0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif; Y/ R. j: m: v) h" U0 D. |3 o
Why bank will sell 借據給第三者???
7 m3 x$ W8 w* F9 oI was so confused.....

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講到尾都係賺錢, F: m  K! V  V! ~. f7 d# O+ N
so銀行可以不斷放款9 V  e% i7 O* Y
美國的房貸問題散佈到全世界
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mortgage loan # @; W% e7 N2 T9 Z& a; e% C  P
>conduit
$ n$ W+ r/ A8 Q  b/ j8 S7 J0 ?1 t4 Z>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)
  k3 L" _& ^* b# G9 c, K: U( b最後去到投資者

Kev

i thought it is the reason of rate of return.
! {# E& Z/ d  S# d( [9 l# L) gCDs could have different ratings, AAA -> F,; v  K  P, v. k0 |, y5 @- ~
more risky ones would have higher premium (interest rate) as a compensation for an investment.. j1 @; w2 ~0 F3 r
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
  F0 y& P. M& Lin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 t8 p4 O; X' d4 K, |Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 D( a5 X- {( {/ }" o
similar to bonds, CDs trading in the secondary market have different value at different times,/ l3 n, U4 ^0 h- i9 o
normally the value is calculated by adding it's principle and interest.
3 M; A; T4 q3 h; `9 S6 [# n) a+ Feg. the value of the mortgage+the interests to be recieved in the future.
3 o% g! z0 y0 d+ t0 P6 s: z! Ibanks 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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& ?" f- e% E1 _5 T/ I* [im not quite sure if the multiplier effect does really matter in this case.7 c5 w% F2 m! G/ T! s, x0 m1 r
in stock market, it's the demand and supply pushing the price up/downwards.
4 [# f! q0 B; y6 z  GFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, j1 Q! Y: j* l5 _1 i/ h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 R- X5 o$ y& ^$ S6 d0 i
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.
( l. V! n( P5 r1 x, ]but the value of their assets did really drop significantly.
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0 N7 i$ q4 \5 o[ 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.gif8 z" i+ k; r' t2 Z; n$ s( d
Refer to last example,! n) s* D1 K+ u
that means bank A have no money because we borrow 10 dollars from bank A
, D  M' H0 ?/ rBecause bank A doesnt have enough cash on hand
" ^# P9 s+ s/ R; u8 A. Qtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E9 f3 W3 K1 \! i- K
so does it mean if E failed to pay D,
" K$ E0 [0 t. g* @& G" t! V/ `all the B,C,D,E have to go bankrupt?
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+ G, L2 l  `- q* k+ V2 Othe multiplier just tell how much money created in a whole economy,
; n, ^5 g7 k9 Vin this case it doesnt really matter how much money is created, 1 |$ L+ g' j* j7 _5 i1 `
it's the problem of the debt itself.
& l: E' e; s3 k9 \# m( o; h" Nthe 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.gif0 N3 Q/ d, m3 F9 b
小弟一直都唔明...
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4 k8 `- R* b7 C1 l/ \* [% j全世界都蝕錢，咁邊個賺緊錢呢?
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& j7 h4 d2 R8 y2 r) n  q9 P9 u% O無可能淨係有人蝕錢無人賺架嘛...
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3 N: U2 Z; r3 M$ s+ H$ \/ I( d" k" _敬請各師兄解答
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/ q+ x3 j, x# m9 o" A5 V/ t) _! V, T) p8 }Thanks

1 M- d# u5 e8 \1 V8 z0 h0 t  F那些根本係 紙上財富  
% ^% A4 s3 T8 f" a+ 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
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2 G! y9 l& a9 M2 y# yhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
& D; ^$ m# l1 {& l- \5 A當經濟好,投資銀行相信會賺錢, 物價既估值相對較高2 f  J$ [. e* F1 Z, X0 j. 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 }, ~" v- g9 ]" X3 U
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 a( p6 M! F, c) c. b& j9 q* K9 |  \
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 Z2 B4 g) K  T+ z! R2 Q9 L+ [" o計番回報率就已經係50%,所以可以好好賺# _  k! J' }* Y& u* [+ Z5 z7 ?& U
前提係銀行之間要互相信任先可以咁樣借法
+ X$ }. e& C# m2 @4 I同埋個市場既前境要係好先得) p) y6 j" ?; ]  h% K/ i
但當經濟一差,公司估值趺了,物價不升反趺6 Z1 J3 N  G1 ]# o# B3 @3 L! F
例如剛才說10蚊的, 趺到得番9蚊, . R( \2 g* G: o7 O& v, \$ D6 q
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( R) b7 e3 w: Y) s所以你就會覺得D錢好似蒸發哂咁
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' O  N' @$ ]% G9 T+ ~8 N你都可以當標野咁諗, 個樣野多人可以狂升值, + V7 T5 j! I# p5 c  V+ R
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,
& C+ G; w4 T# Y3 s0 r" B/ C淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; i- M, P6 `, s! s4 _4 M  }# |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: Q- h! q. f' K% p2 H
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( |. t! x& f1 f7 t
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) W5 T, ^. y7 d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & k$ b" I2 R# ^8 g7 f  r2 N/ G
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7 L6 a% b4 ~7 d
咁你話d錢蒸發左去邊? ...

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正係咁樣  \8 u" q. K, h+ K
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" U0 F$ u9 c! J/ H" I, L
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,. |& B7 |7 g9 A2 |+ R6 M
連國家都係問人借, 不停發債券, 印鈔票; e- ^- o$ x$ \
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( m# Y/ I% S3 h; s1 q
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. W3 X. Z9 e6 B4 [9 n" Q! E
咁而家"爆哂煲"算唔算先至係變番"正常"???

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因為以前未生產, 先消費
' O3 d# P' n0 X5 }0 b而家就要多生產, 少消費