0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif: J, j! Q: m, u7 Z+ k
Why bank will sell 借據給第三者???
* m# \5 x8 B/ X0 C8 eI was so confused.....

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; J* K1 D8 Q$ {講到尾都係賺錢* D1 K+ c7 `7 ], C9 k: _
so銀行可以不斷放款" p, \9 \) g) e0 L
美國的房貸問題散佈到全世界" Y% L* R0 J; x3 P
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mortgage loan ; K! |& Y! K5 b% G
>conduit8 U0 H- t) f) f( o) b
>RMBS(Residential Mortgage Backed Securities)
$ J0 i( J  G+ q9 I" x( k' j>arranger  F5 _8 h7 S5 P0 @4 X
>CDO(Collateralized Debt Obligation)0 B& \1 ?2 R: p" u
最後去到投資者

Kev

i thought it is the reason of rate of return.9 h) f( K9 _  `5 \+ f( ?' o
CDs could have different ratings, AAA -> F,
3 p# o4 d( z) `/ Z9 P& Nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
% Z! \& ?* V% }  O" {main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return," u% P  k- C. ?
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' u7 J/ Y1 Q% U# O( M, i# M4 BAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 W5 z( @! T9 f* Gsimilar to bonds, CDs trading in the secondary market have different value at different times,
) b2 A' Y7 ]. Z1 G. X/ b4 Dnormally the value is calculated by adding it's principle and interest.
. y* O& [; `1 S- y' @+ Qeg. the value of the mortgage+the interests to be recieved in the future.
0 M7 ^2 j- q5 Q; `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.6 K$ D: U: I0 j: A0 J; R: K
in stock market, it's the demand and supply pushing the price up/downwards.
% b5 \5 e, f+ a' l5 ^3 OFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 u5 G- M- j( i  v  C! t# c& ?  y: V
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 z$ D2 R. Y& R( \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. * h  i, `; w: Z4 n- S
but the value of their assets did really drop significantly.7 ^% C8 X% y4 P( W8 Q' S$ \
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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.gif9 @! F3 T9 h& s: M8 E0 }
Refer to last example,- N1 t' x2 r/ p  ?/ z% N+ G! @
that means bank A have no money because we borrow 10 dollars from bank A 1 _9 Q  N8 @4 N; F# A0 ]
Because bank A doesnt have enough cash on hand
$ f& C# {" ^6 S; R8 Z0 rtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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" y; Q# x0 _9 ZA->B->C->D->E
  ^: a, U, b$ Q5 m1 V7 O2 mso does it mean if E failed to pay D,   T- F; _7 f6 M# n* _
all the B,C,D,E have to go bankrupt?/ P3 I+ J) p4 ?# z. t! T

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the multiplier just tell how much money created in a whole economy,
8 v( A- D0 ?: {' W8 Min this case it doesnt really matter how much money is created,   s0 X# @' P3 T" a  U
it's the problem of the debt itself.
6 n5 O4 K  |/ ]. ]8 Hthe 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.gif0 }4 X5 v, {8 z4 Y2 X0 C' H
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?1 n6 u9 L0 \5 x1 n5 P8 }/ F$ h# H4 Z6 R# r

8 @  A6 z( G0 N+ }. B+ g+ c無可能淨係有人蝕錢無人賺架嘛.... X% R% Q2 _3 }; s0 l! I! Q9 z/ r

+ ?( r# P9 C, U0 _$ D: T' u9 \! K敬請各師兄解答
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. N9 R, [  y* _9 r8 UThanks

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那些根本係 紙上財富  
% R* h) }8 l% _( K* B* H" o+ b4 g3 A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 graphic0 N: R( w6 [  F$ a- H# T% s
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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
, P& u' [! ^6 \5 a4 b當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% V% a/ r1 K2 _; R3 f# k/ @/ D
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
$ i& p7 m& X! Q4 t3 Y個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
: ^! S* b; j- b( W. d扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
( W" q+ P- r; x* D* ~# q計番回報率就已經係50%,所以可以好好賺
9 m- T0 g7 R! b3 g3 g7 U9 B, @前提係銀行之間要互相信任先可以咁樣借法
$ ^. L; L* C$ c同埋個市場既前境要係好先得; M# N$ s/ Z8 R; {5 h
但當經濟一差,公司估值趺了,物價不升反趺3 E: ?. K+ U- X
例如剛才說10蚊的, 趺到得番9蚊,
$ y. ^# `. k: V( w# ^0 q咁投資銀行一下子就要還11蚊, 一來一回變左虧200%3 D! j3 Z" O; `; L7 a7 H2 Z  a
所以你就會覺得D錢好似蒸發哂咁1 ^$ x% L% t. N0 C; z* q( ]+ b+ L: P
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你都可以當標野咁諗, 個樣野多人可以狂升值, & l3 R# I, @( g$ p* F, `
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; T9 D9 j8 y- I7 T淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 w! j% C7 [; |
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+ h+ s' \! o8 \  ?  G
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# r* P2 ?" q# b2 C* W
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
: r: q/ s& U# s淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # ]9 M$ M0 e# c& y) b7 {% c0 ?" Z
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8 U8 W- g) Y- g) C* Y- |
咁你話d錢蒸發左去邊? ...

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# b& e9 D3 v+ n$ e+ r% O正係咁樣% o8 q8 b8 K% f! Q1 f9 Z/ m% o
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
0 |1 }9 _" h2 v' w分分鐘佢地唔使還錢/ j& g9 F% T4 ?* q6 V

% q, o  d$ X9 y3 s- m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,2 e$ L) t$ I. K: S9 Y  D
連國家都係問人借, 不停發債券, 印鈔票
$ K6 w( r. h5 w( O: ~一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
  l9 m) H6 P3 ^6 K. @6 T. u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+ t6 u' ?4 |9 f( J8 D, J' |& V2 Z
咁而家"爆哂煲"算唔算先至係變番"正常"???

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* c7 w8 G) b" K3 d0 N! ]' Z& c6 k其實係...
* p: M4 v3 a$ P" E+ E因為以前未生產, 先消費, |) u# J* c7 `+ [
而家就要多生產, 少消費