0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( L3 B4 c, J# E2 b8 c
Why bank will sell 借據給第三者???0 e& G# Q) M6 D  A
I was so confused.....

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+ k; R+ C# ^1 P. ^7 l講到尾都係賺錢
# v5 e5 f2 [9 e, Yso銀行可以不斷放款' H/ C9 P7 Y1 n: a" t
美國的房貸問題散佈到全世界
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mortgage loan % P  ]7 I* r- p
>conduit
/ d1 V5 {* q  d3 L2 K+ _2 B>RMBS(Residential Mortgage Backed Securities), i0 z9 @, K6 R) O$ w" {$ s
>arranger
# y! e' @4 o5 J6 S- {# f* x; n>CDO(Collateralized Debt Obligation)
; B9 C& U* `$ q, `- H% m最後去到投資者

Kev

i thought it is the reason of rate of return.
7 W  t+ [9 Y4 N6 r1 s0 F0 mCDs could have different ratings, AAA -> F,
2 V! T* d% X% d8 k4 I  ?more risky ones would have higher premium (interest rate) as a compensation for an investment.
* y5 V  H2 C! a) d' Tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% [1 M- G3 o  G7 g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. G% P. L: |& {) n0 H- Z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 a1 k4 T( Z$ t0 h. X1 Tsimilar to bonds, CDs trading in the secondary market have different value at different times,
3 ?3 W1 W4 i6 u$ E4 w2 Z# p0 }normally the value is calculated by adding it's principle and interest. ' P! J8 f- B( o1 t" A3 I& a5 I
eg. the value of the mortgage+the interests to be recieved in the future. 9 g; V, O7 d$ A( B6 S9 J4 D
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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im not quite sure if the multiplier effect does really matter in this case.
& I4 M9 D& H8 M" C' G& b4 z1 iin stock market, it's the demand and supply pushing the price up/downwards.6 K, `, P8 D+ S1 M1 s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 b4 j) ?- Q# N7 I6 [/ J* m- SA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! o% X3 b) e4 G+ Y" |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.
# h) S! W7 d" abut the value of their assets did really drop significantly.
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6 D. \' |4 `  p" x[ 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.gif3 N. v( c) p" s# z8 V7 t. V+ e# Q& x0 o3 _
Refer to last example,+ ?1 n: u' [9 q1 v/ \, r
that means bank A have no money because we borrow 10 dollars from bank A 1 b) ], {  i- U. x' N
Because bank A doesnt have enough cash on hand
# e8 X! W/ B3 D4 r, T% ktherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E. R/ t/ S. d2 H0 i2 O# k: j) U8 a
so does it mean if E failed to pay D, + r* J; G  V1 d" m+ o
all the B,C,D,E have to go bankrupt?
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/ R# p( f9 u* Vthe multiplier just tell how much money created in a whole economy,
7 v% M; B; r$ T8 e1 M1 A! ~, R, Xin this case it doesnt really matter how much money is created,
1 Y9 _# [, p( e1 yit's the problem of the debt itself.6 @3 ]/ g( y& r# R+ D) i
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' h2 C. `( \+ U$ j
小弟一直都唔明...
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0 F; \, i; u; W! W8 y全世界都蝕錢，咁邊個賺緊錢呢?
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! d9 m  {2 s; L( i3 b無可能淨係有人蝕錢無人賺架嘛...
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) O6 k( w0 J+ j. `, q敬請各師兄解答
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6 c! z8 u" C) X7 XThanks

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那些根本係 紙上財富  $ b$ m! J! `# z4 S+ p: z
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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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
/ H( s9 b* a: W$ ]! g1 G8 f當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; x5 e$ _& F$ _- a! r# `0 @" F% A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/ ^# I: ?% ^; D# e" m
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦$ R4 l- J5 C- Q. u; X
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
7 J4 R/ O# w: z' z- a" @2 N計番回報率就已經係50%,所以可以好好賺# B2 ~" O1 g0 a5 r$ M$ |# ]- S
前提係銀行之間要互相信任先可以咁樣借法5 Y: B" {6 r3 a. _9 ~% z. ]0 }1 h8 g
同埋個市場既前境要係好先得# A0 `. \5 i0 N
但當經濟一差,公司估值趺了,物價不升反趺
! X, ^: f9 f5 H" A# I3 }$ N例如剛才說10蚊的, 趺到得番9蚊, ' i% k3 m- A, x2 h
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( t8 b4 Q& l7 \* y/ |2 t9 R! o
所以你就會覺得D錢好似蒸發哂咁! E9 ^: Y3 B% S3 F

! ^$ R7 D. c% L8 ~9 d你都可以當標野咁諗, 個樣野多人可以狂升值, " _( X" h. {2 B- ?. {1 P% o0 U
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 P6 R0 o# t4 f% G: p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 f7 @* e" w! d4 d. y8 t. T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8 B$ N' e3 ]- z; a) @2 i+ ^
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" B$ D  d4 W: e7 e1 f9 b0 k
唔係d錢蒸發, 而係比美國佬洗晒未來錢, % w; {& W5 Z: O
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 T0 A1 T0 L0 p" h* m3 o
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 T2 g* t3 v- F( M( r
咁你話d錢蒸發左去邊? ...

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- m* B) i( Q% E. {& h4 S4 O1 b1 {正係咁樣
% y9 G- D' A- t8 M2 I4 C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
. a+ \3 i2 D4 M/ h' y' ]9 m9 e分分鐘佢地唔使還錢5 |0 a' O* A# N" C
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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,! e3 j: W) h0 W  }; z$ o* {
連國家都係問人借, 不停發債券, 印鈔票! K, t. v/ ~  D! e  d, P9 |
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
0 {; f0 J6 b' V+ p9 i! c' }. I0 U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+ m' n  d. N$ G& o- N
咁而家"爆哂煲"算唔算先至係變番"正常"???

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! t6 T6 u/ Y& N# Y6 ^9 }其實係...( {" l! _- U) D8 {- i' x! r. E
因為以前未生產, 先消費  L* m( x7 {* l* j8 {3 f9 f
而家就要多生產, 少消費