0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
# X* A7 I) {3 `. r1 s1 JWhy bank will sell 借據給第三者???
% \0 T# n/ ]% ^4 s9 g/ n6 oI was so confused.....

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4 k2 E$ M4 ~$ w3 N' P講到尾都係賺錢# X6 R' Q3 L) A3 I1 R0 h
so銀行可以不斷放款
( Y; n  B0 H* ^8 ]8 T美國的房貸問題散佈到全世界, B* t% A8 H$ J- F2 G$ U

' p, D, u3 E  B+ bmortgage loan
$ K# T, i: l+ {( q" T>conduit
. Z' n/ [- e, q, E5 c+ x>RMBS(Residential Mortgage Backed Securities)& _, i8 g; R* D) \0 ?8 b! c
>arranger/ B" j8 x6 v- l+ y( B
>CDO(Collateralized Debt Obligation)( F4 l8 D8 e8 `! @/ Q- O8 L
最後去到投資者

Kev

i thought it is the reason of rate of return.8 e$ {  F7 G8 X$ F" ]$ H7 F( @
CDs could have different ratings, AAA -> F,
; s* i) X. ]9 q/ ~more risky ones would have higher premium (interest rate) as a compensation for an investment.3 V5 E8 ^' o6 K, ~/ ]- D6 ]5 D3 F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- o9 \7 D1 @' `6 K- D
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- F, [: j5 k- T9 T/ j
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 r9 Z4 t. A% o& d( \2 wsimilar to bonds, CDs trading in the secondary market have different value at different times,
& y# i2 h; v8 Z. a) Fnormally the value is calculated by adding it's principle and interest.
. Q9 A! i+ N# A! u0 u. \eg. the value of the mortgage+the interests to be recieved in the future.
8 H+ u# [4 [4 f- H8 _/ W7 T3 ^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.# A% `1 p3 w* U. _/ @1 L

* ^: K9 x% i; ?( m8 eim not quite sure if the multiplier effect does really matter in this case.9 A2 @) S3 A( a! c* J  h& e8 P2 X. a
in stock market, it's the demand and supply pushing the price up/downwards.
1 r3 Y6 p4 u4 L* c* cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
  M% g' D6 X. xA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 x  i& m/ m4 U* T. K) h4 @8 }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.
! b  G% _" l- `+ _! I" S8 Sbut the value of their assets did really drop significantly.: }- C9 F  p; G% x
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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
0 R) Q+ V' P0 ]/ z8 PRefer to last example,+ y' A: O; I3 m1 @- Y
that means bank A have no money because we borrow 10 dollars from bank A
" [, A/ u. o) m! w5 K: Y  L9 oBecause bank A doesnt have enough cash on hand ( O  D, Z: P0 Z5 g" d( H
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E. z& V( U  e# O3 @
so does it mean if E failed to pay D, / E2 y/ L; h# y# O* G, x$ @/ [
all the B,C,D,E have to go bankrupt?; M/ S' i# ^* s. r/ K6 x

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the multiplier just tell how much money created in a whole economy, - _5 x* {" j: D; i* n( S
in this case it doesnt really matter how much money is created, 8 z: C5 f7 A; i
it's the problem of the debt itself.
' [& I/ V# ]: L3 z4 ?2 H: q0 cthe 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! N9 t& J2 c$ T0 l" \; 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?
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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

' m3 y+ [" W/ _那些根本係 紙上財富  7 _1 u4 g( f* Q; z
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9 N8 R& }+ ~" F$ P( l
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ }2 K; K. S+ C: {. ]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
+ g( a: `* {/ b4 v$ T* |) O% K3 v個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% \5 y/ ?# Z* Y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,% c- _6 u; ]& p8 O3 e1 y
計番回報率就已經係50%,所以可以好好賺. E: \- g2 l2 I: C: b4 W
前提係銀行之間要互相信任先可以咁樣借法. B* P& n2 C" J: [' f4 G
同埋個市場既前境要係好先得
9 d+ _7 X& Q9 i- ]1 a+ d但當經濟一差,公司估值趺了,物價不升反趺
. W4 \! h# N" S$ e$ a例如剛才說10蚊的, 趺到得番9蚊,
- @; z# U( q* n3 H7 h: Z咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
: r& s# P$ E% I3 q# b所以你就會覺得D錢好似蒸發哂咁$ t* j" ^) x1 X- y& c

! `2 K7 ~) e% C* C7 V( P- x4 z你都可以當標野咁諗, 個樣野多人可以狂升值,
. c+ C% }% `! D8 j: T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, ( @7 ?! k, `& O
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 I' r9 V3 F5 {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
) f2 R: @! Z' ?7 N+ P  M( M3 ~$ B* S2 t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
. R) S* \# j' A% A8 Q, {" E唔係d錢蒸發, 而係比美國佬洗晒未來錢, / W! P. m# U5 _. `2 }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 J* H6 s/ ^4 z  O! @' n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
9 Q$ G% C0 |3 ]$ |' A, h$ a! m咁你話d錢蒸發左去邊? ...

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正係咁樣8 E3 n$ [8 v1 B* w6 H
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
7 A% `" @: z& B% j9 ?9 u" X分分鐘佢地唔使還錢
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* _" r" ~" |" A+ i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 ^$ Y$ b3 ^2 l8 P& _2 O連國家都係問人借, 不停發債券, 印鈔票
" P5 i+ [% `5 M) B/ }一個國家好少出口, 而又大量入口 ,反映到佢唔多生產/ k- ?/ j, W& M
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
& H1 O3 N% ~) P7 n+ l. c# P/ Z6 B咁而家"爆哂煲"算唔算先至係變番"正常"???

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7 J1 {( g5 q7 t8 e' v( M; T其實係...
% E* B7 v" j- j' Z  N' o因為以前未生產, 先消費# j  J4 p4 i) t; N$ G
而家就要多生產, 少消費