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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.gif8 e4 |. G- @9 D
Why bank will sell 借據給第三者???) ^' |0 _8 m8 |: [% J6 g7 R) Q
I was so confused.....
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! }7 p5 l. R; ?3 ]" o講到尾都係賺錢
' K8 q/ E$ X% l. ~so銀行可以不斷放款5 J: a+ z0 X5 m- n5 I
美國的房貸問題散佈到全世界! e: ^" V9 P# b8 C

' ^/ j9 @- ~  p2 Fmortgage loan 8 b4 @. j, z; B9 j
>conduit
! p" Z- z8 I/ F# u>RMBS(Residential Mortgage Backed Securities)
. p" h& X) `8 n  S1 n>arranger8 Z! g' z% {8 N" f) n; E$ u) u/ S
>CDO(Collateralized Debt Obligation)4 i$ S4 k* T/ w
最後去到投資者
i thought it is the reason of rate of return.
& e4 A* z, ?; k  QCDs could have different ratings, AAA -> F,
4 B! Q( I% ?4 G, mmore risky ones would have higher premium (interest rate) as a compensation for an investment.
' j/ g5 s" P9 i" ]# vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 p4 p2 `$ I5 Z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! S, b; b" ~( P$ O! n
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& Y2 p: k. t! ]
similar to bonds, CDs trading in the secondary market have different value at different times,
6 ^, y, l8 ^) G# \) }! [normally the value is calculated by adding it's principle and interest. ) O, b$ c! V+ I9 V/ B/ a+ `
eg. the value of the mortgage+the interests to be recieved in the future.
8 M+ q+ L  z) X- r/ @+ P& Z& o: R1 Ebanks 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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. R3 v8 Z0 \0 {* I9 zim not quite sure if the multiplier effect does really matter in this case.
+ y' H9 k" I( N* Uin stock market, it's the demand and supply pushing the price up/downwards.
6 G( ^$ x4 z$ j2 ?: n$ j  @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, ?. T8 L& k, |: h4 e: g- u* LA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., s1 r$ k. E4 T1 v" x$ Z
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. ' y1 J/ ^! F4 P4 ?4 F" k
but the value of their assets did really drop significantly.( W% t' y1 S5 p& e2 J* y) ~. h
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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# ]+ c5 A" r# @1 C* L! J
Refer to last example,
" h- A4 P! ~; u- ^that means bank A have no money because we borrow 10 dollars from bank A # o7 _, [- K' o) j) ]! O
Because bank A doesnt have enough cash on hand 8 @% w3 B% j( g
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E: ?4 V/ V+ [8 \, c9 h( j: d  Q
so does it mean if E failed to pay D,
5 K! j( U% ?# Y. ^all the B,C,D,E have to go bankrupt?
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! L: K- J3 C. m% t% jthe multiplier just tell how much money created in a whole economy, & N$ U" c5 [4 j
in this case it doesnt really matter how much money is created, * s5 b2 t1 O5 C- ]
it's the problem of the debt itself.
- y6 }6 l+ ^. V6 kthe 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 y: g- B6 Y, t  S2 D
小弟一直都唔明...6 p, E+ z* D' }! q
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全世界都蝕錢,咁邊個賺緊錢呢?
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; c( x' i1 I2 B! U( [! E: U無可能淨係有人蝕錢無人賺架嘛...5 q! ?# [$ M4 u) o" K7 e; q

2 O8 P! A+ B0 G, l8 Z% ?敬請各師兄解答# p1 _5 T0 A, o
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Thanks
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那些根本係 紙上財富  6 W# V7 Q  z' n  l, Y/ J1 x
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% X$ ?- c+ c# B: a
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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$ Y  u& U3 P! w
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" V* N1 a+ b" G3 F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
, p6 q/ G. ?1 {( L9 r8 b6 B2 S個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% S& D. C3 @6 \  P4 F* e7 B扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
" X, s) n" \  p; w計番回報率就已經係50%,所以可以好好賺
5 u0 |+ t2 U5 _6 {) l. L+ }7 A! N1 R前提係銀行之間要互相信任先可以咁樣借法1 Z; @1 w% M# a4 \- q) M6 ^3 P; Z
同埋個市場既前境要係好先得
0 L9 o5 r9 i6 O但當經濟一差,公司估值趺了,物價不升反趺0 k, j6 Q. b! H( K+ X1 t6 c
例如剛才說10蚊的, 趺到得番9蚊,
( E/ b# n4 U5 m! P3 A; H# U+ ?) ~咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( K" A% c$ Z0 r9 B
所以你就會覺得D錢好似蒸發哂咁8 g% j, ~& v' B- ?% y

0 V+ f- e$ f2 F: D你都可以當標野咁諗, 個樣野多人可以狂升值, 2 C4 m) D) m! q) 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,
; S* G9 {* y$ F) D! Z4 y- E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 E5 [/ C# v% 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
+ H6 Z1 F3 }: e* l: e- 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
( J. |" n- q& G9 ?* w6 g  }  q' Z, ]唔係d錢蒸發, 而係比美國佬洗晒未來錢, * h8 p% c+ z8 F' r- P
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 V' g' [# L5 w0 ?8 u0 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; q( z* M" @& L6 [# ~
咁你話d錢蒸發左去邊? ...
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正係咁樣9 Y0 Y8 }6 N; _9 w* F, e
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  t8 r3 [, F) a
分分鐘佢地唔使還錢, [- N2 u. x# U( Q" _0 v1 e% I
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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,
! l# u+ s! }( Y: a8 r2 B連國家都係問人借, 不停發債券, 印鈔票$ y3 T) \$ O% G: ]
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# w' a& f0 U& N0 O0 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
( x5 `- [% G6 u: `咁而家"爆哂煲"算唔算先至係變番"正常"???
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, D  f* S8 ^. Z, e其實係...
6 T. {$ T/ s. H% \( U9 F7 A因為以前未生產, 先消費
3 d. \  h  v$ w) N8 f而家就要多生產, 少消費
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