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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. m$ g/ W  @" N2 d! |7 ?
Why bank will sell 借據給第三者???
4 r6 Q- c5 s' CI was so confused.....
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講到尾都係賺錢1 r2 C: D6 r& q: z3 _$ T" [$ W+ N
so銀行可以不斷放款
. P% O: ?( A4 ?9 G美國的房貸問題散佈到全世界; i- V3 s1 q  ]  d) k

, F' S* O2 M9 _* \# M1 Z- [mortgage loan ) n) Q0 G1 P$ ~0 u  J
>conduit9 Q  W6 ~5 J( }: V
>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation): Z; h' ]$ I' J# a. W
最後去到投資者
i thought it is the reason of rate of return.# f. {+ Z, D) q2 h7 A6 ?- h
CDs could have different ratings, AAA -> F,
  y# l9 _. Q6 Z' w0 J+ }, cmore risky ones would have higher premium (interest rate) as a compensation for an investment.
; y* |9 q" z- f$ m2 W/ w1 `main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 S" `7 e% i9 W4 P, x
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ A+ _/ Q9 y  j% S$ w+ VAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# [. |. p$ \4 Z# p; L+ o& C- Jsimilar to bonds, CDs trading in the secondary market have different value at different times,4 d, b; }% e  M: R- D
normally the value is calculated by adding it's principle and interest. * V0 b) c6 u  \# F! i
eg. the value of the mortgage+the interests to be recieved in the future.
6 x& w1 }% C, V/ \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.& F/ I1 }6 d- i& I5 e) r& M
in stock market, it's the demand and supply pushing the price up/downwards.
6 M6 o2 e5 f6 w" Z4 c6 [8 b0 pFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 A" ]8 ^( |/ \A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# i! Y2 o' _, E8 K3 `
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.
  P2 C  ]% o4 ^2 n- Xbut the value of their assets did really drop significantly.
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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.gif8 w& ~& q% V+ a) k1 |
Refer to last example,
, p" p2 z& r8 t  d! ?1 F+ Athat means bank A have no money because we borrow 10 dollars from bank A
' ]2 P& _$ D0 M3 I4 jBecause bank A doesnt have enough cash on hand $ L* Q  O7 N. N  U  g
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E. a  c  o' d7 E0 F" _
so does it mean if E failed to pay D, 0 O& t: }+ r) H* K1 s
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,
) q! f' |! r# B7 Fin this case it doesnt really matter how much money is created,
; g4 W/ r) w/ Q) G. N; [it's the problem of the debt itself.
  _8 p' `' `" c6 i5 athe 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.gif0 j# J# [: c6 S2 [, X
小弟一直都唔明...; v3 T1 P- M9 r% O1 l3 L9 K

# n0 ]/ I3 i' {  w% [全世界都蝕錢,咁邊個賺緊錢呢?3 Q( F" L; y0 m. T2 G9 W* p. o3 J0 b

! j" h9 a( f8 O無可能淨係有人蝕錢無人賺架嘛...+ L6 s. \; ^0 I  A8 [
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敬請各師兄解答0 b; m: H9 B; F0 M) p
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Thanks
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那些根本係 紙上財富  
3 @. T8 Z4 O( T; e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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http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
$ }% P$ r: ^9 `1 m, Z4 j8 a當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
. X* h0 `; a8 i7 r6 E4 I  ?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
& ]/ t+ @, G" S7 q4 N0 n個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ m2 p" A$ o3 \: N  O扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
2 l: u: i; Q& q; b2 Z) K5 H計番回報率就已經係50%,所以可以好好賺
3 K7 Y5 S% T& @6 ?+ K6 `0 k前提係銀行之間要互相信任先可以咁樣借法
/ ^% j6 b9 t7 {" a; p* X) ^8 o同埋個市場既前境要係好先得/ o& X6 H# F1 C% L4 \
但當經濟一差,公司估值趺了,物價不升反趺: N' V5 p9 p6 R, D
例如剛才說10蚊的, 趺到得番9蚊, 9 y/ w; D9 X; S  ~
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
& R6 q7 d9 h- A) i# n/ s所以你就會覺得D錢好似蒸發哂咁9 c) w# h0 O, ?6 d' d; M

* f- g( y  v+ _9 V6 Y你都可以當標野咁諗, 個樣野多人可以狂升值, & M- [$ S7 S7 E+ 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, ; F. M1 u7 ^$ y8 ~$ l! \7 s3 H; v  V
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 S( h0 p, _" ^+ q+ b6 \' 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
; f. x  J/ |/ G1 \) ]0 u+ 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.gif$ i( c: |4 t, s  g" m  a
唔係d錢蒸發, 而係比美國佬洗晒未來錢, " T* r" g2 t' B6 q1 U! B
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 D. g+ M  z' s( T, W9 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
; x5 N0 M, F8 D6 {! }咁你話d錢蒸發左去邊? ...
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正係咁樣
3 H; e( e8 O$ f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) C) m1 l5 S$ I$ q) G! R
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,3 S/ R" O4 V6 q  x6 |1 s
連國家都係問人借, 不停發債券, 印鈔票
$ Q3 X/ Y0 ]" n: h一個國家好少出口, 而又大量入口 ,反映到佢唔多生產" C7 n7 |6 x9 M) L5 w( U! o* s
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, d: w3 R1 h咁而家"爆哂煲"算唔算先至係變番"正常"???
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4 o) Y; `; e; f! z其實係...
7 h  K9 u( ]' z; c/ {因為以前未生產, 先消費9 G. ]3 g8 j5 K+ F" C5 V
而家就要多生產, 少消費
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