0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
! d* f/ R& R" _  ~) VWhy bank will sell 借據給第三者???5 Q) M& X, O3 ~' v, p; v
I was so confused.....

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講到尾都係賺錢
; B* Y1 m" {9 l- [$ Dso銀行可以不斷放款2 J+ |/ L. ~  n
美國的房貸問題散佈到全世界
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mortgage loan
0 y( b5 Y$ z; {1 O; z4 W>conduit
$ E! _$ s% p! @% l2 x>RMBS(Residential Mortgage Backed Securities)  x/ ~4 d$ q* U' `
>arranger
+ O, i8 H7 V0 y; N) v+ t: J3 ^2 t>CDO(Collateralized Debt Obligation)
; [' J' ~3 E  Q+ h最後去到投資者

Kev

i thought it is the reason of rate of return.* U- ^: D! m! _+ n
CDs could have different ratings, AAA -> F,) z0 K1 D0 h# r: z8 z# i
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 k. M% H; S8 Y$ h" \
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 }6 R" D9 g, v6 [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ ^) p4 k' c1 L) q+ i: V$ NAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 `" r3 Y. @: H/ l' Z5 z# {  i
similar to bonds, CDs trading in the secondary market have different value at different times,
: ~) L/ l/ c9 ^% R/ u. a) c7 m9 e$ }normally the value is calculated by adding it's principle and interest. 9 U+ ]; {* w! l" o2 _4 H
eg. the value of the mortgage+the interests to be recieved in the future. : e' c, N2 T8 C4 R9 v1 I4 ?! `
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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9 G4 n, x' d# ?, Y4 c/ lim not quite sure if the multiplier effect does really matter in this case.
( [5 T: G. ~7 iin stock market, it's the demand and supply pushing the price up/downwards.
) ^4 E2 s; b: G* AFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 q  b8 X( c1 D' l1 c2 W* FA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 _4 N& A3 e3 I2 n) 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.
- u3 n8 c8 e) t  n% Nbut the value of their assets did really drop significantly.) F  @# A2 z. l- {" I$ p

  d+ X+ {: c+ E/ j[ 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
* b# f# ?% V  E: p- [, L0 BRefer to last example,! d: ]5 g; X8 C; g+ N/ f
that means bank A have no money because we borrow 10 dollars from bank A
& [9 D2 B9 u7 J: c- M0 FBecause bank A doesnt have enough cash on hand 9 P% u6 ~9 R: m$ T
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
4 Y1 Z* ]& b8 n2 Jso does it mean if E failed to pay D,
0 P, }7 G5 E7 v2 y2 K2 ^: Y" mall the B,C,D,E have to go bankrupt?* R9 R+ _+ p$ _( Q; @7 C+ {
$ ?0 o5 _& }. g9 H8 g* s( E. Z

8 p. F6 m' L! C  e6 R+ S& K6 q1 lthe multiplier just tell how much money created in a whole economy,
' C4 q  i" I* I# ]) \# ?# }in this case it doesnt really matter how much money is created,
& e: h. b( x/ n2 ^; |& u% tit's the problem of the debt itself.1 I7 x& C8 f* F( W
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
6 d* S3 M6 n6 ^: Y: N4 \小弟一直都唔明...$ p/ g# b. B2 O

  h: M7 r/ n. y* J全世界都蝕錢，咁邊個賺緊錢呢?) J) p! R' `4 i' c
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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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0 T# H! ~3 @4 f! ]. yThanks

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那些根本係 紙上財富  & ]7 q2 B1 r& K" B8 F
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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/ q6 l! o3 Z" I+ j) k" ^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
. _4 ?& e9 ]% B$ \( b7 Y# F' U當經濟好,投資銀行相信會賺錢, 物價既估值相對較高, w5 E7 E$ x1 Y0 t( N
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
/ N9 I* `# K0 Y個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. q2 b: t+ {9 T- M+ x
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
& s9 O7 ^" {/ S計番回報率就已經係50%,所以可以好好賺
7 d- n! I3 ?4 ]( J/ b前提係銀行之間要互相信任先可以咁樣借法1 X& j" H9 U% k, v  Y+ k
同埋個市場既前境要係好先得& c% |$ \# S; U
但當經濟一差,公司估值趺了,物價不升反趺3 W0 K& Z1 t# R* H4 G' a
例如剛才說10蚊的, 趺到得番9蚊, 6 ~' j1 D: H# c0 I! l* I
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 B' Y( U3 n1 z, ]- k9 B$ J所以你就會覺得D錢好似蒸發哂咁' v$ O- E5 ^7 q4 W  U3 z7 F
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你都可以當標野咁諗, 個樣野多人可以狂升值,
* h9 u; V, E, U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, 0 ~# A4 ~" [* ]
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * k. N3 d5 `) j+ D
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% D3 f7 \6 \* A5 }5 {4 I2 ?4 f
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.gif2 i- J& [7 N5 N" G( T3 S( N; D, J
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 l- @' n7 z! e( \" G3 E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 ]* O! f' p# d
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
2 Y% v- z. h/ ?" |; X咁你話d錢蒸發左去邊? ...

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正係咁樣+ A) R  G9 R* m! R
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/ J4 i" v" 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,. [7 _/ g% `) Z9 a6 p& h7 b1 Q
連國家都係問人借, 不停發債券, 印鈔票
( J6 X4 C$ v$ P' E2 A1 J一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# t9 A! s0 f7 @8 X3 ?. O! l! V2 _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
! Q" c+ \4 f) Q8 S* l6 q咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
# L# l/ c; P) P. f  e9 t6 k9 y因為以前未生產, 先消費
/ M5 {, A+ D  f2 j而家就要多生產, 少消費