0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
, p2 a9 ^  L4 I" G& J" N. @Why bank will sell 借據給第三者???8 @0 s" x$ m* g8 l8 G
I was so confused.....

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講到尾都係賺錢; m# P2 @* Y" r: P) C) A
so銀行可以不斷放款
; Q9 k/ j9 ^% L$ A美國的房貸問題散佈到全世界' k1 o( h& M9 w8 p/ V& e( ~( z: @
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mortgage loan : V0 n! ~9 \8 {8 D" L
>conduit
2 H; S3 s4 R- p>RMBS(Residential Mortgage Backed Securities)/ [" G+ }6 u7 v7 w/ ]# C% Q$ i$ A
>arranger
9 U( q& k, p+ k. l) H" O1 \>CDO(Collateralized Debt Obligation)& ?. r0 C. x' u7 ^9 f  T% m
最後去到投資者

Kev

i thought it is the reason of rate of return.- o, i! W  E- Z, w! U- k0 |7 ?
CDs could have different ratings, AAA -> F,( ~2 r# B) d3 i( K" B- L3 b
more risky ones would have higher premium (interest rate) as a compensation for an investment.
: j& e2 Y3 m4 e. T0 i  g' @main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 A# `6 M  g3 R- T) ~  K4 `+ B) H$ i
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 y* s: O( `; w! x, ^7 `Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 k' B; s5 j1 J4 m! M9 C* zsimilar to bonds, CDs trading in the secondary market have different value at different times,( j$ _! D7 d: J5 z6 H
normally the value is calculated by adding it's principle and interest. 3 n' B' r$ Q4 X, Q
eg. the value of the mortgage+the interests to be recieved in the future.
3 c9 b: U& n, Lbanks 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.6 V( C: S% O6 n4 T

  f' d3 z0 M6 [0 G& Dim not quite sure if the multiplier effect does really matter in this case.& P0 s1 H8 D( V
in stock market, it's the demand and supply pushing the price up/downwards./ {* X% U# l  z* r$ h
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) i6 S# `& Z& {3 sA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; q' c. H7 y8 g0 u9 D- VThe 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.
  o$ }& z( d7 Q* lbut the value of their assets did really drop significantly.2 W( M; b5 P" [

" F8 t4 B; Z/ _9 q+ q; ]9 c3 c[ 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
! i+ f% L8 J( r+ [Refer to last example,
/ u  y' q( x7 i+ Cthat means bank A have no money because we borrow 10 dollars from bank A
! @. [( K! v. I+ X: pBecause bank A doesnt have enough cash on hand 0 i8 }: ?5 s5 ^8 `( M
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
: Z9 L) B  V3 c# C/ bso does it mean if E failed to pay D, 9 U, ~; b3 a) [+ [# M$ ]( B
all the B,C,D,E have to go bankrupt?
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- p# G6 U7 V# A. u/ kthe multiplier just tell how much money created in a whole economy, ; W6 W, W2 _) C8 Z
in this case it doesnt really matter how much money is created, 3 U. r9 l; R- h- }4 S- l
it's the problem of the debt itself.7 j* |8 H1 D1 W. 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) S0 T3 O1 s% _3 i6 {
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?. q2 `9 s: Y. e% L2 t

' p) i7 A  g1 ~: D無可能淨係有人蝕錢無人賺架嘛...% z# O8 o% r9 o1 X
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敬請各師兄解答
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/ e1 |" S6 s, I# UThanks

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那些根本係 紙上財富  5 f3 X. W) y( O. e
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/ Q# w6 }) s5 A$ C
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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+ l* f) h7 g4 ~; R2 B( L
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" U# o% J  n# z2 e! @7 Q' N
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: D+ U' H; Z7 c" [1 a) k, V9 k
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦0 Z2 @1 m+ E# z! i& i7 m6 ?
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 m0 k7 D# }) @2 C8 F) |計番回報率就已經係50%,所以可以好好賺4 k7 p2 c$ W$ X; b+ X: U5 C- S: w
前提係銀行之間要互相信任先可以咁樣借法
: ]% U* y8 k8 X同埋個市場既前境要係好先得5 u. W6 E; V2 l3 T* K: i7 a: y
但當經濟一差,公司估值趺了,物價不升反趺
1 c" z' m, o4 x0 e" [0 v, j例如剛才說10蚊的, 趺到得番9蚊,
& H2 P, G' [$ j; E( a) ^咁投資銀行一下子就要還11蚊, 一來一回變左虧200%+ Y( u) g# N+ g$ v
所以你就會覺得D錢好似蒸發哂咁
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/ n* v! g* o1 \. ~你都可以當標野咁諗, 個樣野多人可以狂升值,
7 G/ x3 {8 I, W! I9 U' y# ~+ H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,
* S0 n4 O5 J$ Q  s1 l1 b' Z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: g7 \) j4 w# B  X8 u+ ^, p! i# 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
, E  q1 S& J% s% j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
4 ?: K# i+ l3 U唔係d錢蒸發, 而係比美國佬洗晒未來錢,
6 i  Z& U; x7 W( o/ n) c淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & ?' s8 U# f9 r
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% G2 E7 {9 T8 b! c9 g! T, k
咁你話d錢蒸發左去邊? ...

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正係咁樣
9 s3 A5 }& |  T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3 G  P5 F  [) A  K* W- E
分分鐘佢地唔使還錢6 H9 O$ C! t) H6 G( q

" u+ v" W1 {, w; W1 _. @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,' J! b, |) t! k& K2 Q! B/ z3 Q. P
連國家都係問人借, 不停發債券, 印鈔票
# [* v+ L; p$ C5 o一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
0 E! v: t" a( n; a6 e% r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" M9 X1 L- d! T% {: @4 I6 A, h
咁而家"爆哂煲"算唔算先至係變番"正常"???

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  B3 ?. k; r7 F其實係...
* @  ~9 r) }) ~8 d- i' o# }$ ~6 j因為以前未生產, 先消費
* C9 Q$ q0 g1 s4 y# h而家就要多生產, 少消費