 l% g4 o" k3 U* C
I was so confused.....
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講到尾都係賺錢9 ?/ H! v, |& t+ a7 @
so銀行可以不斷放款: v3 i4 c: [+ t- u0 f0 J
美國的房貸問題散佈到全世界  t/ F2 E: ?3 d4 m

5 q$ H$ Q0 V2 n& umortgage loan 0 T5 R3 M& u, l6 b5 N% t7 _, [2 d4 q) U
>conduit4 @8 j3 a) c  v" |. B' F0 h! K
>RMBS(Residential Mortgage Backed Securities)5 e! o" D) g7 j0 }, o% V5 K4 |
>arranger
6 {' v. A; [2 ?& g9 c+ l>CDO(Collateralized Debt Obligation); E$ Q9 \+ s  h4 b
最後去到投資者
i thought it is the reason of rate of return.
- t' Y7 T% _6 A' D2 k" p& \) q4 ZCDs could have different ratings, AAA -> F,) i: U$ `4 ?' }9 H
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 H/ ]- {5 ^7 c( S5 u
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ y$ ]% b# k* \* i
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% K8 H, Y) f4 `% _% \4 qAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( c. i$ U7 @# u$ {% w1 L  h4 Jsimilar to bonds, CDs trading in the secondary market have different value at different times,
# J# f* Y+ C* e0 Tnormally the value is calculated by adding it's principle and interest.
: U2 S* r2 y: A. H/ Z( leg. the value of the mortgage+the interests to be recieved in the future.
, |  Q: j, H1 s8 r% g! Ubanks 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.& r. Y$ t  v! X, W" s3 `3 Y9 d, W# L
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im not quite sure if the multiplier effect does really matter in this case.3 X$ t5 }9 H2 B
in stock market, it's the demand and supply pushing the price up/downwards.
) Q! E  w8 |% rFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
- a* p+ V/ [2 M/ d, R7 B0 tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 h  ^1 a3 E, t& [: A% H
The 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 Q5 J5 B1 d' K8 i' J' e
but the value of their assets did really drop significantly.6 @5 u2 V7 ]5 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
& l0 F% O* O3 t4 X5 A1 GRefer to last example,0 p# \5 T* h+ h/ \! G
that means bank A have no money because we borrow 10 dollars from bank A
1 x. ^! e+ K# r! eBecause bank A doesnt have enough cash on hand
' c. {4 j0 F2 P" i5 |  ntherefore bank A need to be bankrrupt ??? Am I right ?? ...
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: N) F! Y: ]: C, D# ^" w/ k1 ~" G: bA->B->C->D->E0 X# y2 |; Y3 ^' c' g7 W
so does it mean if E failed to pay D,
6 ?* {4 Z3 r) n7 A: @) Eall the B,C,D,E have to go bankrupt?4 X) E2 Q( G( f) V2 K

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9 I. I6 R& W: u& r. Sthe multiplier just tell how much money created in a whole economy, . g6 P5 I' @6 M; W, ^1 `1 ]$ \
in this case it doesnt really matter how much money is created, * z' g" v/ o7 Y3 u  ^
it's the problem of the debt itself.
) e6 s2 V7 B6 J) G, A& T* zthe 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 w5 [7 ~+ P: Y& B; \$ {' y
小弟一直都唔明...5 y  @3 [, A$ R. M
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全世界都蝕錢,咁邊個賺緊錢呢?
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  T0 R8 J/ L% f6 e無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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9 C- z# [& c4 o+ I; H, jThanks
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那些根本係 紙上財富  
- z) D# {+ u" c2 r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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- o6 m9 w9 {- j0 vhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產0 ^6 [; J1 e# @# h4 b$ K
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高8 `7 I; C: t7 [( [
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$ p( q1 @6 Q% _7 |7 Q* t; k
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( N! l9 S9 k1 O+ m$ y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,3 |; }) `8 C1 O! B( Y- k  n
計番回報率就已經係50%,所以可以好好賺4 \/ q3 {% c& N- k
前提係銀行之間要互相信任先可以咁樣借法
, z9 J8 f4 ?3 e" G同埋個市場既前境要係好先得6 Q, ~6 x! @" D* b
但當經濟一差,公司估值趺了,物價不升反趺
  O0 V* L0 ]/ }1 c例如剛才說10蚊的, 趺到得番9蚊, + C5 H5 b* f, e! q
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%7 \( B$ x" w$ ^' K
所以你就會覺得D錢好似蒸發哂咁( a% M9 r) q% C4 |# K' }
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你都可以當標野咁諗, 個樣野多人可以狂升值, + C% Q7 z! y0 ~# [2 u6 L
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, + ^0 x/ j& S" T) {
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 e3 Q# v9 M6 ?9 w: d3 G7 X  P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 X+ N, H- v4 p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
$ c' y* x" N5 X! L1 S唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 @9 {+ O  h" a6 Y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , g4 t1 w+ g7 ]# c. V, e& 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
6 h  \& t3 j+ e2 X' m) y咁你話d錢蒸發左去邊? ...
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正係咁樣, H4 r8 ^6 o, f; Y2 z: N( ~% R# C
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
& Q5 {4 D: a4 I' ~0 {分分鐘佢地唔使還錢5 Y' h# a0 M) u+ \( O
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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,/ q3 c6 x0 C) q$ y% @
連國家都係問人借, 不停發債券, 印鈔票8 M6 G3 z* }7 P
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產8 W2 r8 U" w- l; O5 D! |) d
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.gif1 z2 T' _* E  F  \4 N( y
咁而家"爆哂煲"算唔算先至係變番"正常"???
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+ Q: L0 b& W0 s8 m' j5 i其實係.... g) K) l6 }4 b3 B* j# i
因為以前未生產, 先消費, {6 \1 H- |" \# _& g' J
而家就要多生產, 少消費
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