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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- ?( _0 b3 B3 T" i
Why bank will sell 借據給第三者???& A7 C: Z; C/ w& y
I was so confused.....
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+ v8 A7 `. B6 {! F# A( e( ^+ u! D講到尾都係賺錢
- R$ \6 E& J5 D; K' M1 ^1 L+ d) N( n$ }so銀行可以不斷放款
9 e1 n+ U4 b& j1 o美國的房貸問題散佈到全世界
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% Z' Y: I# ^; b8 V: Tmortgage loan
- N  L; c6 S: q3 D! h# K% }>conduit
% M# C% _! r. S7 S' W2 q/ K) |>RMBS(Residential Mortgage Backed Securities)$ N, T. w; L- C, x, Z
>arranger
  G) H' m+ \) w9 m; C" }% {0 Z& }>CDO(Collateralized Debt Obligation)1 m: T/ w, v- `! j
最後去到投資者
i thought it is the reason of rate of return.; q( Z; O( p$ j# y* b
CDs could have different ratings, AAA -> F,: Y5 g) v9 A; n0 ^2 X6 Q5 P. {- i" M
more risky ones would have higher premium (interest rate) as a compensation for an investment.
5 b7 u7 B8 X# T7 d6 {main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- L0 a: q1 ?& \# O
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# R9 I+ P, ^5 v, z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 z  S5 i% X' |1 u1 }
similar to bonds, CDs trading in the secondary market have different value at different times,6 L0 R# O4 R+ t6 c
normally the value is calculated by adding it's principle and interest. % \% Z) a* E9 O+ _
eg. the value of the mortgage+the interests to be recieved in the future. ) M3 d$ Z* G. M
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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im not quite sure if the multiplier effect does really matter in this case.& [" \* @+ j3 _/ J0 n6 r- Z  g
in stock market, it's the demand and supply pushing the price up/downwards.
6 g/ E  d4 y/ d3 SFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 ?. `: y. H, h  B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% \7 u& Q% _& o0 F+ e
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. & u3 {- W$ C. a3 X
but the value of their assets did really drop significantly.( `+ `' y/ |2 D# W( {' A
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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
* F$ W+ N7 o, [/ f" t' D5 t/ V- gRefer to last example,
; c/ }* C6 h; q- Ethat means bank A have no money because we borrow 10 dollars from bank A
+ M( V! w  u: a; V8 y+ ]' bBecause bank A doesnt have enough cash on hand
. ]5 T& P& s8 A, otherefore bank A need to be bankrrupt ??? Am I right ?? ...
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" X; F& C, |! s, w. T) _- cA->B->C->D->E3 k" P) N. X3 N6 V" N0 F8 c5 |& J
so does it mean if E failed to pay D, - S6 e1 y0 w# d7 a7 m5 r* y
all the B,C,D,E have to go bankrupt?5 o) J2 q! s: n3 r6 |  o
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! m; z7 L; U: Gthe multiplier just tell how much money created in a whole economy, 5 A) f/ l; W. l: P! s
in this case it doesnt really matter how much money is created,
8 v; }1 k  k# Uit's the problem of the debt itself.3 H7 Q+ A# R' K
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.gif
  j: `+ A& t: v- O* q3 V9 T小弟一直都唔明...
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全世界都蝕錢,咁邊個賺緊錢呢?% x( B7 l) F9 c8 r% f& h
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無可能淨係有人蝕錢無人賺架嘛...
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8 M. w2 Z5 D  ^- @4 ]: ~( b' p敬請各師兄解答7 O- Z/ ^" p! P9 S
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Thanks
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那些根本係 紙上財富  
% b  P2 g: {; _9 h8 ?; d2 ~! c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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1 d2 |" @5 E, L6 lhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
0 R: l' m0 a8 f$ _當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) @* }5 b1 W& {! o" P" }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7 I" {% D, X6 q( `
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦4 D9 R: z# Z# e
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) |1 }3 ^& ~! q計番回報率就已經係50%,所以可以好好賺
% U* D9 L( w* K; p( N- Z6 i  w前提係銀行之間要互相信任先可以咁樣借法
: G* v. V7 ~  C) @# N同埋個市場既前境要係好先得
! }, V6 `: v  _1 S8 q; D, e但當經濟一差,公司估值趺了,物價不升反趺3 r; F; k& \. p4 u* g
例如剛才說10蚊的, 趺到得番9蚊,
% i, q! T! Q0 ^3 J0 ^! D: T+ \咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 v6 y1 k& p2 ~8 \+ I- L/ b
所以你就會覺得D錢好似蒸發哂咁# I8 W. Q) Z7 Q& q
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你都可以當標野咁諗, 個樣野多人可以狂升值,
. @  h: J/ }* 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, ! @- B2 i& K4 i& q% t% q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- o% U4 c& P$ u; B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 M6 k* n! X: `
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& L4 f% a1 r! e6 [! r. _# @/ x
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 4 g8 O7 l: ~, E# q+ Z! l( A7 m
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( o5 f/ N$ D' y* Q8 S# y- I
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 M/ P5 U/ a1 A) T/ Q. U& X, \6 C
咁你話d錢蒸發左去邊? ...
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! P3 j! g4 w6 ~) S3 a  l* R正係咁樣
' E9 [  B; L  f; P( y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& [( h  |+ z% }1 i
分分鐘佢地唔使還錢
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7 s: O; R% C: A# V8 w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,) h8 a9 u- W" H6 N: K
連國家都係問人借, 不停發債券, 印鈔票! }' n% e2 @2 |; s
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產) D/ h& E0 E8 V8 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
1 H! F7 p6 W3 {8 ~咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
; ^/ ~; w( l) L" h! t因為以前未生產, 先消費' ~# B' a) S2 E/ f% D% y' f* ?; L
而家就要多生產, 少消費
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