0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif8 L0 F) S6 N# ]* p" ~7 [
Why bank will sell 借據給第三者???
& O' T' `0 B- W" Z, J6 q$ aI was so confused.....

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講到尾都係賺錢
4 c! ^% ]; Y7 p/ Y( yso銀行可以不斷放款
: C) v$ @: b( H! |- J9 r美國的房貸問題散佈到全世界
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mortgage loan
" h  n4 @# V: p, q>conduit
" V3 J3 Y! v% k% m/ W9 U>RMBS(Residential Mortgage Backed Securities)7 l3 B9 w. X$ c6 ~6 B
>arranger( a' |& C& ^7 k9 P1 z  T
>CDO(Collateralized Debt Obligation)
4 C! T4 R; G* q2 t最後去到投資者

Kev

i thought it is the reason of rate of return.
- K- P/ l6 x: A) s9 U& ~5 M6 ^9 T0 aCDs could have different ratings, AAA -> F,( S  ]8 ~1 c3 [, i- a
more risky ones would have higher premium (interest rate) as a compensation for an investment.
0 p/ u7 y7 R: P/ E0 y% V' i  n! J" p2 l4 emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 e$ k$ W" p6 u/ E
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& h" X: n; [6 k7 P2 K1 T
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 p4 \) t, f# e2 l# y2 Rsimilar to bonds, CDs trading in the secondary market have different value at different times,( k$ c9 k: D7 k6 n' Z
normally the value is calculated by adding it's principle and interest. 0 o/ o) T' B; m! _* F7 Q  n  L
eg. the value of the mortgage+the interests to be recieved in the future. & g8 }$ X& j- r+ |( a
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.
6 G5 C# P" `" Y6 n; ~! m/ I8 i/ x* iin stock market, it's the demand and supply pushing the price up/downwards.7 d3 q- W2 {9 u7 y: r5 O
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! }! _3 {0 H1 [- O
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 _" k% W9 n* w) J+ }' }1 M
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.
3 e  t/ A" C; O& dbut 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) w; w" D$ U4 w- l( }
Refer to last example,
- g! l* E; }: J1 Mthat means bank A have no money because we borrow 10 dollars from bank A " t. _% Z6 d# O' W
Because bank A doesnt have enough cash on hand
3 \7 u* z; Q( ?therefore bank A need to be bankrrupt ??? Am I right ?? ...

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( u* x% b# ]( K9 y, EA->B->C->D->E, [" O- B0 z( o8 A
so does it mean if E failed to pay D, + g+ c1 e8 k' b2 {. }( m8 h
all the B,C,D,E have to go bankrupt?' O1 x4 ^7 U* B- f( [; H
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the multiplier just tell how much money created in a whole economy, , Z3 ^2 s; C9 d0 ~6 Q4 H
in this case it doesnt really matter how much money is created, 5 @* o, D  V0 P: D" I+ j
it's the problem of the debt itself.
2 t. H& V6 x; b3 a0 c8 h  u  j& Z# `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
3 Z; r! q; n3 |. n9 k小弟一直都唔明...
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$ ]2 q& p+ O9 {" R2 J" K5 {7 R全世界都蝕錢，咁邊個賺緊錢呢?- K" W6 w+ ?  c% X
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無可能淨係有人蝕錢無人賺架嘛...
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, R6 s& A  E2 X5 u* V0 X敬請各師兄解答3 r! V2 j: ~4 y# X
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Thanks

- _' p  Q0 l( h. ~& M那些根本係 紙上財富  
3 w) _; A  [7 T8 ]7 @7 W" X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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) A2 D& N. n7 y4 bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
0 ?( l1 c( r/ f* f6 F  V( Z當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
! G; m' [2 l, Z" 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' F' [) n, ^- l' x4 c0 t1 u  k0 N
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
$ u7 t' Q- J9 R' B) v扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
; s, O- c2 o7 H  e計番回報率就已經係50%,所以可以好好賺
( U' f2 o2 K5 t, I7 S$ `) b1 J前提係銀行之間要互相信任先可以咁樣借法$ J4 l9 Z' _$ S  m
同埋個市場既前境要係好先得
8 l* ?4 R6 W1 T$ ~$ j5 `! A但當經濟一差,公司估值趺了,物價不升反趺
9 I& R2 R; U8 O# J例如剛才說10蚊的, 趺到得番9蚊, + t- D; H4 j' y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%: B5 z* [7 q3 y. L' G8 @2 c* h
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, ' h# K, j6 d' O$ b# X6 [
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,
# t) @2 N  k9 V; y: z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( u& s  k  k% k3 |& ^; O) |7 Z! |1 e
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- S8 o( T4 d0 g/ H
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& P, Q6 s- @8 l8 |: k0 Y
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
8 t& T; B7 G, G: O8 w% [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : b. x! U* i- N& W
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
; B" M1 L& R2 u( t咁你話d錢蒸發左去邊? ...

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. E! e# U7 s* @; R* a正係咁樣' U0 e4 J" m1 x1 `
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7 K" ~7 k1 F8 r2 d  {( M
分分鐘佢地唔使還錢
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( X$ R" E1 l7 p+ \3 i3 k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,
, v4 u. y, D" R; l( i' m4 d, d: u8 o連國家都係問人借, 不停發債券, 印鈔票
# N7 e  ?( R9 \4 l  M& \一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: G! j1 M+ _+ R
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$ G6 }. r5 v3 z0 Y9 v- w3 O& D: u
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...8 `8 y  E) P8 {' W$ i) Y" C
因為以前未生產, 先消費
% V6 U- m7 D7 J$ ~/ W4 P/ u而家就要多生產, 少消費