0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
4 s' q& r" ~: h2 h* n  ?Why bank will sell 借據給第三者???2 h0 F& R1 J. {" a& n5 {! b
I was so confused.....

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講到尾都係賺錢
0 `8 h" q% b$ i  k8 a" fso銀行可以不斷放款
, q" I# y7 @. l: o美國的房貸問題散佈到全世界1 T/ u9 z0 `( x# z
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mortgage loan ( D; T9 t* L) s
>conduit
0 i& Q9 C# e2 K) h$ |& H# e- x>RMBS(Residential Mortgage Backed Securities)
  q$ o! r# l3 E6 `( q>arranger$ Y  J7 [, J  ?) O
>CDO(Collateralized Debt Obligation)& ^7 ]% ?' {# D* w3 L
最後去到投資者

Kev

i thought it is the reason of rate of return.- @* B2 ]; ]* Y' f
CDs could have different ratings, AAA -> F,
6 c0 X% r$ J* q+ K- J. smore risky ones would have higher premium (interest rate) as a compensation for an investment.0 T, z; K* e; f) ?6 l' K" F" ^: N
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 w4 h. P2 N5 K2 Q: e+ q! n5 I
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 v* L) {8 d& I$ L2 M" y8 T: P8 k
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 ?2 n! H" ^; K9 E- {! m8 l- nsimilar to bonds, CDs trading in the secondary market have different value at different times,
  s$ ]5 F" B5 C% q/ Xnormally the value is calculated by adding it's principle and interest.
/ B9 R) l% K6 }eg. the value of the mortgage+the interests to be recieved in the future.
. b7 \3 I! r0 _& ]' i, U" Mbanks 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.  ~3 d3 y% t. T' G
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im not quite sure if the multiplier effect does really matter in this case.
6 n3 V) v) ]1 }' A' y. n! _in stock market, it's the demand and supply pushing the price up/downwards./ K/ s3 ?5 _* t; X, T" N
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 j) n9 |! E" |
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* ^* P- P8 q7 b3 M/ J/ ^8 r
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.
) {9 g; ^6 W4 m7 pbut the value of their assets did really drop significantly.0 o  _) {, O& E4 D9 E- O" H$ ~
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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
+ M( x. N4 o+ }Refer to last example,. r' v  D) R; e8 Z2 Z. D
that means bank A have no money because we borrow 10 dollars from bank A
& G# ~* s2 ^! I4 _Because bank A doesnt have enough cash on hand $ C0 d4 @( ^: x: P/ v! N" H) f4 }
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E3 j5 Q! p' h/ M8 ~/ t
so does it mean if E failed to pay D,
5 V6 @" {2 a, K* eall the B,C,D,E have to go bankrupt?4 z4 s2 c2 F" o4 ]! g

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5 e0 {+ |9 q, j+ n, Hthe multiplier just tell how much money created in a whole economy,
2 ?$ i1 d7 y1 w2 ^$ N- J+ Win this case it doesnt really matter how much money is created,
/ S8 P( w4 b/ P) e# T4 P0 Rit's the problem of the debt itself.
2 u( ]& [$ B; Q3 Fthe 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& k: d. Z; T. G
小弟一直都唔明...7 z7 e, _9 y2 l6 ]

% V! R+ H1 Z* S6 N; l' x全世界都蝕錢，咁邊個賺緊錢呢?, C- x; E" h3 N" V% s* S: Y$ S

$ b& U  f, i  y* s7 J無可能淨係有人蝕錢無人賺架嘛...3 P2 s# s: ]/ U# H

& h! F* I* Q7 P2 j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  ! n) V- e/ v+ Y: c* V" W3 M8 i/ D" ^3 [
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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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/ F/ @0 {6 h, Q9 {0 Z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 Z, \3 @  K8 Y  b1 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
1 v$ v6 e5 v) u/ V個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% S- A4 a/ \2 b- ^- l扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
  [' _: T' w/ o) C計番回報率就已經係50%,所以可以好好賺6 B: s6 h- b) X4 T  W1 V- J8 \
前提係銀行之間要互相信任先可以咁樣借法# {3 d7 U- P: a( n
同埋個市場既前境要係好先得1 N; Z; K) `6 F5 `* t3 M: o
但當經濟一差,公司估值趺了,物價不升反趺
6 S* ?" B$ J- \1 C: ^6 g& G  v例如剛才說10蚊的, 趺到得番9蚊,
5 n6 Y' l7 B; Y% z) \1 w咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
, b/ J$ [1 M4 U+ F) v8 m2 T; d, 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,   P0 c: P, V6 r# x# ?, |$ s, X9 C0 u3 w
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, + F5 y8 g* `( B' u3 X# |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 Y+ }2 T  R& y! O. b  G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
* R6 W# [5 N  j; U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% O2 a9 [0 v' M. b
唔係d錢蒸發, 而係比美國佬洗晒未來錢, : Z* B4 A) ?1 w1 X, N' ]& R! R9 @
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& _6 S9 [  K  L8 e) ~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' g2 F. d$ U* s, \
咁你話d錢蒸發左去邊? ...

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正係咁樣
4 s1 K  l* M/ O  C2 E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
* g6 o6 ?; w, x7 l分分鐘佢地唔使還錢3 U% H/ M4 @/ F& F

0 O* b- T0 E$ O8 A+ l7 R5 o9 |' o# a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," O5 j' ?; b& _. H& ^
連國家都係問人借, 不停發債券, 印鈔票
8 `. n$ Y" h4 k' t6 ^一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( K* ^1 ]$ M- N! g
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
* X- l1 M/ V2 b0 ~& |咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
6 k5 k, f3 t7 Q$ {; G7 `$ I因為以前未生產, 先消費- ~- |. k2 B6 t' ^8 @3 q
而家就要多生產, 少消費