0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif0 M' V6 e2 S, T( u' h# d/ d# Y
Why bank will sell 借據給第三者???* I( k$ P4 W) E3 Y% y% b3 u* F
I was so confused.....

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講到尾都係賺錢
: Q8 y4 C: _9 g0 u8 s; Q! W4 ]  Pso銀行可以不斷放款5 G+ U9 t: U0 a
美國的房貸問題散佈到全世界' d  W$ c5 i7 @
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mortgage loan
9 E0 r, Z; {- ^1 G$ O>conduit
! C+ b+ _& Q5 X. o& [>RMBS(Residential Mortgage Backed Securities)
1 b0 i+ z: @% M) L4 j) Q>arranger, k( W& l9 H7 X6 L; G, g) I5 e
>CDO(Collateralized Debt Obligation)3 t, f9 o; L/ c: X: P
最後去到投資者

Kev

i thought it is the reason of rate of return.
& H8 D" N4 y7 D% R9 Z) G2 p2 ICDs could have different ratings, AAA -> F,
3 L( R2 p" g0 i) F8 c) R7 gmore risky ones would have higher premium (interest rate) as a compensation for an investment.- Y+ o) @1 P7 C
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 ?$ c  M0 Y: R4 i6 G! c4 p1 I6 pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" N, t0 }# H) @# v" N$ b5 OAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* j% \% K+ S1 K4 {# usimilar to bonds, CDs trading in the secondary market have different value at different times,
9 C5 M1 [( ]# Y# \normally the value is calculated by adding it's principle and interest. + f7 T6 z& W; ?8 v; g
eg. the value of the mortgage+the interests to be recieved in the future.
4 h, O$ W2 m9 ^; t( S7 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.0 l& s% b) `9 O: Z- s
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im not quite sure if the multiplier effect does really matter in this case.
0 H2 c6 Q, E2 a% `; ]% Win stock market, it's the demand and supply pushing the price up/downwards.: I" O/ F4 g- P6 ?9 V4 j8 [
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 z) ~! Y3 i6 L: }+ |A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& ]3 P. @5 [5 Y* V( {. o4 hThe 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.
5 `8 S1 T6 I2 V  lbut the value of their assets did really drop significantly.7 T1 A: P# s5 @& |3 B% D4 F% Q
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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. g* o/ V% l5 e5 O4 D: z
Refer to last example,
4 x9 n" A* i2 P7 e! D4 q  gthat means bank A have no money because we borrow 10 dollars from bank A
' V% v; c7 e; LBecause bank A doesnt have enough cash on hand
# ?' x# t$ ?- ]" |+ q1 u( @; N8 ntherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
, z: P4 f: u, K4 f* ?" dso does it mean if E failed to pay D,
0 f9 i  k: |) }  i  x- M1 [- O6 eall the B,C,D,E have to go bankrupt?
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" j, Y( d1 c7 rthe multiplier just tell how much money created in a whole economy,
9 Z! e$ H+ ?1 W+ _; z: uin this case it doesnt really matter how much money is created,
% m& J$ v+ k% p8 }$ |it's the problem of the debt itself.
% V- \+ @" r7 I' J( w# y% {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.gif7 Q! I- j' e) f1 W" G/ {
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?/ f# t4 x4 H, g3 P/ ]

2 Y! |5 q4 T! o& g- K: d無可能淨係有人蝕錢無人賺架嘛...8 L* V; h8 P: e$ _
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敬請各師兄解答# u. A% k. c$ W+ e7 a
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Thanks

5 A, e( z, K8 G( I$ Y" L% o# T那些根本係 紙上財富  4 q. z9 R! X8 g2 H) ~0 q) f9 `
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, ~, _6 J3 W' G

( s; p3 ?) d# }0 [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
, ]$ l4 d# G2 x" {6 t當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
9 l. K4 t4 B" c7 o: c# 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; h' y1 k8 e7 x
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" M" S. \+ s& e* ^  k
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# j; l4 V( r0 C: e/ E
計番回報率就已經係50%,所以可以好好賺
! }$ C8 _# H6 b0 ^) m$ w前提係銀行之間要互相信任先可以咁樣借法
- ^( @- B# A: J同埋個市場既前境要係好先得: I. \# m/ w! O
但當經濟一差,公司估值趺了,物價不升反趺
* S8 Q9 J4 ~0 x( U# u: \例如剛才說10蚊的, 趺到得番9蚊, 5 b  c3 }% d( L2 ~! Z* @2 {9 u5 a4 h
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% E7 ], T: b9 ]2 u所以你就會覺得D錢好似蒸發哂咁* \% M* B0 I+ j9 u+ O
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你都可以當標野咁諗, 個樣野多人可以狂升值, : u: X) U/ B$ t: m8 N( h+ a
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,
8 q$ u9 V: E/ ^% s$ v* ^8 K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' n4 ?8 O* B# a( r. e% f" 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/ U6 w% c  _0 G% m8 N+ N. ?
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
9 P& m  A0 `$ o  A5 a. L唔係d錢蒸發, 而係比美國佬洗晒未來錢, ( ~+ }/ N! T5 l& w: h$ O
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & N+ i/ p9 T5 Y% A7 W+ l
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 `  R7 d6 k+ V6 }) L咁你話d錢蒸發左去邊? ...

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' v2 k# `) w+ y正係咁樣
- C8 O0 X0 w; ~7 I* z+ Y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% G- \7 K, L8 d8 o0 w- `
分分鐘佢地唔使還錢
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) i6 n! Q8 f5 D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,; Q: t! A8 J% q, T, {
連國家都係問人借, 不停發債券, 印鈔票
  P9 P& G5 ^$ q. h. Y" [3 h: m一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% V5 U$ K  W+ m5 n0 H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: b2 s" [1 V* |# I, V
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
5 d; e* I* Y5 G  n因為以前未生產, 先消費) h# s5 O( W) i! I2 C# H6 W
而家就要多生產, 少消費