0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
1 B$ q, g% g$ ~% ^$ RWhy bank will sell 借據給第三者???
) a/ ?6 A  `" o7 x  [, s8 V3 qI was so confused.....

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講到尾都係賺錢5 |( I* Y3 N- e# m" W4 G9 n
so銀行可以不斷放款
( F4 S: }! }: l: h美國的房貸問題散佈到全世界* O& @6 u& ^& v3 l

; @) p& f! [( S$ ?( q  ^  n; Amortgage loan , |, i9 z! U) x
>conduit
4 `  I! G0 H) p>RMBS(Residential Mortgage Backed Securities)
0 R& O4 `. |' ^& I+ A( U8 W>arranger
( u' g2 J1 V' e/ i>CDO(Collateralized Debt Obligation)
  k& p6 \5 J, M9 V最後去到投資者

Kev

i thought it is the reason of rate of return.
1 d3 W. u7 [6 Q5 O; ]CDs could have different ratings, AAA -> F,
; g1 [2 O1 l, b& ^( |' v2 v, J- Z2 Mmore risky ones would have higher premium (interest rate) as a compensation for an investment.
( `9 ]6 \  {6 o; x9 bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ u- ?  i2 x9 p- D4 W  ]. zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 s# o  E0 p- i  ~
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 |1 f. V# w/ ~
similar to bonds, CDs trading in the secondary market have different value at different times,
: Q3 C; _' }) L) qnormally the value is calculated by adding it's principle and interest. ) u! u$ U  m  W' v: n
eg. the value of the mortgage+the interests to be recieved in the future. " h) h: K$ r8 r+ h
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.! u( x6 e& u' H8 M) _' f8 e& K& f
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im not quite sure if the multiplier effect does really matter in this case.
4 ]4 C$ L. A0 N$ ]3 Iin stock market, it's the demand and supply pushing the price up/downwards.( O8 `" p) h9 B& [
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 s& f/ Q3 V" V5 F! y: @, \A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 S4 j% X$ J$ ~: O) _+ S! _5 Q8 oThe 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. # p$ i* a3 O2 I; D  z8 t2 M) K8 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- P" |1 m. ^5 z$ a. s" o
Refer to last example,
! y6 u! y( ~; f, I! N5 }2 ythat means bank A have no money because we borrow 10 dollars from bank A
7 W9 v$ C3 C/ Y, r" f- s% D' pBecause bank A doesnt have enough cash on hand * S' l" `" G0 I4 V+ e! W' l
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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6 H( T# M9 t* gA->B->C->D->E
) M" h; q7 l& {1 z0 @so does it mean if E failed to pay D, ! h' m- ~7 z! g1 x8 n& w& V( P
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
$ Z" H& B4 ]) v+ I) Jin this case it doesnt really matter how much money is created,
7 d; `7 r8 E. ~/ M4 B- L7 Bit's the problem of the debt itself.: q; G+ G# Q) U& }; K* D
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% @6 r& n6 ^, ]+ h" g' T" N' k
小弟一直都唔明...
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. v- Q9 H; a% ~6 O! m全世界都蝕錢，咁邊個賺緊錢呢?
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4 R- k7 A' g, z3 z* @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

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那些根本係 紙上財富  / }% l  A# |6 c: |" {, {! |
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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# ?+ G4 U4 _4 J7 [1 Y" fhttp://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 G! y0 Q7 |' m. N當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
  L, m9 ?7 \$ z( q) {' J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8 |8 I! A/ w) ^* F9 L) q' K
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
* j; F/ S+ R: o9 a% A扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,. z% `5 {, W% T
計番回報率就已經係50%,所以可以好好賺' f' X) B! L" P3 O' _
前提係銀行之間要互相信任先可以咁樣借法
9 s; U( Z$ ?8 i( y( n同埋個市場既前境要係好先得+ O* F0 R: |0 m3 Z1 l- o; X
但當經濟一差,公司估值趺了,物價不升反趺) t9 ?) O  p$ T' r: c/ G
例如剛才說10蚊的, 趺到得番9蚊,
. X+ u$ e! q3 h7 ~) G" b咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' W  q+ k. }! `" M+ q: h所以你就會覺得D錢好似蒸發哂咁, m, ?0 ^; H# {& C/ q  W
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你都可以當標野咁諗, 個樣野多人可以狂升值,
# p& G# {  Q6 J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, # T2 s8 a$ [- J! s8 B
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   M5 I6 ~7 U8 N- C, j
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
5 G3 T0 ~0 |6 F; F, K, ?+ D( G8 A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
* B$ Y. {* w. D' F; V唔係d錢蒸發, 而係比美國佬洗晒未來錢, " Z/ e3 C9 l/ V
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* U' N3 }" r6 o4 g' ~1 V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) V! R' A) o" j  e
咁你話d錢蒸發左去邊? ...

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正係咁樣- ]  r+ V* T/ |1 I$ p- r( P
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
4 j8 l  ]% [  g( j4 j分分鐘佢地唔使還錢# f! M. _6 ?$ G4 G& P

% s/ V' G, q  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,
2 F) J! Y' ]$ @, d* J1 }  d! e, L" s連國家都係問人借, 不停發債券, 印鈔票. x, v; \  C) ~4 x4 A5 x* h# t7 Y6 i
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 p; _: Z# v. L, [/ 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$ F5 E9 k) b# ?3 }& D( a
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
, S( L0 \$ g( n1 b- L# x) R9 B因為以前未生產, 先消費
  B' c' I2 k* M. C/ P  K/ y3 S' R而家就要多生產, 少消費