0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif3 n- l8 [" J, y) y+ S# k1 j/ O8 H
Why bank will sell 借據給第三者???0 _6 M5 y4 Q& e% E
I was so confused.....

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2 F9 S8 h& c6 |$ ^0 ^1 k) s# n7 m. w講到尾都係賺錢; ?' j6 j* F9 l" W
so銀行可以不斷放款
6 I3 X" L7 k. a2 _: c2 m美國的房貸問題散佈到全世界
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* J0 ?+ y$ x1 Q. K+ Kmortgage loan
4 S" P7 Q- g7 i7 t4 V8 P0 y>conduit
7 Z( h- N) U+ `) Q>RMBS(Residential Mortgage Backed Securities)
3 S5 z6 g2 ~: [3 f! t( z2 K) u>arranger7 {; E7 @% p: w9 T, p2 \/ m. }7 e
>CDO(Collateralized Debt Obligation)
. x6 X' p- w& ~最後去到投資者

Kev

i thought it is the reason of rate of return.; q0 F6 r; X/ B2 b' l+ g+ T- I
CDs could have different ratings, AAA -> F,
# c& k5 O0 D+ i) A" Y7 l3 Fmore risky ones would have higher premium (interest rate) as a compensation for an investment.
' s, ?$ X4 R1 }( jmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% j3 J$ f! C4 v: _
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 w0 w* X2 [+ w9 XAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% V; K" ?2 z1 i, ~# X2 Q% w0 e
similar to bonds, CDs trading in the secondary market have different value at different times,( f9 _1 K9 o$ b9 @6 o0 {
normally the value is calculated by adding it's principle and interest.
* p1 G$ R# b1 T9 zeg. the value of the mortgage+the interests to be recieved in the future. ) M, @2 D* j1 q/ z* l# r# ~
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.8 E1 S: l1 C! ~9 B
in stock market, it's the demand and supply pushing the price up/downwards.. t$ _8 E" J/ a2 v& ~- e
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 R0 t/ Y* j/ F& j8 G& |* {
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 [5 r/ w# {% k- |$ s/ HThe 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. - O, F; P" D" u2 M4 d- I
but the value of their assets did really drop significantly.
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6 [' `% U* |  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
* ~# W# X* u; h- cRefer to last example,3 [  Y7 h8 [& A+ {8 }2 {
that means bank A have no money because we borrow 10 dollars from bank A
' a, Q2 k$ G# x  lBecause bank A doesnt have enough cash on hand
$ f: Q" A* R% l8 t( f4 Stherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E$ s8 b- X) J* p/ k
so does it mean if E failed to pay D, 7 z9 r/ e+ @& h1 B- D
all the B,C,D,E have to go bankrupt?
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  B( F! A! B3 s, \' O1 ]' J) E$ M( e. o2 E
the multiplier just tell how much money created in a whole economy, 6 q5 T# ?+ O& @7 k
in this case it doesnt really matter how much money is created,   V, m3 @; O5 Z. K7 k" J& B( y
it's the problem of the debt itself.
8 G! q9 P# g: P! u; N# r; ]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* @  B  [: K9 Y# `, B
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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* N9 h' R+ U/ v; d5 s. @/ |. N  {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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8 Y9 C8 N1 O% B0 |- x& Y, A4 JThanks

! D# x6 |" H  W7 [$ W那些根本係 紙上財富  5 r/ K! x& Q3 [3 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# K& Y1 S0 e& F8 ?
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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- F- @; ^3 h9 E# e8 O4 }
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 K+ }5 V& Y$ T/ Y6 x+ B4 t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 C) \0 L3 I8 q7 Z0 @% }
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, Z# r$ r7 U1 @3 a
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ ?8 b- ?# a9 w- T7 P  q% E3 E
計番回報率就已經係50%,所以可以好好賺
1 L  w8 D9 |5 x# f3 g# a; [3 D前提係銀行之間要互相信任先可以咁樣借法
9 \6 W& |6 e/ k* V同埋個市場既前境要係好先得, P' d, \5 Y- |6 q
但當經濟一差,公司估值趺了,物價不升反趺
2 }9 c4 `4 M- |7 U# w例如剛才說10蚊的, 趺到得番9蚊, ) b, S7 l$ \4 D6 ]! w7 ?, b2 k
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
3 z6 ?# W4 A1 b5 G9 @3 G, b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, ; }+ g$ u) k: ^+ ?
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, # C* H( O5 p0 B7 y2 y4 v0 _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 `! u8 g+ B' e* c0 r. f
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
: |& ?9 e" C1 E: I# h8 r# W% @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
" U! D+ x- ?/ A! r( M9 j唔係d錢蒸發, 而係比美國佬洗晒未來錢,
0 f+ {5 A) w$ E5 Z1 ?" S淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : b! p' s! u5 J+ t
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* N9 A* D0 M9 R3 ?咁你話d錢蒸發左去邊? ...

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正係咁樣; }0 x7 Y, F  f: i
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
7 G; b) ]" f2 C+ Y- y3 P( @( B! {分分鐘佢地唔使還錢9 v0 D, t$ U4 O# _, N. f, ~+ m

* K. V5 z/ |6 b7 q  Y- |9 b; \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,9 @+ k+ n  Q* d' ?
連國家都係問人借, 不停發債券, 印鈔票
  a# z: b4 l0 J; f9 x一個國家好少出口, 而又大量入口 ,反映到佢唔多生產9 B5 C, A: |. Q7 H8 s4 g! t$ L6 g' L
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; V  s, G# v9 G9 l
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
  N: C* b7 [% J7 Z因為以前未生產, 先消費/ C) {. u; c6 x' }1 Y6 X
而家就要多生產, 少消費