0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( ]- n1 b1 V+ c. T1 ?0 Y
Why bank will sell 借據給第三者???4 S* ]# c( J5 z
I was so confused.....

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講到尾都係賺錢
3 s+ A' y$ C; E& Sso銀行可以不斷放款3 |! u. O8 o# N# M8 i# a' U
美國的房貸問題散佈到全世界. a5 E$ H5 Q9 J. R. G
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mortgage loan 1 x0 n" ]1 q- {+ V$ C" x
>conduit, C& v8 }% ]' Q. x
>RMBS(Residential Mortgage Backed Securities)
3 X6 z# n3 O6 H$ R2 m>arranger. F' x( N0 f( V; C+ U1 d7 k5 j* z
>CDO(Collateralized Debt Obligation)
7 o! e4 L; d# e& e最後去到投資者

Kev

i thought it is the reason of rate of return.
3 r# m* }3 d: J6 Y% @, y. ?CDs could have different ratings, AAA -> F,
6 m& x$ A) o* k) I! amore risky ones would have higher premium (interest rate) as a compensation for an investment.( e. h) O/ J! g# P( z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 ~: ]4 ?6 a6 M- J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- w" A7 m8 a0 W5 y5 e0 Z* N5 b6 A0 {+ lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- u) ~3 Z  g1 o7 Isimilar to bonds, CDs trading in the secondary market have different value at different times,
( }) F' G. `1 A9 n9 W# Pnormally the value is calculated by adding it's principle and interest.
1 c9 N" I; p8 x. Q* H% Aeg. the value of the mortgage+the interests to be recieved in the future.
  H- q1 ~! J* K& y  _% N3 Zbanks 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.
0 w% }4 u" U0 h" H/ v) }+ U- ^in stock market, it's the demand and supply pushing the price up/downwards.
( a) o( q) L/ g% c" L5 zFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," U. H( q9 b& h" J; F9 Y& K& Z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 o+ O. l! P7 o
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.
8 P; i8 _* k8 L8 @% a8 W  }but the value of their assets did really drop significantly.- ^+ {( U. c& B) f6 t

7 R+ ]/ [8 s: R/ ?) h7 x9 D8 ^[ 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' r( q  }, Q/ G( L. l
Refer to last example,0 M. C  ~' C- a- o
that means bank A have no money because we borrow 10 dollars from bank A 1 ?9 ~# u' i1 O
Because bank A doesnt have enough cash on hand
6 f' }/ R/ i8 p7 }, ftherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
. I0 P: o0 S8 m. Z( N* S) Nso does it mean if E failed to pay D, 5 R" O. }" S( f% r
all the B,C,D,E have to go bankrupt?
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+ k* a" |+ S) \" h2 d: jthe multiplier just tell how much money created in a whole economy, , K9 P/ d' L! }: H9 T% i! {. [5 X
in this case it doesnt really matter how much money is created, 3 K8 c& m, c! v
it's the problem of the debt itself.' Z  ]& Q/ v& X
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
- j& H' C# M, B- D小弟一直都唔明...
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) j/ q4 m5 ?7 M! g! u全世界都蝕錢，咁邊個賺緊錢呢?* a, `3 m! J: t% A, [' u

- R4 f* z- H6 W+ o3 Z$ h/ c7 k& p無可能淨係有人蝕錢無人賺架嘛...
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+ l7 I7 H4 {6 X5 L$ R3 _6 x4 C敬請各師兄解答
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1 G: d+ r) \! z# jThanks

4 O! k/ e3 Y% v- z) f/ `那些根本係 紙上財富  - z. s6 h  U; Q2 u5 K' ~* 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( I% T3 A* V  \

* |6 m5 {+ i( ~# w, ~8 _/ @, |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* b- b- _! B. c) n: f8 ~! I
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
1 p5 G0 h1 {. w& G9 z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6 F4 E5 B  Y1 R0 ~+ A
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 H5 R$ D; N: {, J' Z) Q+ z扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
6 v' Z4 H0 g- _) n4 }* [0 R計番回報率就已經係50%,所以可以好好賺
5 h# T2 N) H4 a前提係銀行之間要互相信任先可以咁樣借法
0 y3 a) o' N2 q. s2 Z同埋個市場既前境要係好先得+ m6 ~% [! T! O1 N2 \6 b
但當經濟一差,公司估值趺了,物價不升反趺/ f# ^5 C; s( g3 }* l1 j
例如剛才說10蚊的, 趺到得番9蚊,
/ k9 C" @' b& p$ D& M" p咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( g% _. l; Q3 J, F, o- n. d1 v所以你就會覺得D錢好似蒸發哂咁
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" i- L! p9 X) d. S9 N4 O. ]& n6 o你都可以當標野咁諗, 個樣野多人可以狂升值,
$ \  A& F! [& o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 f; r  A% U$ l淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . a0 s  D* U' d0 S& 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% o9 N. q: n. a  d0 a
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
' W2 X/ W- w$ \唔係d錢蒸發, 而係比美國佬洗晒未來錢,
/ b$ A8 e7 P; _6 u淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: |1 ?$ `7 @! d8 ~2 _6 l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
% z) T6 S9 j( W  S咁你話d錢蒸發左去邊? ...

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正係咁樣% a# E/ P, G4 i8 N3 g) d
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
8 e3 _+ _! ~. q' l& }9 D分分鐘佢地唔使還錢3 d4 E8 Q1 `2 M2 {
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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,
% W5 d$ m- e* r$ f連國家都係問人借, 不停發債券, 印鈔票+ N! w0 V' [6 U2 r* p+ O
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! z! q; |' ~/ ?+ q6 E, ^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
. y' Z1 A/ Y8 g- @2 P) P咁而家"爆哂煲"算唔算先至係變番"正常"???

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, \: h3 T2 i, s; }+ m3 w* @9 C其實係...4 B$ E* z/ ?/ K8 c, z2 z7 \
因為以前未生產, 先消費, b2 t- E4 e* j) h9 u
而家就要多生產, 少消費