0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
: B  {2 u7 P: a, }: gWhy bank will sell 借據給第三者???
" }6 R( ^5 D0 yI was so confused.....

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4 n$ K/ N8 w4 b8 L講到尾都係賺錢. V4 C# {% p, ~+ \
so銀行可以不斷放款3 ^9 L: Q- w" k! Z3 N( A& E
美國的房貸問題散佈到全世界
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mortgage loan & c. L  `8 K  \/ u/ o/ O
>conduit, Q* y' d; m: @! ~; j, @
>RMBS(Residential Mortgage Backed Securities)
9 z/ {  m" i; S+ Z! s6 c>arranger
6 F8 J6 @& R8 ~6 C>CDO(Collateralized Debt Obligation)$ F- o7 N4 l, I5 b% D
最後去到投資者

Kev

i thought it is the reason of rate of return.  o' ]6 F  [4 I8 M* ~' i3 I" q
CDs could have different ratings, AAA -> F,
9 N4 C5 @, o0 ]/ wmore risky ones would have higher premium (interest rate) as a compensation for an investment.5 q+ L$ k( N2 E/ P, r7 U+ }
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# X) P% {$ T) [6 p7 M( I& O; g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! n+ S  J; t! Y  v3 dAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." s; a2 e9 }# s& l4 S9 O3 ~. H3 H
similar to bonds, CDs trading in the secondary market have different value at different times,
; Z% S& j7 J1 [2 \# I5 b6 Lnormally the value is calculated by adding it's principle and interest. 0 ?$ f' k- t" o( b+ H
eg. the value of the mortgage+the interests to be recieved in the future. ( C8 J7 `, h" \7 d) O$ r
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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im not quite sure if the multiplier effect does really matter in this case.
1 C+ l+ j5 v. T5 \. D- k0 }& t) Cin stock market, it's the demand and supply pushing the price up/downwards.
- e( z8 @: L) ~9 oFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. i" b+ ?! g' N  d, U2 V4 @4 f
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., V" x' Y8 {. y
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. ! H- G2 [$ j+ I
but the value of their assets did really drop significantly.) t) f4 d% d/ ^& a* x) ^- T' [

9 o; `. b% z5 D1 B, m! w- p- h[ 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/ E; u5 b$ O5 j; u% o
Refer to last example,
1 m9 B1 t8 L9 s7 ?5 Jthat means bank A have no money because we borrow 10 dollars from bank A 0 N8 C/ b7 X8 c6 o  {+ R9 O, e3 e0 O
Because bank A doesnt have enough cash on hand : l# Y$ C2 q. s$ e* y
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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! G& k7 N! w4 X; S/ i2 `A->B->C->D->E6 O9 F  c5 {) _1 g- Q
so does it mean if E failed to pay D,
: S0 E/ J9 c  o$ U  V6 g! Sall the B,C,D,E have to go bankrupt?+ j8 ?4 ^- [+ H. Y, a2 ^: P8 G

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the multiplier just tell how much money created in a whole economy,
7 }  g  D2 b4 G( W9 Ain this case it doesnt really matter how much money is created,
5 M* x: W7 N: `$ Y# ]# {it's the problem of the debt itself.
* S. n+ L! r& k& u0 Wthe 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$ C2 H, k8 n: K+ G2 R5 c
小弟一直都唔明...
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3 e5 Q7 |8 }" {全世界都蝕錢，咁邊個賺緊錢呢?
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9 m' R( b* @7 Z: z無可能淨係有人蝕錢無人賺架嘛...; v6 f( C. U( @) |; I, x
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敬請各師兄解答
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Thanks

4 [  L3 Y1 h! G2 }那些根本係 紙上財富  
/ W# Y, g4 W. H6 k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% a, ?2 i$ w( N2 ]; f. q7 l
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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* {7 x5 @( I% B$ a
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高2 x4 W: l: Y: M9 ]* Z; Y/ q- Q
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 p. w: i9 j2 K
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 V6 B8 v2 K% I8 J( H
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
8 v7 a. A/ q/ l0 {6 e) M' U計番回報率就已經係50%,所以可以好好賺/ g7 \- w2 T5 X6 D
前提係銀行之間要互相信任先可以咁樣借法' i' o$ q9 {! C8 [- [% K
同埋個市場既前境要係好先得! G$ v- {+ W+ d# k
但當經濟一差,公司估值趺了,物價不升反趺
1 _4 t8 ^4 r8 `' C例如剛才說10蚊的, 趺到得番9蚊,
5 x- q$ Z& l; |4 |5 n  L4 J3 E/ i咁投資銀行一下子就要還11蚊, 一來一回變左虧200%: w$ [/ }# p$ B2 O: u: l  l' j
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, ; O+ J) p  j& Q1 r* x. Y% {* h
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,
2 N0 h4 N8 ^$ g" x淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : B7 w# U: _/ S  f4 U4 X
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. g, U) X( e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
7 M+ X3 T6 q6 H# T1 T; m唔係d錢蒸發, 而係比美國佬洗晒未來錢,
# L; L5 y+ J, s7 X( b9 b- p+ ~* Q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , I  m% e. Q2 E" O
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, q* `+ |/ H1 q9 I; q, ?
咁你話d錢蒸發左去邊? ...

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- V5 e+ S  d! r- r- B正係咁樣
) B' x3 @3 K' W% Z, x+ x4 c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
' e. N" o! ~1 m2 {, b# ~分分鐘佢地唔使還錢  G% ?8 Q* C% L) v) t5 v: A

' x  F! V8 x. {; A2 ^/ ?, v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,: g$ F$ N' H& C" e
連國家都係問人借, 不停發債券, 印鈔票, t- b2 W7 C" r3 [, d0 _
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ Y/ j! ^1 D# }& Y8 A
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
$ I& F) a' y( v咁而家"爆哂煲"算唔算先至係變番"正常"???

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& @+ j0 h& M; s  b- h) f& W其實係...
2 d3 g$ u2 X" e5 Q5 G因為以前未生產, 先消費; W* K6 O/ I8 ~+ Y2 i
而家就要多生產, 少消費