0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
* F, V0 R3 a: b/ zWhy bank will sell 借據給第三者???4 v$ E4 S% O" `9 o$ y
I was so confused.....

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講到尾都係賺錢2 o. A! _( X/ [1 @2 K3 I
so銀行可以不斷放款- i$ T& G9 N! t, h0 w
美國的房貸問題散佈到全世界
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mortgage loan
7 O! S3 X' V6 i  a/ j2 e>conduit. A: F6 e* [, P8 I: m$ D
>RMBS(Residential Mortgage Backed Securities)" s8 i3 |$ `$ V+ S
>arranger4 N+ d0 f* R; x% _
>CDO(Collateralized Debt Obligation)
3 k' k( N0 _& Q) @; B+ S最後去到投資者

Kev

i thought it is the reason of rate of return.' M8 W3 [$ [2 L. _; U3 C! ?
CDs could have different ratings, AAA -> F,
$ k4 Y" }/ f) u( d3 Gmore risky ones would have higher premium (interest rate) as a compensation for an investment.  F5 u6 G# a& I' a4 @0 ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 y9 T1 \' @: s$ ~, j) [9 g9 Xin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& f* a& b: u6 J0 F1 ~- h. AAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% J: L4 ]& ~  \  @
similar to bonds, CDs trading in the secondary market have different value at different times,
2 A) p0 t, _3 {0 |8 T1 Wnormally the value is calculated by adding it's principle and interest. 8 r& n5 {7 V9 w6 a' ?
eg. the value of the mortgage+the interests to be recieved in the future. 6 N% j+ n' Q7 a4 M( X! d" ]
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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2 b' S& o1 r) y1 X$ l" w" S. X9 J! S6 Oim not quite sure if the multiplier effect does really matter in this case.$ F8 _" Y9 ?: o& r: {
in stock market, it's the demand and supply pushing the price up/downwards.
( Q2 Y1 L1 D* s7 K  U/ }For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& w5 K2 V9 q/ \7 }8 g8 ]A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 O+ e5 I+ A  K6 I$ ?, U8 u
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. / [6 p, r3 `- K2 k+ P
but the value of their assets did really drop significantly.( f( e0 \' i/ ~( r3 w2 l; F) s9 g

/ z0 G$ u$ C% m: y[ 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
: }- X; G! G, M/ MRefer to last example,
$ m8 u. e$ H2 F& N9 kthat means bank A have no money because we borrow 10 dollars from bank A $ I! p! f4 v0 x1 B
Because bank A doesnt have enough cash on hand 0 z2 g$ f. {, z- B, _
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
2 w( T9 X+ E* u6 l. U5 N# gso does it mean if E failed to pay D,
7 ?$ q0 _+ a# \; Dall the B,C,D,E have to go bankrupt?$ \' j9 `+ v( f- z% P& T7 u

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the multiplier just tell how much money created in a whole economy, , ?: q$ }- D; F" M0 q2 F
in this case it doesnt really matter how much money is created, , v* v0 o, T  n
it's the problem of the debt itself.- @1 E3 T* t! u
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.gif1 }4 j% ~9 b$ ?. F% h; V
小弟一直都唔明...0 A1 U# j6 B7 i; M+ A
1 v& |# q8 K2 P' g+ f
全世界都蝕錢，咁邊個賺緊錢呢?; W$ d# o! B( _

# I. C& ~: M- ~% i) F* l( |無可能淨係有人蝕錢無人賺架嘛...
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, l4 U! @2 V2 H2 |7 c/ x敬請各師兄解答$ B% ]  T) M# i9 K" j
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Thanks

, a- M$ Z3 v& Z0 z" b那些根本係 紙上財富  
" r$ b- F$ C& g! a1 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 graphic8 G' b# u  ?0 @/ {
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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
5 H: N% q/ ]4 ~6 @$ m0 w: g當經濟好,投資銀行相信會賺錢, 物價既估值相對較高3 D4 @$ s; ~. ]9 G2 w
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
% ^. u! }7 J. [6 Y. O個件物價係市場好既時候升, 例如15%先算,變左12蚊啦+ d: i" F: S- [( d
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- L! ]  d& b* l9 U/ ^, C9 ]
計番回報率就已經係50%,所以可以好好賺
3 d3 y# S& R, M% i, [前提係銀行之間要互相信任先可以咁樣借法
0 D; b0 y( J6 e5 c+ U同埋個市場既前境要係好先得
) N3 ?9 x/ x' |. t" H, A& ]但當經濟一差,公司估值趺了,物價不升反趺
) t4 t7 z" ~2 q$ }; a4 Q6 H; d例如剛才說10蚊的, 趺到得番9蚊, & }5 i2 j" j  m5 c: v# ?8 y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
1 b" G( k6 h" C: }; w所以你就會覺得D錢好似蒸發哂咁
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0 r6 C6 I  j" j9 a3 ~你都可以當標野咁諗, 個樣野多人可以狂升值, 1 s" N$ x0 r9 m" s" D9 [, F
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,
$ O3 C, Z0 }2 S4 ]( ]9 W淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ g" E4 C0 T" `$ g+ t1 z/ K# _5 w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+ Z$ E, d+ ?4 l6 `
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% [6 x" t& q+ u* v$ E
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
. @1 \8 v! [3 L% Q) Q$ O淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! Z. I8 V, n% M) T8 D  c" g
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
0 c' u2 r' D8 w" A2 e" o咁你話d錢蒸發左去邊? ...

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正係咁樣9 k& e  T8 h; a/ h" k" y+ y
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
" B* w/ Y) P+ h6 Q4 R4 A分分鐘佢地唔使還錢
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. @* F, Y7 D1 R' Y" {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,6 y* A, _8 _3 @; `2 N
連國家都係問人借, 不停發債券, 印鈔票: S% r+ a' ~# ~) Q: p! [
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
2 K3 W" n6 K2 w. p$ q/ p  K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# w5 C, H# K" @# w
咁而家"爆哂煲"算唔算先至係變番"正常"???

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' E& }% o6 A. a# E其實係...
. A) A5 W" A2 B, B$ B7 v因為以前未生產, 先消費
9 _( U" ^0 s# f. v3 T$ Z$ u5 J; {4 w而家就要多生產, 少消費