0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
% F% J+ p( P" x: r& ?5 G5 QWhy bank will sell 借據給第三者???
; N, i  e' U9 Z; ?, b$ s9 lI was so confused.....

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, B6 x0 i7 E" x" S講到尾都係賺錢
( U- B  \- E$ H/ B- e$ mso銀行可以不斷放款
7 {9 `; {; Q! E- \! S8 B美國的房貸問題散佈到全世界/ }& v) t) O" o# c, L, N6 I

, o3 }$ T- `- R6 d+ D& ]: W2 i2 imortgage loan * ^7 a4 H2 X! s; P+ n& B3 B
>conduit, H, U( |6 h+ O4 \- P7 k
>RMBS(Residential Mortgage Backed Securities)
' i  Z0 m" C& h2 c/ S# X2 w& f>arranger& b# W4 u5 q& c! x( Z2 A8 |% W
>CDO(Collateralized Debt Obligation)8 p* a* L: R5 S" D' p/ \
最後去到投資者

Kev

i thought it is the reason of rate of return.
( j8 y: y6 [( R  @4 }CDs could have different ratings, AAA -> F,, j- O+ }- m( U6 }
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& T4 a+ R) h) [& X' U; ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
& b2 g! Y& g  U+ f! {/ Rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 G4 v6 o3 w- @0 A" Y/ RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 b/ n$ [2 d5 j/ \: t, tsimilar to bonds, CDs trading in the secondary market have different value at different times,
0 K% ~- {1 J4 C/ f3 E0 s0 Xnormally the value is calculated by adding it's principle and interest. & q' a; g. g* C8 X
eg. the value of the mortgage+the interests to be recieved in the future. * V  `- @; Y; }2 G6 m+ D! N
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.& `7 f$ ~; B5 ~( U

- m, g2 \  o' rim not quite sure if the multiplier effect does really matter in this case.
+ I1 c6 A1 T6 g1 c2 w+ l9 Qin stock market, it's the demand and supply pushing the price up/downwards.
9 i: D. _& Z( G. \0 C% `For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 H9 Z/ c# u- `% t0 |A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! J0 s  S2 y. I1 Z
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.
( h0 P; e; t% R+ f6 z" \! }but the value of their assets did really drop significantly.; n: O* q6 X% ~- s7 ]/ c4 v
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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
# Z4 m* ?2 Y% G2 B- S1 `Refer to last example,# E/ _( R/ V' ?2 V) H  k! ?
that means bank A have no money because we borrow 10 dollars from bank A , T. }8 |9 {" k1 N% _' _
Because bank A doesnt have enough cash on hand : ?- r/ o. j( |& [9 n( n
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E2 X6 v9 M: i: A4 T
so does it mean if E failed to pay D,
& B+ H  T0 j. q( S# n2 aall the B,C,D,E have to go bankrupt?( C  y1 d' P. r  d3 M
0 C! X1 r, \( F

, x7 ]" w- i! n7 z6 m8 v6 H. cthe multiplier just tell how much money created in a whole economy, / }) H" P, U- |8 k+ Y
in this case it doesnt really matter how much money is created,
5 s. ]4 v' c0 ^% wit's the problem of the debt itself.
7 P/ ^# S6 Q. x# \- p3 Zthe 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& ^5 i6 ~1 p/ r( S, ~
小弟一直都唔明.../ O. n2 ~3 f0 z+ ]

7 k1 i+ `: l+ D0 Q全世界都蝕錢，咁邊個賺緊錢呢?
$ c: S0 _; B$ {( Y5 b5 O* M
) m& F' z( K5 R/ \無可能淨係有人蝕錢無人賺架嘛...2 v- b# j  G$ [4 \& ^, R

& O+ k+ d1 e. L- Y( d6 V敬請各師兄解答3 k  C: m/ F4 V0 I" @6 @

7 A/ }8 J- t8 D  ?' k: D; kThanks

9 Q' l9 w+ s! U: y' N; X
那些根本係 紙上財富  
' c8 N9 E: Q6 R, r- v3 g! U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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! Y  w8 z3 y) [& Yhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
: P5 v/ J, i1 r  J* N當經濟好,投資銀行相信會賺錢, 物價既估值相對較高0 E) l0 z) L; H! r: w3 a6 k
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
% B$ @% \$ u% F$ R; C個件物價係市場好既時候升, 例如15%先算,變左12蚊啦& y3 k1 |+ l+ a$ @6 h+ B
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
2 x! k" {# t" u4 D7 u計番回報率就已經係50%,所以可以好好賺
8 c+ S- ~9 k9 j- r& J* D. v" h前提係銀行之間要互相信任先可以咁樣借法7 O' ^( w* L, N# q5 |
同埋個市場既前境要係好先得
' P/ u2 l8 L# b/ P7 F8 z+ _但當經濟一差,公司估值趺了,物價不升反趺4 S0 E; @5 T& V# m
例如剛才說10蚊的, 趺到得番9蚊,
' R# s( K: A2 V+ B咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
* t* R/ w+ c, g( I) O所以你就會覺得D錢好似蒸發哂咁2 ^$ y" [3 V# E+ i4 S" B" v* O

6 R' a: k" t5 B2 m7 i/ v. y4 ]你都可以當標野咁諗, 個樣野多人可以狂升值, * i  K- Z$ t+ V/ u
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,
7 @8 ~- ]% U1 z, \0 E: c淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' t, h2 [, a$ H- q2 y3 |
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
, G1 U  `. ^0 q. a; S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) I, l( V- u& c
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 5 ~+ ~$ a% A1 _' _; n
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 r  m; [  t! n/ e7 I. H6 N3 L
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 b/ V" F* U) ^' ~, J
咁你話d錢蒸發左去邊? ...

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0 p% d& s+ Y, Q1 h5 D3 n4 X! Z正係咁樣
1 ~0 p. @: `; m9 s9 U  \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
3 z" w9 ?1 T8 n4 `  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,
$ ^$ z! I& M6 a9 r9 C! t0 [+ }& D+ ]連國家都係問人借, 不停發債券, 印鈔票
7 q, E, Q3 c& e/ I7 j3 v一個國家好少出口, 而又大量入口 ,反映到佢唔多生產, d/ w% n9 _2 H5 S; Q: n
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
  z( Z: e; ^! J1 N- O. r7 e咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...3 ~: r* m- L- @6 r! C
因為以前未生產, 先消費
2 ?3 F( G) f- H5 ~' Y- ?而家就要多生產, 少消費