0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif8 W" P1 j% q3 B/ b2 ]: @& P
Why bank will sell 借據給第三者???1 l; k$ [1 r- N; x  i
I was so confused.....

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+ |$ f4 n. z' N! n" N# u講到尾都係賺錢2 t6 H* ?* M; h: Z- s" y6 |) Z
so銀行可以不斷放款2 F6 ^4 `( M% l1 l/ X+ f+ t
美國的房貸問題散佈到全世界6 w; `7 O7 S6 {9 \, C

/ d" f" J9 g$ tmortgage loan & r" W8 ?- z1 D  T  ?
>conduit3 s2 e' l* m* L8 e* b5 P7 H. n3 s
>RMBS(Residential Mortgage Backed Securities)1 C+ \' W0 ]  f. G8 o
>arranger% p4 x0 N( N: \- t* {) ]
>CDO(Collateralized Debt Obligation)+ ]4 O2 }! [! U' P0 j
最後去到投資者

Kev

i thought it is the reason of rate of return.$ H- ?  [0 Z# ^9 @5 C  |) J
CDs could have different ratings, AAA -> F,
' t! A1 p* ]  ?% Gmore risky ones would have higher premium (interest rate) as a compensation for an investment.+ D4 L- S+ |0 c5 y7 O" B# @& ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ @# ]" o2 n/ R0 E/ Oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) h1 J) D% U. s6 C/ k3 Y0 |Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 J" b7 k: h: B) Z
similar to bonds, CDs trading in the secondary market have different value at different times,
& N$ g( b, v: B4 e+ N( V0 `8 R0 \normally the value is calculated by adding it's principle and interest. 3 w6 f4 x+ m1 I1 o
eg. the value of the mortgage+the interests to be recieved in the future.
8 S! U# H1 c! U' |! Hbanks 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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7 w9 s! {! O# @- Gim not quite sure if the multiplier effect does really matter in this case.% Q! ^7 N9 U% c' Z0 e+ i
in stock market, it's the demand and supply pushing the price up/downwards.: H9 c% Y' c2 N  l8 u2 S
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ ~8 Q9 T3 o7 l& P- N2 i! H; G
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; U( U, _/ @4 u) @0 CThe 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.
& N$ Z+ V( s/ a0 [9 b+ vbut the value of their assets did really drop significantly.
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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
, q: T9 N/ ]: N2 G7 \Refer to last example,
/ }2 I" v) U5 i7 Bthat means bank A have no money because we borrow 10 dollars from bank A . w! q* q5 M4 R# g& j
Because bank A doesnt have enough cash on hand
' w2 W; O8 B6 R* G6 Dtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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4 k! \3 X: D9 VA->B->C->D->E4 V$ j8 x: d3 y. r
so does it mean if E failed to pay D, 4 @# X" `/ D) ^
all the B,C,D,E have to go bankrupt?
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1 v& c# r, {- K2 O$ hthe multiplier just tell how much money created in a whole economy, 0 ]8 `- h! S. V0 P. t1 S* V) s' ?
in this case it doesnt really matter how much money is created,
5 T* ~0 b$ M, x, u0 v% @. ], l* ?+ t0 Tit's the problem of the debt itself.8 D) @$ J# x6 E) b- L0 w4 l2 `
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* i$ \  U( P# J$ F, z
小弟一直都唔明...
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# y- N# T8 |, [- S% t. w5 ~! L% y* f! n全世界都蝕錢，咁邊個賺緊錢呢?
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6 e6 S2 D! j' i/ ^! f$ t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# u9 m- d" l" w- S5 l
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Thanks

# H  l6 q; Z" Z* L( ~; z  q那些根本係 紙上財富  
. W# a5 d) E1 N' T8 n3 h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0 _8 n8 Y% ], l# O
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
& D% a& ^6 p. O: N6 ]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
  A" J+ b* w" s; g/ s個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" D7 F, c7 w$ q% `1 r' T扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 K! \* j( m$ t2 d! c
計番回報率就已經係50%,所以可以好好賺
0 Y/ `# _. a; q0 n6 }0 F, r! u, M前提係銀行之間要互相信任先可以咁樣借法5 a# H9 n, b/ |1 T7 d' {
同埋個市場既前境要係好先得
" x: `& ^& K- p4 Z2 Z( D7 ~, d但當經濟一差,公司估值趺了,物價不升反趺
3 J( w  S) a- f( B& S; [例如剛才說10蚊的, 趺到得番9蚊, / g* P; ]) y6 ]" E8 [
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 o1 b" W: ^2 m' a6 R
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, ; Z/ ]5 B0 Y- O, [& n2 m' ?6 |
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, 9 v8 k! @1 B9 s7 a! a7 J
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 F( i8 @- q, _' o1 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. Z/ r) v0 {3 Z6 n
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
' a5 v) p: h. @. ]% N唔係d錢蒸發, 而係比美國佬洗晒未來錢, 6 C) n# J/ x* \! Q. t1 a" l
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 K  \; |0 N! 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2 \4 H3 y; k# V0 w" }) L3 D/ _* h
咁你話d錢蒸發左去邊? ...

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正係咁樣4 D# K7 A1 P" p" ~+ |! a# `4 d
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 ]7 A+ _- A! v分分鐘佢地唔使還錢
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% J  I1 x$ O) e! {' n, L1 e0 N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,' F8 o. c: g5 \  ^. H
連國家都係問人借, 不停發債券, 印鈔票* y7 H6 L4 J3 E  n& n
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* J7 ?' b+ `( W; B3 t! n, J; e/ y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.gif4 @) k1 Y7 }) M
咁而家"爆哂煲"算唔算先至係變番"正常"???

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& R/ A/ B9 H* S; q4 T其實係...
& j. j# D* c5 z) W; F9 E因為以前未生產, 先消費
1 O2 f# l/ }  A$ h4 Z( Y而家就要多生產, 少消費