0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif  j  y" A8 a& t! ~% |
Why bank will sell 借據給第三者???
1 j/ {& X' _! A, V) Q9 iI was so confused.....

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講到尾都係賺錢
' D* u( z5 D& E- K# {  C. gso銀行可以不斷放款
0 T/ [8 O% K) C4 W( n5 Z$ I美國的房貸問題散佈到全世界
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' Y" e- C! q4 v' a$ j9 Z' Bmortgage loan & i0 d! |( a# H, M
>conduit
2 n8 G. o) v5 j# s>RMBS(Residential Mortgage Backed Securities)8 O( g: }8 ~; A/ L' e& }
>arranger  T& Q3 o: [1 s: q0 W4 U
>CDO(Collateralized Debt Obligation)
) l5 {5 ^- K# J) B最後去到投資者

Kev

i thought it is the reason of rate of return.
# o9 H) k2 W  gCDs could have different ratings, AAA -> F,$ E7 [2 a# A2 p/ z1 Y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
' h3 S  W5 {  ~$ h# ]main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 S. G! S/ n( A; \8 n( M; o. Nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ H5 Q1 d0 p. A; X. S: D* P
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, O: {2 P( ]: w$ Psimilar to bonds, CDs trading in the secondary market have different value at different times,2 C3 x% Z5 v* ~6 I! j; K0 I# I: K
normally the value is calculated by adding it's principle and interest.
# v( K0 Y+ s  t' _eg. the value of the mortgage+the interests to be recieved in the future. 6 G5 w3 r+ _$ z7 n# k
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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8 l* m5 e3 y/ k3 P6 ]- R+ x9 t2 ~' bim not quite sure if the multiplier effect does really matter in this case.
& p( s: t9 q) K8 X( q1 ~! a, Ain stock market, it's the demand and supply pushing the price up/downwards.# x, h) m# w2 W6 X5 j# A
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) Y2 X" n, g. J( JA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 E: L+ i, S+ D! P; {* O
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.
2 O; c  m" Y3 S- C6 Nbut the value of their assets did really drop significantly.9 u9 h4 o* S- F* I6 H0 w. g" k5 o

# N  _9 W4 b3 _( g( W[ 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 Y8 S: e& A3 w5 z6 F5 y8 F6 z
Refer to last example,
' o' P. x% u% ^9 v% e2 Z" D4 g0 wthat means bank A have no money because we borrow 10 dollars from bank A   G, f: V- h, p* ?( m: x) S
Because bank A doesnt have enough cash on hand 6 a# d0 O% }, `1 J, e* M' a
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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5 P1 U) J* L! j" R+ M, jA->B->C->D->E
8 ]; e" z* C, Z4 A" k, K# fso does it mean if E failed to pay D, ) B. C  D# p- ~0 j- [; Y7 |6 d1 y% O
all the B,C,D,E have to go bankrupt?+ m8 v) y; z0 i1 a

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the multiplier just tell how much money created in a whole economy,
( B2 J# k" c7 G- n9 f2 \2 t( Xin this case it doesnt really matter how much money is created,
. {- R2 D+ o& n4 Ait's the problem of the debt itself.* [/ N" C( H5 t6 E9 G
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
- F4 T. J1 A$ R& O/ g8 M小弟一直都唔明...) i' X9 T3 n3 c

" w$ l, N1 B$ w2 i全世界都蝕錢，咁邊個賺緊錢呢?
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+ X. G* A9 b$ O; Z; `& _無可能淨係有人蝕錢無人賺架嘛...
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( J/ |7 m0 c9 j敬請各師兄解答* ~  i1 F; c) j& J7 f% i  S

( d$ S  }/ ^0 q. oThanks

8 Q/ b+ ]8 A' X. R
那些根本係 紙上財富  ! \8 V8 w7 j: y" X! f6 R' o) t
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; d4 w$ {; \) N" X. o; ~

7 n8 [0 z4 K! y8 Z+ t' J4 Qhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
3 r& e1 l' g" C$ M1 A當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
9 s! J, I' Y7 ?6 }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$ O8 y3 |; W% e4 }3 _
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% _2 K9 Z3 s6 `4 m0 V6 s7 I
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 E) e$ i1 d9 Q$ j, ]
計番回報率就已經係50%,所以可以好好賺
/ m) A' g1 m. l1 |$ C) u, S前提係銀行之間要互相信任先可以咁樣借法% J) c& Q8 \8 d; f0 R! ~2 D
同埋個市場既前境要係好先得
; }6 j! U1 V7 s6 [  D, m但當經濟一差,公司估值趺了,物價不升反趺
8 B7 t: A% b* p) c( w例如剛才說10蚊的, 趺到得番9蚊, 7 ?  _  r+ [$ o
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%- j- g5 r  q9 `0 p* r
所以你就會覺得D錢好似蒸發哂咁
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" y0 ~% W7 I. K% }. N你都可以當標野咁諗, 個樣野多人可以狂升值, ) f" T! M- l+ P( 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, # o/ C+ }% U* X" p
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # b; H- U6 L, w- z3 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, y7 f" ^2 v- R4 e# E! l; C3 y
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; F) }! `$ F1 \3 j
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 H( P* S4 a1 Y# I6 n, Q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % M4 I. @. p+ p% f. 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1 h# S0 F6 F* B% ^
咁你話d錢蒸發左去邊? ...

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+ I" G+ E' p1 q: i# ?- M8 D正係咁樣
: g) z3 g, k4 V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, e! X/ `5 z% M. P; a$ w
分分鐘佢地唔使還錢4 ?4 i  k: J' r4 M; ~

7 Z- v: j" `, R8 ~7 X- W+ j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 H" T- m3 ]& e/ b5 x2 T' e連國家都係問人借, 不停發債券, 印鈔票
5 Q3 f0 l) R  a, q- G$ `一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 F4 S+ E9 ]3 F) v
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.gif4 C: p6 p' K3 h# t8 B
咁而家"爆哂煲"算唔算先至係變番"正常"???

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* ]' I7 o# B+ B+ o2 J其實係.../ U$ C1 t0 |& K! r
因為以前未生產, 先消費
% L1 J0 r) k2 K) A$ ?' C  Y而家就要多生產, 少消費