0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
# n/ c* h8 w$ m) R% XWhy bank will sell 借據給第三者???# p3 d, b: `( {: q2 N8 ]) w$ W8 r
I was so confused.....

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講到尾都係賺錢  ]+ a( C  k  E. |& M+ T
so銀行可以不斷放款
5 J4 _5 b6 C" R8 M, C美國的房貸問題散佈到全世界
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) C- w0 G) m& C1 m/ L" M+ R& Rmortgage loan 9 s7 Q8 j. N; Y& l
>conduit/ D# p& ?4 V: s" B) w/ c
>RMBS(Residential Mortgage Backed Securities)4 J* C/ w: c- U- ^$ I, Y
>arranger
& ]7 e% U5 v9 w- A! W- U9 ]>CDO(Collateralized Debt Obligation)+ Z& t% W% O0 n" a
最後去到投資者

Kev

i thought it is the reason of rate of return.
$ |# H  t- Y8 B& I$ x5 G' UCDs could have different ratings, AAA -> F," I  ?- L% l1 C, W5 e
more risky ones would have higher premium (interest rate) as a compensation for an investment.
& u  e" S6 O# o5 wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* h2 S  ], i" D* C5 \9 X
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 w2 D) \" [& n" s7 d7 r& I4 HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( R) J' N7 X/ o* |. o  i# ^similar to bonds, CDs trading in the secondary market have different value at different times,6 o8 n0 b6 @0 {/ m8 X: ~
normally the value is calculated by adding it's principle and interest.
* Q* O# l8 r' |4 L  keg. the value of the mortgage+the interests to be recieved in the future. 0 J  i6 u6 Y% i# B7 ]5 a* o* t
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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4 Z3 {5 o7 f4 E; w5 cim not quite sure if the multiplier effect does really matter in this case.4 ^. @; |# y% x$ i7 F
in stock market, it's the demand and supply pushing the price up/downwards.( N' W8 X9 _# y- t: Q' x' K5 T/ \
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! l  ?1 m: B% A3 ~  BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 R, e1 _& s/ u5 n. [
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.
' P3 y  U' K. C) h5 ~: ibut the value of their assets did really drop significantly.8 L  _% `% z8 [6 G8 e/ f

4 p) H) Q7 T# P- e' ?+ z[ 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* S- H- t. V9 t: Z1 ^( r  e  V
Refer to last example,
/ N, e6 v* ?+ S6 g* sthat means bank A have no money because we borrow 10 dollars from bank A
, d0 ]* O0 u* mBecause bank A doesnt have enough cash on hand & t8 x' v+ K/ ~; D1 ]7 w& }
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
' x. @6 P! l9 w1 r3 }: Aso does it mean if E failed to pay D, - D% J, s$ @# L, _+ N
all the B,C,D,E have to go bankrupt?# H1 e7 _( I# }) e
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. `: U9 }! X; Z, y: qthe multiplier just tell how much money created in a whole economy, $ p9 U6 K$ `6 }; M4 ^! j; p$ [
in this case it doesnt really matter how much money is created,
- b3 n" Q$ G; R$ t6 O* R* ^it's the problem of the debt itself.* r# Y4 ^; A5 G, _2 u
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; u6 h: \3 B# w: k
小弟一直都唔明...
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4 C% v% V, [/ v全世界都蝕錢，咁邊個賺緊錢呢?8 ^$ K* q! T1 Q

2 n0 O2 Q9 x& j1 `9 z- r, ]無可能淨係有人蝕錢無人賺架嘛...
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6 D* ^1 ^# Y" Q. C" a敬請各師兄解答* k; r; A0 i6 Z7 o& b

7 p$ u0 r% z( T( n/ \Thanks

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那些根本係 紙上財富  0 r/ }+ {2 _$ d- S4 o
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 graphic0 U, z9 L2 T- }, y; v  N

3 n4 y( D) Q% T! ]; e: |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
2 w7 g- Z9 J7 P4 m1 M# U$ y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' O7 t/ W/ ]4 a0 E8 b2 n3 s
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 D, g% t  I9 E2 V2 l, _  z個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. F9 @3 c2 s$ Q, b$ N' i% c
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,5 l3 J3 U' a# \5 `% t5 ?. N- t, L
計番回報率就已經係50%,所以可以好好賺
$ S8 i# H$ l- V& s7 B) r" V( q, E前提係銀行之間要互相信任先可以咁樣借法
- N7 `1 r3 R7 [! {同埋個市場既前境要係好先得! z( ~: C) N0 B# E2 y" F6 l# B7 s
但當經濟一差,公司估值趺了,物價不升反趺
7 ~; [0 a# m, u$ E, b/ H' L' W例如剛才說10蚊的, 趺到得番9蚊,   a& |3 w! b8 X. y+ `/ @1 w. b9 }
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
2 L/ Z7 p# i( S3 Z, T所以你就會覺得D錢好似蒸發哂咁
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. R+ D1 b0 |3 t你都可以當標野咁諗, 個樣野多人可以狂升值, . T2 N. h6 c8 {8 p8 |% q
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, + C% ~$ c4 A& z1 m% Y, d. J- M2 O
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 m3 O% Y; Y0 r5 X7 F/ w& g( 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# g- }! j5 k; a1 J6 b
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) B5 M. |* U: x# q" {  K. h
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) ?2 E0 B0 y# \
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , Z. I2 Q8 m$ w! X! A. ^  v3 w: K
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
/ o! q( Q1 L! |3 K8 g3 \$ L咁你話d錢蒸發左去邊? ...

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1 B: M8 W  V5 y- Q& j/ X( a正係咁樣& C1 n' K9 a; I" O
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
; S1 Q7 V* p8 p* I7 p: p% s  ]& b5 F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,: u2 y$ Y" c6 x
連國家都係問人借, 不停發債券, 印鈔票
& n2 X, T8 H. I. h. |% r一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
+ f0 ?! l. |& z3 o. 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
' `3 T5 S3 F) C3 @; s咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...  r' ~: ~  s( l; C+ H
因為以前未生產, 先消費
+ ?" j! N6 Q# l而家就要多生產, 少消費