0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
* X; E2 m: n# TWhy bank will sell 借據給第三者???4 w3 t$ k6 H9 U8 ~8 v
I was so confused.....

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# l) M6 z/ t: l" E7 N- }4 X講到尾都係賺錢
+ p( k: i9 ~( o; x. U+ Tso銀行可以不斷放款$ Y2 F9 ^' Q2 |1 t$ x0 j* Z9 R' S
美國的房貸問題散佈到全世界
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mortgage loan # I1 Q- p; B1 S  M
>conduit
3 ?/ }4 L6 D+ ]6 D: x>RMBS(Residential Mortgage Backed Securities)/ U# C( F  I; r! k8 {# I6 k, a
>arranger" p2 E2 w" Z3 T; r
>CDO(Collateralized Debt Obligation)
: ?. {. v6 x( E: p; J最後去到投資者

Kev

i thought it is the reason of rate of return.' G' B0 N) T0 y# K8 {0 X; t* h8 }
CDs could have different ratings, AAA -> F,
9 e! i# `0 R& y  G0 v4 ]+ {( bmore risky ones would have higher premium (interest rate) as a compensation for an investment.- ?8 w: G  k# R
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 u6 ~& u8 N3 ^8 a# j
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; ]% U) z0 y0 C0 [4 I5 O
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% q; E- B5 i' msimilar to bonds, CDs trading in the secondary market have different value at different times,
  k% l1 ?% m8 vnormally the value is calculated by adding it's principle and interest.
) t9 I: h1 l7 \+ ~9 Beg. the value of the mortgage+the interests to be recieved in the future.
( a  t0 D3 A5 i: P( V& nbanks 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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# `2 v* C: t* z* Sim not quite sure if the multiplier effect does really matter in this case., A! v7 L; h0 U+ o, j
in stock market, it's the demand and supply pushing the price up/downwards.. M; `8 i- }5 y  ]9 Z8 O; X
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 z" ~  H+ d/ O7 X8 `
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) U- p: P. _4 N1 h
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.
  g( f+ `& I: M: a; \but the value of their assets did really drop significantly.
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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
8 c; P# X1 a# Z: c5 E) fRefer to last example,( F7 a4 E: j0 A( n7 l" C0 P
that means bank A have no money because we borrow 10 dollars from bank A & ?$ @& F- ^& V; f4 R5 ~' X1 G
Because bank A doesnt have enough cash on hand / b, E' R* }7 u( G$ W4 ~+ u' \* U1 \. B
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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' a: W; X! |  j1 f# d) |" iA->B->C->D->E
" G# X, `& e% S  {( n  {5 W7 t5 Sso does it mean if E failed to pay D, ; V# O8 Y+ ~) [& e5 ]( Y+ e* F7 m
all the B,C,D,E have to go bankrupt?' R% f4 B( `5 L0 r. n; T9 `) s+ h

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the multiplier just tell how much money created in a whole economy,
1 r$ t, g: ]. Y, L3 }4 xin this case it doesnt really matter how much money is created, : ~* {- Y( L  n  f+ ?
it's the problem of the debt itself.
/ ]. k3 W1 @8 I4 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
5 M5 y7 I0 k. W4 _  s小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?! e: [) H& Z8 l! J7 y* M

6 T% D' a( M  f! u- H無可能淨係有人蝕錢無人賺架嘛...( k1 U! E9 V3 P1 @+ R/ p/ G

" r$ Z! Z9 }# [! ?敬請各師兄解答
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Thanks

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那些根本係 紙上財富  3 |0 }8 A7 Y: d
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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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
" M* y/ L* }5 S5 E當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
4 V' L* [# x! N0 e0 _0 t& ]5 y7 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
1 A& k0 F& W6 g" s# c( w個件物價係市場好既時候升, 例如15%先算,變左12蚊啦! r" T. }% K2 n9 K1 r# Y9 w4 O
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,( H* v; e  L- ]4 T2 Z8 A6 ~5 ^
計番回報率就已經係50%,所以可以好好賺
& q! Q! c& G8 l* I前提係銀行之間要互相信任先可以咁樣借法
1 h3 x  ^7 h( g$ X  j同埋個市場既前境要係好先得: ?6 V0 S# i2 V) S" t6 B
但當經濟一差,公司估值趺了,物價不升反趺
3 R  `; [) m# v" `; @例如剛才說10蚊的, 趺到得番9蚊,
3 l6 d2 c8 `2 O; W7 t咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
# T: P% L7 a- n# q: R/ O* M所以你就會覺得D錢好似蒸發哂咁3 W0 [+ W6 t( ]+ q: P5 u3 Q, v
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你都可以當標野咁諗, 個樣野多人可以狂升值, 2 p! h$ T5 ~7 r6 N
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, / l" B( n9 B5 A9 A# Z1 b" ?
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; `' j7 i  C& [
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: W9 `% H% Q: R% v. F, [" T" y0 c
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( m: v' ]$ T4 S8 j) a3 A
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, _8 g+ X2 G5 m淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" x! Q7 f3 @, @( |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 q/ x* A+ B# T2 H- J( u, i咁你話d錢蒸發左去邊? ...

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* O9 ~4 v  |5 b8 q+ m正係咁樣) d6 g8 P- x3 A2 a  X
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/ d: a- U. o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/ u* @) }" o" O  }" W) M; Y連國家都係問人借, 不停發債券, 印鈔票0 n4 H- }6 T6 e6 w6 N- C" L
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
9 C. Q! H6 N1 {" l& h& h( y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" b4 e* j2 _! L- |* b( ?. O3 C
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...9 x7 r) f$ [( Y5 b" R3 H8 g
因為以前未生產, 先消費# B: X5 v5 [4 J& t# P; A
而家就要多生產, 少消費