0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
, q5 I! Z. U0 m  @3 }! RWhy bank will sell 借據給第三者???$ v4 {% T0 i# x2 v5 J( `7 `* A
I was so confused.....

  K4 w7 H( Q( x& s, M' K6 i% O+ w# u+ J* H! f  s3 z+ `+ ?
講到尾都係賺錢
# O9 _& U7 o: G! [' |so銀行可以不斷放款% ^3 F8 b% h- X5 o
美國的房貸問題散佈到全世界6 k3 z: Y3 l+ h1 Z- Y% |- m
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mortgage loan
- [4 _. h# k7 I3 C1 P* I0 G$ s>conduit0 k& {6 i7 b) _  ?4 S
>RMBS(Residential Mortgage Backed Securities)
, U$ T! Z. B3 A( T>arranger
5 y# t2 }! y) q" F" Z  l/ s0 g>CDO(Collateralized Debt Obligation)
) j7 I: H6 n4 A9 a) ?: V- Y& `) X6 q最後去到投資者

Kev

i thought it is the reason of rate of return.
- L, M) G# k+ M- OCDs could have different ratings, AAA -> F,$ }7 M9 l; z9 C5 ]1 Y) R- j9 ?1 G! \
more risky ones would have higher premium (interest rate) as a compensation for an investment.
$ v1 h; r* p4 Vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* o0 i' t: Y( n  r7 V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- ]/ N! H# C7 I0 z% m2 k" I8 M
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 n- M  ]+ D3 Q# \similar to bonds, CDs trading in the secondary market have different value at different times,0 e& t: y  |& X: x
normally the value is calculated by adding it's principle and interest.
+ X6 v# M' o8 s# ^% geg. the value of the mortgage+the interests to be recieved in the future. 0 z) X. b, `0 d# w5 t
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.
8 m' m$ l) q# {8 l! `: w7 `
8 e) o9 n5 ~/ y3 b0 O; k( _+ iim not quite sure if the multiplier effect does really matter in this case.
! p2 S; v$ a& C: _0 ~' k0 K" _in stock market, it's the demand and supply pushing the price up/downwards.8 M! t* J& o4 C% _( i- W$ P5 R
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 D0 o# r8 m' _A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- l, k# z" e! G7 M. A7 UThe 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.
- s# ]1 q5 w0 Ybut the value of their assets did really drop significantly., ~  T  q/ M. l- O

; b' F- e4 `6 W9 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.gif5 q. F1 G. Z3 c) @
Refer to last example,+ ]2 f. Y- R! t& G6 e2 h
that means bank A have no money because we borrow 10 dollars from bank A
- y, e" u; G8 @3 i: c' hBecause bank A doesnt have enough cash on hand * X# I0 T& H+ C
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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5 O2 ^, D# @. V/ `1 MA->B->C->D->E
! y5 A: J" n7 X4 Q$ oso does it mean if E failed to pay D, % o3 N$ H/ Y; W' N# b4 g
all the B,C,D,E have to go bankrupt?! r8 W$ F' c  z( M5 Q7 {
% F, j( I8 T$ _1 o+ N8 |! y3 [

0 n6 u5 N! x" W8 E( Sthe multiplier just tell how much money created in a whole economy,
# s7 S  ]4 c' J+ o* din this case it doesnt really matter how much money is created, 1 w" Z5 d: T; S9 f% V
it's the problem of the debt itself.6 f+ G" F: e  E) F6 n4 x
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
) }) R! s( D/ z9 M* K3 H小弟一直都唔明...! d9 n$ F& y1 r$ o4 A
8 n% S, h8 N1 P9 Z; }" M% e
全世界都蝕錢，咁邊個賺緊錢呢?1 S' T; r! i5 M& u1 c5 @

5 e) |9 ?9 X7 C  a3 o  B1 z) E' z: t無可能淨係有人蝕錢無人賺架嘛...  r4 G& R, x. D# K

# d7 T( I: `, i, |1 z敬請各師兄解答7 S; t( }; K# w9 M

; v; I2 w0 v, m3 l- FThanks

% d# f$ r! V/ a$ w- b$ z: c9 O
那些根本係 紙上財富  $ i& ]$ ^/ |6 T% N
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$ V; e. x. ]% b) b5 T

, h# K: F" V- J- Q- jhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產/ ?( S6 d) I( s
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. o4 p, N) G# \& t
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( I. H8 p6 V  i& v
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
9 V$ B/ S$ w1 W( O& q/ t! [9 s扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
/ P; m4 l9 m+ s計番回報率就已經係50%,所以可以好好賺
7 p. Z+ Q- ~' U; y# e前提係銀行之間要互相信任先可以咁樣借法) ?% o" z" f: z: {' Q  s
同埋個市場既前境要係好先得( {, N! F! t( V  Z: C% F  z0 I: u
但當經濟一差,公司估值趺了,物價不升反趺" r8 M0 d/ Q) F2 d) {5 i* {( j
例如剛才說10蚊的, 趺到得番9蚊, 7 a4 ?6 E/ r: C' L; i8 V
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%3 n+ J6 ^. x4 ^4 q9 l) ?; A7 ]
所以你就會覺得D錢好似蒸發哂咁/ c! h6 \: @6 o! W

' }, J% Y5 l/ _2 E; E1 T) I你都可以當標野咁諗, 個樣野多人可以狂升值,
! D4 K5 F/ u  ?. |) V8 S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, $ I* R* p9 `6 D. l' |! p. {
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # {% U; p) Y: \/ P( m3 K5 Y' p
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
  k# a) L6 U9 ~% N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" T4 i3 x- Y; i- x1 I- G
唔係d錢蒸發, 而係比美國佬洗晒未來錢, # j  O7 S. X& ~, q( w# m
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: W: B& ]/ z, I% s6 w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$ |; u' B) k/ F' ^% @" w, M$ J1 Q  Y* \3 b
咁你話d錢蒸發左去邊? ...

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正係咁樣
9 l7 z4 j2 w- c0 P. e7 L- y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
9 c' k/ r+ ?" c  v分分鐘佢地唔使還錢+ j1 ]! y1 X2 t) e% I5 S

0 ]" O, v5 c, o' {# ~- |" k0 h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,, M. x) d, w7 w7 `. U, t
連國家都係問人借, 不停發債券, 印鈔票
! V$ o' f/ X' T4 R一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( _+ Z, X9 f9 d- K' I* P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
1 C5 W& I  B/ G3 [0 B6 ^: o咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...3 y1 t1 `! N) S# s
因為以前未生產, 先消費2 l3 ]3 L! V, W8 K. ^
而家就要多生產, 少消費