0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' ~% i9 b5 @& M  I% W# JWhy bank will sell 借據給第三者???
0 r' Z1 L+ T- x* {I was so confused.....

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講到尾都係賺錢* C5 H, e& Z$ o! n/ ]
so銀行可以不斷放款9 J, ?! _) ~  _
美國的房貸問題散佈到全世界
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mortgage loan ' ^3 {' _. \- ^" x
>conduit3 }+ ^+ X' V! g1 q
>RMBS(Residential Mortgage Backed Securities)3 B2 Y1 {+ `$ k' E
>arranger
' |0 l6 U2 Z, k: y! H>CDO(Collateralized Debt Obligation)
9 b* O4 U% a( b8 R最後去到投資者

Kev

i thought it is the reason of rate of return." E( A5 f' i( v/ @7 Z
CDs could have different ratings, AAA -> F,) m: z, b# u; X2 P8 v
more risky ones would have higher premium (interest rate) as a compensation for an investment.
- K6 U' ^$ ]0 I, \3 x2 Vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 ^, k/ k  @2 |' k- u# A- Bin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 H" U- A6 l6 }* x5 |2 [  sAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.  E9 O0 N& u1 K$ h8 g
similar to bonds, CDs trading in the secondary market have different value at different times,( _9 p7 ]0 e; g- s( v7 U3 d, m" ]
normally the value is calculated by adding it's principle and interest. 9 j5 ?3 }' K3 o; P7 Z) J; Y+ t9 f
eg. the value of the mortgage+the interests to be recieved in the future. 4 b1 ?5 c# M+ v
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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9 P9 ^; M) A' [" S! f7 p! sim not quite sure if the multiplier effect does really matter in this case.
% U6 |5 `) p/ C% [0 r4 a3 Pin stock market, it's the demand and supply pushing the price up/downwards.7 v+ e0 Y; v* K
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 B0 T& U& e. |9 H3 [# P9 WA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% A8 Z+ H$ r1 F
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. 3 ^6 n- l4 s& ?! `- G
but the value of their assets did really drop significantly.  R3 i6 L  Z, d* q5 @$ x% w- @
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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+ a/ I  D  a& K8 g8 F" |
Refer to last example,
3 N; j) P# N% |3 D3 mthat means bank A have no money because we borrow 10 dollars from bank A & E8 X7 U; W: b. ~, {# {- p
Because bank A doesnt have enough cash on hand
! O7 q9 H8 C  e' f% {' Z) _therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E* b2 q. I. a4 J# {, r' J: V0 u" g
so does it mean if E failed to pay D, " w+ U! X( ~7 z3 Q
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
3 D  i' H( Z) a( ~0 P! X, n) \in this case it doesnt really matter how much money is created,
7 b' ?! B  M5 ]" A$ u3 ?it's the problem of the debt itself.
3 s5 W" e9 o. K, Athe 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  |, H/ ?" Q) Q5 S
小弟一直都唔明...
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3 r7 Q, ^9 d! S5 R( O& M5 s全世界都蝕錢，咁邊個賺緊錢呢?' o( U7 y1 E& D# ?9 @% z

7 v, L4 h3 J- a$ n" W無可能淨係有人蝕錢無人賺架嘛...5 e+ q" S" C6 [$ C% U! X8 ?# H

( B- t& y6 Z: K2 G+ x敬請各師兄解答
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0 x; i8 }. S$ d) o/ p! FThanks

! a' b8 ^/ Q! x+ K8 ~/ V那些根本係 紙上財富  7 u1 u. V, z4 O  G- g: V
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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# Q7 g! X" ^7 \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7 E  e- V7 X  {2 ]3 ^& Y4 w" s
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) _; W4 y% R$ u3 ]: J# O
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
! _  N. N3 ^4 v4 h個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% c- F+ P  Z  B5 C5 T) m
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 A. z* @' x& Z3 K% ]
計番回報率就已經係50%,所以可以好好賺' V3 V: [6 s& M
前提係銀行之間要互相信任先可以咁樣借法8 R6 W2 j( n. o6 O2 y% g
同埋個市場既前境要係好先得6 ?6 _( x5 j' L. b/ U
但當經濟一差,公司估值趺了,物價不升反趺
1 Q0 A. p7 @) R! ?! t+ t例如剛才說10蚊的, 趺到得番9蚊,
0 s- u2 p% B. J$ x, y" r咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% X4 {, O  z0 e$ L) r2 j& a& N
所以你就會覺得D錢好似蒸發哂咁& ]/ c7 e2 I! V, H6 i
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你都可以當標野咁諗, 個樣野多人可以狂升值,
8 r+ d' ?" ]# Z( k: d5 {' e" l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,
# }" E% L. s" ?, n, `, Z' B0 q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   m+ Q2 |$ A$ T4 w% V6 _1 F
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
0 e7 i0 B- ]. R; Z+ G0 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.gif* L9 {0 e9 O+ A
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
0 G2 T" J, {% h淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 |7 C9 p, N; {+ w( |  w1 q$ P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
5 }0 J- g' d3 ]咁你話d錢蒸發左去邊? ...

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正係咁樣2 ]" ~9 p/ ~$ B# D
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
9 R  |) w- X6 C$ a2 j+ t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,8 T. k5 C  W3 W8 o! Q
連國家都係問人借, 不停發債券, 印鈔票1 x$ X5 z2 w: w* f' z& R- E* C$ F
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
' h, w; L  [) n% B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
8 V1 B7 s: I6 i6 d# k- ~咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...9 \7 K' Y# f+ i+ V$ C1 n
因為以前未生產, 先消費: h$ D9 f! O" w
而家就要多生產, 少消費