0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif9 }: h5 _- L( o) n5 X
Why bank will sell 借據給第三者???+ ?3 Y, V: E" }% m. z  s+ D2 S
I was so confused.....

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3 u# d. x- ?3 w3 X- ?3 Y- b講到尾都係賺錢
. c5 l2 |% I& K# ~% p) o& g) G1 cso銀行可以不斷放款2 _; {& ?% P; y
美國的房貸問題散佈到全世界7 H7 F+ {) w) e9 M$ x$ j0 H

" M0 q$ A" |- c- @  e7 t' Bmortgage loan
. q7 ~) ^; y1 p& I( A>conduit
. x/ I3 Q3 D: @0 y2 c! o# \>RMBS(Residential Mortgage Backed Securities)
6 u$ U- o; c1 ]7 L( j>arranger
; \; ^/ S7 O6 t' r4 Z>CDO(Collateralized Debt Obligation)
4 f1 L8 r4 H% _0 D2 x  x2 ^最後去到投資者

Kev

i thought it is the reason of rate of return.
7 d6 E2 x  t; d. w, f) q9 `CDs could have different ratings, AAA -> F,; u5 P' N& [$ }0 J. o
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 i2 z9 ~# j. }1 N/ z7 ^; |9 [
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  T9 e: ]; e  a$ g/ yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 r6 x/ Y$ @* Y3 c+ `Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  E! E+ H: x0 l  u( d; r4 tsimilar to bonds, CDs trading in the secondary market have different value at different times,
- q" x) u0 ?& ?* l3 s3 lnormally the value is calculated by adding it's principle and interest. 6 W) n) G( l) ~8 d& b+ B2 G6 z; O
eg. the value of the mortgage+the interests to be recieved in the future. 0 Y- [( E2 U5 V+ r1 M( M# 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.( J8 s. [0 p5 |3 r6 E6 K( U# G

( F8 a6 t- `3 ?& iim not quite sure if the multiplier effect does really matter in this case.
2 x% r' G0 F3 x. x% Din stock market, it's the demand and supply pushing the price up/downwards.% ]1 j; y6 V# U) |+ C0 h2 g
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# i% w, B9 h2 \2 Z5 c/ w' [  s
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* y1 s( n! ?8 l" g7 g
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. 0 w7 D2 S8 r0 H' U  g
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
, u  ~  T9 K' e9 Y7 }4 v/ @Refer to last example,' ?- P& }. y/ {$ G0 `0 H. x
that means bank A have no money because we borrow 10 dollars from bank A
( G% y$ _9 N; I, S" j1 n1 @Because bank A doesnt have enough cash on hand
, O" I9 p) c5 W" ^1 V: e! M* e  o( Vtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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: d. s: v- g( @6 F7 sA->B->C->D->E
* K3 N/ N8 z0 v+ `, Zso does it mean if E failed to pay D, 7 q5 m% \' s) S) ?
all the B,C,D,E have to go bankrupt?
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  d! X4 E0 R/ _8 C! t% V' v  O/ f! o) L% V# j5 y# E
the multiplier just tell how much money created in a whole economy,
# v9 b2 j8 A8 f' Ein this case it doesnt really matter how much money is created, - q9 c3 p/ E- p7 F  N6 I- g
it's the problem of the debt itself.1 L; {7 l  W* p3 h$ R1 @3 `
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
+ `( z" M4 v6 P- [9 `9 b: W小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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. h% m' C6 R1 d6 n4 r# l7 y無可能淨係有人蝕錢無人賺架嘛...0 Z* r" I/ n5 j8 D0 R7 P, l# X
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敬請各師兄解答0 a9 k7 X, |# [( \, U

/ O4 C8 q# D8 V/ T* ?9 o' |Thanks

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那些根本係 紙上財富  % S; v' t1 P4 D
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: @3 _/ r6 ?0 r, }6 N

/ @! B  ^! u, \) S7 R& Hhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
% D8 p$ ?5 t. |2 o4 v2 k! @當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' S) O/ w$ {. a3 W$ o( |9 K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7 p, u% a3 }) D3 @
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
# J5 `6 z9 z7 ]; D扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- y6 r  A  x+ f2 `7 ?5 L6 \0 b: G
計番回報率就已經係50%,所以可以好好賺  |+ F( e7 U8 z1 h' m3 d  A% J8 b
前提係銀行之間要互相信任先可以咁樣借法6 {* P4 I" X* G7 d
同埋個市場既前境要係好先得1 I5 k" d. k6 M6 ~, L
但當經濟一差,公司估值趺了,物價不升反趺5 L7 p6 n4 [4 ~# ^$ T3 Z1 l0 l
例如剛才說10蚊的, 趺到得番9蚊, ( s! O  f# z* `4 T- \5 m/ Z/ c- f
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 O& e& q) I# Z+ n8 P* e) X6 e- y
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, 7 s/ |. [6 v- E( }3 Q  Y
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,
" A+ A1 R' G2 t7 A. z8 _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 Y6 H5 q: I* 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* M5 w8 I# m- C# x9 \5 w; W
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.gif4 S4 r5 ~; A1 Y; \' I
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 o4 I- {5 q. @5 h2 G9 Q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 a' v2 A: c( R, 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
& a% y& A4 K. G9 ~咁你話d錢蒸發左去邊? ...

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正係咁樣/ O$ p& @9 R  z& W/ z& j
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
2 \" T' ~6 S. K分分鐘佢地唔使還錢
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( T$ o' a$ \5 [" u8 m1 c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,! H2 P( q) J/ d/ Q# ]* {
連國家都係問人借, 不停發債券, 印鈔票
# w: }9 P, ?  S; q5 M! Z! V8 D一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
- h. J' z0 d( Q+ [$ z3 B9 u9 W, b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
4 E, z; D% J1 X( w* @咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
# Y/ G: L5 m# Q因為以前未生產, 先消費
# [8 w: N# E+ P5 O; X& h而家就要多生產, 少消費