0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif. m( e% T2 Y3 P4 V$ R8 o; N
Why bank will sell 借據給第三者???, ]  n( L& C' S0 q8 i
I was so confused.....

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講到尾都係賺錢& [  A3 f4 A! r
so銀行可以不斷放款( }3 T1 ?& Y7 p# E: _2 }  z; x6 g
美國的房貸問題散佈到全世界% Z! [/ k6 L/ O1 A" B( h8 B
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mortgage loan - J6 d( q1 N1 D7 k2 u7 m
>conduit
& r  O* ]( X. a; j' u5 I9 q>RMBS(Residential Mortgage Backed Securities)4 }! g! _: v0 x. a
>arranger2 Q; v0 p. J( R, V" `2 h' \
>CDO(Collateralized Debt Obligation)
' H# D3 [* S% K$ _4 m最後去到投資者

Kev

i thought it is the reason of rate of return.
0 h2 n: P' o1 j6 b, b+ _CDs could have different ratings, AAA -> F,1 \' F4 L8 O, e! h( j- J
more risky ones would have higher premium (interest rate) as a compensation for an investment.
# D4 T* b/ o( s; O+ m& ^! ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 i: \: D* \) ]& j' j: t
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. t1 q3 a& P7 [) p5 X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; _2 z) C$ n6 p# J3 H" bsimilar to bonds, CDs trading in the secondary market have different value at different times,% N5 W6 N: s: y- B# t! Q
normally the value is calculated by adding it's principle and interest.
& D$ j) B9 e, X* Teg. the value of the mortgage+the interests to be recieved in the future. : X9 P( @4 J3 c, A
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.
# W. Z( A4 G9 T. A0 }7 ain stock market, it's the demand and supply pushing the price up/downwards.
& |# h2 i* T3 B" U# [0 {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' {6 x  s' H! M' P/ l& UA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ M. [7 g3 k5 A( v7 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. % z! M% j1 @# n5 Y1 ~4 H* {
but the value of their assets did really drop significantly.
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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
% G7 C5 ]  U) K( c! A1 T, cRefer to last example,
$ a+ R/ D0 a: Z$ P0 L5 N2 hthat means bank A have no money because we borrow 10 dollars from bank A 9 a! R: c# G4 X0 ^
Because bank A doesnt have enough cash on hand ' c) I; b5 i& l$ U
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E8 u2 W2 K1 r; |+ h, c) n
so does it mean if E failed to pay D,
( N7 j2 e5 `- }# Q8 ^0 D4 ]all the B,C,D,E have to go bankrupt?( d# q' H! A  Q; b
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6 t) z0 h& P7 A' D# P0 R- nthe multiplier just tell how much money created in a whole economy,
8 y  S9 M- z1 I" ~, Yin this case it doesnt really matter how much money is created, . @8 {2 x$ W* w7 E
it's the problem of the debt itself.
/ f3 J' d& u" M5 Gthe 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
  |$ s2 L) R& _# r6 p' v% r/ S: N小弟一直都唔明...+ O1 V3 y! K6 J+ }  C
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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...
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敬請各師兄解答
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Thanks

6 s0 J# w# d7 Z那些根本係 紙上財富  ! ?2 g: [) ^4 G% i0 c8 H  K
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 graphic2 O3 y4 m6 p- P% t3 B2 `" g& b

6 ]' @' F7 ~7 }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
: L8 v$ w9 k% O+ i% g8 l當經濟好,投資銀行相信會賺錢, 物價既估值相對較高1 y. I6 M2 g' i; r1 T- ?
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& q* X/ n! I( K; m
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 C. G$ F2 I8 @
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
, b' C7 ]7 m/ m$ w計番回報率就已經係50%,所以可以好好賺
8 l1 h5 }8 z5 |9 _前提係銀行之間要互相信任先可以咁樣借法, \: U1 G7 ^; ^" h  Y, N
同埋個市場既前境要係好先得
8 |  s9 D1 i$ G$ e但當經濟一差,公司估值趺了,物價不升反趺+ L% u/ a( i# a9 B) T$ Y( f/ w7 A
例如剛才說10蚊的, 趺到得番9蚊,   [  W+ w: u2 Y1 D. ~
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 }1 F1 T+ _5 _. F! N$ U, F
所以你就會覺得D錢好似蒸發哂咁
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4 t- s& h, C9 m) p0 X, M你都可以當標野咁諗, 個樣野多人可以狂升值,
& `2 b  Q8 J% p# Z  ]- ?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,
5 T! a" l' y2 B+ J- h: u淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * ^- @; X! b8 O8 q% g) T2 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
" v, v. V+ F9 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
3 I# e: n5 v2 F' U唔係d錢蒸發, 而係比美國佬洗晒未來錢,
5 V# _$ Q2 K/ h  u淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; |( V6 N, j& A4 l9 |+ H1 O
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+ Y* ~: [) t* s
咁你話d錢蒸發左去邊? ...

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. j7 K3 ^* ^# Z正係咁樣4 h$ x& |# k( |8 r
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
8 |/ G5 |8 m2 S) A' z2 L4 q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,
- J, v& A+ n3 j7 T/ U- Y/ p. ?連國家都係問人借, 不停發債券, 印鈔票
3 e) a% h$ B3 d* h0 ]9 i一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 s6 O" X( S! w1 d2 }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
& f- ~( {1 e' M9 \: M咁而家"爆哂煲"算唔算先至係變番"正常"???

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4 {. E( e, H" f, ?其實係...
- `( S0 \# ~# B  w) S因為以前未生產, 先消費% Z. q' H' h: Y$ U/ n1 I
而家就要多生產, 少消費