0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
$ V4 z  V8 W3 N! j+ K: ~/ bWhy bank will sell 借據給第三者???. u9 j+ U, Q" i8 U) p
I was so confused.....

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講到尾都係賺錢# c3 i' W/ Q, ~
so銀行可以不斷放款
; g! Z* h0 r! S  A# Z6 y美國的房貸問題散佈到全世界( \( l+ S% ?: s/ w3 {
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mortgage loan
9 Z# E+ \- ~& C+ Y2 ~6 I>conduit
8 B4 U. p, y# H0 P+ v. K>RMBS(Residential Mortgage Backed Securities)
6 m% v* J. V! U8 N. j0 V>arranger1 J$ V/ ~' q3 U! ~; t2 _
>CDO(Collateralized Debt Obligation)" V  k" V. ?( {% F4 d6 k
最後去到投資者

Kev

i thought it is the reason of rate of return.
; m( s& J$ C! l# J" `9 Q0 ?CDs could have different ratings, AAA -> F,
; t2 v/ ]5 }* qmore risky ones would have higher premium (interest rate) as a compensation for an investment.
& w2 T* P# h6 gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  b8 C& l+ P3 c4 din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ @4 c* y* K! W+ X* A! t& s3 p
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# \5 ~+ f. `+ u5 C; J4 ysimilar to bonds, CDs trading in the secondary market have different value at different times,9 v% q/ D8 T. U+ ]5 k2 B' @* Q
normally the value is calculated by adding it's principle and interest.
, Q8 w4 u9 P5 N5 `8 h3 o: zeg. the value of the mortgage+the interests to be recieved in the future. : x% N8 Y$ I7 Q5 z5 a2 p' L% O
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.% F% r' d8 M  `! ~6 B& N6 O
in stock market, it's the demand and supply pushing the price up/downwards.
& P6 G6 A/ V0 o+ b2 x) xFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 T5 @4 ]4 w& w3 [7 S; T9 X1 R
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 x. e8 J# @$ g$ R3 r  w/ m) XThe 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.
( @4 a3 M* z* \0 r2 |7 N: ibut the value of their assets did really drop significantly./ |) N, U7 U8 J7 v! q9 D. a! M7 |
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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# {" [& _1 t+ P$ j( |* l
Refer to last example,
! u, \1 f2 P2 i  c# ~8 rthat means bank A have no money because we borrow 10 dollars from bank A ; p% [3 i0 @! V' o: L
Because bank A doesnt have enough cash on hand 7 A& b" t4 ~1 ]3 |3 u7 I5 r
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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) D; v% G1 b! g" i4 H1 F$ g* yA->B->C->D->E
' h1 L( {8 {6 U) pso does it mean if E failed to pay D, + B  w) ?' X. k
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, 2 c; v- i; R3 B& g, B7 F
in this case it doesnt really matter how much money is created,
/ V( {# H2 K/ Hit's the problem of the debt itself.
4 d( B! C% A5 j* I. p* l6 v# vthe 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
' z) Q- k% `- `) B小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?/ w" F9 u4 k5 G
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無可能淨係有人蝕錢無人賺架嘛...
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6 v9 A0 F$ i1 h, B敬請各師兄解答
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3 C4 Z9 E* V* bThanks

( A3 A3 ]( G* C9 K) v% n那些根本係 紙上財富  * a% d& p, h4 O4 l# c
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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9 a! E( X( J$ A0 H/ N# U, Dhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產: p4 R3 r7 T8 [7 I
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高* X+ ?: `1 f& O* F. u
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3 U: k/ e( B( j  o# l
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦& I, D. A  o: z. |. v) I0 S& I
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊," M7 Q* S/ _3 u8 W% ]
計番回報率就已經係50%,所以可以好好賺* u% [; s0 B* Z/ t# r
前提係銀行之間要互相信任先可以咁樣借法
/ g. B+ p3 G4 Z同埋個市場既前境要係好先得' R6 a% \! a; z3 E! m* F! z
但當經濟一差,公司估值趺了,物價不升反趺
7 z) N- F- e% R' d5 I) k2 L例如剛才說10蚊的, 趺到得番9蚊,
+ Q( Q) }3 B9 E; O3 t- I咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
: Q$ {9 {; P5 w4 t, V7 e; G所以你就會覺得D錢好似蒸發哂咁! E4 \1 n- o1 ]

# y! A: R/ V8 A; [! E. R7 s你都可以當標野咁諗, 個樣野多人可以狂升值, 9 W( a- q# V' y% h0 {3 m! x: ^
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, 1 u" j5 s3 P) M# E) O1 u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ P. m  ?# v% F% c7 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+ h* L8 q5 r( N
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
+ F/ r  ]  ^$ R/ D& |7 W. N/ p唔係d錢蒸發, 而係比美國佬洗晒未來錢,
& ?+ H; Y4 \4 v2 K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - b, A' Z9 ~9 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
$ K9 ~8 d; Y" M% n% O* {! J咁你話d錢蒸發左去邊? ...

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* Y$ a2 R8 F+ m! ]% l正係咁樣- B7 T0 J3 Y) y# }( G8 t
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, T- J/ E2 w4 U3 Y
分分鐘佢地唔使還錢
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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,% u  y  h- \+ X5 d3 a, G6 s
連國家都係問人借, 不停發債券, 印鈔票: u0 Y/ V9 Y0 y  t
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 t& O# ?8 W1 p/ ?; `
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/ \0 \2 K' [6 m+ |; k0 X# p* 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 e; @+ @, d因為以前未生產, 先消費
& i; B; c! ~) n0 [! y, b$ y而家就要多生產, 少消費