0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif% s* a1 I4 B, R" x; D
Why bank will sell 借據給第三者???
5 H2 u3 _5 h: p  n% L7 E( @I was so confused.....

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- @1 o1 f( L( G% o  J講到尾都係賺錢
) X  J$ j5 p, s! j7 Jso銀行可以不斷放款- r' `7 g: D8 O5 b
美國的房貸問題散佈到全世界
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mortgage loan & P+ i( C% c$ l
>conduit  Z1 h, P& |# g2 r% I. T9 Q# `4 U
>RMBS(Residential Mortgage Backed Securities); P: W& }2 R1 B' c6 j+ Q0 X) q
>arranger
: U9 P4 R4 ~% p>CDO(Collateralized Debt Obligation)
0 u4 ?% m- _, [( Z# M( ^最後去到投資者

Kev

i thought it is the reason of rate of return.
, q/ l. m" B2 BCDs could have different ratings, AAA -> F,
9 |9 Q2 n1 W+ }/ O; c, x% K5 |more risky ones would have higher premium (interest rate) as a compensation for an investment.
; `7 S& f) g# x2 k' umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 @5 P2 k  t* @6 Z& a" ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. F# X- w) j1 y7 J9 q4 E4 `+ SAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 I) C/ d3 o, I) i. `1 L: Y2 rsimilar to bonds, CDs trading in the secondary market have different value at different times,
0 z. f" f; L, g* F3 Gnormally the value is calculated by adding it's principle and interest. 5 y+ |/ r* @! g( u0 ^4 Z! `* W
eg. the value of the mortgage+the interests to be recieved in the future.
  r0 t) V+ _0 ibanks 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.  i# C( D: z; Y6 J4 d7 j  V. [
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im not quite sure if the multiplier effect does really matter in this case.
" T$ z8 [' r+ ^. k0 Zin stock market, it's the demand and supply pushing the price up/downwards.
' M; R" X; k0 f1 U2 {  CFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 Z9 L4 U- t1 `- ^, h  I: _0 S6 e
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) Q% |6 U* N$ u7 P- b
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. # `  t) O$ \/ o$ D
but 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$ A) I2 r& d1 C/ I# o7 z
Refer to last example,
8 h9 d3 j: r7 u. c- Vthat means bank A have no money because we borrow 10 dollars from bank A ' L3 M8 F& h! P4 S3 X' X7 U- {& O8 a
Because bank A doesnt have enough cash on hand
3 ]! N; G3 I' U! j7 Y7 e7 Vtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
2 g/ L3 z+ q4 z# [so does it mean if E failed to pay D,
$ G, }  H# s. k& N: w+ ]all the B,C,D,E have to go bankrupt?9 y* _7 f5 F; ]' }

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! f" r' ]: h% {/ ^1 pthe multiplier just tell how much money created in a whole economy,
5 O; u+ h4 d! T8 Ain this case it doesnt really matter how much money is created, 2 R  n$ l0 `3 Q5 c8 x$ M6 a: u
it's the problem of the debt itself.
# {9 w+ v( _0 W& a+ f, }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) `& b6 }# J% E) _+ u  v
小弟一直都唔明...9 E& ~; r; R. D/ ^6 f" J/ `
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全世界都蝕錢，咁邊個賺緊錢呢?
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0 E) X; f  j2 }無可能淨係有人蝕錢無人賺架嘛...
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$ V8 S* `9 I. W9 a5 o% S+ X  _9 C敬請各師兄解答
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Thanks

% D0 B' y+ f8 ?3 g1 O那些根本係 紙上財富  3 }$ Y; X* `$ h' x0 `4 E: A- |1 }
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. R4 w, ^# S! b
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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
; Q# R+ W' w5 U4 H( k當經濟好,投資銀行相信會賺錢, 物價既估值相對較高7 i+ i( o, D  q) f& [
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. E. D2 j8 ?; u
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
# l) v3 p# \1 Z7 N扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,4 s9 D) t) T! |! ?2 e# S" P
計番回報率就已經係50%,所以可以好好賺
( `4 m2 b) _$ p8 u5 O前提係銀行之間要互相信任先可以咁樣借法5 G/ x  o2 |3 K  n- \
同埋個市場既前境要係好先得
; f) b$ O- u8 J& P) B) [5 W2 M但當經濟一差,公司估值趺了,物價不升反趺
2 \5 T7 W! Z4 ]. Z0 O例如剛才說10蚊的, 趺到得番9蚊, 9 ~" n. o8 r4 G! }7 y" Y: \
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 K  F% c3 a% R% R/ {# ^所以你就會覺得D錢好似蒸發哂咁
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* P+ W+ G* Q3 G, E  w! B2 z你都可以當標野咁諗, 個樣野多人可以狂升值,
2 T+ P1 ]' ?3 _: }3 K0 H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,
) p) M7 ]. b$ u1 k+ H( E) d淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! K/ k  t* o: A5 W6 K. e
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$ J$ F- E) 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: J8 J  b) t! L- r/ @5 e" r  ]
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) h" x$ F* c; R; g. m' s0 X: w
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% A3 Q3 S4 S# {! K$ q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
. \# x8 P9 f! _2 @: Z7 j8 j咁你話d錢蒸發左去邊? ...

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# s+ E3 l" ~8 l9 g, k8 H+ L正係咁樣
2 {& I$ ^3 Y% ~8 x7 E; H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2 I. v" T6 F" q! t8 m" M9 a" a
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,
; E% t, L; q9 M6 d連國家都係問人借, 不停發債券, 印鈔票2 ^* V2 H. g% ?
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% X, G& [6 t' g( k% }& b. 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! @+ m& c) p8 O" _  c2 b! c
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...% X3 t$ N6 J  I" N" z
因為以前未生產, 先消費
% F( ^5 S( d% D" U6 Y: f* M而家就要多生產, 少消費