0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif  L( t; s3 y- @# h1 J
Why bank will sell 借據給第三者???
0 @* w1 D! L- x2 w9 D1 oI was so confused.....

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講到尾都係賺錢( q; d: U" ^6 e+ w" [0 D
so銀行可以不斷放款) k. T( R& x2 ~! k
美國的房貸問題散佈到全世界
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mortgage loan * z6 T; |" y1 c8 H
>conduit
' h7 R/ u* h- _; D' J- ~( `. o>RMBS(Residential Mortgage Backed Securities)! n" U1 M% M. P* l$ |
>arranger
+ G- _) P/ r# f* T+ H( S! ?>CDO(Collateralized Debt Obligation)
' \3 ?# ^2 z" |9 _9 o/ i最後去到投資者

Kev

i thought it is the reason of rate of return.  u8 ~1 n: S- _2 B! K6 o
CDs could have different ratings, AAA -> F,! ?, E1 I( U  J- u6 S# X
more risky ones would have higher premium (interest rate) as a compensation for an investment.
' A; c3 b* a7 Hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 `% J/ h( J% v6 U% N, \! m+ e5 y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, L& s' y: O$ i5 V. n) ~! FAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ o3 g3 o7 t* i; W9 m& i5 W. Isimilar to bonds, CDs trading in the secondary market have different value at different times,
1 H# g5 ]3 T; A; ?% ?normally the value is calculated by adding it's principle and interest.
. \" _* h6 Y& R3 m. Ueg. the value of the mortgage+the interests to be recieved in the future.
/ m, [. S: I1 C1 r5 \) G, `9 Pbanks 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.) J/ n4 r5 M$ U) d& d# I! F0 ^

% k+ G5 Q/ h5 z$ f( t/ \+ K( w: {- Fim not quite sure if the multiplier effect does really matter in this case.& r  [6 Z7 F$ S% ^' A, d1 t
in stock market, it's the demand and supply pushing the price up/downwards.
) i1 z" I( \& W0 ]For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 M  y0 L! `  `# TA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 Z& L3 y8 E- I; a8 UThe 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. % _# O1 s) _# P; D7 h
but the value of their assets did really drop significantly.' A' y) A2 J3 d# ]
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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+ f$ g$ V; Y$ y
Refer to last example,
! Y! r9 L5 r, r, D) X) h. O$ B! J' |! ethat means bank A have no money because we borrow 10 dollars from bank A   Y. o6 v' G" `7 E
Because bank A doesnt have enough cash on hand 0 W/ W' k# t. O. r7 B  B
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ Q/ \; x" ?$ h( I1 e) w8 ?A->B->C->D->E1 u& S' _2 E, S( {+ J
so does it mean if E failed to pay D, 2 w  N& K  `; D
all the B,C,D,E have to go bankrupt?' Z2 A% z1 l' `: f

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the multiplier just tell how much money created in a whole economy,
" ^+ m  j2 Q6 n; S$ H3 @in this case it doesnt really matter how much money is created,
- I. c3 E' C" wit's the problem of the debt itself.
' e2 D5 ?* |! R& Fthe 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% T3 |4 s8 W. I4 L) m7 J# f
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?2 u) k0 ~9 Q( U  T, E

% k: _0 f% g% \5 I. 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5 k9 r( @+ N$ x& S
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Thanks

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那些根本係 紙上財富  
7 V/ }6 @% w' W; F0 \1 z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
) x( C5 Z' r0 i; R! C( f  q當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& ?( J. H, H3 B+ ]9 Z% R
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9 n% [- S% T6 C7 t
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
2 e8 b9 C' _, I9 X2 m8 A, H8 B' e扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ p8 ~# `/ @6 X2 Y+ ?2 N9 L
計番回報率就已經係50%,所以可以好好賺
8 g2 e) K/ y3 C1 a0 y前提係銀行之間要互相信任先可以咁樣借法$ a4 i; P9 N, }# ?+ ?* q
同埋個市場既前境要係好先得* u% x' `2 s( n) g& l1 z
但當經濟一差,公司估值趺了,物價不升反趺! n6 w. M# b, s1 b* |7 t
例如剛才說10蚊的, 趺到得番9蚊, 1 d& z# ]7 H" N  H$ O
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%* n- ^& J3 ?% W" r: ^) x) R
所以你就會覺得D錢好似蒸發哂咁# H1 f" v; _3 A4 v0 ]7 u1 i
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你都可以當標野咁諗, 個樣野多人可以狂升值,
& X, `/ E/ P( p! V% w$ O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, , D: y+ `1 k5 x8 Q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 \0 z) w, D* W" {% Y! i
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" P# Z2 N5 Z7 H
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.gif7 u1 [, y# Z% U% K$ k5 ~
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 `6 i1 }0 O+ r' T( M/ p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 M; l% s" ~3 r* P+ m( G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/ s4 f6 O- }9 N4 T! c0 F
咁你話d錢蒸發左去邊? ...

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正係咁樣8 A  v/ x3 X4 Z/ F9 L# `
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 _& C5 a8 S$ p6 y
分分鐘佢地唔使還錢
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( S% f( ?% O* 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,
& m0 w6 a9 W8 W- }連國家都係問人借, 不停發債券, 印鈔票
/ r4 u0 q1 A5 l1 F一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' o1 S4 n& N/ P. k; X- u
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
2 D2 ~* K+ f* T# _# x1 o, o8 i咁而家"爆哂煲"算唔算先至係變番"正常"???

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1 i+ O  ]* g) g5 s/ L/ D# Y其實係...
: |+ ?% w6 s" v# y; t: F因為以前未生產, 先消費2 M7 M" s* h3 o/ U- h
而家就要多生產, 少消費