0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
0 t$ o  W) E" l% ]( ]Why bank will sell 借據給第三者???0 B( \$ i' j2 M
I was so confused.....

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5 k$ w2 Z: x6 ]& a/ i  K2 K( H5 u講到尾都係賺錢& X* J. L' O: E3 d6 x/ I
so銀行可以不斷放款" s( n0 v) W9 M7 ?# J& t6 j
美國的房貸問題散佈到全世界# q% D8 c2 _: I0 ?8 U) A

, @( A5 J! V" }5 e5 v3 y. |2 o4 \mortgage loan 7 l7 w9 e9 g: ^+ E6 I* N8 _
>conduit: U5 X, t$ d$ h" g; g0 e( D
>RMBS(Residential Mortgage Backed Securities)2 ], w+ u1 M. ], ]
>arranger4 I# S8 k1 o3 ]( a, m6 X
>CDO(Collateralized Debt Obligation)& N" b8 D) _! F
最後去到投資者

Kev

i thought it is the reason of rate of return.
0 K" T# J! B4 @8 V1 oCDs could have different ratings, AAA -> F,# W. C& s* K$ s0 u0 H* p
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ p2 n  j  s7 }* k7 _6 cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 h; u5 n. A$ ?' s* ]6 ~
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 F. L6 J% V: Y/ yAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 e5 K! J5 e5 v4 \' S
similar to bonds, CDs trading in the secondary market have different value at different times,- u1 ~+ `9 V) T: ^- _$ c, S
normally the value is calculated by adding it's principle and interest.
2 g0 T8 a+ K* _) U, qeg. the value of the mortgage+the interests to be recieved in the future. + B5 X  Z  R3 V( J4 N) C6 E
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.
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im not quite sure if the multiplier effect does really matter in this case.2 @6 X  Z, I3 Z3 R
in stock market, it's the demand and supply pushing the price up/downwards.; x) D0 H+ O# ^2 ~& I: K
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 B0 |3 S5 S9 S8 Y/ p" u. z% B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ v& R& }) Q3 b) L4 E0 @( P' f
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. $ B7 {+ D; v4 v5 O% M# H
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& x: W' b; q+ W/ U# U
Refer to last example,
2 \4 Q; w6 c0 ~  O3 L; v  |that means bank A have no money because we borrow 10 dollars from bank A 4 t* p$ P$ s: R
Because bank A doesnt have enough cash on hand + x, ?$ ^8 d8 T0 e2 P
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E) I( q& V6 A9 _* A& {5 B
so does it mean if E failed to pay D,
" v+ f  s5 z  M. y' j& n) nall 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, 4 L" J; y0 b5 L( W; \
in this case it doesnt really matter how much money is created,
, S- s0 s: z# w* E" O9 Uit's the problem of the debt itself.
6 ~3 k, Q3 [: I! G: [& y- x7 vthe 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
! p0 N" F  D& p( Q% U) {6 ~% ^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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. B- ]' n9 V" r) z# p  m% ?' E5 I無可能淨係有人蝕錢無人賺架嘛...; t+ t7 I- g9 T/ E1 M" ~* N# o, Q

! Y! L5 P6 k8 M" c2 c. J敬請各師兄解答: y. Q$ Y1 o: ^5 w) `
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Thanks

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那些根本係 紙上財富  # ?+ v+ Z; |7 O6 s( e6 ?
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; X, n; l7 I! V/ Z0 ^& G
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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2 \1 S* P3 K8 A* b4 b% f8 @1 H7 A' }
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
& T7 L8 e: _$ u) ]% k: D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 f/ G7 }9 q, s. x8 @: w* A
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
- X) M: t2 {; N) `扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 F* q( ^0 l- ?8 p
計番回報率就已經係50%,所以可以好好賺
# X* F8 |" o9 i& U  g! X% b前提係銀行之間要互相信任先可以咁樣借法
0 U% N, N0 m3 x; ^) F- A同埋個市場既前境要係好先得6 h0 o1 o+ m+ ~0 c0 T- l" H1 _
但當經濟一差,公司估值趺了,物價不升反趺
! z0 O$ c- U9 k- K/ k例如剛才說10蚊的, 趺到得番9蚊,
' S3 R6 D0 ^; E- T$ J# ~咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) }) n) Q* y3 J" q2 `! A
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,
0 g- c$ V" t* d9 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,
# H' M; |. M; p' b* l淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 o$ L+ I' e* ^& 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- F$ j  |) R$ ~2 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
4 n8 ^* y. A: }7 E! e! f" k唔係d錢蒸發, 而係比美國佬洗晒未來錢,
6 ^, Y% D9 g, r# h4 d! M淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 J) i2 J( _$ K; C- j2 [" F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3 A  {; R3 }% R$ B
咁你話d錢蒸發左去邊? ...

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2 g  W) [3 e% `- r% _$ ~正係咁樣
$ s/ \" \  |- g! ?8 Y; y9 g  F* e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% f5 ]4 ?+ g* q  Z
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,3 ~& \2 E) ^2 z- H
連國家都係問人借, 不停發債券, 印鈔票
- J* h+ I/ v& e一個國家好少出口, 而又大量入口 ,反映到佢唔多生產  \1 v7 M& R% h6 X/ S* z9 @
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
' n2 T: R7 W1 N: j! v, s5 q咁而家"爆哂煲"算唔算先至係變番"正常"???

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8 [1 U) A" ?) X+ F) N8 v其實係..., h& I- i# k, `9 j3 W
因為以前未生產, 先消費
1 ]* X0 }$ c7 z而家就要多生產, 少消費