0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif: g( Q9 T+ v& z2 Y
Why bank will sell 借據給第三者???
# l2 R! `& t7 H$ r9 |& _8 WI was so confused.....

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講到尾都係賺錢
0 Z2 j2 q* E$ Aso銀行可以不斷放款# Z$ ^6 X. i  p- q; a* U: r
美國的房貸問題散佈到全世界7 E# g+ j5 }; f& J: ?; }7 _& m
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)
2 h+ j' _' E, s- J2 K>arranger, K/ l" D* a/ I, I7 O! ~5 j8 ~
>CDO(Collateralized Debt Obligation)0 @% v; @" p; g0 N
最後去到投資者

Kev

i thought it is the reason of rate of return.
! I  I/ h. ?9 V7 |! n* e, S/ {6 y+ vCDs could have different ratings, AAA -> F,4 x: p7 Y5 N$ u) o' s
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! \- \% H5 ^) w" \+ L) dmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 S7 x9 x. K1 h2 a# d1 r  Kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) \* S  e& g8 ]9 q  i% g; RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" t4 f- D( V4 o! Vsimilar to bonds, CDs trading in the secondary market have different value at different times,7 H+ q: ], z" `3 Q. T8 t
normally the value is calculated by adding it's principle and interest.
  _& P& H& E; u$ y- deg. the value of the mortgage+the interests to be recieved in the future.
5 W& Q) w8 t) c8 Q4 d0 fbanks 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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" G8 k7 {& _6 h& u7 qim not quite sure if the multiplier effect does really matter in this case.6 T' J0 K( }" E' n9 Y, N
in stock market, it's the demand and supply pushing the price up/downwards.
* \$ Q6 l5 q  ^: W3 B' W1 W( kFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! _4 U- B, V$ C% W3 F1 m* ^A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 ]3 k0 F6 ]8 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. 0 y2 E% w" \# A6 n4 P8 z: F. A
but the value of their assets did really drop significantly.4 m9 r6 d) K/ t" \  @
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ]

Kev

原帖由 balachiDavis 於 2008-10-8 04:09 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
3 W6 f# f! Z0 {' r# X0 P  vRefer to last example,4 x2 E6 t7 y, c" Z
that means bank A have no money because we borrow 10 dollars from bank A
: u4 C& Z3 z9 a6 |* e' h3 U! _: }/ u7 ZBecause bank A doesnt have enough cash on hand 5 y4 R/ g( ~* C5 ~
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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  Q7 W! M2 i" J6 g. h, l' s" GA->B->C->D->E
' t1 d! v& ^. C5 H7 I& g5 {so does it mean if E failed to pay D,
+ F4 V2 w( s5 Z, h/ e5 ?all the B,C,D,E have to go bankrupt?8 S0 U9 a# r, a/ \! N4 G7 w

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3 g! W- O7 g/ [8 m* {! a$ Z/ ?1 othe multiplier just tell how much money created in a whole economy,
# o, n1 M9 z6 Kin this case it doesnt really matter how much money is created,
) t. w3 s# C0 X( M7 ]; C7 e1 Z# k1 ait's the problem of the debt itself.0 W, n: M# K7 X% w% b7 P0 {5 X
the debt(securities) is bad, faulty, that harmed the whole system.

benny1219

原帖由 kerr12ca 於 2008-10-8 02:44 PM 發表 http://www.26fun.com/bbs/images/common/back.gif8 U0 g1 I, v0 T  Z- f  E: u
小弟一直都唔明...
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+ R/ b  w2 ~8 }) O, O) g全世界都蝕錢，咁邊個賺緊錢呢?+ I4 g! V3 O/ @3 q; |1 g: w. d
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無可能淨係有人蝕錢無人賺架嘛...2 _: R; \& L% A! E
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敬請各師兄解答# p, h2 e6 Q/ x1 ^
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Thanks

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那些根本係 紙上財富  
/ k( n) [7 t% e1 }! A5 a- X6 ~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

qulapo

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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. ^- w! e0 e5 E! y0 U+ |http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
0 J9 f9 i: ]2 G當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& l4 h& Z& ^* s
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  G& ]3 g( O+ d# Y0 m  N& x+ V
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
* f, {5 p* E( I, N( i0 B. E扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,3 g- F+ b! E7 Y
計番回報率就已經係50%,所以可以好好賺
- ]1 R+ J( f1 m$ C5 S8 I& `) L# ^% t前提係銀行之間要互相信任先可以咁樣借法
* n4 e' i/ D7 Y' W+ E7 h同埋個市場既前境要係好先得( w1 w5 B( N; ^! n1 p
但當經濟一差,公司估值趺了,物價不升反趺4 W, ^+ @0 n  G2 A1 J. G! p3 J
例如剛才說10蚊的, 趺到得番9蚊, ; z0 E1 A; H2 D& D& H
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( O6 p* U5 ^; o, Y
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, 4 e+ N( J2 K3 n) e" a, N: W
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~

kuru

唔係d錢蒸發, 而係比美國佬洗晒未來錢, * m( y8 c5 A$ D. o& _# q0 _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 o' f: t; C5 z, V0 \: p% U
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: L0 q& Y4 e+ p3 v- T& P% y
咁你話d錢蒸發左去邊?

fcukyoukelly

原帖由 kuru 於 2008-10-12 05:08 PM 發表 http://www.26fun.com/bbs/images/common/back.gif: i$ h% n7 F% c6 E0 K5 O. v( p" A1 h
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
5 ?0 S/ ]7 m( \0 N淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + V" B  X, p2 D- Z$ u, i* @4 t
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
. y# e: _/ Z& Y6 a$ z: M咁你話d錢蒸發左去邊? ...

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正係咁樣7 `* @! X7 \6 D$ D  I0 y1 j! A" k' g
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" l$ p7 g) h% A' z/ y1 D
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,/ z) Q" |6 Y* R* ^
連國家都係問人借, 不停發債券, 印鈔票9 v% G6 y; _1 f, n
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
$ d: f' \1 I' {7 \% P* R編編唔生產又使用物品使用得最多, 美國就係咁既情況

Jk

咁而家"爆哂煲"算唔算先至係變番"正常"???

fcukyoukelly

原帖由 Jk 於 2008-10-22 02:15 AM 發表 http://www.26fun.com/bbs/images/common/back.gif
; J+ f0 o) k5 m2 a2 J7 X" O5 O咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係.../ _6 \2 O/ q  O7 L: Y
因為以前未生產, 先消費( f, I; q: d1 [2 R
而家就要多生產, 少消費