0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ [3 d/ r0 ~& P
Why bank will sell 借據給第三者???
. |8 p% v5 T' z( l$ R: wI was so confused.....

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( s+ w! I4 `6 t! r4 _5 Y" N& S講到尾都係賺錢
. g  h  }7 g% @3 m  |so銀行可以不斷放款
, K5 P0 e  C# P/ S, l; `! f( g2 G美國的房貸問題散佈到全世界. X' C1 M8 w" w. O# ]9 R

) w; I8 X& \7 i5 n- a& imortgage loan 8 h% y" }9 n: B( O( m  `
>conduit" \0 u3 R+ q. z/ ^5 N: \' Y
>RMBS(Residential Mortgage Backed Securities). W. M! q3 t- M6 [2 B; m0 Q  i
>arranger
$ p5 g. F- c/ Z& `4 e>CDO(Collateralized Debt Obligation)
2 L2 S# F5 L/ |$ u2 L$ U2 d最後去到投資者

Kev

i thought it is the reason of rate of return.$ C, a7 G/ G$ I
CDs could have different ratings, AAA -> F,
; r$ M+ `/ u4 q; P3 w# C) Qmore risky ones would have higher premium (interest rate) as a compensation for an investment.0 P/ O+ l: ^, g4 S) _5 m$ D7 a
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. k  w3 c5 e5 w: I4 j8 Yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 M7 M0 [5 R! T% T8 r- d7 L$ WAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- d! n5 c% J. p/ F( ksimilar to bonds, CDs trading in the secondary market have different value at different times,
  ]' @8 j. K- B0 A* y3 }( wnormally the value is calculated by adding it's principle and interest.
( Z, @2 w& o# T5 R9 P5 r3 s( Geg. the value of the mortgage+the interests to be recieved in the future.
3 {2 P4 B3 x9 `/ B5 Kbanks 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.# j7 ^8 [' f$ s$ E) [' T

' F, q* _5 [  A+ D; h4 {! Aim not quite sure if the multiplier effect does really matter in this case.# ^2 J3 s! j9 Z6 d
in stock market, it's the demand and supply pushing the price up/downwards.1 V) H" ~9 W4 u  b9 K
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" M$ w" r  H+ ~! ^: z% ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& d7 J7 E& j9 r3 p- O
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. & h5 }1 c$ n  e/ u* M- v
but the value of their assets did really drop significantly.
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/ m( u* |6 x" h[ 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+ }9 z" R3 S, B- n
Refer to last example,6 k  K. W% t2 e! [2 n% r$ V
that means bank A have no money because we borrow 10 dollars from bank A
& \* h# m, y# m) s! N- ^$ LBecause bank A doesnt have enough cash on hand
" K( S9 x+ k/ L' G7 q. \) x; Htherefore bank A need to be bankrrupt ??? Am I right ?? ...

6 t% m. }" K1 X' _# X5 D8 D; l4 _4 z& ?0 h, k  v  S

, y3 G) W9 \+ ~( J) JA->B->C->D->E
8 W* Z8 Q! W2 e- Oso does it mean if E failed to pay D,   i6 w+ Q8 d1 G- b6 ~
all the B,C,D,E have to go bankrupt?
# D' X5 ?* B6 o; w" J- b+ {  K7 r9 }

# R/ x5 x; X8 b# pthe multiplier just tell how much money created in a whole economy, 3 r4 G0 s3 f* m; i7 ~  @
in this case it doesnt really matter how much money is created,
4 r4 Q4 N3 X+ K0 t* B! v+ ^it's the problem of the debt itself.# I, U, w4 P- s9 \4 q2 S1 _
the 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& O4 F2 H6 d8 y: E, l  e
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! [6 ^+ ?! i9 @1 b. S' q& Z0 @( I/ a6 d8 J, b* [5 l4 }
無可能淨係有人蝕錢無人賺架嘛...3 k, g4 @1 n4 s! J" H1 b

( ^7 t$ l! }$ ]' L9 w4 F, @8 r5 \敬請各師兄解答! _2 {/ g! ~# }5 ]  z' z& r" }+ F7 R0 l
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Thanks

4 s$ @. z6 f- [那些根本係 紙上財富  : x& U/ x. ^; W) e1 h
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
# N% `0 G; G4 C6 z5 U9 i
8 E7 W, y% b' D* Ihttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
/ ^9 p( r9 i0 p* Y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) H: Q$ R9 a8 d/ g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: z3 [$ ~/ ]! t" E4 _* {
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 H2 f6 _6 \  X/ b, y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
  o$ P0 m3 z9 f. e計番回報率就已經係50%,所以可以好好賺
  X# B4 _0 u9 N0 E6 k( t* L前提係銀行之間要互相信任先可以咁樣借法
% e: c# C% X  J7 p同埋個市場既前境要係好先得
6 J! r9 S' y9 B  i但當經濟一差,公司估值趺了,物價不升反趺
7 o& {6 P" D$ p例如剛才說10蚊的, 趺到得番9蚊, 2 M# I  X! K9 `9 d0 u; I
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' b# c9 G  e$ N" l+ @4 _, l! m* e所以你就會覺得D錢好似蒸發哂咁; A, u* K$ E. m

1 a* j  l+ X3 N你都可以當標野咁諗, 個樣野多人可以狂升值,
) c. r* ?* z: j2 z! @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,
2 h4 ^# z; j# k: B4 Z! G淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( |5 v0 J* V. Z) Y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
& t2 d4 G) X7 B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
3 R8 o) L0 `' h  t! c3 O5 V唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; B8 |  S% `0 L* k8 ?9 Q% v4 _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 c  i1 `% A  o% }2 Y; @" v
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
! U- w, V% t4 a& Q咁你話d錢蒸發左去邊? ...

2 I0 m. X+ A* \% p/ H! v/ F8 O. C0 [0 Z3 D/ g0 ?
正係咁樣
! F, u8 c+ I6 \- i2 `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9 ^& D+ [  C# b) `3 E( R
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,
0 t) }3 }+ u  y. M9 P連國家都係問人借, 不停發債券, 印鈔票
3 J1 U6 L3 p* u- p/ V一個國家好少出口, 而又大量入口 ,反映到佢唔多生產9 C; u0 w* p# G' \/ ]/ L  Z0 M* S( E
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* s6 Z( G) L" W7 |咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
4 H, o% k/ j0 A: ]& m2 T3 K因為以前未生產, 先消費
' l9 K/ ?+ z9 v& A: v: e而家就要多生產, 少消費