0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif* a+ ?+ O5 |* t8 r
Why bank will sell 借據給第三者???
! J: |0 [7 \) ]1 V8 f" hI was so confused.....

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* K# J: T, x0 |+ Y講到尾都係賺錢6 G$ ^; l, s6 h% z/ L) ~; T
so銀行可以不斷放款. x% G% l( j- d* _" J8 A/ M, s% v
美國的房貸問題散佈到全世界
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3 j! K( P% j( d" p* ?( O5 k0 M5 omortgage loan 6 P) h% _, h% `: M& q) ]; k
>conduit
0 d6 F; b, ]3 u3 N3 u>RMBS(Residential Mortgage Backed Securities)
" ]6 k" c0 M0 d$ F$ B0 }>arranger4 Z) Z7 I8 a) K3 }" Z8 y% |
>CDO(Collateralized Debt Obligation)$ O# E3 q$ m! u
最後去到投資者

Kev

i thought it is the reason of rate of return.: k' x, ?+ `, p0 y
CDs could have different ratings, AAA -> F,, _5 l) S5 w# N7 |8 L
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 A+ A9 \7 ]/ r- w, m4 g& n3 wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 P/ s% F. f6 F$ Nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
  W1 ], I1 _3 O# ?! yAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# R4 F. p. r# @$ q5 Hsimilar to bonds, CDs trading in the secondary market have different value at different times,
: P  f$ y% v/ ^& d/ @normally the value is calculated by adding it's principle and interest. / e: ^! {/ u6 V) }, I3 ~: ~
eg. the value of the mortgage+the interests to be recieved in the future. 5 h3 W8 |. o* M" i
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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& Q$ b/ _6 H$ xim not quite sure if the multiplier effect does really matter in this case.- r) `' z0 n* j# M0 B
in stock market, it's the demand and supply pushing the price up/downwards.
$ l+ w1 ^! p% N5 YFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( U1 H; X6 W# V+ ?4 H0 v7 F" W+ BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 @# k$ m9 N" `$ [8 p! pThe 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.
5 X$ i8 |! b) b3 W" l! b0 mbut 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
/ [) I2 F# s. WRefer to last example,% `' W. X6 ~( C. g( K% U5 O
that means bank A have no money because we borrow 10 dollars from bank A $ K/ |- y1 M3 a- K
Because bank A doesnt have enough cash on hand 9 Z* B, n! E; t+ F" H7 i
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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$ c. i( U# a4 y" Y, GA->B->C->D->E' c2 L# D  f+ d7 U2 X
so does it mean if E failed to pay D, . |+ f) X( m% k3 T+ y  C- F
all the B,C,D,E have to go bankrupt?" j# |2 {# }; I9 x* B  Q

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6 a% I8 w: i2 t4 [the multiplier just tell how much money created in a whole economy,
  m7 Y4 D2 K, ?8 c% E* din this case it doesnt really matter how much money is created,
" C7 r$ K- l% f( n# `9 dit's the problem of the debt itself.
% ]5 B/ J3 }9 e( H% ~8 G& Zthe 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/ K& E/ w) e/ P: R5 m5 q$ @小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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* Y$ q2 ?" i) A, d/ E敬請各師兄解答: z" A7 D& z) F; U0 _8 h0 r5 Y, T

7 J7 b5 H! n" S5 `, g& wThanks

1 i6 f6 h) A: G( t( f那些根本係 紙上財富  , |, `7 F8 i$ \% ^
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 graphic6 Z: ~2 J, x6 u& r- A9 w% \! i
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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+ s& R: H6 G4 q' H, L+ K* P& Q
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 g. o/ Y( g  o1 F7 j
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 X, S' ?6 r- ^7 p! }" H* P0 d; f個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
- A8 }' c" D/ R4 a% \; q4 |扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,7 S2 L' {& o% u! L6 a+ d' d9 U, l9 p
計番回報率就已經係50%,所以可以好好賺
. \7 I9 X/ T) g& |4 \前提係銀行之間要互相信任先可以咁樣借法+ V* g2 G7 `: m- \
同埋個市場既前境要係好先得
! v8 U# c. c% w' u7 `" G但當經濟一差,公司估值趺了,物價不升反趺
: L# m( `4 O" l/ b例如剛才說10蚊的, 趺到得番9蚊,
4 [  N! P& F5 W9 R9 l/ C7 J: x) C咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
2 v8 A* w  y, m' z2 w9 C所以你就會覺得D錢好似蒸發哂咁6 J+ D: Q: X7 R- ~* X+ H

/ H+ m  V, T7 N你都可以當標野咁諗, 個樣野多人可以狂升值,
% Q, `+ C1 a& U  f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, ; c/ g2 u6 c- `& v
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 q/ U% o# O* t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
( x3 ~# O0 _+ f- ^3 k( g, ]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 {, {- }6 b唔係d錢蒸發, 而係比美國佬洗晒未來錢, , J. z3 @3 d1 O" j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 V1 O" p7 v0 ]0 \
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
$ B" p( o% \1 E7 M, r9 Z咁你話d錢蒸發左去邊? ...

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' _) m" z, D9 o. M4 Y7 w6 E3 e正係咁樣/ R* v4 L5 S) c4 v
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7 b7 m$ f! \$ u8 A( F6 Z/ n
分分鐘佢地唔使還錢6 E, S( f  f* B2 V/ I, P& t7 F

' S3 `9 K/ }' R0 o# G% v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,
' }5 z! I9 u- U: i% e8 ]  C連國家都係問人借, 不停發債券, 印鈔票. _( ?5 h2 }: m  ~5 k4 }5 u
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產* `* {0 j9 t7 P$ a8 B
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.gif0 ~; k3 u$ y3 g- Q
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...9 d; m! f! D% R' O3 y4 s$ P( K. P
因為以前未生產, 先消費3 b2 u9 X& v" A- j! ?& f
而家就要多生產, 少消費