0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif! r( S) c" T, b
Why bank will sell 借據給第三者???% ?+ G4 H2 g+ B$ S- Y# _
I was so confused.....

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講到尾都係賺錢
& f+ F4 g9 @/ `- O9 {so銀行可以不斷放款& V; L. N; q+ d5 G, |
美國的房貸問題散佈到全世界& g/ W& j5 W- _+ d/ y7 {

% t% ]5 x+ x# G  dmortgage loan
% }4 x1 i# c: s7 c: p>conduit
0 L$ u- \0 g& v0 u>RMBS(Residential Mortgage Backed Securities), j9 Q# k% _0 D
>arranger! Z5 m) j2 C7 {6 x  }& _+ P- j
>CDO(Collateralized Debt Obligation)
6 y# W- d0 {5 p: s. N% g最後去到投資者

Kev

i thought it is the reason of rate of return.
- X, s. p9 c! |# z( L& A" WCDs could have different ratings, AAA -> F,+ {2 \; \* e2 I6 e/ x  C
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 _# J8 U- c# smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# F6 X  S9 C! u. d( g3 T; y2 t1 l
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 m/ u. K3 p! r$ c0 h. z! N5 RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. f' l: `( a8 B$ v# m; K5 q, J; r$ X
similar to bonds, CDs trading in the secondary market have different value at different times,
1 a8 w0 |7 Z6 q- @normally the value is calculated by adding it's principle and interest. ! T7 v+ B1 D: _/ ?4 Y. q' c
eg. the value of the mortgage+the interests to be recieved in the future.
/ E# H0 {  F% o  q3 |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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; v/ G* ]! A+ N8 S8 @9 Gim not quite sure if the multiplier effect does really matter in this case.: S4 S8 X8 u+ B8 G. r+ r7 j/ i7 K
in stock market, it's the demand and supply pushing the price up/downwards.1 s9 Y+ b" D" H% D( H
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) Z2 w* T# Q8 ^, ?4 x& m
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' i  `8 M+ Z) R' o0 `  g' t* v+ R9 {! UThe 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. 6 l9 K& w: }6 B# s. s: [" F
but the value of their assets did really drop significantly.
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8 ]/ C5 u. ~  t9 N8 s4 h! l[ 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.gif0 `, j9 ?- N  Y$ Q9 D( T0 U+ ~
Refer to last example,0 x; Y3 l) A2 U  t
that means bank A have no money because we borrow 10 dollars from bank A ( E9 E+ o7 T: X- J3 T
Because bank A doesnt have enough cash on hand
6 t7 m. M: P1 ^. dtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E/ |  Q; n1 T* y, x: F
so does it mean if E failed to pay D,
7 h% V3 f( ^5 E7 V/ S% ?7 jall the B,C,D,E have to go bankrupt?2 V2 C3 Y# o+ \( `, k. @
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the multiplier just tell how much money created in a whole economy, " g& Z8 c7 f9 K; S7 r
in this case it doesnt really matter how much money is created, # q" X& D/ a5 w1 m' V7 ]* q9 w
it's the problem of the debt itself.5 g! k% L6 `  ~5 p+ u! ~4 D5 t
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
+ E: }! B, P+ b小弟一直都唔明...
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9 x; d0 T) |; {" O2 L4 B, ]全世界都蝕錢，咁邊個賺緊錢呢?% f. n+ p6 W7 {% L
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無可能淨係有人蝕錢無人賺架嘛...% n0 \! P: `. G

9 u$ m9 ^% A. P1 ^1 \7 D7 y, Q敬請各師兄解答0 @* ~3 j& ^  a6 n+ W! _7 X

' y$ t& w- s1 ~! K( p. jThanks

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那些根本係 紙上財富  , `; U" ^! F, j. N. O# a7 H
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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- V, _6 W" ^$ m  y& C) n$ rhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
$ [8 l! |" @3 N3 ]當經濟好,投資銀行相信會賺錢, 物價既估值相對較高# D$ t; F% K/ Y$ U: }' J6 P+ z2 B6 e
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
3 G7 m( C% O+ Y個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" k# @8 Q! }( u1 ~+ v" s6 R# G
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
, C7 h. J2 ]4 N- L5 w9 z/ H5 k計番回報率就已經係50%,所以可以好好賺' f5 F- e: `/ x4 v
前提係銀行之間要互相信任先可以咁樣借法/ s/ q$ a) ~2 w* H9 `
同埋個市場既前境要係好先得
* U% n( ~1 ~1 J) L' G. j但當經濟一差,公司估值趺了,物價不升反趺
, i  @; N8 b* `* q: c" Z例如剛才說10蚊的, 趺到得番9蚊,
% T* T1 N) C: m  e3 q咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
2 `' _' }, L5 G& r+ H* n! g* y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,
/ b6 ?, O$ D/ G0 V" m( U& P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, / g* \1 c( a1 s& Q3 Q( {- ?' K
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 H/ H1 k/ @. B
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* R1 _. O: h2 J( K- u
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.gif5 K0 d2 B$ S" @/ Z1 c, Y6 e2 ^( r0 w
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ H3 G9 X7 j4 V$ J& Z8 ^, e1 \淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- h1 M% U  ]3 a5 x9 x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
, n. x7 s0 F6 I, w2 Y: b$ J3 I5 V5 ?咁你話d錢蒸發左去邊? ...

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正係咁樣
. z# r$ b( |" R0 L9 W8 P  G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5 [6 m9 Q( K) a  m
分分鐘佢地唔使還錢) ~- @$ D  u4 ~- h
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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,+ j1 B% |7 E: u: H, w
連國家都係問人借, 不停發債券, 印鈔票
1 Y1 r  o3 [* C1 e1 w2 C8 o8 \  p一個國家好少出口, 而又大量入口 ,反映到佢唔多生產. @# c- Q9 I. R9 o
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.gif5 F6 Y4 N; q; Y
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
- H% p. b7 u7 k8 U+ j# D: v2 N7 m& {, p因為以前未生產, 先消費& I. ~. u* r& N- @( Z3 k1 t
而家就要多生產, 少消費