0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
0 V! S0 h, U& wWhy bank will sell 借據給第三者???( e! e# z7 R& s' p$ y5 I
I was so confused.....

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+ h! x& m0 |8 m/ p+ L講到尾都係賺錢: M: q' v0 r8 Z
so銀行可以不斷放款
/ m* ^' b) h1 d2 o美國的房貸問題散佈到全世界! D, y6 c8 S: g6 L1 F
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mortgage loan
! U& Y& T+ V$ E9 L3 ~>conduit) |( e; l+ d* F: I
>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation): ?) W9 D6 Q7 m' A+ L3 k8 M, A- L
最後去到投資者

Kev

i thought it is the reason of rate of return.
& i6 g# w- k/ L2 o0 T0 gCDs could have different ratings, AAA -> F,
6 F  u. Z1 [1 o8 O- [more risky ones would have higher premium (interest rate) as a compensation for an investment.0 b0 ~0 c; W4 t# M# R* a9 I
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
: v* X! l+ T4 n& k/ p' Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 P  l4 N, e) w$ v! z9 }
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: N& f& n0 W0 [* e. J) @9 y' Psimilar to bonds, CDs trading in the secondary market have different value at different times,9 [" ^* j( ~, G6 U) r# ^! b7 H$ A
normally the value is calculated by adding it's principle and interest. & F( d; k) J& z5 v& g) q; v( u
eg. the value of the mortgage+the interests to be recieved in the future.
, \3 G+ P; ^4 l2 _7 V8 Zbanks 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 b5 N" z- j0 a7 `$ O0 A

' L3 s; t3 b; p* X* _im not quite sure if the multiplier effect does really matter in this case.: y% A2 Q- t3 A  Z; s# m
in stock market, it's the demand and supply pushing the price up/downwards.
" n$ [$ Y7 g  z/ P0 e5 PFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* z# E# Z& S8 `! f8 i& d: T' {A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% C& j2 z# V  b/ a' Z: e8 v/ [2 @
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. , i) J2 m4 |2 z! u, X+ `2 |' u
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
0 L1 |% m( g! D. X, S& C4 mRefer to last example,8 C* q+ d' O5 N. `+ [# ^
that means bank A have no money because we borrow 10 dollars from bank A 4 ?5 V( V/ ?% \% f
Because bank A doesnt have enough cash on hand 1 G7 W- l$ C# I; W3 v
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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, v; ]  c$ D+ p5 @' VA->B->C->D->E$ x- y+ S) s, D# U# i
so does it mean if E failed to pay D,
( A) l5 f" x$ a3 K% G, E! uall the B,C,D,E have to go bankrupt?% L9 M6 ^* i/ h8 b2 _0 U

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the multiplier just tell how much money created in a whole economy, $ n2 |" K: K) u! F" L: y8 o
in this case it doesnt really matter how much money is created, " F4 E0 V2 Z$ m. b8 ^- Z3 `) E
it's the problem of the debt itself.. B, m4 ^2 }3 C. E6 Q* [3 e
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& ~& g5 i1 [" z: h
小弟一直都唔明...
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, ^. ^9 z7 H1 P- 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...; E0 X: J/ w1 M1 e# |5 Z( m
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敬請各師兄解答
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* j% \8 Y- W& v4 T. t  ]7 bThanks

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那些根本係 紙上財富  0 q* {+ F, ?" A
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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" N* u# V9 Y! [5 j0 c4 Qhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
6 L2 l- U6 I5 ^5 K當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
: o) U; g- G2 q+ _& \! H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
/ V/ i/ h/ Z# G" a2 \) A5 B# E個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
9 L* ]) K  r- O) W! [* m4 ?& N4 a扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 |8 o) @( W6 i: V計番回報率就已經係50%,所以可以好好賺
7 d1 j6 y, Q, u' j7 g前提係銀行之間要互相信任先可以咁樣借法, s, Y* p7 o- d, A
同埋個市場既前境要係好先得1 T0 o' X# d7 G, `
但當經濟一差,公司估值趺了,物價不升反趺1 @" C, v# F  }! r# @( x1 B
例如剛才說10蚊的, 趺到得番9蚊, % {0 Y; H; [! l
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 y" s' Y* {, c! _
所以你就會覺得D錢好似蒸發哂咁
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; |* e; h7 E( `9 h你都可以當標野咁諗, 個樣野多人可以狂升值, 8 I. E* `% N6 h, y& `- p
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,
+ n1 Z8 h+ M( Y  _/ l$ a淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 Y5 Q/ {- B4 J2 `5 v; U
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
: h" t, r4 M3 T! E( G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
2 f% ~  T% }7 |/ E- a唔係d錢蒸發, 而係比美國佬洗晒未來錢,
4 D, K. d: f2 H! B6 U5 O0 f淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + V% K4 R! U' @7 F/ C& z% L1 N
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3 R5 z) Y9 U3 _2 @4 K1 W
咁你話d錢蒸發左去邊? ...

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% y  t" _* `! U; `7 e正係咁樣
! p. s# k9 i: G9 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8 q' p( O4 ~1 N
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,
) J9 Y9 `6 Y! c; M連國家都係問人借, 不停發債券, 印鈔票9 V" O: f8 r9 w1 A* n5 C
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產  z8 e- t. q3 t3 t& N. ^4 |
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.gif1 p( [/ d1 P0 T/ I
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
6 Z2 H  }5 e* F因為以前未生產, 先消費; t0 J3 f- j$ h2 b" T+ Z# c* ]( s
而家就要多生產, 少消費