0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif4 R, Y' u) m: S
Why bank will sell 借據給第三者???3 l6 O6 t; P' g; [; H2 T
I was so confused.....

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講到尾都係賺錢2 @& }& G& G6 z; r7 ?: I. ?
so銀行可以不斷放款/ M# y6 X$ m$ `( W: i, i- k
美國的房貸問題散佈到全世界4 M* a1 J" Q  M! ^4 X
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mortgage loan
  O+ d1 }; c  f>conduit
+ ^1 V& l$ T' a& I3 ^: \>RMBS(Residential Mortgage Backed Securities)0 O( r, s- {1 L  ]
>arranger- R3 R, ^  g4 V- d, j0 D
>CDO(Collateralized Debt Obligation)7 T' |3 F# A) e# p; s% ^
最後去到投資者

Kev

i thought it is the reason of rate of return.! z8 w# D& d2 w3 b3 a3 G
CDs could have different ratings, AAA -> F,3 P' H' F5 K. _( ~
more risky ones would have higher premium (interest rate) as a compensation for an investment.
$ q$ `6 j4 {$ r2 u- dmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- g! q1 G; o/ {4 r( Jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 |; [& r' e( R! d1 J0 kAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: K$ {7 V! n" S/ w& bsimilar to bonds, CDs trading in the secondary market have different value at different times,
( b) y6 y0 ^  [9 ~7 Jnormally the value is calculated by adding it's principle and interest.
* ], ~$ r7 A& {/ V0 reg. the value of the mortgage+the interests to be recieved in the future.
, E) _" h3 P- X. O/ o. E/ ebanks 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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: u3 A: z& O/ Z6 n1 ?- B0 Rim not quite sure if the multiplier effect does really matter in this case.
/ h& E: {" O& Z5 P5 {$ \1 [+ g8 z, Fin stock market, it's the demand and supply pushing the price up/downwards.1 p0 m  w1 }- @2 `) R9 n8 w
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* |1 z5 E! ?3 F6 z: XA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., J9 Y" a% O. h+ `& T
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. * \* @: ~8 x. ^' [$ M
but the value of their assets did really drop significantly.
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; w9 \: T; X( O- D" V: k( p[ 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
2 v- @! w# K% g/ T! n) yRefer to last example,8 B) F( |$ A3 ^6 `
that means bank A have no money because we borrow 10 dollars from bank A
+ Y$ _4 \+ b; {; j  P9 r. w* @6 DBecause bank A doesnt have enough cash on hand
" g1 d/ U* n) ~  q% ?7 Vtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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# e  [( {6 S, x# s1 Q2 F# B; H, J4 l
A->B->C->D->E9 i  y  F7 F3 A' I+ G4 D. X- T
so does it mean if E failed to pay D, ! a' e4 N) _. F4 S  |" _
all the B,C,D,E have to go bankrupt?
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  t8 s% K8 D' Q; p, s4 jthe multiplier just tell how much money created in a whole economy, # s1 ~2 y7 t6 r8 W$ f7 f  ~
in this case it doesnt really matter how much money is created,
* }  i+ g% |3 V3 v7 }! F1 lit's the problem of the debt itself.
4 J- C0 s- ^2 p0 B; M* tthe 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) @/ i" T* x, \1 Q. o# }; j
小弟一直都唔明...8 j1 _; o8 ]  {! @7 b
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全世界都蝕錢，咁邊個賺緊錢呢?9 I1 K6 D! [3 ~& H+ E1 ]0 X& @

( ^/ h1 M! l) n& Q. {+ w4 s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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- q# s# E; l" |+ w- e1 |Thanks

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那些根本係 紙上財富  / P: s; c0 Q! D, R" p; }
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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8 \& o0 j, o) }  B3 chttp://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 m) p9 w: Y8 G  g* b
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高1 ^, g$ k+ C. `" m
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
* B9 W6 ]; o) W/ |4 _5 P3 E個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 J4 K9 K$ V0 T% f扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,. J) _9 r, k% Q; h8 f
計番回報率就已經係50%,所以可以好好賺
5 ?3 a' g% G0 s前提係銀行之間要互相信任先可以咁樣借法
. L% i2 K/ c$ D9 t3 `同埋個市場既前境要係好先得
' b/ K3 r9 Q: w; r但當經濟一差,公司估值趺了,物價不升反趺
4 Q5 E4 R+ N. O. p/ A例如剛才說10蚊的, 趺到得番9蚊, . V1 m0 K. G& t
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( F! O  J- l7 z' k* k/ S所以你就會覺得D錢好似蒸發哂咁1 n2 v( d+ p% \9 K
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你都可以當標野咁諗, 個樣野多人可以狂升值,
# K3 f  s: u& c# 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, , [! O) i7 T0 I1 v
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 F: M# Q( a8 }( D3 }" y4 _! a
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
9 ?! i5 ^# }' F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
$ q4 a, W5 [" A- O3 T唔係d錢蒸發, 而係比美國佬洗晒未來錢,
6 R8 G0 I6 C$ b$ m% Q+ f& y8 y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  a! v4 |$ R& z# Y5 p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
) @# p8 V1 r! {# w; [  Y咁你話d錢蒸發左去邊? ...

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. C7 a' s& j- ]: Q) a5 ~- [正係咁樣
3 p9 w  {, S- ?9 s3 v/ j9 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
$ E7 T" c9 n! p5 n, O分分鐘佢地唔使還錢6 \: o* u% s! C
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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,7 z* `' t) c1 Z1 T
連國家都係問人借, 不停發債券, 印鈔票
0 B% S. G& k8 o6 }6 d/ g5 H/ Q% [一個國家好少出口, 而又大量入口 ,反映到佢唔多生產1 j$ F, x+ p+ ]& y2 p& 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
. _$ [* P/ W* D$ P% J咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...5 A8 J# k+ o2 m1 B" H) h+ i1 j
因為以前未生產, 先消費
2 j' r3 e% c" S" Q# Q而家就要多生產, 少消費