0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
% u* C- e2 R$ |Why bank will sell 借據給第三者???! I; G) }# c- u  O
I was so confused.....

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+ m0 t% W7 U! k6 ?; I4 y講到尾都係賺錢) y* t1 W" T$ q0 a, d  C- u; ~$ E( u
so銀行可以不斷放款
) z  r0 r$ H# e. C  F8 `* w美國的房貸問題散佈到全世界
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)+ V! T& t" }- U, |# V
>arranger
% p, {& ]5 m, c>CDO(Collateralized Debt Obligation)% y+ |6 p1 g, J) Q0 z* S6 T' G
最後去到投資者

Kev

i thought it is the reason of rate of return.
6 @9 P; T4 K2 \0 g& G0 d0 l/ HCDs could have different ratings, AAA -> F,
( q' U/ R1 ?. T- \more risky ones would have higher premium (interest rate) as a compensation for an investment./ u0 C8 A3 I7 ^' t" W/ I. {
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* ^) h& J* E/ j. jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 z6 N3 Y3 O2 N! O. R6 i
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 m" v  w# X7 L8 ~* ^% |
similar to bonds, CDs trading in the secondary market have different value at different times,2 R  z5 }9 H4 v: T/ t* L8 s9 v
normally the value is calculated by adding it's principle and interest. . Z- {" A7 `* o2 v& G/ \
eg. the value of the mortgage+the interests to be recieved in the future.
0 m7 ?/ r/ F7 [' C, Obanks 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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; a$ ~4 v9 h  i' i3 F/ pim not quite sure if the multiplier effect does really matter in this case.1 f/ m8 u* V$ d$ z
in stock market, it's the demand and supply pushing the price up/downwards./ e: E2 K( L4 L7 M' `1 Y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 n  w2 Y# j% M1 z( M' X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! s2 M" C2 r9 Z# |% IThe 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. : J' P! Q( t+ \: m$ z- o% m
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
) f9 U% r. m% {" H3 Z# w/ a! ^1 M8 _Refer to last example,
5 \4 R2 W7 W2 Q, ?7 D3 z1 ?that means bank A have no money because we borrow 10 dollars from bank A
9 B; \+ C- C! _  u/ o3 ?7 T7 [Because bank A doesnt have enough cash on hand ' |0 v- }0 p* p2 t
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ D- S5 C, J& RA->B->C->D->E
9 J; O5 j- `5 v$ z% Z2 V1 d; Xso does it mean if E failed to pay D,
! ^: u$ I5 W1 F2 ?( m' b9 O. ~all the B,C,D,E have to go bankrupt?$ p, R, R+ R" g! r* m

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the multiplier just tell how much money created in a whole economy, 4 v. Z9 M8 G, D3 J  Q0 L- f/ k$ i
in this case it doesnt really matter how much money is created, : Y! k1 M4 o  F' e, F1 f8 Z
it's the problem of the debt itself.# F% b. X' @) l0 |4 f
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.gif4 I1 v2 C& K3 o4 T  ?: j7 v% N
小弟一直都唔明...% R: z1 d( N$ Z- y# R. Q  |" U
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全世界都蝕錢，咁邊個賺緊錢呢?
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; u! V5 M+ j$ ?- O) ]& Q無可能淨係有人蝕錢無人賺架嘛...6 z9 E8 j7 ^  p2 c# s8 }
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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  
$ c/ l  k) C) @. Q- L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) d! u; V3 ?5 e; u5 e
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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& Y: H& i( X6 p2 P. q
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
5 Z" H  ~8 E# w+ E2 E+ P' x8 c2 _8 A6 C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- N, R& n; }; m: J, u; W4 `
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦/ T7 q- ?0 R6 S6 `/ W
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 Q' c" E# G& s1 F& P  z
計番回報率就已經係50%,所以可以好好賺
" V; w/ r/ w4 k* H  ^前提係銀行之間要互相信任先可以咁樣借法5 }( E9 U$ K0 z9 m) H5 l0 A; E
同埋個市場既前境要係好先得. U6 I$ ~; R3 x- H! Y, T! S
但當經濟一差,公司估值趺了,物價不升反趺
* p- E; e4 e, s例如剛才說10蚊的, 趺到得番9蚊, 3 [2 q9 c- x; i0 n% y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%5 h5 l5 n: _$ b2 t  g
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, % `9 a& X& f) p6 Z
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,
8 F, w- J9 A- e$ f! m3 V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 E1 \5 Q3 L$ b  M7 U8 h" ^
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) o5 {1 ~+ [7 C, i
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
0 \) I& s' p7 f/ a唔係d錢蒸發, 而係比美國佬洗晒未來錢,
0 [7 z! _) z, [: o5 I+ n淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, C% B# I, T4 s# Y5 c" L. _& Z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
- @" F/ |( }/ f8 d) S咁你話d錢蒸發左去邊? ...

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正係咁樣
3 \7 e% A) N; t+ O+ ?  Y( 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
4 b+ u6 y% U3 N" y分分鐘佢地唔使還錢6 q, s- L/ G$ W
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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,
$ H/ t5 W. j  \# H2 j連國家都係問人借, 不停發債券, 印鈔票* g$ b( c, i# [# z0 m6 |
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 i, K8 C; t# j. |  x8 q" m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% r2 H. K, {7 O- Y8 g( e
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
2 Y# p3 R/ V4 }" D, R因為以前未生產, 先消費3 V$ J3 ]  v% c  J* N
而家就要多生產, 少消費