0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
' h2 E! \, d6 B7 V  xWhy bank will sell 借據給第三者???$ B# V4 P9 f* C: C8 w
I was so confused.....

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講到尾都係賺錢7 d9 k' v1 k4 S1 g0 U# q4 V! Z
so銀行可以不斷放款+ Q. Q! K" [+ ^4 J; v% {. {
美國的房貸問題散佈到全世界
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mortgage loan . e) M4 W! [+ X, A2 n# S
>conduit
7 N  S( p9 H' V# H( @5 L$ ?>RMBS(Residential Mortgage Backed Securities)( A9 {: K, x, F, @0 h5 K
>arranger
6 o8 z3 V( d# a>CDO(Collateralized Debt Obligation)- n+ g) _! _0 {+ K
最後去到投資者

Kev

i thought it is the reason of rate of return.
0 q9 v7 `* f8 TCDs could have different ratings, AAA -> F,6 F; O( n) q1 i
more risky ones would have higher premium (interest rate) as a compensation for an investment.
0 Z2 r. r2 V8 W- U1 umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ o+ S, A9 K7 E" R% @  m) Cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( l+ C* ^5 e5 J8 u& [Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 P( h# y$ x4 A, ^( Nsimilar to bonds, CDs trading in the secondary market have different value at different times,
; u! h, v, U0 R/ V  `  W/ b: ^; bnormally the value is calculated by adding it's principle and interest.
/ ~& ]4 R2 B& J$ y. Xeg. the value of the mortgage+the interests to be recieved in the future.
5 f# p  W! P  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., p, B0 t& r8 e- [; Y' ], V+ g, W
in stock market, it's the demand and supply pushing the price up/downwards.
6 {' _$ f3 k. f; Z' r7 LFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" h1 f% F  B9 aA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 j) v4 o5 t6 V* w- \
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.
% |5 k# b( `3 Y8 @' ~/ y# E! [but the value of their assets did really drop significantly.; Y5 _+ t. ]5 C$ a( f

$ Z, l. t9 {. y[ 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/ l; t3 p8 \8 t) B
Refer to last example,% D. u0 a1 c3 K4 e' O
that means bank A have no money because we borrow 10 dollars from bank A 0 l; ^. g# g; \( q0 U0 v7 y
Because bank A doesnt have enough cash on hand . p9 c1 U- g7 V) w+ o
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E0 h) e7 D0 M  Q- ^/ b
so does it mean if E failed to pay D, ( a4 R+ v* e# ~5 V% D
all the B,C,D,E have to go bankrupt?2 ]  F$ T3 e, R& x4 u. ~- h+ h

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" I& L* Z6 U( Z5 y) d' c* V; B0 }1 dthe multiplier just tell how much money created in a whole economy, / ?3 J2 ~# ]; i: {: x
in this case it doesnt really matter how much money is created,
5 `% t6 ~2 \4 N) C" D  uit's the problem of the debt itself.
: [+ F$ V* i$ K5 w* b: sthe 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.gif1 s8 v+ A3 Z( ?3 e
小弟一直都唔明...) P6 a8 C3 U7 ?, H% {8 R

, K6 x1 P9 h7 j) c8 `6 b9 X全世界都蝕錢，咁邊個賺緊錢呢?
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1 d3 R* p  A: f% V( t無可能淨係有人蝕錢無人賺架嘛...
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& D* t: O4 m  I( ?+ e& i% T敬請各師兄解答
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Thanks

$ K  P$ Y) W; b, k6 H4 I8 }$ U那些根本係 紙上財富  
( O( n( f6 G2 }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' V( Q7 Z5 h: F9 O
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" \; U7 e1 |4 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9 w- U, p* j1 `# y6 w7 l3 Q
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! i! s8 P5 Z7 d  |* |扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
' P2 y, `, g$ h) C計番回報率就已經係50%,所以可以好好賺
! V. K' W' _" o) H) k5 T) R4 R3 i0 t前提係銀行之間要互相信任先可以咁樣借法% N+ i1 Q  f6 w- m' G' W/ n
同埋個市場既前境要係好先得
" [* E2 h6 \5 ?) ^' E但當經濟一差,公司估值趺了,物價不升反趺/ j4 g2 l8 I" H+ b8 J  w' m* ]
例如剛才說10蚊的, 趺到得番9蚊, & d* C6 k1 R8 Q( r; X! K
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% E! S& P0 F; s6 M8 A, F& u所以你就會覺得D錢好似蒸發哂咁
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/ v- j) m  q" I% Q7 h8 I/ ^6 J7 c你都可以當標野咁諗, 個樣野多人可以狂升值, * L. \+ H/ X$ I4 n9 Q  L2 ?; 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,
' G+ O/ @2 w4 p6 B) b( C* Y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 h& h  @, `( X& r. [! O. 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9 H4 d1 |) Z9 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
( e7 ~. v8 R0 D. O, M4 r5 K唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; p( v2 p+ p5 w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: S; C) ?0 m- |  Q7 |8 r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0 g3 z* v+ ^; k
咁你話d錢蒸發左去邊? ...

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9 Y- m& T& S3 B正係咁樣
9 Q/ k" g$ a, L* b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) v) n) V! X/ [. h* K5 o
分分鐘佢地唔使還錢5 d) H3 h- f* P* z
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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,
0 A+ G7 H4 F* `8 a2 |: Z& u連國家都係問人借, 不停發債券, 印鈔票: e0 ]+ c- S* z1 W3 f1 c
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 s$ W$ w" m9 X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
( _9 q& C) X' ?! I0 n  i( [2 \; t咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...1 [' A) W+ Y/ W- Z& u
因為以前未生產, 先消費' f1 E4 Q6 Q% |4 b! D2 n
而家就要多生產, 少消費