0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif! b  A- ~6 e6 E& J0 P
Why bank will sell 借據給第三者???2 L5 J' p" o: R# ~' y( |4 k1 A
I was so confused.....

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講到尾都係賺錢# @% N% d+ y7 i' t' E. ^
so銀行可以不斷放款# L% S0 \) ?/ {9 R4 a8 ~. Y" F
美國的房貸問題散佈到全世界
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& N) G2 R- @, jmortgage loan
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>RMBS(Residential Mortgage Backed Securities)( C5 U  Y- [/ j4 s& I& b" R
>arranger
: A5 v% c6 j( l0 ]6 q8 R- H: {$ e>CDO(Collateralized Debt Obligation)
6 G$ p+ F( z+ |- l/ E. ?最後去到投資者

Kev

i thought it is the reason of rate of return.- N7 F. `. F: h, N! J5 u; Q' O
CDs could have different ratings, AAA -> F,
3 T; L" ]8 d3 ?, B/ e) U3 Hmore risky ones would have higher premium (interest rate) as a compensation for an investment.1 U" ~, \& _0 v" R" D. H% Y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 C/ s- ^: W, H: ]7 O
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ i# D* e, S' B8 n7 i
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 \& S# G& X- w  }+ |# v( h$ Rsimilar to bonds, CDs trading in the secondary market have different value at different times,
$ |4 f6 y+ P1 P) Snormally the value is calculated by adding it's principle and interest. 1 c6 G7 L* E( Q# D
eg. the value of the mortgage+the interests to be recieved in the future. : m! i4 a1 ?' k. `4 ~
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 e( i5 C0 ~* B1 @2 xim not quite sure if the multiplier effect does really matter in this case.
* D; N( T6 P9 i( @- A8 Win stock market, it's the demand and supply pushing the price up/downwards.
9 X& o* F& j8 @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* }/ y* b* D) k" P# M6 P6 GA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( E# x# Q- _% W5 |* V: ]8 GThe 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.
# A% l8 Z$ ]* w' wbut the value of their assets did really drop significantly.
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* [5 O7 }# Y6 R( K4 k# {[ 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.gif8 E: K& B% N& R( L! V
Refer to last example,& a1 _3 T- {  m- {2 I2 u
that means bank A have no money because we borrow 10 dollars from bank A
( N, u3 G; `# X7 IBecause bank A doesnt have enough cash on hand : H/ t( _4 ?# A. q( y
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E+ W$ V: K4 F0 s: x2 }+ ^6 S
so does it mean if E failed to pay D, 7 q5 z+ T7 Y' b4 I- w0 W
all the B,C,D,E have to go bankrupt?- g; d& |6 M8 Z
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the multiplier just tell how much money created in a whole economy,
8 P- Q7 ?/ i3 A7 ?+ n9 Cin this case it doesnt really matter how much money is created,
2 _* J9 k" m. b% c+ ^6 sit's the problem of the debt itself.# v6 i: `+ b! a6 \$ b
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
; S- q/ B5 Z; {- D" \& i小弟一直都唔明...) t; x0 y, U8 d" _! p1 U1 i

6 \+ F, c" ~. T- n全世界都蝕錢，咁邊個賺緊錢呢?
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9 i% L3 w* |* }1 M+ ~& w: I2 q無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答% M% P& a: Q# G( y  W

4 o. n4 S8 k1 C" tThanks

; z9 x7 \) W6 ^0 m; q那些根本係 紙上財富  ' _; Z7 E) m' ^* m% 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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1 e% m1 ]3 u! ?0 u" u+ Rhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
! P" E! }8 X3 I當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: v4 l; t, F& p1 V+ 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
4 x: b" C0 j# C3 e) C1 ~個件物價係市場好既時候升, 例如15%先算,變左12蚊啦* b2 O7 h! `: x2 \/ m6 d
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,% [' h4 r- L6 v& N8 k
計番回報率就已經係50%,所以可以好好賺
/ V, U! z( M- J5 c前提係銀行之間要互相信任先可以咁樣借法4 A- w5 C& N( \5 H8 a, D
同埋個市場既前境要係好先得$ N3 D6 S7 U2 g9 @* |% k! C- [
但當經濟一差,公司估值趺了,物價不升反趺
: G+ E$ q$ ~6 v2 |  \) [例如剛才說10蚊的, 趺到得番9蚊,
: D  J5 `5 }5 B' Z咁投資銀行一下子就要還11蚊, 一來一回變左虧200%; Z% l7 ^( r) e9 N
所以你就會覺得D錢好似蒸發哂咁
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% y' \. J2 L$ K) o你都可以當標野咁諗, 個樣野多人可以狂升值, : p2 R5 Z9 F5 `2 _
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,
# o: ~2 J( l: r# K$ R淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( o* i5 m8 r; @0 J0 p( j5 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
. O& E% z- J6 B& o$ u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
( v) ^  a. U! d6 ?$ t6 t唔係d錢蒸發, 而係比美國佬洗晒未來錢, 7 g# J9 T7 F' \( i
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 F' V: d& }! ?7 g; b
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 R$ t% ?5 G$ V. b; e
咁你話d錢蒸發左去邊? ...

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5 O' {( u) o# Q: w* r! y( n" a正係咁樣
7 `8 n! `  ?9 |( k1 V1 ?' 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
. n+ ?( }4 R9 X& ]- v/ A分分鐘佢地唔使還錢1 M, F5 x/ ~5 ?% E7 H  E; M
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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,
+ x: T9 `6 \1 {+ l+ p" ]. K連國家都係問人借, 不停發債券, 印鈔票1 ?+ _  V2 e0 P) p
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* x7 J5 n4 P2 c0 J/ J$ K- X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
5 ~; \7 |- K  P4 P咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...8 {: _; p/ _' G9 w  U
因為以前未生產, 先消費
" Z0 E# {% D3 M1 m7 z# ?6 G1 o* r而家就要多生產, 少消費