0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
( W, @/ z/ Z2 c) Y% pWhy bank will sell 借據給第三者???* x: ^, u( z3 A+ M2 T/ C+ _; a
I was so confused.....

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講到尾都係賺錢7 N; s$ G+ a; g' H' `
so銀行可以不斷放款$ ?* \8 m( x0 A/ A! j+ `" `
美國的房貸問題散佈到全世界
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mortgage loan 2 O3 r3 ?0 H  d% g* k8 Z
>conduit1 Y: \% Y4 k' _) A& ?& r5 c$ }
>RMBS(Residential Mortgage Backed Securities)
1 \& n( m% [& p) h2 d  e! Z>arranger
" I7 p- a" g# L& `9 I8 M3 x>CDO(Collateralized Debt Obligation). B+ w0 K* k& B/ f4 F+ X
最後去到投資者

Kev

i thought it is the reason of rate of return.  T6 d7 c* J  M- G4 H0 d% }
CDs could have different ratings, AAA -> F,
3 M$ C6 G) `; g& R: u4 `" R/ wmore risky ones would have higher premium (interest rate) as a compensation for an investment.
$ s+ ]! t2 ?$ B4 J! q* S' gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, I" d+ _0 R4 f. z6 hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. R- K, c# P9 D0 n' k7 F
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! u. L+ h( e4 T3 D# B
similar to bonds, CDs trading in the secondary market have different value at different times,* Z1 `5 y1 s5 j6 X2 j
normally the value is calculated by adding it's principle and interest. 7 }+ Q# x$ [7 t
eg. the value of the mortgage+the interests to be recieved in the future.
8 |+ r' q" {8 ]) O" I' @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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5 F) M7 G! N- M! l2 S( zim not quite sure if the multiplier effect does really matter in this case.6 q, V$ Y' R+ N- ?! D6 n7 ^
in stock market, it's the demand and supply pushing the price up/downwards.
4 Y* [2 q0 x3 x. E* _# WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. O4 V" G, u/ m- a2 v) _A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: |5 U" y6 T: ?, D0 ], o0 |1 WThe 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. , s+ e7 b& G' @. ^# ?, a( q
but 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 ]

Kev

原帖由 balachiDavis 於 2008-10-8 04:09 PM 發表 http://www.26fun.com/bbs/images/common/back.gif$ ?+ d9 u$ c9 N* O6 J' L" i
Refer to last example,
* J1 A7 I, }# Sthat means bank A have no money because we borrow 10 dollars from bank A
! W: W8 n) J5 E9 Z* w" v( o- QBecause bank A doesnt have enough cash on hand ' |; G6 b/ r/ h. h
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E1 {$ M  l5 x4 k' j( s/ j
so does it mean if E failed to pay D, $ [; ]$ |5 U9 i# ~- A% \' a
all the B,C,D,E have to go bankrupt?
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2 j& [! S% _5 }4 \' Dthe multiplier just tell how much money created in a whole economy,
; y9 |2 @7 z! ?" p: Ein this case it doesnt really matter how much money is created,
5 _$ W. X% p" T/ r% w: w. ~it's the problem of the debt itself.2 @  H3 }& i4 n8 E5 x' \/ Y9 b: [
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.gif( C; P# r/ W# m2 }- {
小弟一直都唔明...4 {, |# q4 m1 a8 h
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全世界都蝕錢，咁邊個賺緊錢呢?
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( O* k9 u. C1 k" i+ D6 `無可能淨係有人蝕錢無人賺架嘛...
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: t" B3 N" z& [: r: m敬請各師兄解答$ D. C. U/ ?* c5 j

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7 q# C) I; ?! e# Y  H! t. R* B. C那些根本係 紙上財富  
, P9 M+ v& \; t" C. r5 n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# H1 O  L6 G: U' G0 {

( j9 k/ U6 F) X5 P9 |) C4 {6 R; W  `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7 I3 d4 j) t$ @/ |7 Z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ t- N5 j8 ^) M/ x+ {! p
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* H! a  x& @( ~3 ~2 X3 V- v
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦  w0 ]( i/ O8 k* g) }% N
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
! G0 W6 x+ R/ v% Z7 \/ s/ v計番回報率就已經係50%,所以可以好好賺' w" G  G  J9 R6 J; C4 r: W( E
前提係銀行之間要互相信任先可以咁樣借法
- v4 D) f5 R' K同埋個市場既前境要係好先得
1 h( h2 @4 c+ Y9 Z但當經濟一差,公司估值趺了,物價不升反趺$ r! |5 N# q2 g+ d9 M
例如剛才說10蚊的, 趺到得番9蚊, & K! i) B0 k3 Y/ f" Z
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
) g7 G2 @/ R  V; k所以你就會覺得D錢好似蒸發哂咁
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8 j/ ^' G: S3 H! v你都可以當標野咁諗, 個樣野多人可以狂升值,   @) O3 }- m$ d3 n" E
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,
/ w7 r- J9 X! m$ `7 ]! i& }2 B淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ C& s/ o4 N& q; y2 s. h& W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
! v; b! l5 f) Q" v0 ]) ^9 {4 B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
" ]6 ~) T# c0 P唔係d錢蒸發, 而係比美國佬洗晒未來錢,
5 _& y! o. M6 l. d' Z# v淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 J9 c& ~9 E( h' S' g8 V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- w$ X  {/ u% W& V+ j5 B- O
咁你話d錢蒸發左去邊? ...

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正係咁樣8 V: N' ]( g" ]: \$ Q' `
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
9 y- Y! K7 }. g3 X! c分分鐘佢地唔使還錢
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: ~  ]' M" \% m/ D: [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,
- F1 E# X& j; n5 }; H& @( a連國家都係問人借, 不停發債券, 印鈔票
$ K# ?3 x( B' Q+ G' C一個國家好少出口, 而又大量入口 ,反映到佢唔多生產3 V+ f1 p" |( c4 k2 @7 w
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' C4 E9 n$ [; C( S' a( {+ }: O
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
5 s: }+ @& C0 m1 x! `$ v2 t因為以前未生產, 先消費
8 I( e" Z( [2 B# Q而家就要多生產, 少消費