0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
( S7 g: y5 s# S% u/ y9 SWhy bank will sell 借據給第三者???, R- y" Z" @5 ]: L* K& y: e
I was so confused.....

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講到尾都係賺錢
& a1 a6 @1 B- r' dso銀行可以不斷放款
: G' |4 y# f8 D; ], e美國的房貸問題散佈到全世界
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mortgage loan ! W8 L- u8 |( b( L6 m% z& X
>conduit
" i$ U5 q9 X) B$ F, [. ^" G>RMBS(Residential Mortgage Backed Securities)  W# o0 o7 v* x# G
>arranger) X! V3 i. j6 x- P2 @" n$ T
>CDO(Collateralized Debt Obligation)
2 {, ]+ `$ G. c( L最後去到投資者

Kev

i thought it is the reason of rate of return.
' E! Y. Q* R8 \& t: V1 K8 ICDs could have different ratings, AAA -> F,# v4 h$ X% M+ o' Z
more risky ones would have higher premium (interest rate) as a compensation for an investment.8 X( a8 ]6 T0 u- t. c4 z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ `2 T3 x  C5 F0 J# y  uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
/ _; K5 W% N; F% s' \Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ X" C9 @/ X+ R6 V$ S) _
similar to bonds, CDs trading in the secondary market have different value at different times,: y" z  I% v2 l" K& m
normally the value is calculated by adding it's principle and interest. / i  D& g+ \5 J% v" {0 d
eg. the value of the mortgage+the interests to be recieved in the future. ( }9 B: t* e/ Y) c
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.3 U7 t8 i/ K9 e" k

8 c& h+ U, l7 |4 K4 wim not quite sure if the multiplier effect does really matter in this case.
" U7 x8 k' E1 x' Tin stock market, it's the demand and supply pushing the price up/downwards.  O: |  x' n$ k- v" ~: g2 \/ B
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" W$ E2 _6 ?7 H0 mA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. A" v3 A* m; u& N% b" kThe 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. 7 N( E5 `, c: O% |7 o, M7 b( n, H8 C
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
, y9 f6 b+ ^) o/ d4 T% V, YRefer to last example,
* _1 |( [6 u) W( N9 jthat means bank A have no money because we borrow 10 dollars from bank A
- I. \+ `9 C+ z, ABecause bank A doesnt have enough cash on hand
* S7 a9 g( k2 }* F+ h2 n4 ]therefore bank A need to be bankrrupt ??? Am I right ?? ...

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# a4 S6 _; S, r% |* `$ RA->B->C->D->E: E0 q: ~: Y# ]7 o
so does it mean if E failed to pay D,
+ h2 v0 {/ o0 n' S; q/ r2 |/ Zall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, 2 J  @2 B8 d/ y% h' `/ G5 f8 H
in this case it doesnt really matter how much money is created,
6 |7 d: h& M6 r: _( o6 F( Yit's the problem of the debt itself.
/ w2 @4 ~+ O8 b! n5 Kthe 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
3 v! E1 u: h& A( 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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4 H* s' P; b; e. G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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Thanks

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那些根本係 紙上財富  
! \0 b, F* w" C0 }: a+ v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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, v, k. N/ ~8 J* f& ~. _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% p) q0 }3 q( C& e# Z7 I: ]
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: `8 y8 l$ b. G7 J) N, J2 C3 I
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
5 x( c+ h* C6 h; P# H0 @: x' H% M& P個件物價係市場好既時候升, 例如15%先算,變左12蚊啦' L# \* z; R. o3 r7 Z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,1 d0 Q/ K1 [& M% G2 e, e$ H
計番回報率就已經係50%,所以可以好好賺3 u' R0 H3 u0 ?) Z% k( @9 k
前提係銀行之間要互相信任先可以咁樣借法
! A; v) Z  Y. o4 y2 B) F同埋個市場既前境要係好先得; x) c) U$ l' a; p" b
但當經濟一差,公司估值趺了,物價不升反趺  K5 S8 q, g2 g8 U9 w
例如剛才說10蚊的, 趺到得番9蚊,
7 }3 ^& s$ _3 o% A8 A' ~( R咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& t! m; J+ s! X% S* ]0 X
所以你就會覺得D錢好似蒸發哂咁
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( X1 g2 `; T! E: b, x2 o% J4 n你都可以當標野咁諗, 個樣野多人可以狂升值, % R3 w* x4 _4 y/ w1 r
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, : J6 d- {- E% K* _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ d/ t2 H3 k3 i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) T2 ~( p$ C: c5 G4 r2 I5 h2 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/ s  F: C3 j8 A. s& q0 {* y
唔係d錢蒸發, 而係比美國佬洗晒未來錢, & f+ `) Y5 f! Y$ h# y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& {! b! h7 x1 s% C* ~( M. ]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! M7 Y) t. h) z- n/ E
咁你話d錢蒸發左去邊? ...

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; p7 v. w  ~" G8 z$ K正係咁樣( K( T  u: b' R5 O
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
( r* b9 I6 g8 Q+ C+ y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,
6 u5 C5 s& \! y: [% B7 S連國家都係問人借, 不停發債券, 印鈔票# h9 r  D  P( B! _
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產0 N( S8 C2 X( B9 l2 P5 p0 E
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# b) ~$ k: p$ p; `/ b
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...% p  h+ ]; Q  u3 U1 @
因為以前未生產, 先消費
, M7 V: z2 {" r而家就要多生產, 少消費