0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
( I" Q3 e+ |; E+ Q4 A! |Why bank will sell 借據給第三者???: P) l+ a+ }( e
I was so confused.....

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講到尾都係賺錢9 G' n6 x) b9 w% k/ c& e
so銀行可以不斷放款" H, e1 a3 M: G( S7 K
美國的房貸問題散佈到全世界) i1 Y+ a3 o: f

! l7 ?5 A* i! J0 q# I5 X; cmortgage loan
& H1 u/ A2 {9 a$ G* C* v1 _6 x>conduit# B8 t- w/ x+ }% @4 }
>RMBS(Residential Mortgage Backed Securities)
' X7 f  b& p7 Z0 P>arranger
/ E$ v' V: M7 |4 }0 S1 p, J, M! r& H# I>CDO(Collateralized Debt Obligation)
: [/ o3 u; B  w- V# \最後去到投資者

Kev

i thought it is the reason of rate of return.( S6 V5 g1 @9 M. W: E- [5 u
CDs could have different ratings, AAA -> F,! O) Q2 v9 D6 ]  n3 h) I
more risky ones would have higher premium (interest rate) as a compensation for an investment.7 S, r* |7 J* m1 x( L1 d  U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# _' ^3 U% ~) y* ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
* y& _5 D# x& I! @3 FAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ ~7 b6 L/ x3 c4 v4 p0 E- Y
similar to bonds, CDs trading in the secondary market have different value at different times,
% z2 R. q1 K7 S0 M1 Unormally the value is calculated by adding it's principle and interest. 2 m& F* B8 ~. s& f9 q
eg. the value of the mortgage+the interests to be recieved in the future.
9 }2 O- U( J! cbanks 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.! d6 K- W% q: Y- B- A# [
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im not quite sure if the multiplier effect does really matter in this case.
* c: e0 h5 ]& C" R7 X; t  nin stock market, it's the demand and supply pushing the price up/downwards.
/ @6 r4 |8 M0 yFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ h" l/ Q2 A: Z- l9 `
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.3 ?  P- y5 D4 M8 b9 X) V3 ~- }
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. # k, s9 }8 @" G/ N
but 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. b4 K! q( V8 T/ X. r* N" J0 q+ {
Refer to last example,
  ~% d$ h& I1 R- F# |2 E$ W' nthat means bank A have no money because we borrow 10 dollars from bank A 3 I' o" t8 q& @2 c9 n1 @, j. l
Because bank A doesnt have enough cash on hand . |% J5 i, @6 S% n, {; b( f+ @$ c3 ?
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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8 y! c% m0 w, M$ S7 B( PA->B->C->D->E
8 v0 Y6 r0 ^8 u3 e( eso does it mean if E failed to pay D,
+ Y9 W2 Z/ ]* jall the B,C,D,E have to go bankrupt?4 v5 E. |3 I- w, o9 d
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the multiplier just tell how much money created in a whole economy,
: q. i: T3 C) v! {1 ?in this case it doesnt really matter how much money is created,
8 z2 i9 _7 ]! L. G. D! iit's the problem of the debt itself.
$ V* ^- s9 H: uthe 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
1 J+ n+ ^- u: F# f+ c. W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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3 K9 p- a* h5 O  `無可能淨係有人蝕錢無人賺架嘛...# a( q# E& K5 q+ H
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敬請各師兄解答
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Thanks

, Q1 o* L; q# _2 j9 j那些根本係 紙上財富  8 k4 P7 n/ J: Z* C# E
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 i$ J0 V! Z8 @# M! t0 B

' U% P: h* p  W3 M4 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
( D! ^# C, y1 |; G9 P0 o當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
3 I5 {# R( g) \; E/ C- L1 U$ b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
2 J2 F+ z3 t6 S- o9 E個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" J: Z. z3 @& E, g3 s; f: x
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,8 l  k- G+ Z+ T- a# v0 A+ }
計番回報率就已經係50%,所以可以好好賺
2 a8 B4 j, V" o% ^' m前提係銀行之間要互相信任先可以咁樣借法( f, Y" O% Y* F
同埋個市場既前境要係好先得. G' T  z% G. N
但當經濟一差,公司估值趺了,物價不升反趺$ N" z/ c' e  f  m
例如剛才說10蚊的, 趺到得番9蚊, + h$ y- n  S! `4 q$ Q. R" l
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
# B3 T* W$ D! j) _0 I- R- i. w所以你就會覺得D錢好似蒸發哂咁
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7 Z" b! Y9 s* f# Z6 h7 {# O你都可以當標野咁諗, 個樣野多人可以狂升值, . t+ s  Z, {. P0 G
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,
/ \* e8 v( e# L+ @" Q/ ^淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 a& b( E3 J+ t4 c) v3 }2 J( k+ A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: k- D6 c6 K( s; _  C5 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.gif4 t6 X# x/ M; W/ Z6 N' z* H4 P
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 ~) {2 E+ @- r  [+ ~7 `( m% T淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" p, T  s6 p9 E1 b( `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
4 \  M% h* f8 R0 N. l2 H0 Q咁你話d錢蒸發左去邊? ...

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正係咁樣
4 [& |* i6 H' K7 n- b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
1 p* x, g2 C/ Y# K: V1 [7 h分分鐘佢地唔使還錢6 n5 [9 F, n4 O( \' g

- T0 B  l! w* ^9 T* }! _) {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,, N$ s" F/ }* {8 X4 X+ E  c% U
連國家都係問人借, 不停發債券, 印鈔票5 h3 \  Z" @' m5 N" I7 H
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
+ ^' [) U2 j( n# ~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
8 F, D, C* V$ Z( S. W咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
) m- x" E7 q. @因為以前未生產, 先消費
$ R: p' }" e7 I0 y0 D  x! _9 t; O而家就要多生產, 少消費