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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
) W1 `! M# @4 j' Y2 q7 T0 b1 wWhy bank will sell 借據給第三者???# {: n0 X8 E5 b* U) x
I was so confused.....
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3 _4 u5 f4 w' q6 T1 ^講到尾都係賺錢
5 R! V  j! R* p9 kso銀行可以不斷放款- _5 K8 `* q, ^
美國的房貸問題散佈到全世界
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; m6 {$ K- {9 Y" F9 W. {mortgage loan
0 M5 F9 r5 Q! c/ f+ u$ E3 w>conduit
* T7 `# `, r8 F* t5 \+ y5 x>RMBS(Residential Mortgage Backed Securities)
4 r" a& _5 y  D: K( y. x8 _  u4 u>arranger& c9 h/ O- `3 Z8 f( F
>CDO(Collateralized Debt Obligation)" e1 G  ^8 F! _7 S2 C( l" V
最後去到投資者
i thought it is the reason of rate of return.
% y8 c) l2 a9 T& k: [+ KCDs could have different ratings, AAA -> F,1 X, h5 _- b7 i8 x$ x
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 i. p! k% \- v5 M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) F+ B: O; m" c# m/ cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ o2 O" Z0 _/ F' D# O3 Z" y2 [, z( a% J
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 {$ ^) w' N3 i2 t
similar to bonds, CDs trading in the secondary market have different value at different times,
( Q) {5 K3 N: w" t! Jnormally the value is calculated by adding it's principle and interest.
0 r) C; O) k% I, D% O$ P4 }4 {eg. the value of the mortgage+the interests to be recieved in the future. + r* X, A4 z, @. K! L3 Q
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.- `: f4 a' C0 O& S; Y
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im not quite sure if the multiplier effect does really matter in this case.
  }4 P% G1 ~9 Z" z, G0 Vin stock market, it's the demand and supply pushing the price up/downwards.
4 q9 K, M) q) i. q" C7 k( xFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
  {4 n. I4 }) a4 [: ]3 P6 h4 VA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# H" i% h' A( i9 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.
, K/ U3 U$ h' f6 K; F- m/ |but the value of their assets did really drop significantly.
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. W% Q% k' n* A& o: Z  G) W[ 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! ^0 `% ^" F$ H! `. p$ t) ?/ }
Refer to last example,
% b  x/ `3 I! t- ?" s* @# `that means bank A have no money because we borrow 10 dollars from bank A
1 ~" Z3 X9 V( b+ ]- i+ r8 ^, tBecause bank A doesnt have enough cash on hand + r0 i( ]9 L6 {1 T+ r; t  i. h% u
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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7 @2 g1 B3 d- S# T; [9 Q; ^7 s8 P. c( U% _! [- G
A->B->C->D->E
$ b$ I$ l+ k+ ^: sso does it mean if E failed to pay D, & v' ^& ~8 w  E, V
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, - e0 A2 h1 x& ?# o8 @6 n: U
in this case it doesnt really matter how much money is created,
1 J/ Q5 D) [! J+ n# Cit's the problem of the debt itself.4 z8 E2 m/ c' X. t1 a. x# C
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.gif6 `' I* y; C2 V3 F% W
小弟一直都唔明...
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! l" O) h" J' m  w& R4 v. k" k7 l4 i全世界都蝕錢,咁邊個賺緊錢呢?" S( c- F$ Q+ L- x6 L2 y: u, P

, {* X! Z3 X: C無可能淨係有人蝕錢無人賺架嘛...4 H; R: v: O- M- |* A

6 f3 _: a6 _/ o5 k敬請各師兄解答
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9 g( i! G* d. _8 L: FThanks
/ ]9 v+ }1 D0 R% P* f: O0 A那些根本係 紙上財富  
" E! c4 T# B  B% Q  _% l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 graphic5 Y) X1 b4 @4 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5 C, z* m! [2 N2 N5 N! J  b
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高# o1 A' h4 i$ d! @2 j% A: w
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$ q" [% d" e8 U5 R6 X$ a% @* U$ U
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! `1 H% W% G& L- c# E扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,7 Y6 I- v& j' Y% u2 Y4 P+ K
計番回報率就已經係50%,所以可以好好賺
3 G2 ?3 m6 e5 \8 A/ N# i8 A. @前提係銀行之間要互相信任先可以咁樣借法; D8 g' }0 W2 {- b
同埋個市場既前境要係好先得
; G, C/ j6 \, F" _+ @但當經濟一差,公司估值趺了,物價不升反趺# B& u6 W# O% V) x" m4 F# @3 N
例如剛才說10蚊的, 趺到得番9蚊,
( e4 e3 W( H# K, z% I7 z* a2 W6 e咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% F- f1 d" R# Z- S6 m所以你就會覺得D錢好似蒸發哂咁6 i, t6 r8 C$ h$ ?. F/ o

" |+ f1 A& i* y+ P0 m你都可以當標野咁諗, 個樣野多人可以狂升值, " M+ ~- z# C# u2 o( |5 r; @4 l+ B, A
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,
8 A8 O5 Y; C) P" }淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 h3 b# W/ U3 D
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 e$ N  {+ ~/ ~: k( c, t
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: N3 k7 N' e" `8 K
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
) i$ m4 t: d# O: a; O3 k! x, R& h4 p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; a- S) d. p: k2 a1 F+ P1 C
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
8 {, `8 s: `  }' f咁你話d錢蒸發左去邊? ...
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- j. Y% k1 g, H& |+ Y0 L+ S正係咁樣
5 I% H- h# B* x0 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
) [$ f$ t6 v9 X/ y6 o. I分分鐘佢地唔使還錢% F' `9 q* b+ ?' P  B

! G  T4 u# Q0 j5 \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,+ }5 J- B8 b. T4 O1 _
連國家都係問人借, 不停發債券, 印鈔票
  R& u# S7 K; m; F1 J一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% z3 C4 B6 t6 @
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
( _, m6 S) G( V咁而家"爆哂煲"算唔算先至係變番"正常"???
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9 [6 h: o3 }9 h( t1 }1 G其實係...
; ~6 ]$ T; w" G* c! J$ S' u7 _* ~因為以前未生產, 先消費
7 C; G  u% j, k+ h/ n1 S而家就要多生產, 少消費
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