0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
/ v1 l2 _  x9 q9 pWhy bank will sell 借據給第三者???7 |% I9 u+ ~( C+ L5 l
I was so confused.....

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) h" p- ]! {2 C( V( H, q( }* r; V講到尾都係賺錢9 O0 `5 O! p: z* j& Y. b$ K
so銀行可以不斷放款
1 e+ b( k; v" Z* \美國的房貸問題散佈到全世界" J. H1 A3 [/ G. r) a

8 X/ T/ O# _5 fmortgage loan
; e5 x: O7 Q/ \7 ]4 G- z>conduit7 I4 m& c4 u( @- R9 p! |# F% y
>RMBS(Residential Mortgage Backed Securities)
) i3 R; _+ B5 p# a- ~>arranger
7 q- W" q& k9 }% ^+ r3 v; K>CDO(Collateralized Debt Obligation)
+ w3 _$ w# C  d: J. }" s8 P5 e最後去到投資者

Kev

i thought it is the reason of rate of return.
, c+ h8 T& v! C; a3 QCDs could have different ratings, AAA -> F,
4 c2 C/ s, U) K9 f; i# y# S, X, zmore risky ones would have higher premium (interest rate) as a compensation for an investment.6 G. x& B7 I+ }: f6 W
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  G2 A5 Q1 b7 S3 ^7 }' v- c2 pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; ~" ~4 ~$ |& D4 C
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 s& a2 N; c# y
similar to bonds, CDs trading in the secondary market have different value at different times,
9 p; M7 D8 t5 R; _normally the value is calculated by adding it's principle and interest. . @* ]2 g4 i8 _9 l1 |7 d: H9 ^
eg. the value of the mortgage+the interests to be recieved in the future.
6 i  U) t1 V% {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.1 L9 f( X. U; l( N6 E( f6 q
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im not quite sure if the multiplier effect does really matter in this case.% i+ ^  Z  o4 z
in stock market, it's the demand and supply pushing the price up/downwards.4 h1 b7 U; Z( L8 e" h/ e
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 I+ J" y  ]4 R/ s0 E" w! H6 u4 BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 B0 m6 p9 w2 a  x" ~2 `- jThe 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$ p. j6 P0 Z7 _. z
but the value of their assets did really drop significantly.
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5 _3 g: D" k4 H* b4 N: X[ 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% `2 B: h7 j" k, k
Refer to last example,. v1 Q6 C/ e0 G# P( Q0 i) c
that means bank A have no money because we borrow 10 dollars from bank A / `5 a  r' V" p  L, Z* e
Because bank A doesnt have enough cash on hand 4 W% g# [* x- m" G# f8 E
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
9 @2 g6 K; _, d4 Lso does it mean if E failed to pay D, $ L6 Y6 x2 W1 j  L1 u- i) V( ?
all the B,C,D,E have to go bankrupt?
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! |/ t( q' T4 [$ i+ tthe multiplier just tell how much money created in a whole economy, 2 p# x! ]+ l5 v- \, j8 d' ^/ ]8 z( ^
in this case it doesnt really matter how much money is created, 0 B8 S$ E" n7 a
it's the problem of the debt itself.4 t6 C: ~+ ~/ \+ @+ t) B  r* |1 R& l
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; Y; ]& K) n+ c; ^
小弟一直都唔明...+ z5 y9 ~8 }# O9 C/ E
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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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敬請各師兄解答2 T6 ?' Q& ~/ j" z' d
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Thanks

+ G# e2 T( A, w4 b0 F' ^+ Q那些根本係 紙上財富  * s9 E! D4 c# e
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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( Y5 u7 d# B$ t+ R5 L6 v9 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  l' X2 x) z/ B; e' a2 _5 w( ~! E! X
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. n! R( N1 d* d& P4 _. Q
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( u5 e8 _$ P) s- O$ I
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. t3 k9 F) O; {8 Y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊," p+ N2 E" r9 M2 }' W6 C
計番回報率就已經係50%,所以可以好好賺
5 f8 j0 h6 L: p- J0 m& I. M# `( J7 k前提係銀行之間要互相信任先可以咁樣借法
0 ]0 Z# U" h% N. `同埋個市場既前境要係好先得
% D! G* o4 x, N- U/ L. u+ p但當經濟一差,公司估值趺了,物價不升反趺& f) r$ M1 F) d9 m, e0 A& T0 N0 e% H
例如剛才說10蚊的, 趺到得番9蚊,
8 n0 V6 R& D8 h( O0 ~8 E咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
/ e- l3 O- W& B, b1 u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 Q: \$ B4 p9 }3 o7 G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, * N7 v+ S0 y0 j( @0 R
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - w0 B1 V9 K& }5 ~7 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
, D% A% U2 j- 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
: \# V7 h2 E/ O) n: `唔係d錢蒸發, 而係比美國佬洗晒未來錢,
) F/ n4 t7 @9 s% K5 n( \淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " L3 [7 Z; C$ Z8 H, z) \
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
0 i, [. t1 l( X6 G' K* m  u咁你話d錢蒸發左去邊? ...

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正係咁樣
, b% K0 P& t( t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
& W( s8 c( w! `! _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,
+ i! E6 p' W$ p* R" n. O連國家都係問人借, 不停發債券, 印鈔票2 k0 x( X# {, q, s: z9 ~
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產3 c! Y. [6 F, W: }, ^. _  R
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
7 Q* u2 c1 C( s- p/ U  N咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
2 B7 O, Z+ |* q7 M- N, J/ J9 o+ C8 R因為以前未生產, 先消費
. @! t( K6 L8 S5 ]. H而家就要多生產, 少消費