0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif  n' R' F- ~: a* D
Why bank will sell 借據給第三者???4 e8 \2 m3 T2 I$ n$ i2 r0 t
I was so confused.....

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, _/ T% w: S0 `+ M4 B講到尾都係賺錢
$ u4 l  y/ o( M3 {. Mso銀行可以不斷放款
( M9 g! V0 X) H. e9 n& M美國的房貸問題散佈到全世界$ K; d: e) g7 F- a* b( c

: O2 G7 X" y8 b; [mortgage loan
# W. W7 [7 J5 _* ~>conduit7 s9 r/ `7 m8 D' W6 L
>RMBS(Residential Mortgage Backed Securities)
- m- w# i6 _) Y3 p* T: N0 p0 ~>arranger
7 Z! n& F6 Y, }4 T: W: g+ X; B* E>CDO(Collateralized Debt Obligation)1 T5 t$ }' y. {6 G+ G, p
最後去到投資者

Kev

i thought it is the reason of rate of return./ P+ p& w& h( n; p( q( u0 |
CDs could have different ratings, AAA -> F,1 f+ v* m; T3 v; \% Y8 `' w1 B
more risky ones would have higher premium (interest rate) as a compensation for an investment.. B9 h7 [# j2 o6 f
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 x( s* i0 e9 u; M  z% a+ u
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
, Q3 V" \! i! U7 b+ P9 Q% A5 YAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) k/ \. g- F! H$ G8 d/ ]( p
similar to bonds, CDs trading in the secondary market have different value at different times,
) B  f7 Z9 v# c( w" o$ c) ynormally the value is calculated by adding it's principle and interest. # a& R" V! [% U& f8 B8 _0 u
eg. the value of the mortgage+the interests to be recieved in the future.
$ O) w2 Z$ s7 S% x! i& Vbanks 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.7 Q* u' ]) G! o5 |* H) ^; _
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im not quite sure if the multiplier effect does really matter in this case.3 B& \* v0 v5 u* I4 G) p# X
in stock market, it's the demand and supply pushing the price up/downwards.
) }+ H4 y" [$ {- I" B! v0 YFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 p9 ?( V* w" w3 u) L4 _
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: n: ^4 B' i' Z' S& ~5 {" b3 y  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. ( [* F* j% a( r2 j4 U
but the value of their assets did really drop significantly.: c" l! k8 q1 Y1 |
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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
$ s# J$ Z/ e/ e3 D0 E1 u/ \9 g) iRefer to last example," V. W9 |. p5 |0 R
that means bank A have no money because we borrow 10 dollars from bank A
9 P$ p0 i! v+ v8 HBecause bank A doesnt have enough cash on hand
0 l6 U: N% G" }! G1 Ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ w6 j8 o( j6 D; T( AA->B->C->D->E, D1 e5 b& O4 G2 K6 b6 J/ {9 L
so does it mean if E failed to pay D,
, Y7 ~, {6 P. E; j. ]; |all the B,C,D,E have to go bankrupt?
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+ w) U) H$ f# [5 Q" \) _0 a9 N# uthe multiplier just tell how much money created in a whole economy,
2 J9 E8 {$ _, T9 r2 c! j% ^in this case it doesnt really matter how much money is created, 4 b- n% L0 E! B; y; T
it's the problem of the debt itself.8 {1 b/ Z% r! {( ^4 ~
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
. P0 e0 ~" ]5 ^/ `+ F小弟一直都唔明...
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+ K; ~* p% [+ s% v& N( H9 C全世界都蝕錢，咁邊個賺緊錢呢?$ }. M; ]. s! F- \

3 K# z2 B2 Z/ M& ?% o/ D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, u, F! D$ X& ], {+ P

7 O- n- g" z2 c1 k, k( Q" q( P9 r: o. OThanks

# J( u& Y/ m, o9 _. A那些根本係 紙上財富  / h1 B' h( u. g2 {  x; U* G
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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* o9 U# {( Y+ O  ohttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產6 O* \+ {& c8 q' h7 B* x: Q2 Q
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
1 y& D9 D1 [% r5 P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+ g/ j, ]8 F2 N, l+ h. F, y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
5 F. J5 _# H; p) \0 j" d扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊," q$ }. }# X4 r0 z" g
計番回報率就已經係50%,所以可以好好賺
: \/ L/ y$ i4 A! Q' r前提係銀行之間要互相信任先可以咁樣借法4 j; M$ ~- M& q" f0 M1 u, ~2 U
同埋個市場既前境要係好先得# F. n1 I4 W5 E$ G
但當經濟一差,公司估值趺了,物價不升反趺
0 Q. E( {8 x" c& j' D' G例如剛才說10蚊的, 趺到得番9蚊,   E( ^$ P" f6 [" F( p: U/ s
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
+ M) [, B+ h1 q8 @8 Z6 D) K' v* F所以你就會覺得D錢好似蒸發哂咁' {& {/ M) F/ D% A4 w7 {

' M: r; ?6 h2 }7 A6 }8 M你都可以當標野咁諗, 個樣野多人可以狂升值,
6 C0 i; u5 l2 ^- D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, $ P3 K. h, d# v: s6 Q- ~+ D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 m% I" y/ k/ ~1 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. [4 X4 B' l$ H# u# x" Y/ U1 {1 h" q
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
* b. S- [. e& C* ?4 A3 {唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 L+ w% J: X, [: L1 T) W2 T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- g; H. w4 V3 B( `# N( I: v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
0 y6 l4 L1 R# E' V; p5 m% d2 x咁你話d錢蒸發左去邊? ...

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. r; ^) z  k& ?3 |$ ?正係咁樣
! R5 N' S4 I( w' J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* k9 B/ t6 l9 ]; H  P  p
分分鐘佢地唔使還錢
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4 E: \& {& q, n# S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,- v: V2 H0 U* s
連國家都係問人借, 不停發債券, 印鈔票7 g& h6 e" U. a) Y  C
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
2 y7 c/ F' e' V; k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 L. q3 ^2 K; Q2 _' |咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
; j) A- ^; e2 x# q0 A  S因為以前未生產, 先消費; ~! z5 l8 q6 P/ p( i
而家就要多生產, 少消費