0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif3 [, x( i: T* R( v! d/ e8 W
Why bank will sell 借據給第三者???0 S8 S% n: ]  e
I was so confused.....

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講到尾都係賺錢7 {4 w) Z7 {; a6 V; e. R
so銀行可以不斷放款) n6 W: F" D  t4 }
美國的房貸問題散佈到全世界
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mortgage loan 4 [. B/ b  l1 l  N& S7 [; @" ]
>conduit
7 S6 A# D6 N6 l1 L) T4 R) ?>RMBS(Residential Mortgage Backed Securities)! p6 ^, v$ R1 g6 T6 S
>arranger3 @- f4 _" E& l* l# b# m$ c  b
>CDO(Collateralized Debt Obligation)9 a) D4 l0 x3 d& }: M0 K
最後去到投資者

Kev

i thought it is the reason of rate of return.
8 j1 _$ j; ]* Y& K. c( v8 C2 H" P2 SCDs could have different ratings, AAA -> F,
: S, C, a5 K" v1 a$ tmore risky ones would have higher premium (interest rate) as a compensation for an investment.1 P/ W: f0 z) z3 D. v$ j
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 A; B3 F/ L/ din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ M, B% F  G6 x) S4 FAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( _/ T: e# T4 ~3 i4 usimilar to bonds, CDs trading in the secondary market have different value at different times,8 I' B0 f: t8 B9 W
normally the value is calculated by adding it's principle and interest. ( X& E$ O# [# b; J6 T7 Y8 e; }% c
eg. the value of the mortgage+the interests to be recieved in the future. 0 _" R$ d8 T# Z  i( \- w# M0 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.
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im not quite sure if the multiplier effect does really matter in this case.! T- ~% @: Z- W
in stock market, it's the demand and supply pushing the price up/downwards.
# Y+ \3 ^" A# NFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% B& l& Y- g% B/ V6 j3 z/ T
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( [& Z0 n+ @9 Q3 m9 f; OThe 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.
* n7 y7 i4 @! m5 w* ^but the value of their assets did really drop significantly.9 D, h9 V3 F7 g* \2 r( K* B9 C/ [

; N# I0 H* B% W* G. c! F[ 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
! g' N2 Y- g# e4 E3 SRefer to last example,' l4 F: ?/ F+ ?  h; a5 C
that means bank A have no money because we borrow 10 dollars from bank A 8 a0 l) p( r# |# q: I
Because bank A doesnt have enough cash on hand
9 a0 J& K( p) N7 O2 s; Rtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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9 ~: ^# `  c1 h& a7 `. J  cA->B->C->D->E' G- O, {, B4 C* H+ G
so does it mean if E failed to pay D,
5 m9 _' B% F' g: r6 c' k( fall the B,C,D,E have to go bankrupt?* Z. n' A+ W* p9 e. C* a* `& Y: o

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4 ]" [1 n8 y/ x  j1 R  f* S! x6 Qthe multiplier just tell how much money created in a whole economy, 6 h( W- U/ v& K0 R
in this case it doesnt really matter how much money is created,
( \$ _5 R# R* x; R0 a; [2 r- e7 dit's the problem of the debt itself.
2 ?; r/ R; W  ?: Zthe 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.gif$ I; L$ q' e* L; [$ b6 b  g
小弟一直都唔明..." @& `# c( A9 y% `4 [: N
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全世界都蝕錢，咁邊個賺緊錢呢?. k4 u/ c/ u1 ^% c9 [
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無可能淨係有人蝕錢無人賺架嘛...9 F, `% Y$ m1 W- O: s1 z; W
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敬請各師兄解答
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Thanks

' V' V# [" ]3 Z. H9 ]" `& z3 V那些根本係 紙上財富  
/ w; K0 u5 s0 S5 U8 W$ A+ f/ 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

qulapo

with regards to the current crisis, Chain of fools does a reasonable job of explaining what happened with a nice graphic3 y% u$ w, f( N. D, x
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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
) V/ Y% {1 q- G% [: Y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高8 [; k' A* d0 ^  y
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
4 l$ v! c9 Q8 J0 K2 \7 C2 u/ F; n個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% @( C' l; T* W0 P5 \( I. j
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ L1 O: C. I" s) v7 Z
計番回報率就已經係50%,所以可以好好賺  h( Z1 v8 l! s! f% t5 c% h
前提係銀行之間要互相信任先可以咁樣借法
) N. W! M/ J5 r$ t; `6 O同埋個市場既前境要係好先得# q1 I4 s; ?( u! X
但當經濟一差,公司估值趺了,物價不升反趺! T, U5 r1 z" E
例如剛才說10蚊的, 趺到得番9蚊, & ~- Q- t$ J1 a. g$ {
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%/ Y4 U) `, M! X9 S
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, , V1 e3 j. D3 f8 z' V3 z  u
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,
- ]. J  h* |) I4 p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . y5 K* c! b! a, j2 C
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3 i- Y- r7 ?1 K7 M* u' s  U
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
1 b7 _- J; O5 j# |唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) D& ]1 W0 F4 \5 t/ V1 @" G( U' k
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 ]; N: ~: V7 `" E5 R* b. i" e% M2 O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
3 ?) z+ i5 J& L# n咁你話d錢蒸發左去邊? ...

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正係咁樣
& }3 |1 K* y* n+ @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
/ p& O" B( k" c, A分分鐘佢地唔使還錢6 N& x8 j8 L* @- }

  M, Q  _  u. b) v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,
+ j  y0 Y% J* S. j連國家都係問人借, 不停發債券, 印鈔票; i  D, G' b4 D4 V" p$ t8 n
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
) @! K$ a3 B9 m" ?$ m% e; `& I; S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.gif6 a) U8 i7 Z2 x$ q+ L; l
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...& Q( _# A, T, r
因為以前未生產, 先消費( q* [6 Y2 ?+ p: O2 j3 _# Z
而家就要多生產, 少消費