0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
0 i$ Q/ L  l1 c4 _- P, RWhy bank will sell 借據給第三者???' z# a, C+ H3 _$ H. y
I was so confused.....

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" v) ^2 ^* ?: W8 Z- B/ e% \講到尾都係賺錢
# ^% G! s0 y" bso銀行可以不斷放款/ k( }- T" l, z3 Q5 G3 s
美國的房貸問題散佈到全世界6 x; H1 h, C' @) e
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mortgage loan
0 y2 g* t) x1 z4 b>conduit
3 v* H4 {4 P4 V. }>RMBS(Residential Mortgage Backed Securities)7 C) f+ s7 v* F" G) m
>arranger
9 [) \( g5 ^" r0 d' X2 ?! i>CDO(Collateralized Debt Obligation)5 b; e7 g3 Y9 [2 C8 P
最後去到投資者

Kev

i thought it is the reason of rate of return.* T3 ^  T6 ]! K$ [' L' \; n
CDs could have different ratings, AAA -> F,* R. p; b3 Q# D' B* B& n; V( [- ~" k8 q
more risky ones would have higher premium (interest rate) as a compensation for an investment.
4 @+ D" w: {. x8 C! e  u& ]7 Rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; U) |+ p& H  S0 W
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 f; u' b7 _9 M5 ^. z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ s9 S6 ~+ V, }/ wsimilar to bonds, CDs trading in the secondary market have different value at different times,& _, B$ {9 q* E2 _
normally the value is calculated by adding it's principle and interest.
' L1 b6 C: h9 Z$ B2 `& X2 f# c; reg. the value of the mortgage+the interests to be recieved in the future.
  o" e. i; A1 f8 Mbanks 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.: K5 O, I7 `% J+ g2 ]# T+ f6 l
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im not quite sure if the multiplier effect does really matter in this case.
9 I, n7 Q4 \) V. K2 Din stock market, it's the demand and supply pushing the price up/downwards.. S7 L/ s  P5 K7 T+ Q2 E5 u
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: p, Z# p4 ?/ d2 f9 C8 I, m% xA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 g* u1 \0 r7 J
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. & x( I7 j- A+ X
but the value of their assets did really drop significantly.+ X2 u; B: j) e* y- U3 D& c3 G, i
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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.gif4 x/ W; V* T+ h( ?- }+ g, p  O
Refer to last example,
, E$ {0 q! ?- W) ?1 N. j. Y5 X2 _that means bank A have no money because we borrow 10 dollars from bank A : c  {  P& C) `, O* h
Because bank A doesnt have enough cash on hand
7 V5 E+ K7 _' \9 ttherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
6 s8 w% x$ n, ?+ V- e8 [so does it mean if E failed to pay D,
& x! D7 }6 z+ j# S/ `5 jall the B,C,D,E have to go bankrupt?1 Q! J. f8 V  U  Y3 r

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5 T! R; n: D0 v! H. ]- |the multiplier just tell how much money created in a whole economy,
3 f) N+ `+ l0 ?" m. |4 Vin this case it doesnt really matter how much money is created,
2 o$ M: p+ E; g# L7 Y. v. Lit's the problem of the debt itself.
- N$ J' Q$ F% lthe 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: N) q$ X9 d. `
小弟一直都唔明...
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7 R3 E- k9 V( _5 X) g! @全世界都蝕錢，咁邊個賺緊錢呢?0 I$ ~. p2 b2 [) q- _/ h1 a

7 }, ]% q! I! t; M+ H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4 Y" o" n6 ^8 |
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Thanks

' J2 i7 X3 W; s* w* g3 d. i' z那些根本係 紙上財富  
* }! q! Q7 M, J1 }$ K% k: i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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7 v- O7 Y8 ^/ B. [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/ s- Q$ I; i) p8 s7 ?( e# i9 L
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
' C* A+ P% u# }, u/ m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( O; F; \- r4 ^5 d& E
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦: {: T0 P$ O! o& e0 z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
( F3 u2 p5 I: M  F% F: ^1 {計番回報率就已經係50%,所以可以好好賺5 Z, `! p- a9 z) {$ M; ]% H
前提係銀行之間要互相信任先可以咁樣借法
+ t  |* z1 T5 {8 ?同埋個市場既前境要係好先得2 N  U" a* z! j
但當經濟一差,公司估值趺了,物價不升反趺2 s( G, n. O. Y
例如剛才說10蚊的, 趺到得番9蚊, 5 _. B9 @, e4 ~" ?0 x& M
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%  h: m% y1 a& H; O8 B
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, 9 ?- k: K; a) G" X2 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,
3 ^: ?8 ?( D  n/ m, q/ F! D$ ~淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! x, s: I4 P( t5 m/ G/ Q" m
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
1 I3 u* H8 P, ]' E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' J# f7 |9 j$ G3 N
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, |4 C% n3 {# k" [' N淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 I6 c8 A2 Y& f! e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
1 D3 F) c  f& m! [咁你話d錢蒸發左去邊? ...

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正係咁樣
4 m' V( [; L4 v2 q1 U) M& L, Z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& s5 q8 O' [  T" l9 L& q/ z
分分鐘佢地唔使還錢# W9 A, ^5 R1 k" x4 w7 w3 n
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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,
9 o1 F" z* Y- E) @$ b連國家都係問人借, 不停發債券, 印鈔票
  X$ O7 g! a- M( j一個國家好少出口, 而又大量入口 ,反映到佢唔多生產- v: |% n2 Z' t5 [* [3 C
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
& _# `! c% @" I$ A咁而家"爆哂煲"算唔算先至係變番"正常"???

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2 H6 d: v6 C9 S, ?+ S) i1 b其實係...& q+ ~; s. a+ V+ o; h3 a8 H, X
因為以前未生產, 先消費
8 F# }2 f7 Z9 i( C而家就要多生產, 少消費