0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif# v* G/ b' I' C$ s3 w5 F
Why bank will sell 借據給第三者???" ?2 b+ }; f" S- b) ]9 _
I was so confused.....

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$ |7 i) o. m/ g" Y$ `9 I$ n& O講到尾都係賺錢' Y: j) \, Y. H) L+ j4 R+ w
so銀行可以不斷放款$ E( K. T- J/ H) c* x7 P; b
美國的房貸問題散佈到全世界+ D0 H6 O# S  n# T& _! L8 z

3 ~) q9 r; _9 I7 U' r( V# U9 E0 O  imortgage loan
" n7 _' U& W8 h4 }( O>conduit" @7 B2 T! V) I$ v
>RMBS(Residential Mortgage Backed Securities)# [4 i* |# m/ T4 `
>arranger! k" Y& H% f3 F4 r0 D4 V
>CDO(Collateralized Debt Obligation), r/ d7 l0 I6 R1 g' d
最後去到投資者

Kev

i thought it is the reason of rate of return.
3 N" b5 \8 l6 c4 cCDs could have different ratings, AAA -> F,: v" O4 p6 Y6 P( k6 R" e
more risky ones would have higher premium (interest rate) as a compensation for an investment.
0 o6 X; w  T2 F* m2 umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* C4 F. ~5 m# f) g; qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; v# u: ?: }0 D& c- ^
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ o; h$ z) L* W; Esimilar to bonds, CDs trading in the secondary market have different value at different times,
; M* t! C, ?! {( {8 c! }% \( Y* m  q: Rnormally the value is calculated by adding it's principle and interest. 4 Z5 _* z7 f. v7 {* B* R
eg. the value of the mortgage+the interests to be recieved in the future. - J3 M3 B7 W* Z0 ~1 K
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.
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1 y8 t8 S$ E) O; t% x' ~. Pim not quite sure if the multiplier effect does really matter in this case.3 v1 |- M0 P; |# q- I5 K( m  s+ t
in stock market, it's the demand and supply pushing the price up/downwards.4 F, x3 d) v; v2 I8 T% T. [
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 L% A" M2 M0 F; L
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# t4 q  L$ B  b. N) }* ~
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.
5 ]4 C1 V( t6 c: ^but the value of their assets did really drop significantly.1 h3 D! J9 G3 F- v$ W2 v  n

/ g: V/ U" B2 ~# h1 e* ]' Y[ 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
, L: l, g7 B) u7 u# YRefer to last example,2 d1 ?6 `+ k% I. C# M3 d
that means bank A have no money because we borrow 10 dollars from bank A
5 U! M) X8 J0 b. R4 R& QBecause bank A doesnt have enough cash on hand
8 k4 J4 `. ]% u6 N6 s6 J. Utherefore bank A need to be bankrrupt ??? Am I right ?? ...

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$ }  ]& n4 T' ]' E5 K( u5 k) |% t. G& ~# ?  i) B
A->B->C->D->E0 X$ q+ n* x) d$ `" }- V" `
so does it mean if E failed to pay D, 7 [$ c3 @# K+ w" o3 o. O
all the B,C,D,E have to go bankrupt?1 s+ }; D: f/ n+ a" ^

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the multiplier just tell how much money created in a whole economy, # s* H6 I6 ]1 X; X; ]9 j
in this case it doesnt really matter how much money is created, ' Q* [% }7 \% c% ~( ]& [* u2 S' z2 I
it's the problem of the debt itself.
# d' i2 X* j/ H. v( z* _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
5 m% ^% z2 G- ?3 X小弟一直都唔明...4 |5 g! K$ ~4 h! b; m: ~& _

8 a# _) h$ h8 i8 M: D7 s全世界都蝕錢，咁邊個賺緊錢呢?
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0 O3 U. h$ p- G" }* K6 k& d+ c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
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Thanks

0 ]8 Q, p; C. ?0 O5 I3 H% k那些根本係 紙上財富  
0 A4 C" r- P, N% H( z1 x3 A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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. `) H8 l9 E% j: E5 y! }1 n) qhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產- B& T1 Z( n% t: g) ^7 B5 `
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) ?7 U: c7 c0 d( v2 i9 R1 }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" M  \: r8 D$ d$ K  r
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
, R! |7 X' N9 _1 j+ ^5 Z+ B扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
/ |) K% l2 |5 g計番回報率就已經係50%,所以可以好好賺
2 l0 I* D1 I/ p6 @, J' w前提係銀行之間要互相信任先可以咁樣借法
: ^4 I% ^$ ?' J0 w) R, Y& _同埋個市場既前境要係好先得: b  K1 r$ ^: Y$ {; Y. k, S  v; y
但當經濟一差,公司估值趺了,物價不升反趺
2 X. q! o$ v* \! e# s, ^例如剛才說10蚊的, 趺到得番9蚊,
, S' Q5 W+ t9 e9 j% T% V# C咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 Z/ @- n  M0 S# w
所以你就會覺得D錢好似蒸發哂咁
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$ B5 c' O3 o; n  |你都可以當標野咁諗, 個樣野多人可以狂升值,
& a) d! D  g8 o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,
  _* r7 G: [. }" K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 c0 z+ Q) b/ L7 y5 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  [8 F& Z3 t7 v5 ]/ K
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
" P' o4 S6 X- Z1 {2 ^% Z唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 x- `, C/ M, K- |2 U0 z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' K$ f" m5 r" v$ j: ]9 a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
! q* \) Z$ r9 J! Z咁你話d錢蒸發左去邊? ...

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+ a! c2 B) l# n( \% l) T' t; E, k正係咁樣
8 c: t# j2 `: g  {0 }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
: a% c) y0 K" M& a分分鐘佢地唔使還錢
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- {9 C; W- k3 s& n8 J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,6 r. l, W" ^+ `8 y# |
連國家都係問人借, 不停發債券, 印鈔票+ `. p1 x6 Z( {, H6 j2 x
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產) P0 J, F5 p( X& I  W
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
0 Y5 _, g" Q- q1 c/ ?& G2 \咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
" {2 _$ t- r6 f  r因為以前未生產, 先消費7 e& r) R! P) D  R, U# J
而家就要多生產, 少消費