0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
6 X% }7 s4 o3 d! @& w9 ZWhy bank will sell 借據給第三者???
4 T" l' z* B( x" K" w4 NI was so confused.....

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1 G1 d# C8 l% s+ H; j+ v講到尾都係賺錢0 k0 n+ a( R$ C- W8 }$ p: J
so銀行可以不斷放款# p$ k% }/ m3 R' ^! q
美國的房貸問題散佈到全世界
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mortgage loan
$ s' {: D8 r; G7 }>conduit9 A& n. J9 W" b2 p0 ?% j  d
>RMBS(Residential Mortgage Backed Securities)8 x3 G: B) ?: `# @$ `& V1 P) L* e
>arranger& `& Y) z! N/ h) q
>CDO(Collateralized Debt Obligation)$ G! X' m$ J  o
最後去到投資者

Kev

i thought it is the reason of rate of return.& ~7 F9 L3 E, X1 U
CDs could have different ratings, AAA -> F,
7 G2 P0 M+ Y* q4 O4 P* @more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 l% i7 P$ w: p/ P0 Omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ a( t' T' p! `1 s9 _3 F3 v5 B& D" ^/ s9 `
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- A( J* w9 \! g; f0 n
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- ]" @- |1 @) Z9 C6 h  H
similar to bonds, CDs trading in the secondary market have different value at different times,1 }0 e' V1 m# k  q* v9 Y
normally the value is calculated by adding it's principle and interest. % _, k1 S; s* e
eg. the value of the mortgage+the interests to be recieved in the future. 1 D; @6 D5 r1 I
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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im not quite sure if the multiplier effect does really matter in this case.5 r+ L3 k- |! K
in stock market, it's the demand and supply pushing the price up/downwards.2 O6 U8 ]4 [: |
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* }; R+ E* B9 {) Z$ c9 p4 o( PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 `2 G( i/ J4 @0 C/ e0 y. p9 k
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. ' ^: q8 G' }' K, k) Y7 C  T8 m
but the value of their assets did really drop significantly.
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9 B8 M" ]7 C) h! E5 _[ 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% y8 m, F$ D0 {6 F# W5 z7 [( x
Refer to last example,
: h) @# D4 _: k. lthat means bank A have no money because we borrow 10 dollars from bank A , l; j2 N% U' ]4 H' c. P: Q; I
Because bank A doesnt have enough cash on hand # z- p% l2 m* T7 H; S6 M; H
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E# H% E- g: [3 E* i+ k
so does it mean if E failed to pay D, : {, z2 e! n1 L+ b; x
all the B,C,D,E have to go bankrupt?$ [) Q9 D1 D- R! h

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the multiplier just tell how much money created in a whole economy,
5 v7 R( m: u4 [. x; j% lin this case it doesnt really matter how much money is created,
/ }/ R+ z/ S7 Hit's the problem of the debt itself.$ t! r8 F* w- t3 d, }# f
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
) C/ g; s" B# p3 u' B小弟一直都唔明...5 X* K; F' c& _( p/ O8 x; Q

0 p# a0 R+ k6 @3 G全世界都蝕錢，咁邊個賺緊錢呢?6 k9 N, w! \" R: |9 s% t( E. Y
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無可能淨係有人蝕錢無人賺架嘛...6 `7 t1 [& U  l$ ?; C0 f" g
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敬請各師兄解答
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, M& K, w+ F1 d- xThanks

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那些根本係 紙上財富  
) \! p' J) |9 M$ E. Z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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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
9 r! o. w% w6 b0 w1 x3 O當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' M6 @- q& I! F. W1 K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 F; {0 [( c. x( v9 t0 m% X. ^個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
. N2 {6 L. S9 k, t& y5 I扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,5 Z: |+ p' k- ^
計番回報率就已經係50%,所以可以好好賺
9 }0 c3 n+ s/ D# R# X( Z前提係銀行之間要互相信任先可以咁樣借法
; ?, x' x3 b7 n' e% `2 x& b同埋個市場既前境要係好先得: w6 n& f3 ]1 o2 N2 S9 _
但當經濟一差,公司估值趺了,物價不升反趺
3 Y+ S& X) r  L, c( \+ b1 g例如剛才說10蚊的, 趺到得番9蚊, 7 k% v6 Z3 ]: [" B- O9 Q) X
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%4 D1 U9 |2 o  R  M
所以你就會覺得D錢好似蒸發哂咁9 }: c4 |1 {! k2 c8 U, f

+ k9 k# |' X3 k5 g* g+ E# E你都可以當標野咁諗, 個樣野多人可以狂升值,
) O& H3 M- i+ X4 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, # `- z% a( u2 B0 _1 B
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' q2 b" `% |% N' N( W& T
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
! B% J  u1 h1 S' C2 Q1 a* E- r& 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
/ c) r6 t4 z0 t3 |5 n唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ [# h6 R& J; t9 I6 t4 F6 Z0 y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! h2 l, A; @( j5 J# I
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$ p# ~* d: y& P& ]
咁你話d錢蒸發左去邊? ...

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正係咁樣, f% R! B9 _+ f3 p) J% Q
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
# z, b, O! F" a分分鐘佢地唔使還錢
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) E" U1 ]  i' N$ f, A. b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,
7 a4 y* y- O) U3 d連國家都係問人借, 不停發債券, 印鈔票- j3 n9 m! ^4 ], L% y
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
, ?# ~( Z2 l! W6 s8 ]2 \, |: A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
! T$ f, }5 O$ m1 T/ x+ x咁而家"爆哂煲"算唔算先至係變番"正常"???

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: t( F4 o' ]* l+ q1 k其實係...
* T# X3 j' U, p& G, H因為以前未生產, 先消費4 e8 x, D* d! T7 u" l
而家就要多生產, 少消費