0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
  K7 V* J$ W9 s% O+ cWhy bank will sell 借據給第三者???5 E' L# S& O) b; m* u
I was so confused.....

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講到尾都係賺錢
, E# _5 `0 ^! ~8 }: O5 J7 Xso銀行可以不斷放款; N9 q% g2 Y# c0 ?+ z9 {+ h1 n' P) v
美國的房貸問題散佈到全世界
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: W! f5 Y9 l4 {* |& l1 E4 Y, u2 {0 Omortgage loan
+ M" F4 {" W8 u  s>conduit
& v. B7 _4 C" p" ?. G% o7 ]+ w>RMBS(Residential Mortgage Backed Securities)
- w% x: _, ~0 i$ e2 Q>arranger
6 c+ i  Q/ M1 s# X# k* U>CDO(Collateralized Debt Obligation)# ]0 Q+ r( E# |; m
最後去到投資者

Kev

i thought it is the reason of rate of return.
& i! z% P' q& }/ W6 y" W5 yCDs could have different ratings, AAA -> F,4 m8 C; V9 R- H& P1 h* G+ r
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 v. `8 M( o3 B( y8 `* k8 ^, s
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! z/ `5 K; N8 ^  z$ L" n
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; ^6 u3 |" i& E$ l4 uAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) R# z9 P# ]3 b% ?/ E
similar to bonds, CDs trading in the secondary market have different value at different times,/ \/ v- l2 a; b: Q- U! W: D7 N
normally the value is calculated by adding it's principle and interest.
& L' X& c- {+ oeg. the value of the mortgage+the interests to be recieved in the future. 4 u9 H0 p4 E$ S" O
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.: V; n$ \: n" }
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im not quite sure if the multiplier effect does really matter in this case.6 d0 A3 J  l$ r. _2 ?& o: q6 x- I8 w
in stock market, it's the demand and supply pushing the price up/downwards.
; r" ]6 G  N0 w+ mFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& e3 [% l3 P  O6 a, dA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; i5 K1 ]- @5 h- l  Z5 B% r+ e
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.
2 Y, @, V- U$ N! f- F  a) A6 q& S9 W3 J8 Sbut the value of their assets did really drop significantly.
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1 @6 e  \+ ?9 N  d; H[ 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: i2 W8 O+ n, S6 o" s# Z
Refer to last example,* i% \+ f5 v5 i
that means bank A have no money because we borrow 10 dollars from bank A 1 `% I  H; G5 }! X$ K
Because bank A doesnt have enough cash on hand % G* F% L$ \: U' I! z
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ [9 `. U6 k. t# {A->B->C->D->E
, k/ C2 A  e* {# A9 K; U5 Aso does it mean if E failed to pay D, 9 k1 ~5 V  x7 j! z. C3 P
all the B,C,D,E have to go bankrupt?- _3 f: B) A3 K( \
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+ y' D% `/ z( O$ u# ?; K# U! Lthe multiplier just tell how much money created in a whole economy,
8 ]8 g9 y( b$ r5 y: ~% E( @/ {in this case it doesnt really matter how much money is created, 9 h3 y0 p# Y1 A7 i
it's the problem of the debt itself.# }" N  k' f0 U7 g+ X! s/ |8 L  T
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
4 Q$ U+ U8 B& {" r* P0 p6 m小弟一直都唔明...
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9 ?* h$ A& O9 Q; P( g1 g全世界都蝕錢，咁邊個賺緊錢呢?1 _6 Z6 X# V- z# u

6 w% B& w. m5 ]$ U8 V& [2 K$ ^無可能淨係有人蝕錢無人賺架嘛...
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1 o# B. i/ B5 X) o/ h- x' Q敬請各師兄解答# I3 ~0 }3 U# M) g

2 B; \8 y2 ]1 h0 yThanks

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那些根本係 紙上財富  $ b2 Y- N$ ~+ t+ H; u( s
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 graphic5 i- B7 M- I" p# a7 i! m" f

. ~$ o8 g4 P) d: Q6 ihttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
) e7 E& ^" G0 c, F* J1 H) i5 w當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, j' N" x. Q( Z# ]% @) w3 h+ O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! E9 e9 \; |7 a: V
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦! s" K8 \$ J/ \' s) y9 w* j6 Y% V
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,  q, K  v7 u& e% Q  c
計番回報率就已經係50%,所以可以好好賺
8 w2 i6 U+ t  c& j3 p! g2 M% T9 e) _1 g前提係銀行之間要互相信任先可以咁樣借法
- q, K" d3 v5 A/ @2 u% ~; g( i/ ~" j同埋個市場既前境要係好先得
- i; W8 K5 W& R! r5 z但當經濟一差,公司估值趺了,物價不升反趺
) _  p8 h+ ?* l. T7 W例如剛才說10蚊的, 趺到得番9蚊,
# Z& M8 R* J7 f# o咁投資銀行一下子就要還11蚊, 一來一回變左虧200%. c. `8 P# n4 G; A. }% Q9 }
所以你就會覺得D錢好似蒸發哂咁
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0 L' X, v9 M. e! }$ i  P你都可以當標野咁諗, 個樣野多人可以狂升值,
; [( q  o* b- I5 H  q7 L  f6 c, I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, * `0 D4 o1 A+ G  x
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; C2 k$ {0 i7 @" \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
$ t$ v4 V' z2 x) O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
- A* M8 h: Y3 I唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 D* |* z% _, [* V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 Z* S( j, m- [/ K$ K
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/ i7 R2 W% s/ I2 b
咁你話d錢蒸發左去邊? ...

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正係咁樣8 U  ?) [$ [, P1 l
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$ u$ \9 E! u; k$ L6 D- o
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,
# W, `0 J3 V6 Q) t# t( f0 n) a8 E; R連國家都係問人借, 不停發債券, 印鈔票
/ e, Z; s6 U: ~( [& }3 m5 K一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: ]: R! K4 M7 f5 B
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.gif3 `8 l0 m) @% d
咁而家"爆哂煲"算唔算先至係變番"正常"???

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* l9 T" ]4 Q) z其實係...
) n( p3 I+ ?  E+ I& z因為以前未生產, 先消費- s  y. `& f7 H) \
而家就要多生產, 少消費