0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif9 N: U+ [3 j* r+ j, D( W/ F6 c
Why bank will sell 借據給第三者???( _: ?' f  i8 U( s
I was so confused.....

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' d. o  K, S' X& j. r- s5 R7 K講到尾都係賺錢
6 T* i& c& a1 G, xso銀行可以不斷放款
: V( Y$ v( u4 |8 ~# h% x" }美國的房貸問題散佈到全世界2 Z$ y! w5 d6 [1 [0 E" @# W

" `1 H) a8 l1 V' tmortgage loan * q" F; X* ?# O. W: ]
>conduit* E* {0 m; V9 @6 Z8 s; Z! ]( P$ n
>RMBS(Residential Mortgage Backed Securities)6 T5 [, W1 e- d( F5 n* u' e
>arranger
( E- p; C6 L8 `$ X% c+ d2 t8 ^>CDO(Collateralized Debt Obligation)
, Y/ r: T! P8 T. [最後去到投資者

Kev

i thought it is the reason of rate of return.
' v" e9 g. e$ j" c4 fCDs could have different ratings, AAA -> F,8 w  ]7 j0 h3 i
more risky ones would have higher premium (interest rate) as a compensation for an investment.+ g! ~' M% |7 p" `" t4 o( O8 q2 Y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) {. u( F( K3 w' `% o# m- J# cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 t4 Z- B8 m+ e- k% N/ RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% R  l, l" y8 M; o& _, c/ U8 Dsimilar to bonds, CDs trading in the secondary market have different value at different times,% B& j  o7 _& f9 R9 [
normally the value is calculated by adding it's principle and interest.
# E' _& u3 I- @' Oeg. the value of the mortgage+the interests to be recieved in the future. / @7 T/ z' K; N- F+ m! b8 G
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.4 v0 H1 W+ @8 I/ c0 s+ J

9 R+ G  ~3 {+ M: W: Vim not quite sure if the multiplier effect does really matter in this case.
: a: H$ \9 ?3 F. h( zin stock market, it's the demand and supply pushing the price up/downwards.
7 G( Y3 R: k+ C! ], \. _For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- j- e# f2 R9 z, ]6 a: m  {
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# `8 g$ A% C* S0 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.
. o/ a. N' k8 O4 {7 Q' Tbut the value of their assets did really drop significantly.
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% I( _) R1 Y/ H# s  r+ d[ 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.gif7 P% W; \2 l: ^3 a& D
Refer to last example,
) e$ V8 x3 P' uthat means bank A have no money because we borrow 10 dollars from bank A   G. P$ L1 V, Z' F  d9 O
Because bank A doesnt have enough cash on hand ' H+ Z. E  G4 v( O. c5 F1 R
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
! l/ M9 v. c9 X4 G$ Yso does it mean if E failed to pay D,
: m; Z2 R* [, H9 }0 }5 b+ ?5 W1 x  hall the B,C,D,E have to go bankrupt?
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% \" H: V7 A* O, l- H+ R9 {. ?# gthe multiplier just tell how much money created in a whole economy,
& ~! L. x+ V, I- P% r! \! iin this case it doesnt really matter how much money is created,
: B; x. a# C5 ]& @7 l  jit's the problem of the debt itself.
; N8 }* F6 I4 w5 Z5 g" rthe 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
# B, i' f( t% n5 l  g  r, S6 s小弟一直都唔明...4 \8 M0 t2 e: c7 M

# U2 z8 I1 M& d& Y# {+ S; @/ Q2 P8 H( Z全世界都蝕錢，咁邊個賺緊錢呢?
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0 a+ u. e$ x# l* N' P1 I無可能淨係有人蝕錢無人賺架嘛...: U: K! g/ A0 s( D, V% q  j7 {- ^
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敬請各師兄解答
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Thanks

& V! h6 l9 `+ P  V! @那些根本係 紙上財富  # }2 V- J# s) 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' y4 q/ O/ R( ]# j

# b; g6 H+ h. J. B+ Ghttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
, _" o* ?9 T$ N! M4 X! g當經濟好,投資銀行相信會賺錢, 物價既估值相對較高# f* ^% E" E( f- j- }
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/ s  `8 S8 @" F% A' x( j3 E
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" g! v! x, T: n; x! K/ q% x扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
+ y  b4 w" k1 n3 M計番回報率就已經係50%,所以可以好好賺
, s) {( R9 ?6 L! L前提係銀行之間要互相信任先可以咁樣借法8 K7 J2 b, [2 Y4 M
同埋個市場既前境要係好先得
5 g4 r% J2 ]$ p3 i但當經濟一差,公司估值趺了,物價不升反趺
% W8 e! S( a6 i6 m例如剛才說10蚊的, 趺到得番9蚊,
; b. }4 z; J6 b- j, S$ p7 t8 h+ Y咁投資銀行一下子就要還11蚊, 一來一回變左虧200%9 f# B  z, X$ m/ f  b6 W+ q8 ~3 M* ?
所以你就會覺得D錢好似蒸發哂咁
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& n9 v0 A* v6 G! G/ ]你都可以當標野咁諗, 個樣野多人可以狂升值,
. f( g5 ^1 `2 r4 y  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,
" t% d2 x1 [, p  S* F% a淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) @8 X$ h, A2 D# i# Q: 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$ _" }, J! G# O  `. y9 N: \
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
, h4 w% a1 g; F( ?唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 i, T' ^! E/ k
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # @8 d" }# V. A( T) {6 f4 g1 n4 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$ n% F$ r3 \* Z% `
咁你話d錢蒸發左去邊? ...

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% f  W" b6 ]( Z2 [" g% P8 j  @' @正係咁樣
2 I3 b( ?) M" 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
4 O- \! ~3 ^0 r- ~6 I分分鐘佢地唔使還錢  a, z, B7 }8 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,
# q. B7 n3 |: @: @2 ]' l連國家都係問人借, 不停發債券, 印鈔票
4 r) ~/ K/ v4 R  e1 V* c一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
7 L/ k1 s0 Y. ?4 L0 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.gif4 _% R# W# E/ F' z; @
咁而家"爆哂煲"算唔算先至係變番"正常"???

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4 v# a$ Q8 _4 q: v# A其實係..., o7 E% Q$ ]5 S& r+ ~
因為以前未生產, 先消費
) C9 a4 ]# ?" F( X: T+ a5 s0 H- T而家就要多生產, 少消費