0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ u% y+ |6 \/ f
Why bank will sell 借據給第三者???% p$ f1 ^; ]3 ]/ Q5 F9 }
I was so confused.....

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) [4 C: i" X* a8 Q7 _- m1 k講到尾都係賺錢
# u7 T/ @! k3 J  v- Y& A4 m7 oso銀行可以不斷放款" g. A+ v0 H- V/ Q3 s8 t/ j9 ^% B
美國的房貸問題散佈到全世界0 H% F1 S3 t- j

. N" O) E$ q$ K5 d6 d' W2 w! nmortgage loan , m' j* P/ _# U& [4 I
>conduit
0 H0 Q8 }8 e3 R" V3 t>RMBS(Residential Mortgage Backed Securities)* J1 f$ ]- E3 H! G. u( d3 w
>arranger. C, D" L* a+ {* s" r# O
>CDO(Collateralized Debt Obligation)
' b- G, R+ h6 {- W最後去到投資者

Kev

i thought it is the reason of rate of return.6 @0 T# l0 }; G. J' H- ?
CDs could have different ratings, AAA -> F,2 _& R( F1 S, M" g+ t: j" Y
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 X5 H0 X5 f- ~1 X5 }, X' z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 Q1 \/ n, Z7 c  m4 q3 q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; ]( N3 F% l2 p$ J0 h  AAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 P- C; w* z7 L& ]% Ysimilar to bonds, CDs trading in the secondary market have different value at different times,/ S, Z, Q& j+ l$ p4 z& K: e4 [  M9 {
normally the value is calculated by adding it's principle and interest. 9 G) H( f7 j7 a; Z
eg. the value of the mortgage+the interests to be recieved in the future. # m- R9 P" q$ D' i
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.0 y! E* `4 ?$ k: O4 t, ]

& E: g/ D& v/ i+ N, d: bim not quite sure if the multiplier effect does really matter in this case.
, A$ I/ J. M7 q# Z% A0 M5 [in stock market, it's the demand and supply pushing the price up/downwards.
' n4 n# |4 m8 b' J4 W2 w( jFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 F9 g7 |. b( h; iA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 S( t+ l$ V+ z5 GThe 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. ; Q# Y0 T/ h! ?2 I
but the value of their assets did really drop significantly.
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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& J+ _3 A6 }; S! g1 F" v
Refer to last example,6 X2 C8 a9 Z7 R7 i1 g7 y+ r
that means bank A have no money because we borrow 10 dollars from bank A 6 ^+ n: r$ e" `! w
Because bank A doesnt have enough cash on hand ! b/ e/ b3 a1 K' G: H% I- R
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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. i; d8 t+ u! I5 UA->B->C->D->E; K0 |9 O# G% X  p# Z! d  i$ E' c* d& P
so does it mean if E failed to pay D,
' m" C9 S  l; w0 \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,
2 u; r0 z# ~8 M% G5 K2 \in this case it doesnt really matter how much money is created,
4 f, A& v: O2 q" z; Sit's the problem of the debt itself.
& U( V; M% g- ?  [( U2 S( g( j' p9 Uthe 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, j1 p$ ^  G5 x8 m, n* V- k& w
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?, ]/ B) d6 V* }- s' m6 W3 u; g* o8 B

5 I! E1 o' `  b! ]: `無可能淨係有人蝕錢無人賺架嘛...1 x6 y! _, s7 x: g& X+ _& z% Y' i

0 B' e) X  @1 W* I敬請各師兄解答' B% b& u' ^" T$ q0 H3 D5 w  S4 u: ~
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Thanks

( J4 Q( C9 M2 g' h6 R6 _2 u那些根本係 紙上財富    i% J5 y( S; \3 L& M% R: h, n' 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: N' b* Y" Q8 ?! r. O

# {& ]5 B% J7 n) n: K* ghttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產% e; R5 ?; t7 q% H; K0 _" O7 j
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高; k$ [6 Q, ?( v/ p: j+ k
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 p- H$ M: j" c
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦6 Q! O/ E4 Z  V; i3 ^
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,2 W/ h( q! J, R! \2 E0 g0 c
計番回報率就已經係50%,所以可以好好賺
3 e8 ?. v" N) g! G$ G前提係銀行之間要互相信任先可以咁樣借法3 I5 R1 D; _1 r5 T8 R3 l
同埋個市場既前境要係好先得
& T% a* Q$ P. A# ~1 _, A但當經濟一差,公司估值趺了,物價不升反趺
1 N7 k1 W" b  `+ F  X  L# f9 N例如剛才說10蚊的, 趺到得番9蚊, % z) I% [1 {( ^7 t- U
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 z* x  h1 ]7 n6 }
所以你就會覺得D錢好似蒸發哂咁
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0 D. G' v4 z& {. d4 p6 D你都可以當標野咁諗, 個樣野多人可以狂升值, 6 t+ _3 \8 n+ O$ Q  Q0 w
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, & I3 N, [" T3 A9 ?3 T- X4 }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, ~7 v' I) x& m  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3 n+ l- n- p* `' `1 Y: Y* b
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.gif8 k% w' `4 D, ~8 E" C! e
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
( W. m: z9 U5 M* ~4 a6 \/ M7 H; U淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   S6 B) W3 \5 O$ v1 Z3 ]
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
/ I2 H: y. P# ]& }8 r6 |咁你話d錢蒸發左去邊? ...

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5 e' y4 U( p4 p" n正係咁樣# H; U4 G  A2 J% 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1 ^, j+ a1 t/ E% s3 b: k; s' M
分分鐘佢地唔使還錢
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1 O/ g2 O4 V) g0 A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,) D6 Q% i) o4 J
連國家都係問人借, 不停發債券, 印鈔票
5 `2 V( Q8 {  w) h3 _一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( L$ v# Q; K' F# R9 g
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.gif9 |/ X  U; Q1 Z0 _9 `' f# L2 W
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
" A! \5 I: a& J6 I因為以前未生產, 先消費/ w9 ]: ]/ G- A$ F
而家就要多生產, 少消費