0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( X  n; Z7 \2 V) e: {
Why bank will sell 借據給第三者???2 M. C  u* L/ D0 ~1 J
I was so confused.....

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5 O4 {% H& n& o; `! o8 d講到尾都係賺錢: {* U* l. t  Y3 H1 X
so銀行可以不斷放款
% Y$ G0 F+ _, F* H美國的房貸問題散佈到全世界
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2 l5 J; ^; V" g% Kmortgage loan . L% E. a' b: B
>conduit
. B/ n1 t$ R9 I>RMBS(Residential Mortgage Backed Securities)& D! F4 G  n4 d$ m& U3 v
>arranger
6 D! E% U/ a1 ?0 P# l) g>CDO(Collateralized Debt Obligation)
* O1 y- ]" t) B# O- R6 I5 _最後去到投資者

Kev

i thought it is the reason of rate of return.; N; j7 v3 ~3 b. o
CDs could have different ratings, AAA -> F,$ v+ V1 T# W3 [
more risky ones would have higher premium (interest rate) as a compensation for an investment.
4 L' H/ R: u/ i. smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ n3 `. f' X+ i7 ^+ M2 v8 }in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 g8 o# h9 Z# b0 M" `- s
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! F; m1 V* z; [0 V
similar to bonds, CDs trading in the secondary market have different value at different times,. O$ o; J0 Y: Y, `+ m
normally the value is calculated by adding it's principle and interest. ( d% R+ R" f- D1 s, a# G$ r2 {3 I
eg. the value of the mortgage+the interests to be recieved in the future.
# q' L% M: A. J/ X; j& ~1 Zbanks 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.; l! j4 |  t3 P
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im not quite sure if the multiplier effect does really matter in this case.
; \: T6 _  M/ O/ e8 |: j' Ein stock market, it's the demand and supply pushing the price up/downwards.
7 f' K- e- q- F2 n# @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 }8 q7 X5 q! W% F; E8 a# c5 K8 J4 {
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ Q, C7 G; b. T' ?% K3 f: w5 qThe 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.
$ b  X2 p9 B, Wbut the value of their assets did really drop significantly.% D: ?& V5 C1 ^& v3 A2 v
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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, b8 W: h1 s4 R
Refer to last example,# i  T( r0 D$ f; x* w( R
that means bank A have no money because we borrow 10 dollars from bank A 8 M# n: S& B, z) }  w, w% H" l/ f
Because bank A doesnt have enough cash on hand , T, w0 J( I9 x0 Z$ _
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
0 u) T: B' ?8 Yso does it mean if E failed to pay D,
! @. @" x) i+ r- }& m  F3 lall the B,C,D,E have to go bankrupt?# K  N8 x5 e' d1 E

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the multiplier just tell how much money created in a whole economy,
" i% v3 ]; W+ z3 Z* Zin this case it doesnt really matter how much money is created, + [1 M& W" {# K! I, R. ^
it's the problem of the debt itself.# v6 p7 E- d6 Y3 h4 p5 f* y' e
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$ M( ~( W5 H6 A7 Q% w! {" t
小弟一直都唔明...5 c1 r4 h' |* k/ q8 V
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全世界都蝕錢，咁邊個賺緊錢呢?& E( C8 `; p$ L* Z6 W

$ M' g! ~/ `" Y  c$ o" u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
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Thanks

2 W5 y" ~+ z; n3 N那些根本係 紙上財富  ; m: N9 c) a7 r) @: `8 N% a9 D  i
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; o& E0 `( j& a! o. J/ {
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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4 H4 n+ C3 Q6 }  o, x7 J7 T1 y
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' W$ F& G5 ^' B; e0 Q6 D- T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% R0 |3 [* b7 F4 T& o
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. F3 s& {% V: H, d
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,; s' f( a7 C( p
計番回報率就已經係50%,所以可以好好賺
1 n/ @2 A0 e( p6 x: d前提係銀行之間要互相信任先可以咁樣借法/ r( R# @. T  ], ]$ w- G* D& e& o; m
同埋個市場既前境要係好先得
1 A9 N& r" I- `) e7 c. d. q. ]但當經濟一差,公司估值趺了,物價不升反趺
. G! M# |" u2 L% i; F例如剛才說10蚊的, 趺到得番9蚊, 3 d4 l* y+ B+ \" g, u# L' D
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%+ j  R7 `+ r9 Z4 j2 G; }( T5 F
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,
. v1 J6 R7 g4 K$ H8 P/ |/ y" r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,
+ H4 V+ V6 v  ]: R  P- \6 P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ D: v" Y* |+ \1 s: P& M, 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 {* H- R" r/ v# M$ P6 }7 K
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; J1 V3 w1 `4 N3 d% y
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) }" w$ M+ j, m1 X8 d* t9 Y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 c0 P* X: X7 q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
$ `- ?* R5 S0 S7 r- T( q( j- H7 T咁你話d錢蒸發左去邊? ...

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正係咁樣
6 H6 x3 j8 b1 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
2 |5 D- r* Y) O3 ^& Z  O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,
) }, r3 W7 z# ?/ b$ C8 j連國家都係問人借, 不停發債券, 印鈔票
8 a! L( ?, k. T8 j: R& F一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
- ?6 c; c2 }) e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 _: r3 B  C7 u" G5 `
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...( J- r9 X6 K2 l) O4 i6 k$ H2 ^
因為以前未生產, 先消費: J9 U* \7 c+ L3 \
而家就要多生產, 少消費