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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
* P9 s: Y0 t6 H. z8 p/ q3 i! N9 OWhy bank will sell 借據給第三者???0 `  [! H3 H! n, ]7 G" E: j, v  e# X
I was so confused.....
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講到尾都係賺錢
0 {- e5 p1 L6 s+ ~- l8 Lso銀行可以不斷放款
7 u0 g# D1 k# f4 t美國的房貸問題散佈到全世界
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mortgage loan
6 `7 J$ |2 C/ e6 j8 {, C>conduit
+ f4 Z/ n/ W* x: P" f8 x>RMBS(Residential Mortgage Backed Securities)
  Y/ W2 Q; L9 y0 k7 Z>arranger! a  S/ R1 ?0 [5 Y; n! V. d/ |! Q5 u
>CDO(Collateralized Debt Obligation)
$ i" ]3 }9 v& E/ B" M- n最後去到投資者
i thought it is the reason of rate of return.
- b5 v* N( {4 R8 F4 W( DCDs could have different ratings, AAA -> F,
4 \( x+ @& i: G/ X$ h# `2 E7 i/ nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
9 Z5 M$ ?. p7 g2 l* A5 nmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: v6 o4 Y- u9 B) u) ?
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; e' `8 {" X, H4 ]7 f: N
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& }  T4 u8 Z  M5 G2 o# g( [similar to bonds, CDs trading in the secondary market have different value at different times,
* h% C. Q6 d1 L1 i+ r, [8 Anormally the value is calculated by adding it's principle and interest.
) v$ D& J7 K8 A+ jeg. the value of the mortgage+the interests to be recieved in the future.
/ n" c$ _- O1 a; v3 O; b+ _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.( K/ q2 v, ^0 U2 {& t* d

+ u- ]/ I- }$ u1 O- t; }im not quite sure if the multiplier effect does really matter in this case.; f) h. q* Z' u7 F
in stock market, it's the demand and supply pushing the price up/downwards.
! m* @8 M3 c& p" cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; U5 s  J- O/ h9 i3 C( A* D9 i
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- O0 D4 r) N4 S# K
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.
6 f5 F* T. U2 K6 V/ `but the value of their assets did really drop significantly.  W; s! k# n+ h" o+ Y, x2 k

. o& O2 J! w% u3 c( \[ 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 E9 \" U, m( v, T) MRefer to last example,
5 _  D# J& j) t9 Rthat means bank A have no money because we borrow 10 dollars from bank A
: \3 ?, O6 `0 i5 X+ F7 fBecause bank A doesnt have enough cash on hand 6 b/ [7 z# w$ g1 E
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E6 j+ Y8 X+ z0 A+ G! T: K
so does it mean if E failed to pay D, $ [2 }' c5 _5 a# Z+ I4 t  {
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,
. {9 R6 \/ V' f" Iin this case it doesnt really matter how much money is created, 5 g8 Q1 Q* K# E* N5 _7 x
it's the problem of the debt itself.4 [/ k8 H) M) ^
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$ r( o5 Q/ h8 d% w# c
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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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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Thanks
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那些根本係 紙上財富  1 N4 A) y' @. W* q, {4 ^/ V* 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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  `. B% p0 m2 e1 Q- F& qhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產$ P- ^: b) i3 j0 F' J
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& j. w8 N( A$ K
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6 [! H1 {5 H' q4 j, z
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
; q% ~- u, k9 k7 ]/ `" K4 N扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,3 F0 i$ M; x3 _% }* H5 S
計番回報率就已經係50%,所以可以好好賺
& b+ g) h  Y& c前提係銀行之間要互相信任先可以咁樣借法
$ g& W# R8 g% ], Y同埋個市場既前境要係好先得$ k1 {2 W/ l3 Q! g4 e- C! n
但當經濟一差,公司估值趺了,物價不升反趺
2 ^( C& V# X! M$ T; J7 R9 A0 S例如剛才說10蚊的, 趺到得番9蚊, 8 S' A, v) M! _) ^6 u- E+ X- |/ ]
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 L/ T" @8 p% v! c* y$ c3 M所以你就會覺得D錢好似蒸發哂咁) X6 h; r# L: T" D+ x* ]

( }7 L) q$ W! P你都可以當標野咁諗, 個樣野多人可以狂升值,
& t4 B1 B! {, G% 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, : [9 p3 Q: O0 |2 k) T- n8 E  z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - r/ Y: b  L. c) `& I' M% h
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
7 Y0 m2 I; P' v3 ]# r: N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.gif9 w3 B' C) n' p# V" R0 g( \
唔係d錢蒸發, 而係比美國佬洗晒未來錢, / x; X' C0 n  g. Z9 _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 j. w# ?5 d  L: Y8 j2 ?
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* ~' z# ~# A  Z' ~7 V; @) y
咁你話d錢蒸發左去邊? ...
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正係咁樣2 l. [! l- ~( ~$ {+ N+ `5 n& g5 h& @( \
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 h2 |% T' x) W$ O5 f; p
分分鐘佢地唔使還錢
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" G1 w3 p# ]8 Z$ T- k- n+ b* m+ s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,
" y. D6 p6 g- L7 @8 a3 Q連國家都係問人借, 不停發債券, 印鈔票  ?: V% f# E& O8 G* y. x! o1 r
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產0 \. D% V+ A/ z9 x: H
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
* o! {9 Z( x6 ?/ c8 @% ]咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...1 P( L. \1 s9 b5 H& D" x
因為以前未生產, 先消費4 e6 c% C7 V9 ?1 d9 u  w% r
而家就要多生產, 少消費
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