0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif1 w- d  W9 ^+ B
Why bank will sell 借據給第三者???' c4 b' u9 H$ f" \: Z5 Y
I was so confused.....

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講到尾都係賺錢3 D2 G! k5 m9 i; N3 J  s0 z2 W: D
so銀行可以不斷放款
8 v( o6 V9 H$ Q  ^0 g4 a美國的房貸問題散佈到全世界/ s- Y6 i8 A# T: p& v6 z
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mortgage loan 0 b2 D9 h# a7 x% @$ z* F% @/ W
>conduit/ b! y5 @0 Q9 I0 f& H
>RMBS(Residential Mortgage Backed Securities)
, j! f( e7 p; z$ X! O>arranger: x: p6 E$ {: h: k
>CDO(Collateralized Debt Obligation)
! m+ M, i! m  p0 w- [: H最後去到投資者

Kev

i thought it is the reason of rate of return.
4 Q8 R6 {& m7 p6 GCDs could have different ratings, AAA -> F,$ g! d' d# L  \6 t- n/ z) P! d
more risky ones would have higher premium (interest rate) as a compensation for an investment.7 O% {4 Q( m3 ?3 A: s5 W
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; C2 ?# Z, z8 F  x1 K, win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 v' U4 \2 [; l, T$ h9 oAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% y% X, y6 R9 U! J. E' x( h4 C, G
similar to bonds, CDs trading in the secondary market have different value at different times,3 i" h. I, k0 t. S" L  B/ c
normally the value is calculated by adding it's principle and interest.
$ K% K0 F9 m( p. Veg. the value of the mortgage+the interests to be recieved in the future.
1 D" S% ?5 q0 @9 v5 \" i. o+ ]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.- f1 H9 U* y7 j+ X1 ~/ i

' o/ |& P: Y" U& c- Vim not quite sure if the multiplier effect does really matter in this case.
4 K9 M$ U$ u5 tin stock market, it's the demand and supply pushing the price up/downwards.
5 I0 _" W( ?  GFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," g4 I2 r, i1 k
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- ]8 b% P1 o0 k0 I6 nThe 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.
0 S! [* D5 G' u" G9 F' Ubut the value of their assets did really drop significantly.0 i2 C' J( M3 o, b7 {0 r9 T

, H" S  W" }2 `$ g1 g1 Y9 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.gif2 A0 r: S3 Z/ t% e# f
Refer to last example,
: P/ c) \) l/ q* {9 Ethat means bank A have no money because we borrow 10 dollars from bank A ) G" L% ?' I( y0 {! m
Because bank A doesnt have enough cash on hand
' N, v% ^, Y7 u, dtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ H8 g" p  o$ }% C0 b' \A->B->C->D->E( \8 P4 h5 G  `/ k5 |' g; v
so does it mean if E failed to pay D, : R6 t" m' [4 P9 v0 V0 F! c' M
all the B,C,D,E have to go bankrupt?6 ~7 C3 y3 n% h
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the multiplier just tell how much money created in a whole economy,   Y) M* R, P# a3 Y: C6 H
in this case it doesnt really matter how much money is created,
( r/ T) I9 e* Y* _it's the problem of the debt itself.
4 \; G7 R% c5 z% |, Athe 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  I% W: [8 l8 A# u* X4 d0 }
小弟一直都唔明...1 H; j( I( r" q
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全世界都蝕錢，咁邊個賺緊錢呢?! L' @# t# |1 A; b
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無可能淨係有人蝕錢無人賺架嘛...
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. `  |3 m5 _+ n& h- N# t" L& I敬請各師兄解答
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Thanks

. U: B5 ^, r7 u7 ~5 f那些根本係 紙上財富  
' _- i' `, \& b7 P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 graphic9 Z+ K8 J9 i% f; M) V

8 }3 a; X. Y6 ]8 e, ~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- [) E- R1 H( T8 [! ?
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
  x1 u' ]. m/ [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1 a7 M2 j2 \0 ?
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
* k9 C+ {4 h5 I3 v! W0 {& D扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% p( F$ o2 S5 k# R9 c計番回報率就已經係50%,所以可以好好賺) f0 }5 [( m% s; }
前提係銀行之間要互相信任先可以咁樣借法
' f+ g  c# y! m! f! G" ~4 r同埋個市場既前境要係好先得
- r& |+ k# w; R但當經濟一差,公司估值趺了,物價不升反趺" j7 H5 x" S8 l$ P/ P
例如剛才說10蚊的, 趺到得番9蚊, ! A* B/ z: `6 ^6 d; |4 ~
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 j& Z. u7 r, k
所以你就會覺得D錢好似蒸發哂咁% v: r3 E! t$ A7 n8 |1 c, @- d
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你都可以當標野咁諗, 個樣野多人可以狂升值, / p1 u' g: W  \. 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,
! h+ O4 e; y! ]$ c  x# e% ~/ D淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; M: K3 h; C8 J- 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
/ O" m# r" B9 p2 M) I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
# v: l+ w# R7 [; q" J8 J! [唔係d錢蒸發, 而係比美國佬洗晒未來錢,
5 j2 T% I* _* N: N4 s9 P9 z' d淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 w6 E/ ^8 i5 {
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
) K# }" ?; u! ^/ [5 ~咁你話d錢蒸發左去邊? ...

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. x" K( p, R. v; }# h正係咁樣; c; `1 @% j. l) q& w
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3 C) }% T; z: _0 A/ q/ K% V
分分鐘佢地唔使還錢
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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,
$ d7 f9 a7 t6 `" Y連國家都係問人借, 不停發債券, 印鈔票
7 a+ s# j6 h1 F  v$ n一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; ?3 \/ Q3 c+ r) |2 y
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
0 z* T, Q2 _  Y- v8 }; Z3 Q1 m咁而家"爆哂煲"算唔算先至係變番"正常"???

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: h, Q3 p) ~" E/ c$ L其實係...- J- H5 d+ h& {; j
因為以前未生產, 先消費& }2 s& T% N# H  |8 |5 U' }
而家就要多生產, 少消費