0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
& I( d5 V  U9 t/ j- rWhy bank will sell 借據給第三者???
; q+ d" w6 N) G& O2 ]% [I was so confused.....

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  R! R, s+ B. B% d# U2 c. d講到尾都係賺錢
* Y. B9 F: V& C7 S6 N% A4 pso銀行可以不斷放款
' A( K" l) ]: e, i- V. }% V* y! R美國的房貸問題散佈到全世界
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6 T* B8 a+ U6 `0 kmortgage loan 8 Q' x  @# T7 o6 l
>conduit$ R$ y( t0 Y9 S9 [
>RMBS(Residential Mortgage Backed Securities)
$ o# q; Q$ p" S( \>arranger
- _; }1 P2 N6 y* K* c6 x2 V% i>CDO(Collateralized Debt Obligation)
# ]0 Y4 x- u; \; Y最後去到投資者

Kev

i thought it is the reason of rate of return.; _5 f! T. I9 d
CDs could have different ratings, AAA -> F,
' [. ]* _  ^$ Vmore risky ones would have higher premium (interest rate) as a compensation for an investment.
6 }6 A: C+ a/ H. Z; lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( F( Y  E1 v* }! b3 ]. x+ W
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.  m1 W6 m6 z  C3 e2 z$ f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 @( S1 n+ E/ R. Msimilar to bonds, CDs trading in the secondary market have different value at different times,+ {( M% l3 c  @9 u$ G9 Y8 w
normally the value is calculated by adding it's principle and interest. / W" E9 |4 o. P. U# k) ?
eg. the value of the mortgage+the interests to be recieved in the future. 9 T$ F( r  u) `) n
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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1 v. v* o0 X9 h' g; Z( Yim not quite sure if the multiplier effect does really matter in this case.- g" h- a! t- T0 `
in stock market, it's the demand and supply pushing the price up/downwards.( \& `) J1 ?/ |% L! f) y1 S$ x7 j' e1 M
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& g4 U3 m* k6 b3 D
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction." G8 T, Y4 ^) \9 W
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. / H7 w5 a9 n  o0 L+ p
but the value of their assets did really drop significantly.! Y# F! L$ K. z4 N1 j" K4 y

* G/ W8 l+ n* Q2 U. [8 B$ B[ 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.gif9 F/ X  B4 E* k4 h: L
Refer to last example,( {- h( i6 Z7 k, e" E" Q  p
that means bank A have no money because we borrow 10 dollars from bank A 5 S1 f& q2 w0 L; n3 `: P2 H3 g( G, V
Because bank A doesnt have enough cash on hand ' E* k, o5 L. G- c+ N1 @1 e6 T& w( m
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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* u* F4 @. \/ K8 J+ U6 N: ~7 TA->B->C->D->E4 ^9 O" H3 o8 P+ ^2 @
so does it mean if E failed to pay D,
, s3 D* N# r! r4 D( |9 ?1 Tall 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,
8 M  q' `4 o; I4 nin this case it doesnt really matter how much money is created,
$ N  t6 D2 E  X. u$ ?% i" [: Z+ Nit's the problem of the debt itself.
5 H; X+ S: F7 d, v  R* R  Hthe 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# i) P  g- a. Z  [" W* y0 ~! X
小弟一直都唔明...4 C6 i6 N) X7 W  K3 C
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全世界都蝕錢，咁邊個賺緊錢呢?3 R: ^9 a7 z9 w6 i/ K
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無可能淨係有人蝕錢無人賺架嘛...; q& n9 W5 Q1 z# b; `

/ Z; E6 ^$ I; R, i6 d1 w7 U) R$ \敬請各師兄解答
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Thanks

5 q4 |% i3 M, d- I" V" T那些根本係 紙上財富  
; ]; O" c- g2 G/ I& ?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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7 i4 m; L  V, ?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5 ?7 [$ S6 r$ |% f" ], k1 }
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# t) F9 s" _$ U: b1 }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
* t" v  J- ^' I- [0 k9 Q個件物價係市場好既時候升, 例如15%先算,變左12蚊啦* @  P! R/ V; A) v: v* h
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,8 Q5 t' r9 q. G; d
計番回報率就已經係50%,所以可以好好賺; r2 t9 H9 y) s
前提係銀行之間要互相信任先可以咁樣借法. Z! J3 {! Y) \# f9 N; W" }+ m9 z0 N. b
同埋個市場既前境要係好先得, w! C; ?9 ~( ^: p8 A  Y
但當經濟一差,公司估值趺了,物價不升反趺% `5 ~; ?; k$ p" O
例如剛才說10蚊的, 趺到得番9蚊, % E# Q4 K' T) `$ f; A8 w
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 ]) s6 k- x! U: M/ {4 j8 G, J0 J3 o
所以你就會覺得D錢好似蒸發哂咁- v6 W0 f: o0 F0 L

# W, p$ Z2 D) h你都可以當標野咁諗, 個樣野多人可以狂升值,
! a4 Y  {+ c/ J: s' T( k; x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, ; j. `) s% ]! G$ R6 l0 x
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 S) k+ O+ ~4 V2 i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3 Y+ i# m+ B* x+ 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
5 j8 l. e6 Z2 u" y0 _唔係d錢蒸發, 而係比美國佬洗晒未來錢, 4 x% v, I8 ?* n" e9 ?
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 A$ Z0 E4 ~6 s4 Y; m0 U' w" A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+ M! c! f/ q0 B6 r$ c
咁你話d錢蒸發左去邊? ...

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正係咁樣
$ f6 y- S7 V3 n' ~  K! J; p* l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
. Z9 S. O! X: i分分鐘佢地唔使還錢
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$ j2 L" H, ^9 t8 H9 r" c/ F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,1 t; R/ H* L( `" ^4 J/ `- X
連國家都係問人借, 不停發債券, 印鈔票5 {( a" v& T: x
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
2 P+ Z8 F8 w  L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
6 u& v4 n4 o0 |2 l咁而家"爆哂煲"算唔算先至係變番"正常"???

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% z% E5 ]9 |: k0 k& Q1 m; ?* B$ ?7 a" [4 D其實係...
; q7 V; D" {% J" Q; X  Z; ?因為以前未生產, 先消費% f* e7 ]. E& c8 |" c6 {5 C- `& R, ]
而家就要多生產, 少消費