0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif* n. E' L; C9 H
Why bank will sell 借據給第三者???  [/ ]7 c  S  j% N5 z
I was so confused.....

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講到尾都係賺錢
, x6 C, m; k; w$ z$ @so銀行可以不斷放款$ N1 n9 @. B+ ~6 ], ~- ]7 a' ?- K
美國的房貸問題散佈到全世界) O( o4 m7 \+ U
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mortgage loan * ~) z' ~* N# k! E! F" |2 ?
>conduit/ [# i" T# \' @9 I
>RMBS(Residential Mortgage Backed Securities); m7 y1 r# k" k2 d6 t3 g, b& P6 A
>arranger5 \) P+ e/ ^  {$ j
>CDO(Collateralized Debt Obligation)
: f- ]+ w$ s& S" y- G/ N+ j最後去到投資者

Kev

i thought it is the reason of rate of return.* e. S% X7 c  S9 \0 Y0 U- I
CDs could have different ratings, AAA -> F,
6 y9 p4 |' V' h  e7 C+ c9 ]5 Amore risky ones would have higher premium (interest rate) as a compensation for an investment.3 k+ o6 {  a! s5 a  l
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 D, E, v7 [& k& M7 c8 C
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! _0 v, K6 G* i" Y+ G
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 P( \* h0 [3 c' u! V* M- b- U. Msimilar to bonds, CDs trading in the secondary market have different value at different times,
5 j1 S2 J9 E, U. [) |normally the value is calculated by adding it's principle and interest.
$ H- j% W* d  V) |0 U# f# Teg. the value of the mortgage+the interests to be recieved in the future. 1 t  J0 }. F1 ~8 L
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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" Z; Y) x/ h- a( G, D- ]  sim not quite sure if the multiplier effect does really matter in this case.0 `+ k9 U3 f( q6 R; M
in stock market, it's the demand and supply pushing the price up/downwards.
9 K& p$ y( P' a- h+ m6 NFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,  w" ]# T3 [+ l6 r
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% P& w0 L6 b  V; v, h0 D9 g
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. ( H& P2 P: ?( F, g) x/ k
but the value of their assets did really drop significantly.( W. J" ~/ k, f* l+ ?4 L& b* L, S$ F
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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
6 P3 `! K& m3 W6 i" N0 O; n$ cRefer to last example,
( W' W% E  \% sthat means bank A have no money because we borrow 10 dollars from bank A
: D) x0 S3 d6 C" ^% m2 v  WBecause bank A doesnt have enough cash on hand ' J4 I) \6 j5 y+ D, ], _
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E7 j% V& Y/ `  Z% S6 z
so does it mean if E failed to pay D, # H& }5 {+ Z6 O; Q6 u# ]/ s
all the B,C,D,E have to go bankrupt?: @2 ^  h; v, _, W4 `* ^. S& u  t

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) u3 D. a. }0 d  m. F5 j$ ethe multiplier just tell how much money created in a whole economy,
) @  T! _& I" B6 V+ X) Pin this case it doesnt really matter how much money is created, - J8 E6 T" j3 B7 l7 j
it's the problem of the debt itself.
, U8 Q+ q1 d( d+ \2 bthe 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
) W) w" N8 x% h小弟一直都唔明...
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' N8 W. b/ b9 Q! X+ c" j! C全世界都蝕錢，咁邊個賺緊錢呢?* i3 \9 W7 p' y0 x5 L

4 k, I/ J' v- O" X! 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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3 r; Z: E2 z3 W6 ^Thanks

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那些根本係 紙上財富  ! J/ I8 }/ N( @4 N" z( U: |
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
1 g; T5 i) Q+ t4 y2 ^! H當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' i+ P; F$ `' O/ x( H; K, h
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/ P" ?; N  _5 e
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦; M( H4 |( W- d: n7 `2 ?
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,2 r' M- Y* E( M! R" _# a) j+ Y/ F
計番回報率就已經係50%,所以可以好好賺
. }. x  x5 q, [$ _前提係銀行之間要互相信任先可以咁樣借法' D- U9 c) B7 i9 M) @+ w! `( p
同埋個市場既前境要係好先得- T- d3 n( }9 E) i: ?1 @7 O
但當經濟一差,公司估值趺了,物價不升反趺/ t" W8 X! v- W2 n2 u$ f5 Z  B
例如剛才說10蚊的, 趺到得番9蚊, 1 Y1 s0 U3 n; _" b  L
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% e+ ]" r8 |7 n& M# p; K+ C9 ?1 J所以你就會覺得D錢好似蒸發哂咁; m' [6 |) L! [8 R6 {3 |

/ Y4 F0 p7 n# m# L你都可以當標野咁諗, 個樣野多人可以狂升值, 2 A1 |. @- D3 s
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,
# G/ M8 V& n8 n3 I淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& L9 r- U* t; e) p; V6 T8 G" s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
. y+ J& g, x3 y' }/ f' [' c9 a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
6 m( w8 k6 R; u% ?唔係d錢蒸發, 而係比美國佬洗晒未來錢, ( i+ c& Q: f# i3 Z& o
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + k7 V9 c3 P2 f: w
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+ f2 A( j. b0 L" e
咁你話d錢蒸發左去邊? ...

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正係咁樣$ X8 G1 Z# Y4 ^- [4 u) 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% d3 r. R9 G0 f) d# `* `0 x( J
分分鐘佢地唔使還錢
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( x% k* K2 f  w, m* k8 G4 A; |; o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,+ p$ f# }$ s: k$ b
連國家都係問人借, 不停發債券, 印鈔票, a7 N" S9 y# u2 `8 j2 W: Y, C
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 T3 R0 y& ^& D! _+ y- t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, j/ Y( i# m" Y! B" p9 V
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
- r2 v4 D; q# q4 i' _9 J( n因為以前未生產, 先消費1 h& V8 Q- w  T1 Y8 O: m# [
而家就要多生產, 少消費