0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
1 d2 N. N( X5 N2 ^7 W& ^Why bank will sell 借據給第三者???
* U6 ?: J, |6 U3 k- F5 Q5 EI was so confused.....

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講到尾都係賺錢
8 T. {: J: @; D- F; c( uso銀行可以不斷放款: U8 i4 o+ v7 ~+ A  X* c, I
美國的房貸問題散佈到全世界/ i% Z: ?: b% |- V. n

5 k2 j# }  U& N$ Nmortgage loan
0 \- Z" E6 ~7 P: s% t>conduit
- F, R9 g/ ~* B- v>RMBS(Residential Mortgage Backed Securities)* C' a$ v: M! o5 {8 M
>arranger
: j7 r6 {; W8 h8 c* u1 y: K>CDO(Collateralized Debt Obligation)
* y* G, S$ s: X最後去到投資者

Kev

i thought it is the reason of rate of return.2 c8 M$ v/ G. C
CDs could have different ratings, AAA -> F,
* n$ e) L7 @  L( I1 _) Ymore risky ones would have higher premium (interest rate) as a compensation for an investment.
7 S9 g" n$ x" l- Hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ y/ I* N; ?. l8 l3 ^/ h$ Lin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
3 q  Z. B, |3 hAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ x& `2 ~- c6 E6 X/ y8 Y
similar to bonds, CDs trading in the secondary market have different value at different times,
1 C  Z" o& k7 C& R0 L% lnormally the value is calculated by adding it's principle and interest.
' T6 N1 h1 ?% U0 s9 @eg. the value of the mortgage+the interests to be recieved in the future.
( |4 a7 y) `3 m+ Z( r& h" v9 mbanks 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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2 o7 _6 R$ A& B* Y2 Zim not quite sure if the multiplier effect does really matter in this case.
, o% E) ]$ j' o% uin stock market, it's the demand and supply pushing the price up/downwards.$ g$ `: i/ u5 f! U" x, \0 k( b6 p
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! m' x. B* n# ?( S( PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 Z! y3 ~& i' p, `/ A
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.
+ L: _  e- a' Q4 \# \7 F' Jbut the value of their assets did really drop significantly.
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# i( o7 v5 L1 s  g[ 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& O& L0 ^5 q7 d1 v
Refer to last example,7 V2 V0 _1 ?& u+ p
that means bank A have no money because we borrow 10 dollars from bank A
+ m. e, e* Y" ABecause bank A doesnt have enough cash on hand
; A+ z) s" W+ X" V* H2 _% V& @therefore bank A need to be bankrrupt ??? Am I right ?? ...

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5 F% i$ U9 B  }/ w- YA->B->C->D->E6 P4 l6 }0 P$ `: n  y9 i4 Q
so does it mean if E failed to pay D,
, P: q! {% ^" ]9 T4 Gall the B,C,D,E have to go bankrupt?9 d# m* z4 a- Q$ {' J+ U- w' E! A

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the multiplier just tell how much money created in a whole economy,   y+ J0 N4 ]: x3 t8 s; R
in this case it doesnt really matter how much money is created, ) e5 \. v  `. D' l5 B
it's the problem of the debt itself.1 s4 \8 Z  w0 {+ }  b5 ^
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.gif8 X! Z/ `" _# k- F+ e% @
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?: L" B$ x3 b; O/ _4 T4 x7 k

' p- p8 Z9 K' B% |) o無可能淨係有人蝕錢無人賺架嘛.../ h/ F/ |& K2 x
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敬請各師兄解答
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Thanks

0 ?& q/ z1 }5 `6 i4 j2 G9 y& P* g那些根本係 紙上財富  / K+ F& f$ Q+ T, @! w! s& j! 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 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+ Q/ Q2 ^8 H8 w4 U
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高0 ^9 B0 l0 C" I
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- B; F1 S9 j& W
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( W, D. O7 P$ a+ j2 n6 F扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
( Z0 S$ }) m6 i" h' r  G" q% g, S, z& p: D計番回報率就已經係50%,所以可以好好賺
# {) g. b8 Y$ V& w' Q8 b! I0 e  f前提係銀行之間要互相信任先可以咁樣借法
# C, r- }! o1 Q同埋個市場既前境要係好先得! R7 H6 e5 `8 }& l
但當經濟一差,公司估值趺了,物價不升反趺! Q  V9 z+ I8 x* y7 b
例如剛才說10蚊的, 趺到得番9蚊, % ]3 O; D  H5 U; A  U/ X
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%; e0 O4 f  g, \2 H( ^# _
所以你就會覺得D錢好似蒸發哂咁, ^* w% Z2 D1 {7 ^& o% i
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你都可以當標野咁諗, 個樣野多人可以狂升值, 8 r# O( ~5 C( Z8 k% x
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,   V8 r3 N6 F0 j0 s: N4 ~% v
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) l9 {7 ~8 B7 Z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
2 R& L% W4 |- A( Q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+ H# R4 {& W# ^( ?; ^
唔係d錢蒸發, 而係比美國佬洗晒未來錢, * @& r. [! |' _/ Z& S6 x
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) \; l* U$ i4 V8 D7 m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
8 ?. ^4 V4 S9 J# s  k% w% e咁你話d錢蒸發左去邊? ...

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5 u2 \2 G: g6 N正係咁樣
, [6 T6 x0 b3 s% U* F* ~% V( l% 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
; ?% r9 o  @# s3 V1 W8 @* A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,: I% z0 A7 c% h# [" t/ [: l
連國家都係問人借, 不停發債券, 印鈔票
8 j1 b. v2 l8 _  I8 _4 M一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( Z/ \' X5 Y  R1 r8 o3 e/ Z( M3 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: z6 e2 r# g5 b* T' `* ^' G
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...$ {* c# S* G" S( R
因為以前未生產, 先消費4 X( A  P/ O% C8 z3 w" `& K6 K
而家就要多生產, 少消費