0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif4 f; Z* t# R- q
Why bank will sell 借據給第三者???
2 Z# j6 P8 e+ VI was so confused.....

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講到尾都係賺錢0 }) o7 V& B: {0 {/ d' R) z
so銀行可以不斷放款& ~1 |; K: G4 j- G# w$ T- I  ^
美國的房貸問題散佈到全世界" M  T6 O; ?6 L8 p5 ?3 x

7 N2 `' r' ]& {9 Gmortgage loan 8 l' E( T5 l% _" V, i
>conduit
5 M! X- L* Z, t! m>RMBS(Residential Mortgage Backed Securities)6 P. t) L  a/ e0 V6 i2 s
>arranger
9 M. i& h5 o$ d+ h0 o) l" _>CDO(Collateralized Debt Obligation)
, K6 `: g* y& e4 l最後去到投資者

Kev

i thought it is the reason of rate of return.* E, N" }: w& Z+ B' f& ~( N" l3 j
CDs could have different ratings, AAA -> F,, D& X& h/ Z7 {1 ^/ `2 O8 e& U
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 w* ], R# P0 e, }, n3 w* R8 Wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return," m2 {, a: c2 j3 C/ |/ _) Y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 t/ \9 m1 X3 F. J5 L+ A
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. l( I. }* b- m) q! {4 I' d
similar to bonds, CDs trading in the secondary market have different value at different times,
8 ]' L8 D1 ?1 L2 ?& t" Pnormally the value is calculated by adding it's principle and interest. ' `) p2 a  y5 V( n2 g' P" a
eg. the value of the mortgage+the interests to be recieved in the future.
, \( k% G4 }2 P. Obanks who sell the CDs, could enjoy a few benefits like, the present value of cash and passing the risk of holding a debt to another party.
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im not quite sure if the multiplier effect does really matter in this case.
# E7 ~4 y' [9 ]! G6 q! Pin stock market, it's the demand and supply pushing the price up/downwards.1 X! p% }8 w. \) n
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( r7 i- n& o0 D0 E2 Y7 [, k$ G3 JA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 T; s: X9 H( q3 `
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. 6 V$ Z( i$ F) @* |: {: M1 u
but the value of their assets did really drop significantly.0 U% X+ m  ]4 H" L. g) J/ i

' U( I5 \0 o# S  [[ 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
- f! t- r4 d8 r2 }, c2 s' ZRefer to last example,
$ R' N8 Q: e4 c8 D, y% Pthat means bank A have no money because we borrow 10 dollars from bank A , i4 X" d$ U& Y* L. i
Because bank A doesnt have enough cash on hand
$ t* I) s5 g2 g- |# J4 ttherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
1 a( ^/ T6 H. l1 Pso does it mean if E failed to pay D,
! l- h" L: p2 }* j6 Iall 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, 3 ]7 c0 Q# v9 m6 A( X4 ~/ _
in this case it doesnt really matter how much money is created, " |* m, c+ }& e' X# \
it's the problem of the debt itself.
" S' f# c  j/ L0 d0 i" `3 D+ Y2 |% zthe 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.gif8 q, _7 R+ c- z2 @; {/ {1 y
小弟一直都唔明...; Z2 }0 q( o4 P! R
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全世界都蝕錢，咁邊個賺緊錢呢?
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2 b: ?* b) E( q9 v/ M, \無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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, w/ `9 T9 }, z7 |" l8 a; OThanks

9 Y: N/ e0 ~6 k# ^) C# a# K, R那些根本係 紙上財富  
/ n* K& @* n0 W+ z* m: h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+ I) ]4 k* m: ?1 a. C
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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
" \8 M0 V4 B- F當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
1 B4 q" H( R; I3 `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, `* k$ B6 H) ]; k) b: M. a
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" Z% ^. [! l. V! e8 }: i  M
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
8 F& @6 i; e; n# F; a& p計番回報率就已經係50%,所以可以好好賺0 b/ \# q6 a1 G6 `9 s
前提係銀行之間要互相信任先可以咁樣借法
$ z4 n3 P1 F4 K& |; {3 y* F- }同埋個市場既前境要係好先得
" F" |: s0 w# b/ ^! z( B  R* y但當經濟一差,公司估值趺了,物價不升反趺& Q  F6 {1 k; D2 ~: a
例如剛才說10蚊的, 趺到得番9蚊,
& f$ M" j+ U1 s2 A: Y咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
$ `6 B% D* ^+ s7 g) p0 }所以你就會覺得D錢好似蒸發哂咁& \# f0 W6 M5 g! ~

0 _' T2 ~9 {7 s0 z( s你都可以當標野咁諗, 個樣野多人可以狂升值, $ e& j8 V2 ?& x: f; G* j
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,
2 t0 u* p3 M4 S6 W; g  @' B  D( W& t5 Q" x淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , w  T2 X  M' h: d2 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( Y2 H3 I- l' |' s4 |7 k* R
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+ ?$ \. n+ J- X
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 j7 r* U) s& \5 Z. \9 t, d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + k6 W9 v& N4 a( j. `. g7 q
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 c, R7 X6 _2 L# x! W5 w$ B) m- O
咁你話d錢蒸發左去邊? ...

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正係咁樣
* \- ?9 U* ?9 S% Z$ [. U- u, r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
  o6 E9 L  E" y) T/ D分分鐘佢地唔使還錢
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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,/ R% J1 g* V1 f. c9 U- r& M0 h
連國家都係問人借, 不停發債券, 印鈔票
. E+ \; j/ @9 w5 d1 n; {一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 q& |6 a6 y* O9 J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
! }) e) ?. J* M咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
( y5 p! u. r5 \: k因為以前未生產, 先消費
6 e' {" o9 E; y而家就要多生產, 少消費