0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
0 t" I% @7 D( G6 dWhy bank will sell 借據給第三者???3 P( Q4 K8 I& M% ~
I was so confused.....

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講到尾都係賺錢
0 q- n$ m; l2 f% I* O" a3 Y. uso銀行可以不斷放款
5 x. h: i: W- ~9 H! L% u" f% e美國的房貸問題散佈到全世界
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0 J5 k* _3 w: f0 i* Bmortgage loan
7 U) c& G$ w  s>conduit
/ C" ~: |6 F) ~# J% e9 J! m- m>RMBS(Residential Mortgage Backed Securities)
6 u5 T0 C; g* A  U>arranger
3 ]# G! D6 }* w, `; L3 {9 Y# \>CDO(Collateralized Debt Obligation)
$ i* v& s2 X- _  w+ s, F8 U最後去到投資者

Kev

i thought it is the reason of rate of return.
7 W: m1 J* E' {; l' h) [2 K: `8 BCDs could have different ratings, AAA -> F,
) Z0 |. o  }, O+ d) [, X3 pmore risky ones would have higher premium (interest rate) as a compensation for an investment.. u! Y* |4 b5 V, s, ?
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 L& Y# S( L+ S# hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' O# x! U: @/ v- l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ g; a& }7 {* y7 `3 m7 m2 W* p
similar to bonds, CDs trading in the secondary market have different value at different times,
( m  `# ~1 H1 [normally the value is calculated by adding it's principle and interest.
( H# G1 Z8 x7 T! Z% M$ Neg. the value of the mortgage+the interests to be recieved in the future.
' ^/ X- Z& X8 ~/ s  @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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im not quite sure if the multiplier effect does really matter in this case.5 q- q/ C" n6 t, h" P
in stock market, it's the demand and supply pushing the price up/downwards.
( O8 e, y' Q6 u1 S* S6 A! EFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 w9 B3 R" q1 ?3 M. s
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 f) |# Y$ W9 @% O; M. i& v/ ~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. # ^$ D3 R% D9 s! E
but the value of their assets did really drop significantly.
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! a1 k" @2 F7 Q8 Y- J) C[ 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' H2 [# \* i+ g9 i: A* k/ s
Refer to last example,
9 }- w  k$ @! |that means bank A have no money because we borrow 10 dollars from bank A
% u# X2 t+ i$ i  V5 S4 oBecause bank A doesnt have enough cash on hand ( v8 Y, K2 A9 x& \8 X4 ]& |% v, Z
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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9 Q* X! R2 a% N7 u8 d5 B7 d# O( IA->B->C->D->E' j0 T$ j( |, W/ j8 f! n
so does it mean if E failed to pay D,
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the multiplier just tell how much money created in a whole economy,
2 g" c. R, b/ Z5 Nin this case it doesnt really matter how much money is created,
4 [# ]; a( {) R9 \. N4 fit's the problem of the debt itself.) c* q+ N3 p& X  B( f& q
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
& h* E  Y% G% @; S+ |) J( j小弟一直都唔明...) G. b: ?1 ?' \3 |. J7 b& B! `

& z% W( ?: v' Y! q! I8 ^6 d6 Y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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1 M, x. D; }4 [% H敬請各師兄解答
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Thanks

" i  a' |. F  I: ]那些根本係 紙上財富  
+ p8 D+ Y! X" P. T% d! D& g; j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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0 ?8 H: X& y. @+ vhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
" Z, y5 \7 {# f" v, H; Z0 @7 t+ S當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& Y5 _/ M9 w. a
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
. C* x; ], C9 o1 z! |# S9 C個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
9 t% g# Q2 `8 R- O0 Z2 _扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
0 y% C2 y- Q2 p  V( T" g0 z3 |計番回報率就已經係50%,所以可以好好賺% s4 w7 ]  {' ~2 q  D9 [7 T( M- F# u2 k
前提係銀行之間要互相信任先可以咁樣借法
! p; W! c9 a; k, }! H% f同埋個市場既前境要係好先得' ?/ y# o9 h. Q/ e$ w( q
但當經濟一差,公司估值趺了,物價不升反趺4 [% l6 l6 N9 h# Q
例如剛才說10蚊的, 趺到得番9蚊, 1 }. ^' c+ E; L. J) n& N
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! Q  Z2 H- ?4 Z/ O8 ~. T所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, + i* X6 j2 S: ^1 p* k) P4 r! U" Y
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,
' n7 h7 m8 l! _9 V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& z  ^0 s1 Q3 d0 Y) w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 g* c8 H' J4 j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
  G2 ^, Z/ D" _唔係d錢蒸發, 而係比美國佬洗晒未來錢,
7 d# W; T7 `% [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 e/ 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% B' m! p! C4 \4 R9 O9 q- n) ^
咁你話d錢蒸發左去邊? ...

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正係咁樣/ N1 Y! `; L+ c
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( x' E- t" C6 F6 c
分分鐘佢地唔使還錢* t9 Q& T# U  ]4 t2 n/ |( y* ^4 p4 Y$ {
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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 S- [" {8 D8 o( b7 t+ E% Z連國家都係問人借, 不停發債券, 印鈔票8 P% a8 D2 L0 k
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* v" I$ \, x$ h+ R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
& T3 {2 H1 y$ P; c( W咁而家"爆哂煲"算唔算先至係變番"正常"???

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. j- c( M+ [6 l+ y& }0 r# ~其實係...; V: `8 l6 C; G+ N6 X; }$ K
因為以前未生產, 先消費, j* w% |3 Z8 }# {) h' P! o
而家就要多生產, 少消費