0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
: k, W9 s8 H8 [4 k4 @" [' W+ FWhy bank will sell 借據給第三者???
# r& r' q- D! n7 a& QI was so confused.....

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1 ?! Y% h5 X  e6 D1 x5 @; J講到尾都係賺錢
4 u& a$ P0 ]0 L4 H2 r) i" Iso銀行可以不斷放款" T, _& Q$ |, |9 L" c
美國的房貸問題散佈到全世界
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mortgage loan : P, n) a& M5 W1 c4 A0 N
>conduit! M: a( g) z  {2 I+ N5 B
>RMBS(Residential Mortgage Backed Securities)* t9 O2 M4 V$ m$ J
>arranger
3 z* J( ~$ p/ M! X+ U>CDO(Collateralized Debt Obligation)
' N, B! ~5 x: q* x; j. P. r最後去到投資者

Kev

i thought it is the reason of rate of return.& S  W- f' @% ^# _
CDs could have different ratings, AAA -> F,* `4 X' Z! o. j4 e" C, C  f5 s' z
more risky ones would have higher premium (interest rate) as a compensation for an investment.+ i8 |: a: [( J/ ~9 _
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,  _- s9 r$ [2 J% j" f
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 |, c$ F' W) ]3 F$ _! @- [Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ s1 h) i8 o7 |
similar to bonds, CDs trading in the secondary market have different value at different times,$ {# |  N, T" T, q7 X
normally the value is calculated by adding it's principle and interest.
+ y- M9 T8 A9 l' R9 p/ C$ H8 reg. the value of the mortgage+the interests to be recieved in the future.
. W' F4 F$ `5 [) o  ybanks 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.
: S! e/ F5 [* v+ N+ d( Zin stock market, it's the demand and supply pushing the price up/downwards.0 h2 ~# h- T- U2 t# h
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) }9 }. ?) x4 I! r0 Z% o* v( H9 }
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! V. ]5 j: y/ j/ @$ Y  H! z% 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. . o+ L* Z* N6 d0 W+ o1 V* o8 r5 t% X
but the value of their assets did really drop significantly.5 q/ R8 T- C7 a7 L

2 p, B& Z& ^! [1 S4 E, ~[ 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
) F0 i: w) l8 U) _  FRefer to last example,
" }) }4 s8 o' N* ?& D) d2 sthat means bank A have no money because we borrow 10 dollars from bank A
8 O% S- v" R: sBecause bank A doesnt have enough cash on hand + H  D6 p4 ^4 I; G
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
8 y& V, x0 V" n3 Vso does it mean if E failed to pay D, + {3 d$ U8 a# a3 i. x: t5 G
all the B,C,D,E have to go bankrupt?
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9 h  {0 f) t5 g/ o; [' U) G  d1 ^the multiplier just tell how much money created in a whole economy, ! P7 O9 o& `/ J# A1 G( Q
in this case it doesnt really matter how much money is created, 4 F, V8 I  w; \) k
it's the problem of the debt itself.1 \) }9 T5 }' y' w
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
  X' Y6 }: K2 b8 t; x+ q小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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7 y% d9 ~* c* T# _, `% h2 G* R無可能淨係有人蝕錢無人賺架嘛...
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+ @" L; u6 N5 n7 j敬請各師兄解答3 N7 u( J; c% s) Z
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Thanks

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那些根本係 紙上財富    _$ ?2 Y3 y+ N4 h' K- u, r; t
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+ A+ u0 O- ~" ?$ W- g9 I
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
( b8 P! T. Q% `- o4 M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
4 s' p- g8 f+ I  |個件物價係市場好既時候升, 例如15%先算,變左12蚊啦$ A$ P7 u/ n0 ^: i- O
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% O8 L4 n/ T* H$ C5 b: p計番回報率就已經係50%,所以可以好好賺5 a! @3 D7 c4 Z- s: v
前提係銀行之間要互相信任先可以咁樣借法3 t  `% Y" Y/ {$ y3 ~3 r
同埋個市場既前境要係好先得
+ Z8 {' v( X/ ?2 a4 p4 |4 j, N7 T但當經濟一差,公司估值趺了,物價不升反趺4 E" R  P2 W4 h9 r  n
例如剛才說10蚊的, 趺到得番9蚊, - `/ g7 x8 w- U6 Y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%. J6 j- @; _" a) Y) ^- C
所以你就會覺得D錢好似蒸發哂咁
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7 M) S3 _9 I6 C6 H5 n你都可以當標野咁諗, 個樣野多人可以狂升值, 1 ]- a! v  ]4 T: m
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,
! ^7 Z3 b! L* o2 y+ r- O. V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 ?! ~. x& q6 q' [' v, 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
% U1 B: w0 J5 S  Z- _/ t7 c  L5 g# |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
& O( R$ v5 N- J/ O' j' k唔係d錢蒸發, 而係比美國佬洗晒未來錢,
0 ?5 k7 p1 \8 {淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # Q. |3 L  F8 f
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
! t4 O$ }: a$ c! K0 i咁你話d錢蒸發左去邊? ...

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正係咁樣
4 N0 v/ j. a$ j* Z* ?  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' D/ X8 A& l* U" m  X. A5 S# ]
分分鐘佢地唔使還錢
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3 \/ |. b. k$ m: h3 X: ~- E. c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,6 \: |3 q- o) w
連國家都係問人借, 不停發債券, 印鈔票
) [  ~' Q+ K. r3 Z. s, G6 G/ M( I  s一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' M6 T2 l/ [6 ~. K& p
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
/ m6 ^  c4 |) E$ I5 P咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...: a: b8 P2 B/ t, t. y5 ^: d
因為以前未生產, 先消費* V+ }; M0 n- \: n) ~
而家就要多生產, 少消費