0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif2 ~: o' P8 d) G* R, Z2 p- y, N
Why bank will sell 借據給第三者???
& ]; D9 V; F- Z1 g! b. nI was so confused.....

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, w6 x. I$ Y! I講到尾都係賺錢
; O- @) ]0 W6 ?* h$ fso銀行可以不斷放款3 |; z. b& y0 U3 i1 `$ M
美國的房貸問題散佈到全世界2 ]3 A6 i4 }5 N) Z6 }6 [: V- @
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mortgage loan
/ D1 _$ J% N: b3 M, y9 B# d>conduit" r( ]/ b0 A, e4 S
>RMBS(Residential Mortgage Backed Securities)# |1 D& |- {) |! A8 @
>arranger
8 f+ i+ l7 Q( }1 m>CDO(Collateralized Debt Obligation)
& r  M; q7 X# ^1 C最後去到投資者

Kev

i thought it is the reason of rate of return.
( u( w6 ~3 K8 L: R* }: D7 SCDs could have different ratings, AAA -> F,
) y) E; X; U% O, r5 Rmore risky ones would have higher premium (interest rate) as a compensation for an investment.% W2 {+ ]/ {, e- a, O4 a. ?
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. I& {2 X. W( b& K- c2 u+ Xin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. h! P! _! |) K$ I+ KAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( b; }$ X, ]2 U( W& ?similar to bonds, CDs trading in the secondary market have different value at different times,+ a4 X$ ~  K! t/ U0 ^
normally the value is calculated by adding it's principle and interest.
6 Q- H7 A" D5 I/ b; `  D& Ceg. the value of the mortgage+the interests to be recieved in the future.   S+ G7 C- b% c5 o0 c
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.$ l1 V# ~" c1 h! L7 y  P

' ~  A+ n) R$ U% p; Iim not quite sure if the multiplier effect does really matter in this case.. {- v! ]- y& |& d5 p' s/ [
in stock market, it's the demand and supply pushing the price up/downwards.
/ q# b: N8 j  }For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 C8 `+ v- O9 \) x; n( [* p$ Q4 M+ B! @
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- d) s& |% ~, H* D
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. ; O- G) J! C8 y" ~
but the value of their assets did really drop significantly.  Q4 L- _# S) i
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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; a: Q4 i8 H6 w5 P$ s, q5 `' ~7 [
Refer to last example,
. O3 Y; t! ?' p+ Uthat means bank A have no money because we borrow 10 dollars from bank A
' E) p  @- W, K+ P4 Y6 Z( `0 _9 F8 CBecause bank A doesnt have enough cash on hand   b; [# S9 h/ _3 p1 d
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E: }6 }5 a2 o9 I6 e- ?6 _
so does it mean if E failed to pay D, , O  j$ j: f3 g3 `/ B- r1 u
all the B,C,D,E have to go bankrupt?
$ g' r. ~  l$ Q7 b. R8 a3 N' c' \# O: t/ K

1 z+ G5 `+ z+ T/ ]$ N  f9 t$ }4 mthe multiplier just tell how much money created in a whole economy,
# b$ A# b9 J  s( O! T9 rin this case it doesnt really matter how much money is created, : |  C! Y/ F4 D
it's the problem of the debt itself.1 \* H6 y7 d# W& ]! e7 `( i0 q
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.gif7 c) h7 n& B* C: c$ t: t
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?/ m2 ]# A# h, i; q5 W8 w2 m/ A
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無可能淨係有人蝕錢無人賺架嘛...# Y( j) J* @7 _& N# E% K
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敬請各師兄解答4 C* {, ~; T; A& z+ r

. o2 P* C% V) h9 m+ x7 y; BThanks

9 _/ N* {1 ^6 W# K; j, l, M那些根本係 紙上財富  6 b6 a2 |2 y, q3 }+ W% q
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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, Z, O2 E- F; C5 D2 H# Khttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產" F. }7 l& [6 Q5 P% i' y
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 l" v7 Q) C' }3 v& g9 i
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- D7 W/ J! f: b6 ^- a" ~
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ d) \( Q9 N8 R' Q扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 b0 s, X, l4 Q  {% c2 R& ~2 F; D2 b計番回報率就已經係50%,所以可以好好賺+ |5 ^3 f& X) a+ r5 l& S
前提係銀行之間要互相信任先可以咁樣借法
& @  p2 A3 g$ m" V( r同埋個市場既前境要係好先得' `$ t9 A5 b7 r
但當經濟一差,公司估值趺了,物價不升反趺. U4 a) k# b% j2 m6 i( a& f* h8 H1 Z
例如剛才說10蚊的, 趺到得番9蚊,   k2 ~$ I2 A$ h) n8 R* C
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%; a9 K( u- f) F' K8 H
所以你就會覺得D錢好似蒸發哂咁5 I3 y2 s5 ?2 s) s8 n7 T0 N* [

8 _' ?( P4 \9 l% T% l" A你都可以當標野咁諗, 個樣野多人可以狂升值,
" o! I5 F4 a0 p$ X# k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. G4 Z% f3 h4 b淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 y* E1 e' C3 k; _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
1 v" H, g! E# q5 K, P9 B) T6 H+ @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.gif6 q' r! O  G" K/ y4 R# f
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, Y$ y$ w3 K) I* t; D淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , @! _- w/ q% Q  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5 M# \6 x% h# f: S% w2 i: i% |* P7 s; X
咁你話d錢蒸發左去邊? ...

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% _% h; T' \. u' g正係咁樣
# P8 p. D- L3 ~- V* W, Q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 w4 g1 a/ M, g; S分分鐘佢地唔使還錢
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$ e& x$ S/ |+ ~$ 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,
0 b3 q" q" E0 u連國家都係問人借, 不停發債券, 印鈔票5 g6 m& t, U9 E0 E
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產3 a' z' U+ N/ f' z# M9 P2 }
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
% ]8 [, l7 R& e( h8 E! F2 a咁而家"爆哂煲"算唔算先至係變番"正常"???

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+ R+ v) \$ \7 K/ T其實係...3 M' B+ S% n' O$ n0 o
因為以前未生產, 先消費. V/ H" p( H( N4 I
而家就要多生產, 少消費