0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif6 P/ Z9 o# l/ N4 ~9 }; d# j4 Z
Why bank will sell 借據給第三者???7 y& z% g/ K' H+ l9 v0 H8 U
I was so confused.....

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, H( |# U0 R* Z( l講到尾都係賺錢* O2 y* m1 m2 W
so銀行可以不斷放款" X8 P( k. [) d' D* S
美國的房貸問題散佈到全世界/ y, a5 r* Z; n  f) k

) ?* z0 P& j! S4 K- e) U3 zmortgage loan 3 P4 x! y0 Q( y, J! T* j
>conduit$ `" U* B! i$ t9 G3 l" v
>RMBS(Residential Mortgage Backed Securities)  z: z  L, B* r7 f! X' D
>arranger
5 {6 o2 j% ^+ i4 [, v! ~( n>CDO(Collateralized Debt Obligation)0 O+ x3 @( h( X: j
最後去到投資者

Kev

i thought it is the reason of rate of return.& g4 }7 y1 W% h# w! P, j
CDs could have different ratings, AAA -> F,
: f# y$ R  |: h/ v0 }5 qmore risky ones would have higher premium (interest rate) as a compensation for an investment.
. K2 R. k4 A4 u6 V. T  c4 _main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 l8 y$ B1 d' J; `in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& x' z& w7 J% @) n! t$ D& PAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; T4 D% |6 {8 _2 hsimilar to bonds, CDs trading in the secondary market have different value at different times,
) a4 U" Y4 Z3 D$ S& _normally the value is calculated by adding it's principle and interest. + V/ E5 \( |* s( j
eg. the value of the mortgage+the interests to be recieved in the future.
) n9 m! Y& X9 y: Ybanks 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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" z# v) z6 z. P. Iim not quite sure if the multiplier effect does really matter in this case.* ^: F2 s+ r% k/ H: x' Y; i$ |
in stock market, it's the demand and supply pushing the price up/downwards.. R" l' b" w1 k) V, n
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* ?: t$ O1 G' r* rA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 i9 P7 A& m9 G* A* z- J& P# f
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.   w8 q. l; Q" T4 }' k
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' b" k/ U, |2 f
Refer to last example,
4 T4 G. R3 h  [7 W, |4 Kthat means bank A have no money because we borrow 10 dollars from bank A
/ q5 f. G/ L( \1 A) ZBecause bank A doesnt have enough cash on hand
+ q1 p) H! C2 i# M/ W, \therefore bank A need to be bankrrupt ??? Am I right ?? ...

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" o) i) \1 V0 i/ ^' pA->B->C->D->E7 J+ y) H/ [& L9 b- r% J/ S
so does it mean if E failed to pay D, 0 h% ~" B3 c5 v) {  q) ~% L) i
all the B,C,D,E have to go bankrupt?/ v  a1 Z  i, K7 y3 q
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the multiplier just tell how much money created in a whole economy, # Y6 a& X9 G2 [) [4 w$ @0 E
in this case it doesnt really matter how much money is created, " f- ^1 P- E6 n' k$ U  M9 F
it's the problem of the debt itself.0 h: S, ~' Y" ]- n7 ^9 M
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
9 M) G7 @" D# B3 e; M0 J0 |小弟一直都唔明.... I$ F7 ]" I7 Y3 X! {/ b4 F: m- K0 k
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全世界都蝕錢，咁邊個賺緊錢呢?
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" k- n! G& }$ W0 _& C6 Q無可能淨係有人蝕錢無人賺架嘛.... F7 ]% A' g" A' P# u  o$ M1 x

" g1 E: b! J2 w% t6 W2 B7 P敬請各師兄解答& b! z7 ^& Z9 f: X
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Thanks

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那些根本係 紙上財富  
% e4 l0 \- E; s4 p+ b  |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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fderek

其實個D錢係你可以當係虛擬資產' G4 T; ?6 Z( M$ C
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
( H, m6 m# ]" {, Z% _  J1 M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4 A9 a: H+ @6 n1 r- Z
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" c8 P- c- C6 _6 u+ L0 }# f' B3 a2 F3 _
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,  x4 ^5 R  D2 t2 o; p
計番回報率就已經係50%,所以可以好好賺
! d: g- i2 P" E1 M6 b8 x前提係銀行之間要互相信任先可以咁樣借法
* @, V( e& _1 \同埋個市場既前境要係好先得
/ m5 ^9 o3 P* @+ u但當經濟一差,公司估值趺了,物價不升反趺: ?6 _! ^, Z3 x- `
例如剛才說10蚊的, 趺到得番9蚊, $ f% `7 U& t' Y8 e! h/ w0 r/ W0 K
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ l6 d. ~- V- i" m9 y# d
所以你就會覺得D錢好似蒸發哂咁2 x' a  @" f( v: a" @; M+ P% N

5 S. k. v3 I$ r( s' F) r, i你都可以當標野咁諗, 個樣野多人可以狂升值,
5 y; {5 M# A& ?; N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,
  B7 }- r/ D: X淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) ~; B+ N' W6 N/ 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
# y4 x) O; ~6 e5 \/ h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
- w. J, t6 R; B7 o唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 m0 C$ T5 M3 r" o5 `5 h4 m
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 R" @0 P) @) `4 ?/ L' w  H
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& F* _# w: p. x
咁你話d錢蒸發左去邊? ...

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正係咁樣
4 R5 E# m+ [. 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% e9 g/ A0 i( f  c, l
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,0 k6 Q  |; K  Q# A2 ?/ o
連國家都係問人借, 不停發債券, 印鈔票
8 }0 i, ?  P& m一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
3 @. {- 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
: M4 [1 ^; Z5 X. f; r3 x9 x0 _  i咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...2 t; z' A2 L# N/ P- N0 w
因為以前未生產, 先消費$ b0 `9 J9 c  v% A4 u  f6 l
而家就要多生產, 少消費