0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif0 K" k) @8 W! y3 B; n; p6 p6 {$ k
Why bank will sell 借據給第三者???
! \. o" \! i) m0 F! ^) V+ pI was so confused.....

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講到尾都係賺錢
8 R$ H0 ~) m( L+ uso銀行可以不斷放款
- Y3 q! W) ^% c* |美國的房貸問題散佈到全世界% f. l% g/ Y9 u8 J3 q" S

7 ~" _% {- p7 t* kmortgage loan , A* |& Y! O8 f: f1 ?' Y
>conduit
3 L4 n. [5 O( Z" S$ A>RMBS(Residential Mortgage Backed Securities)0 W0 ?$ O5 [9 A! e: N
>arranger6 R. M, j/ e6 D9 g
>CDO(Collateralized Debt Obligation)
* E$ C# F5 t3 q+ m( v: S6 O8 b9 A3 f最後去到投資者

Kev

i thought it is the reason of rate of return.$ n9 ^/ k( w% L  b
CDs could have different ratings, AAA -> F,
( D, b# R9 f9 p5 ]' r. z* Z4 |more risky ones would have higher premium (interest rate) as a compensation for an investment.7 c4 M6 e. M: Q4 I
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ a3 t& d/ W6 y+ i4 i7 {- w
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- P3 o, ?) M( N8 `) ?% CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 n0 z" z, h! H
similar to bonds, CDs trading in the secondary market have different value at different times,
& b9 F0 h- B7 _; ]0 R8 r3 Z6 v8 ~normally the value is calculated by adding it's principle and interest. % F5 k. ~+ L: h" N9 l) l% d' h/ z
eg. the value of the mortgage+the interests to be recieved in the future. ' V( E" ^% l8 ~0 ~6 d/ F5 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.* p* K! V) n8 h; P

$ m- E) _* S9 f& l! Z; V% f2 i3 U6 D/ x) aim not quite sure if the multiplier effect does really matter in this case.; b5 |9 l' h7 `! B0 ~- D
in stock market, it's the demand and supply pushing the price up/downwards.# C  w# Z3 _) u) {+ f1 G9 U
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 x$ R$ z8 V. b& v
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ F( r7 ~3 l% b3 w; |$ \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.
* a: j" p; @. Q) [but the value of their assets did really drop significantly.% w' t" N( x" p  W7 C1 `

7 A8 m7 v* j( R1 c[ 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
1 {/ k9 B& g' k% D$ U0 ~# Q& ~Refer to last example,
$ v1 g+ T. V7 d# ?2 K. Z# Q0 I) hthat means bank A have no money because we borrow 10 dollars from bank A , r# k% \; v  N/ ?; N& L
Because bank A doesnt have enough cash on hand
! s2 P3 {2 U  P2 E/ ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
3 d( P; e  ]" ^% bso does it mean if E failed to pay D,
$ p8 _1 H# c4 H; D2 u  r  `5 Call the B,C,D,E have to go bankrupt?7 |) M& z/ k3 h3 l/ w: p

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the multiplier just tell how much money created in a whole economy, 8 j# T& J/ @* k) X, w3 W! y" r( W
in this case it doesnt really matter how much money is created,
% C0 k1 w" U8 Y' V9 ~! nit's the problem of the debt itself.3 a$ z7 x0 k6 ?$ 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.gif6 L7 ^" o! Z  b
小弟一直都唔明...
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1 h6 e1 T: q. D: h* Q3 N3 A$ X4 M3 Y全世界都蝕錢，咁邊個賺緊錢呢?; d6 F7 V! Z! v8 z8 ~0 s: j

! q& H( k" C$ O; B; t無可能淨係有人蝕錢無人賺架嘛...1 m6 k! Z( }0 [" P; n: h9 l
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敬請各師兄解答
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, g0 @8 H, A' l; R& N/ ?! K. B# nThanks

" v; r( C6 i' j: l& n那些根本係 紙上財富  
8 P# ~' ?% `  A) u. Y) D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- J# {& G' R; @( M
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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
( c" ?3 q: n. N. n當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
1 l$ {% b5 \! U4 ^6 h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
% W- A# w- E6 G4 d* T. N9 p" ~個件物價係市場好既時候升, 例如15%先算,變左12蚊啦0 n  H* D8 f3 |! u8 A
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,. [0 |! P' p' A( E! P2 i! y
計番回報率就已經係50%,所以可以好好賺2 N' N+ G5 j, r( ]3 h! Q
前提係銀行之間要互相信任先可以咁樣借法
. x0 M* t9 ^; V# J6 s同埋個市場既前境要係好先得# R$ {. b% D$ p- m! m4 T
但當經濟一差,公司估值趺了,物價不升反趺% F; ^4 S( p- s7 `: }' A( \
例如剛才說10蚊的, 趺到得番9蚊,
* z3 V0 |9 Y! d6 g  L- T0 a1 a咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% C% e1 @* H% ]7 p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, + a# ~. ?  K; \" f4 b  k5 ^8 O
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, - b# h# ^: {( U' W1 {3 k, M  E2 M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; }0 \: y  M: x/ ?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: _4 W4 x0 y2 c. o
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
! \3 H/ h3 B+ n! g: w: G" C, T唔係d錢蒸發, 而係比美國佬洗晒未來錢,
5 s2 U7 n2 s& C) w6 L. I淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! ^) \, P0 o" @+ 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- }) Z$ ?0 O6 B
咁你話d錢蒸發左去邊? ...

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正係咁樣
, O+ y7 A1 m, z: a6 r1 d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
2 k+ G) O  |- L7 G7 x, G分分鐘佢地唔使還錢6 Z+ m) M' P/ w
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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,
( y1 x7 m4 G1 |- S" V7 x連國家都係問人借, 不停發債券, 印鈔票
/ G- |% N/ j5 w5 P- n( |一個國家好少出口, 而又大量入口 ,反映到佢唔多生產9 ]- R7 o" G4 D& n9 v# Y2 g
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.gif3 H/ u/ D) p6 g% t) C
咁而家"爆哂煲"算唔算先至係變番"正常"???

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4 I, a* `6 e! U6 x8 m其實係...4 m! w9 p% E: B7 P( @% h
因為以前未生產, 先消費
  B% X3 }" d- Y* D2 p' }$ s而家就要多生產, 少消費