0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif. I6 X# j" I% d
Why bank will sell 借據給第三者???5 F+ h$ ^& X9 C* m# }+ R
I was so confused.....

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講到尾都係賺錢
+ P2 m4 j% U% E# J: @- p2 `so銀行可以不斷放款+ r% W  N1 P! `) h' V1 a' t
美國的房貸問題散佈到全世界
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mortgage loan
& x! O, j6 R! I: V" m5 y" r7 v>conduit
" d8 y3 d& _! w, o>RMBS(Residential Mortgage Backed Securities): ^) Y! ^, N2 {8 m1 ?- g( l
>arranger' l7 Q8 T+ J6 J, H
>CDO(Collateralized Debt Obligation)
2 y; ^, Q" P  y* x" a( ^最後去到投資者

Kev

i thought it is the reason of rate of return.
7 o0 L8 [) O% g* Y* zCDs could have different ratings, AAA -> F,! A6 I' q/ N2 l# l. c3 E
more risky ones would have higher premium (interest rate) as a compensation for an investment.  w- q" g: a) o. ^; s7 @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ a# T! e/ s# M+ _# V# q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 ^2 f9 S1 k* i5 ?+ K9 QAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 Q* o, n- Z% w- y
similar to bonds, CDs trading in the secondary market have different value at different times,/ F- I$ z% ?1 ?3 a8 q
normally the value is calculated by adding it's principle and interest.
2 Y, c; V* }  i, o& n4 Zeg. the value of the mortgage+the interests to be recieved in the future.
& c' W( G0 _" y. l/ }# _( s7 m3 {, jbanks 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.; Z% z9 P3 t- i1 s. C  ]# v
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im not quite sure if the multiplier effect does really matter in this case.
0 Y3 M5 m3 W' F# Oin stock market, it's the demand and supply pushing the price up/downwards.
, }+ }$ L! t7 Z$ |3 g2 t1 M0 K$ ]6 SFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: l) X) W7 T/ y0 p8 t1 R. w8 @
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( c% u7 v) V+ P9 B$ MThe 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. ' @; _: Q( z1 Y% ~, Q$ r1 x
but the value of their assets did really drop significantly.
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) [4 [+ F; O" b* w- E) T[ 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.gif9 H# d- [& a- e) m+ x4 O
Refer to last example,
. l. s5 k4 N6 D8 c8 wthat means bank A have no money because we borrow 10 dollars from bank A $ R# }2 B8 Z  W& g1 d! C: F
Because bank A doesnt have enough cash on hand ) S' x6 J5 y0 {' s" k3 j' q
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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3 }1 e$ v7 h8 d) j4 D+ fA->B->C->D->E
. J- c6 j& q, }) G' m# ~so does it mean if E failed to pay D, $ m8 }' x0 w- X$ [9 @- m
all the B,C,D,E have to go bankrupt?
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; U. y# z8 I+ z. o3 z' Ethe multiplier just tell how much money created in a whole economy,
/ B# o/ ~1 u6 H$ @in this case it doesnt really matter how much money is created, 0 z$ z* r+ _2 g8 n6 d- B  H- d" h
it's the problem of the debt itself.
, w  r! K3 _+ s0 T: Ithe 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& T7 ~4 ?" B. o) d4 E; I; A9 s
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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無可能淨係有人蝕錢無人賺架嘛...
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5 i5 R. N$ d$ ~/ [敬請各師兄解答3 X, t. O/ T) `, b$ j$ k
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Thanks

4 _4 O) O. E% w3 n7 C那些根本係 紙上財富  7 }! [' j  e0 e. _; T' H4 m( q# F
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 graphic0 N% k, ], c) r8 R
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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4 \2 j" k* k6 n3 y9 x
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- K& {6 F5 z$ P; Y  X$ I6 S, a) w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
' @2 F1 [3 d4 V/ y( Y6 D個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% r: t/ B/ P3 S/ o% t" B; d
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% }- [/ T' G+ ]8 U! t計番回報率就已經係50%,所以可以好好賺
- S+ I) X) ^1 \0 w: i前提係銀行之間要互相信任先可以咁樣借法* ^3 t" @3 a; L
同埋個市場既前境要係好先得
9 [- e1 S' N. \2 A% m但當經濟一差,公司估值趺了,物價不升反趺
5 Z& `. b: v& t% g; |% D例如剛才說10蚊的, 趺到得番9蚊, 4 F! k: d/ ^: H( N
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
1 z% J# U! k6 e& _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,
* X2 n, N4 A2 P: W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, 4 P. c+ T. P. Z3 s6 C" N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 @2 g0 y: j. t1 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
2 R  i# s! N. |/ t$ N. W5 x" B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
2 D7 n- V0 b$ N* T& V+ v唔係d錢蒸發, 而係比美國佬洗晒未來錢,
! Y; k5 v6 f7 w$ k1 _" H8 E5 C. k2 G1 H淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 t9 u0 |; Z* a. L5 }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
  b4 _( Z1 d7 A8 c: k0 L咁你話d錢蒸發左去邊? ...

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正係咁樣
4 K1 O" n+ z6 I! K" |3 ]% C6 C- ]1 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  A1 K/ n8 Q3 M2 d" V: n
分分鐘佢地唔使還錢
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+ F; ?/ m9 Z  A# r7 J& K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,
9 f1 ^3 \: c# _% O連國家都係問人借, 不停發債券, 印鈔票/ f" v) ?& F$ ~, c" p( \. M. I6 [: Y
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( z  ?- V! a( N& J4 G8 m& O7 a
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
+ q, Z7 h% n  h1 ], P8 T咁而家"爆哂煲"算唔算先至係變番"正常"???

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; @4 g% {) s: K) L' V* w其實係...
4 E" ?+ O4 Q6 Y# i5 p1 y因為以前未生產, 先消費6 s% t, R7 p2 B1 n+ V2 F
而家就要多生產, 少消費