0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
/ s, {4 p& \+ qWhy bank will sell 借據給第三者???
3 ?1 ^+ ^4 K' s# x" ?; O; P9 {I was so confused.....

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講到尾都係賺錢
! I. u. }. H2 G$ c7 p3 s, ]: f. rso銀行可以不斷放款0 _# P9 d3 U/ Q
美國的房貸問題散佈到全世界+ X4 G- q5 ~( `4 ]2 w% s' l

# S! K- n8 z( Y4 Tmortgage loan $ ]3 l& R9 t% q
>conduit3 f4 A# |" S& G+ v7 U- Z0 d
>RMBS(Residential Mortgage Backed Securities). A* h% k1 Y0 v! z% `' i) D7 @2 h
>arranger
$ H  j7 G5 s3 O9 f  E9 y7 N& m>CDO(Collateralized Debt Obligation)  c7 v4 L  n2 K, Z. Z4 R8 H
最後去到投資者

Kev

i thought it is the reason of rate of return.. i' C) _- u# H4 m
CDs could have different ratings, AAA -> F,
! d) Q' L$ P) rmore risky ones would have higher premium (interest rate) as a compensation for an investment.0 y3 S  J+ b) e# H8 [. ~( q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. c  b' I% L: I8 oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." C' l4 @  Q, }& d; Y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: ]' C' Z0 z; S7 Vsimilar to bonds, CDs trading in the secondary market have different value at different times,
2 S( b" ^* n) m# ^- X) ^normally the value is calculated by adding it's principle and interest.
2 K+ a, _6 r+ _- |, feg. the value of the mortgage+the interests to be recieved in the future.
) U" v/ d# v) x) B6 B  Qbanks 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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, s! \" d2 E2 X  V- wim not quite sure if the multiplier effect does really matter in this case.2 M9 Q8 {) i9 @+ h) t! \2 y
in stock market, it's the demand and supply pushing the price up/downwards.
; w5 F1 D' i5 z& q8 Z3 E4 WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 A* i$ A9 c3 s/ g
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  V7 k; Y& C1 i( W; qThe 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. / W; V& c# O, P
but the value of their assets did really drop significantly.7 w0 M) A8 o6 z! m0 Q1 [; x0 `" l
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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* H" k* ?$ M/ P1 K0 u* ^$ I( V* c
Refer to last example,' z6 p+ |3 z) @$ l- @" R: o% \# ^
that means bank A have no money because we borrow 10 dollars from bank A 8 j# v1 V6 }. V9 |1 q
Because bank A doesnt have enough cash on hand
' w1 n3 h3 e7 K+ c7 Z* k: ]therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E* i9 \6 S" q: c  {; B2 W% u" t7 @1 u
so does it mean if E failed to pay D, $ T) m# t5 l7 _# g$ o( A
all the B,C,D,E have to go bankrupt?
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4 ~+ }/ {5 V2 {the multiplier just tell how much money created in a whole economy, $ e: U8 t1 ^+ s5 Q9 Y7 Q' Z
in this case it doesnt really matter how much money is created,
* H. D$ o& n+ Vit's the problem of the debt itself.
6 c. D9 D& [* f4 y' pthe 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
9 I6 V6 r! q6 b# E# V% T  R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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+ m0 p1 y8 N* L' n! ?$ y5 Q無可能淨係有人蝕錢無人賺架嘛...
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+ \- ]2 N$ S& R1 v5 \敬請各師兄解答( X) f" i+ k$ p0 @7 u2 _8 v
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Thanks

: @5 X+ P4 _& E' b; O, I( o那些根本係 紙上財富  ! O- K2 g: {% P- S3 M
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' L) _+ V) g# b( T0 e/ X

7 O" f3 y0 |9 c  L8 I  j9 Ghttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產0 t* R8 X6 o  D# R: ]. P
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) ~0 v) N# s4 i8 a8 g5 ~# D& 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
6 B5 }1 f0 t! l個件物價係市場好既時候升, 例如15%先算,變左12蚊啦( `' R( \4 u# J# ~8 D
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
! b5 g9 E4 k' |; W1 _計番回報率就已經係50%,所以可以好好賺
8 M6 G. B  k, C' R前提係銀行之間要互相信任先可以咁樣借法8 `2 Z" U; m# W+ ]
同埋個市場既前境要係好先得/ J/ @3 X) u7 J. a
但當經濟一差,公司估值趺了,物價不升反趺, p5 f! d6 I' `) u
例如剛才說10蚊的, 趺到得番9蚊,
8 S% b- S0 l/ k2 m咁投資銀行一下子就要還11蚊, 一來一回變左虧200%5 @! \9 L: y* `  B( T! T7 W& B2 _, X
所以你就會覺得D錢好似蒸發哂咁
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, @# y/ `7 c# L0 j  N6 U你都可以當標野咁諗, 個樣野多人可以狂升值,
/ C: r/ t; _7 M- v' b; w. y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, $ M$ ~' L; Y; E; h( a
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) c; k$ f5 u& n6 u6 U. n, y/ ^6 N
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" B* _) D8 j: u9 `
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
7 o) R4 u: M0 t4 O. H! h6 [唔係d錢蒸發, 而係比美國佬洗晒未來錢, + I- w! c0 O% x2 j: a$ D0 }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 n4 I! M  Z" {& D! _% G
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
% Z0 ?" U2 ?- m咁你話d錢蒸發左去邊? ...

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正係咁樣
- T$ f! S" e( `4 H9 N( v: `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- e6 l5 `4 {9 d. _
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,- Y9 B+ [: x; r, R+ p: \
連國家都係問人借, 不停發債券, 印鈔票
$ H+ V. [4 y9 V$ J3 u一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( j: N# r- [" ]( a; S+ W8 C7 {
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
% s/ U/ K' N  R- N; @5 Y- D咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
- s4 @; P. f( k* i& `9 l因為以前未生產, 先消費/ t6 E% P) u6 j1 j8 I  I& H( ?( o
而家就要多生產, 少消費