0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
! C, m, m& \  G/ xWhy bank will sell 借據給第三者???9 c+ H, ^* }" y. M% H/ f- C
I was so confused.....

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% N  i4 }2 i8 h3 i講到尾都係賺錢
( ~& C! x/ p* Oso銀行可以不斷放款
8 a  E$ P$ \& F. t. T美國的房貸問題散佈到全世界
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) [9 A4 t$ b8 g! {  S. _mortgage loan
# o3 `6 w0 W1 C>conduit
: b* g, I5 ]3 @6 M0 K5 T( ^>RMBS(Residential Mortgage Backed Securities)+ t; S% I/ U0 a8 P
>arranger
3 C0 E+ r( D# f) o) L>CDO(Collateralized Debt Obligation)+ `/ m& _  A$ [! I  H( k; S$ {
最後去到投資者

Kev

i thought it is the reason of rate of return.
% r3 l- m8 P) p! U" J" oCDs could have different ratings, AAA -> F,: A; r( q* Y+ d
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! B' J% q2 O+ p# r1 ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* m, o: t' h" D+ V: F
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" N" ^& u& D/ o- E) G: h2 Z! aAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ E( F( |( q. J# F6 B
similar to bonds, CDs trading in the secondary market have different value at different times,
  B8 w* N0 P" Y8 Onormally the value is calculated by adding it's principle and interest. - D) K# k* T2 l' p$ Y
eg. the value of the mortgage+the interests to be recieved in the future.
$ K/ o! @# c4 D0 D* `* pbanks 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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" ^& K( u9 \6 \$ [im not quite sure if the multiplier effect does really matter in this case.
8 X: e% P: t7 h3 k) l3 q" Qin stock market, it's the demand and supply pushing the price up/downwards.
% {3 M# O9 O6 c# V" W. v7 cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 s8 }  h  K+ _! f; x4 ~$ W& N5 XA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' {: D; {" I0 I$ X' BThe 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.   i/ e$ B& z# b- o& U- J
but the value of their assets did really drop significantly." D1 u9 s: b# \9 V3 ~
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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* C% ?9 C  E" J
Refer to last example,
- w: w0 G5 ?  P, A" P7 g" ithat means bank A have no money because we borrow 10 dollars from bank A
& S$ I7 {2 O0 b- D- J# YBecause bank A doesnt have enough cash on hand 3 i! n4 H4 U* ^& U9 u  f
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E$ l: B5 c% `" T- q6 z8 C
so does it mean if E failed to pay D,
0 _/ Y8 M7 T7 mall the B,C,D,E have to go bankrupt?
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# [2 k. x9 V0 e, S& T+ w1 e8 |# q. c3 m0 f7 D% B" \* O
the multiplier just tell how much money created in a whole economy,
" s. R3 K! g: Z! l1 v4 v) }* Y4 Gin this case it doesnt really matter how much money is created,
2 h$ H5 t% _) m" v/ ait's the problem of the debt itself.
! T7 ^' V! c- ], K6 cthe 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+ y( d- C2 S* l0 S- w
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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9 x* t$ L* D/ ^0 }& j無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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Thanks

" a% w; n( T! d" ~那些根本係 紙上財富  0 J. J; J! y' C4 j( V. h7 I. C
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 graphic8 E2 w- l3 F( D8 B$ I% g
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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
. y' m7 C- z4 l! \$ F' N' e當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
( W1 f7 h, p+ Q3 G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$ x; T3 t- \$ w( t
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, z. A. C+ u( _9 t# K' i5 a2 c, }- n
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
: c! D: c; t* d, R9 i/ q$ P7 V計番回報率就已經係50%,所以可以好好賺" f: i# h/ |: t$ E" m
前提係銀行之間要互相信任先可以咁樣借法# M3 G1 a, u# u+ H
同埋個市場既前境要係好先得
/ J& j8 U; ?9 g: V但當經濟一差,公司估值趺了,物價不升反趺' f; ?8 x7 O- z" c" O- p
例如剛才說10蚊的, 趺到得番9蚊,
  [) A# j8 M0 i; e# ]4 T, U咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& `) w! c. v6 X' J& h( u
所以你就會覺得D錢好似蒸發哂咁- \4 g6 k2 \* s2 ]  m

6 X- }5 k6 _" _3 X你都可以當標野咁諗, 個樣野多人可以狂升值,
  U0 l; A9 R* k1 W: 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~

kuru

唔係d錢蒸發, 而係比美國佬洗晒未來錢,
& w( |: V2 Q3 @6 @, N/ x淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 f" h2 p( \9 p/ h/ o# V$ z9 H0 w. q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; J  F1 D+ _* N/ s5 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: t* O3 F; |- X  q
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
8 v# I* ^  R: P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - V, R) {" N7 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# e  y: ]7 j" `) M$ \* e/ R
咁你話d錢蒸發左去邊? ...

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% A1 c3 X3 u4 F* Q( k. g正係咁樣/ K: [. U  a+ @  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
" B/ @0 F, j; g# Q6 H# g. o$ `  \分分鐘佢地唔使還錢5 f3 k6 H) V+ T% `
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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,8 s- E$ @5 o5 \; o. P9 n* ~, M) ]
連國家都係問人借, 不停發債券, 印鈔票1 Q: @4 `) s( M% X5 K+ [
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產4 z8 O( H+ Q+ E
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: N. j9 S, p) n$ a* I
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...9 Q# N, u1 E0 Z2 a
因為以前未生產, 先消費& c6 u) u8 z' O' P
而家就要多生產, 少消費