0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif. W( P. t/ o$ D% u4 t( n, l
Why bank will sell 借據給第三者???6 |+ w% F; i1 B
I was so confused.....

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4 N. z" c- {+ B# \講到尾都係賺錢2 T: ?' y. r1 E" |$ w
so銀行可以不斷放款
. `$ E6 @8 d1 R( E  {美國的房貸問題散佈到全世界
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. t9 v. w( c" l5 M0 r6 v% Ymortgage loan
* B2 `/ a4 w& I: x+ O3 _>conduit! M/ J! t$ u0 t- P3 [' h
>RMBS(Residential Mortgage Backed Securities)9 C$ J* x; T4 C1 d! Q1 E, c
>arranger
' U; m3 D6 V5 J7 z# r/ U4 m. Z>CDO(Collateralized Debt Obligation)' G- X# E( |1 d9 h
最後去到投資者

Kev

i thought it is the reason of rate of return.
# Q" b2 `7 \% uCDs could have different ratings, AAA -> F,: j4 C- m3 r# N# c3 x) P
more risky ones would have higher premium (interest rate) as a compensation for an investment.! t9 U+ e9 i2 d" {, w7 r! k& C
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: s2 p- C1 e0 \: J- j- f
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 S1 U- @# P8 b+ W0 q( Q2 x4 f+ gAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 d9 P3 E9 s9 a7 X% S+ v5 Z% y" [
similar to bonds, CDs trading in the secondary market have different value at different times,
# \2 }; X  H# i( d& t/ X& Pnormally the value is calculated by adding it's principle and interest. . N, k3 I# D- B8 o; G+ v
eg. the value of the mortgage+the interests to be recieved in the future. ( W4 b2 l# U1 d* i/ C* l% q
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 B% d' f! X. y' v8 A. ~

4 n. {: Q" \: G' [im not quite sure if the multiplier effect does really matter in this case.
* z! J& C0 R9 F' J: s* a9 V; N+ nin stock market, it's the demand and supply pushing the price up/downwards.
6 @( n0 v& q' ^For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, }9 ?" o4 R8 w/ E0 Q: g8 O
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 W: z; A1 j9 R" B
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+ c% {' H3 x- V  V. b# D5 w2 t2 `  K
but the value of their assets did really drop significantly.
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2 \0 f3 \! w5 b* ~( h[ 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+ s) b2 Y7 l8 K$ q
Refer to last example,
; j3 N4 D6 N9 o4 N8 n$ {9 tthat means bank A have no money because we borrow 10 dollars from bank A 1 P8 b. d9 R: a+ I& {
Because bank A doesnt have enough cash on hand ' O3 ^9 t& u  L+ u1 p. V
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
; @4 E% e. ?( i0 R4 J( g5 e6 }so does it mean if E failed to pay D,
( }2 k1 R( l& Q% S  f' S& s) oall the B,C,D,E have to go bankrupt?! d& A( M3 K* B& l7 X! }! U

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( S6 A( `1 M$ B! m+ D8 }, W) |8 Jthe multiplier just tell how much money created in a whole economy,
, g2 q( C2 I9 {. s! @! `$ f. uin this case it doesnt really matter how much money is created,
  c4 z* w8 f+ j) n' Vit's the problem of the debt itself.4 B% c6 P: e! |" }+ j- M: z5 v
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
0 W9 d: u/ M9 n' A小弟一直都唔明...5 G) G+ v* @, @5 R* L! x8 F6 z
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全世界都蝕錢，咁邊個賺緊錢呢?6 ^# l: b( `% l0 E6 ^
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無可能淨係有人蝕錢無人賺架嘛...
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6 M3 w; i! F$ G7 P( X1 l敬請各師兄解答8 x! N6 q/ Q2 `, ]7 V

; j8 }1 F+ I9 g  k3 hThanks

, ~2 ?9 n. s) ?那些根本係 紙上財富  
% Y  @# ?# `" C! K8 z# R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 graphic0 h) B" R& Q! a- d+ s

+ ]9 w& r- x5 C/ ?: Whttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產+ Z/ u  A! E* ?
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" K3 C2 ]4 C& Q  a) [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/ s$ }4 E) t: X" ?
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
6 E6 z- N! P1 J+ Q! P扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 V3 l1 G! H4 `7 X" ^! Q. P
計番回報率就已經係50%,所以可以好好賺
! i$ U7 e' g/ [前提係銀行之間要互相信任先可以咁樣借法
1 u$ x( ~6 P0 t/ s& A' I+ b同埋個市場既前境要係好先得) A% o. g3 m8 l" ~$ W: `; f& {* N
但當經濟一差,公司估值趺了,物價不升反趺; u# V% W6 k, W% G- U
例如剛才說10蚊的, 趺到得番9蚊, , K' K' r5 t$ V5 t5 ]- S% O
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
4 o1 t8 {0 O% Q2 O所以你就會覺得D錢好似蒸發哂咁
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4 y# V9 J% A/ x0 e' Y你都可以當標野咁諗, 個樣野多人可以狂升值, 2 L" Q/ u4 U6 z" k: x
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,
1 V) o  F% {  H2 O1 E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 @9 a$ ~, s$ J. t& e5 t' \9 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
; K$ _  s6 a5 w$ o+ @$ \( v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& B# ^  t; @* U. |# [* U& R. b$ c
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, S% w' _4 S# ^; Y! v淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( w3 M* k% U% X$ \& m/ t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& t/ r1 u9 b$ m
咁你話d錢蒸發左去邊? ...

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2 T, t& v0 ]3 l正係咁樣
: r+ W' [' o  ]( D2 g" Q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# N! m. n+ b6 n$ i2 F! c
分分鐘佢地唔使還錢
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/ y% G, i3 A) N) W' v; a  c8 Q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,
4 L1 z' c: r. M! g/ q+ G+ f" o連國家都係問人借, 不停發債券, 印鈔票
$ y$ L6 Q0 F" O# @, K8 u6 d6 c$ ?" X一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! b* O. e* Q2 U: B; U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
- V; N3 s# ^( ]' i4 t) y咁而家"爆哂煲"算唔算先至係變番"正常"???

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- D( p/ v  J9 m6 K3 D其實係...
8 G. {, n" B7 y) r9 F7 C因為以前未生產, 先消費* Q8 K0 M9 r( S0 B! `
而家就要多生產, 少消費