0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif! V. R, L- h2 q/ C. D
Why bank will sell 借據給第三者???+ y2 ^. ]) v& Y% i. C
I was so confused.....

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講到尾都係賺錢
, L& D* s: o( A% `9 {so銀行可以不斷放款" `  z: p! \+ e
美國的房貸問題散佈到全世界
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)$ D" [( ]; v! t* B9 `# W8 p$ B7 d8 Y
>arranger
+ W3 D; R0 j/ b  [' q. }9 Q) T>CDO(Collateralized Debt Obligation)6 J. p6 y$ ?/ R6 W9 ?! Q) V
最後去到投資者

Kev

i thought it is the reason of rate of return.
( L# p/ t& e, D2 c8 P4 @CDs could have different ratings, AAA -> F,
  E1 o" U  [' smore risky ones would have higher premium (interest rate) as a compensation for an investment.
2 n9 V; f& H$ o# Dmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 _; c3 z* O! T
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, G: u8 N4 M* K' O# v6 VAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. A& j2 s0 J! t! P6 Zsimilar to bonds, CDs trading in the secondary market have different value at different times,
7 N/ G! q( Q: B2 }2 g4 P8 R, v# p- Inormally the value is calculated by adding it's principle and interest.
3 a- o2 K- x4 Z9 s$ X+ o' zeg. the value of the mortgage+the interests to be recieved in the future.
: k& g5 h* k$ t$ z) X" vbanks 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.6 N* Z6 D8 I* K7 `/ Y

- S1 T: W) ~. c. j, |9 oim not quite sure if the multiplier effect does really matter in this case.! ?* f. m0 V; o, W
in stock market, it's the demand and supply pushing the price up/downwards.
% o6 I+ @  i4 a5 \' b0 C1 H+ R6 `For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& s3 J( {  K/ M% Z$ QA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 ~5 h$ r' K0 ~' X
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. 5 |7 H1 u- U* S/ M- E5 ]
but the value of their assets did really drop significantly.+ ^; [' H7 o% T# W
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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, f5 T  t* z6 S1 X5 G; e
Refer to last example,
. {6 F, d! j% |  R) cthat means bank A have no money because we borrow 10 dollars from bank A " {5 r3 r8 W& |- F5 J
Because bank A doesnt have enough cash on hand
5 E2 u& O+ S' L( ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E3 x( C1 H  G) O
so does it mean if E failed to pay D, 3 j4 x, L6 N% \" S5 j- U4 B
all the B,C,D,E have to go bankrupt?( _: l1 j, o, N$ N8 ~2 j: s

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' f! T9 C; }+ s- X6 d) @the multiplier just tell how much money created in a whole economy,
+ M4 O9 g9 ~$ u# R* Kin this case it doesnt really matter how much money is created,
5 s5 i+ @) s! U$ l. Q1 yit's the problem of the debt itself.
; Q  l: U4 _5 u5 I4 j& {3 vthe 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# U# u! D) ]" {2 w
小弟一直都唔明...7 n# i0 \) R* ~/ Z1 _

9 L( q: y) T. G# m/ F7 {+ G4 l全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...0 Q- j5 O$ C9 V8 Y% t4 F; x. Z
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敬請各師兄解答0 ~5 O% r# F1 g9 _

1 K& o! o+ S9 b, ZThanks

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那些根本係 紙上財富  
- U- P7 c9 L# R' D) `" O& a$ l' L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
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8 Y6 H: f7 ?" k+ f' K7 u/ ihttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產$ A* ]- ~  h. j  t4 o* B! q5 X
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 r4 {* j: E) Z, o- k& l3 k1 G' 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6 K# S5 A6 i% t" C
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦; e1 S1 U' X7 p0 m7 M
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,1 _2 o* _+ C+ D5 h; a: p% A
計番回報率就已經係50%,所以可以好好賺5 D: x  i/ Y1 _7 Q2 U
前提係銀行之間要互相信任先可以咁樣借法+ f% W6 R3 S, g/ n9 ~
同埋個市場既前境要係好先得
2 Z5 O" H, r% G, `* `% H+ A% x但當經濟一差,公司估值趺了,物價不升反趺: l5 l  z7 c% P6 y
例如剛才說10蚊的, 趺到得番9蚊,
9 L( e  I7 ?, }$ F8 R咁投資銀行一下子就要還11蚊, 一來一回變左虧200%! ^/ T. o5 w6 d1 \  a
所以你就會覺得D錢好似蒸發哂咁
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6 |( M; z) j$ v; g! @你都可以當標野咁諗, 個樣野多人可以狂升值,
/ o9 Q  {# }. Z" E2 M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,
! \; Q5 a/ Y5 j# l6 V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 }& w) J1 g3 {( S0 _  ?
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
/ t; y- r( X: K" U7 c- E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! P% [, m" e/ ~& b) F* l
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ' G& _; ?* C! K
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' e0 ?! u. p' d( }: Y
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' g$ [' A, b8 m9 B0 Y! O2 E2 K
咁你話d錢蒸發左去邊? ...

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正係咁樣
+ w: M' y$ e$ A$ v! L; A% i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' a9 V  r7 t3 }* f* S
分分鐘佢地唔使還錢
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6 T% z# K0 K4 r: B5 p% r  k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,9 R6 ~' ]  R7 F: K; E
連國家都係問人借, 不停發債券, 印鈔票3 [. x% N$ p( I$ y; B, {+ K7 e' m
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
3 O1 A% W2 L  `! M  p  n' N2 H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
7 ?% ^" D/ i* I3 ~( B( _! F咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
+ o3 P, T) ^2 N因為以前未生產, 先消費0 f1 J1 L/ d1 d8 h, S, [
而家就要多生產, 少消費