0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif% N+ u+ M, X; s. t7 `& b; b( s, l
Why bank will sell 借據給第三者???
1 r! R, ]5 {4 u; i8 U: ~1 @0 bI was so confused.....

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5 z" h" Z7 }5 _4 W1 A/ N  H講到尾都係賺錢
+ @% J/ ~9 _( W' s2 V- Wso銀行可以不斷放款
# w& z' |+ \' H  M+ |: d& R美國的房貸問題散佈到全世界; b" a. j( R* ~
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mortgage loan
$ A4 ?) u4 `  \7 O0 g& }" k>conduit- l( h' O. n( `# U5 w
>RMBS(Residential Mortgage Backed Securities)2 e* X+ |( u3 e. c: p
>arranger
7 A: v* W; ]$ W( Z: P9 P>CDO(Collateralized Debt Obligation)8 V+ k" `3 \# Y
最後去到投資者

Kev

i thought it is the reason of rate of return.
0 A4 ~% ^7 W7 [/ h7 b) I- c* m! t, \CDs could have different ratings, AAA -> F,
6 Y" w8 c. V0 c/ [- W7 f7 T! Omore risky ones would have higher premium (interest rate) as a compensation for an investment.( z: {$ B5 H3 x% z/ C/ r6 H8 O& f( o/ x
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; K% s# w( B$ O5 ?8 X7 {' x$ i/ |in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* A% R; r/ o$ J* J! r. ?
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 e+ Q# o! r2 M% B
similar to bonds, CDs trading in the secondary market have different value at different times,( K! C7 B' r6 d! H" C. T
normally the value is calculated by adding it's principle and interest. * K6 ^0 O* x! h  l$ _
eg. the value of the mortgage+the interests to be recieved in the future.
" ~  \: J; X7 m/ U' W+ fbanks 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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# L& [. A; f, E( s  @! F& \im not quite sure if the multiplier effect does really matter in this case.
, C$ b. R! q4 J- @2 Xin stock market, it's the demand and supply pushing the price up/downwards.  L" b+ H& \' W! C  A8 L6 ^
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 _. x5 @" }: a0 Z" s8 i  h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' \1 ~6 h/ O! M7 w8 D8 d
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.
9 h! e# G, H0 I: I$ J3 H3 b- w+ ubut 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( G# g2 ?+ v; P" P2 D; R# z1 n
Refer to last example,; p  e6 M3 a" P% k4 Y
that means bank A have no money because we borrow 10 dollars from bank A
9 n7 k" w' t0 B2 MBecause bank A doesnt have enough cash on hand
# m% a5 m/ J! W3 l$ Xtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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& o; j7 s4 _  L- ]" n" {6 Q$ fA->B->C->D->E
0 U5 `9 `) H- [6 j0 gso does it mean if E failed to pay D, 4 C; X: B) H) G. v$ }2 F
all the B,C,D,E have to go bankrupt?
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/ b% o0 i% r6 f# v; ]( f% nthe multiplier just tell how much money created in a whole economy, : O7 A  d+ @0 _3 x" E, |
in this case it doesnt really matter how much money is created, . j& u" n  T/ o6 M( @  H
it's the problem of the debt itself.
2 n- G% E% ~8 Jthe 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
* h% g  }3 z6 f; `! `1 z& a/ t小弟一直都唔明...
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5 ^4 O$ }; W. E8 M! D9 W) ^全世界都蝕錢，咁邊個賺緊錢呢?+ w! I! i6 \% x3 p7 x* s% Z4 d
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無可能淨係有人蝕錢無人賺架嘛...; L+ {9 l0 t9 Q$ t$ `/ g" k; J

3 `% O- d$ ]: R敬請各師兄解答
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Thanks

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那些根本係 紙上財富  
: C& N0 ^5 t3 f& ?( M$ 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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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
) j3 E" h' b, P' ]/ M' n' W當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) y& h3 j- q: P9 u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9 w& T/ ^/ s) K/ v1 ]
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦' e8 f' Q$ K8 |3 [: @5 W/ G
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
. I7 L" J) P7 p: a# w8 O計番回報率就已經係50%,所以可以好好賺
( j- r" i% z. T2 z; ^前提係銀行之間要互相信任先可以咁樣借法
, `& ?" _$ \# D4 \5 h( c! ?9 B同埋個市場既前境要係好先得
/ j4 h6 K2 X1 J3 y* `3 W2 A# x但當經濟一差,公司估值趺了,物價不升反趺2 x( @9 y4 \3 A' ^* `/ M
例如剛才說10蚊的, 趺到得番9蚊,
/ d' g/ z9 f- Z8 S+ z& }1 b0 {2 j咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
" N6 ~) o( X9 i, N4 s; M所以你就會覺得D錢好似蒸發哂咁
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) C( z- \* c0 ~1 b8 r你都可以當標野咁諗, 個樣野多人可以狂升值, , `* O' O8 H" X9 U0 ^) u
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, # v" m3 }5 s# g1 N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( L, g; S3 H; d
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
9 F* J8 N- s, H) p0 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.gif6 u: Q( }' s! Y
唔係d錢蒸發, 而係比美國佬洗晒未來錢, # K4 _; }5 r- a8 k* B% D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " X' x0 o4 s. m4 M- c% 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
3 d2 `1 n/ E- `6 v" r1 |( U咁你話d錢蒸發左去邊? ...

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  i) v4 ^, j9 O1 A( F* A6 P$ K正係咁樣( j2 o+ L3 `: [6 n
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* v) p: n& J4 D6 N, T
分分鐘佢地唔使還錢! h5 `: \. h( w
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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,( y4 \7 W. D9 G% C2 E& s
連國家都係問人借, 不停發債券, 印鈔票
( }3 K! W# W* Z8 Y5 I8 V9 {  o一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 _0 A0 U4 }5 D
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
- B, ^  T0 x+ X! F咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...3 t* f* w! T6 l# E; X' m
因為以前未生產, 先消費
, H! j9 L' Z1 j( ~而家就要多生產, 少消費