0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, Y0 i' M2 a9 I' ~& G
Why bank will sell 借據給第三者???( X3 Y$ T6 A7 `- V
I was so confused.....

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# c' W5 R8 N9 N$ N% h( g講到尾都係賺錢; t& ]3 {( M  F
so銀行可以不斷放款* |( j% H0 Z4 E9 W! z6 i
美國的房貸問題散佈到全世界8 a1 G6 C2 Y& O% E2 ?! A- R
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mortgage loan ; L  M; G+ K2 W" G4 w& S/ f
>conduit# f' N1 p; y* U' v- l  h9 C. N
>RMBS(Residential Mortgage Backed Securities)" C6 s# B6 Q  O5 b* j
>arranger
# w) l& R8 n/ j6 }1 v# H>CDO(Collateralized Debt Obligation)
( G7 f, A" M) a2 y8 |7 o最後去到投資者

Kev

i thought it is the reason of rate of return.5 {& Z: `0 s& \8 H! f
CDs could have different ratings, AAA -> F,, A6 M, y9 V$ R6 H/ N, _
more risky ones would have higher premium (interest rate) as a compensation for an investment.
3 G) s; W- n1 I5 ?: L- A% umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 E4 v6 N! ~4 n1 J$ t1 Din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 M' J& W# w  |Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& A* u% M6 ]7 S; ^* N. Isimilar to bonds, CDs trading in the secondary market have different value at different times,
* Z( ?6 X0 W+ U0 nnormally the value is calculated by adding it's principle and interest.
% @; }; H# y/ n- x) J2 ieg. the value of the mortgage+the interests to be recieved in the future.
) M1 d* F0 t+ X* n/ B. Jbanks 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.2 ^7 f5 `3 T$ ~4 ^1 S, }, v
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im not quite sure if the multiplier effect does really matter in this case.
) R9 }( @/ m' e2 {" v) H4 Yin stock market, it's the demand and supply pushing the price up/downwards.0 i# z1 o) z# c8 J& @
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 a2 t+ A9 O! \" N" ]  p
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( {% U% {: A/ u7 Y5 nThe 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.
7 R5 E% E0 p# C; U* C" f2 lbut the value of their assets did really drop significantly.
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2 t2 F* R; e& {/ a" T[ 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
4 }1 Q% Q! J6 A& e# c/ N" HRefer to last example,$ X9 }  {. [9 r* M3 b8 @# F
that means bank A have no money because we borrow 10 dollars from bank A
+ _' k% ^+ L# E2 @+ qBecause bank A doesnt have enough cash on hand
" \$ P- x6 p3 G- T$ {- w/ ftherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
$ Z( p' Y0 g& Y6 C; |# E1 N; fso does it mean if E failed to pay D, * f' _* [$ \0 ^% U, P
all the B,C,D,E have to go bankrupt?
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$ z7 T7 g3 ~# j1 Dthe multiplier just tell how much money created in a whole economy, ) d: U* G; U9 ~6 e# [
in this case it doesnt really matter how much money is created, $ }9 ~6 J- {) Q( `
it's the problem of the debt itself.$ m. Y( }6 N, f  H% \2 K0 |
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
1 ]. d% X- k9 a  f" }, C5 h; n) J小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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0 l. X0 j# r9 C7 O3 J" [% Q( k無可能淨係有人蝕錢無人賺架嘛...' i  p* m, o/ w" |7 s
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敬請各師兄解答
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Thanks

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那些根本係 紙上財富  
2 z  E& }( ?0 Q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1 U, W; G  F; C: ~# ]* ]
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
$ Q' L7 @6 Y8 x. q: t) m- t; J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 ^  v. Q. ?1 X  V3 R; C& F7 A& X
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
* W2 V# D5 M4 b; \" O; o% S4 \扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,3 ?& F9 D" p* P4 B1 v5 x) e
計番回報率就已經係50%,所以可以好好賺
+ H5 r, }" W. ]1 C8 y前提係銀行之間要互相信任先可以咁樣借法- @/ J, R. N8 ]! L, P
同埋個市場既前境要係好先得
9 H8 [2 Z# K. G3 z; L4 r: z但當經濟一差,公司估值趺了,物價不升反趺2 o  y' `) h6 x" r2 C
例如剛才說10蚊的, 趺到得番9蚊,
/ t/ Y; I$ K$ Q3 \咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
# X2 u3 P9 A, O4 K所以你就會覺得D錢好似蒸發哂咁, `; n/ c, a8 {) }) ?  `0 R# _- s
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你都可以當標野咁諗, 個樣野多人可以狂升值,
$ i) C: W1 W9 q) S" H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,
, R7 Z# @7 a2 Z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . P* E; @) W+ z- A/ G9 A& X7 D" |
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4 B( G7 z% W/ i0 T0 ?% {/ g
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: Y+ ^3 c6 v  H$ B8 J; y2 U
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
  t  h3 q# _$ Y7 v) A. S. q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 I* d7 A7 j$ x7 N# b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 B( p8 h2 [# _5 Q
咁你話d錢蒸發左去邊? ...

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/ ^2 C6 U- x( M4 r  R% S2 S正係咁樣/ |/ p# y' m% u  I+ 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
  [9 {0 Z7 J4 Y& l0 ?分分鐘佢地唔使還錢# R' j; r9 e) y! m* W5 T

! S' G0 j3 v9 \, K$ h, ?9 M  n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,
5 [+ B0 m, U( K, t" d連國家都係問人借, 不停發債券, 印鈔票
9 n8 Q0 v- ]. C$ X一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( c$ K6 V# q4 G3 m1 @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.gif8 r6 I) r( y3 i& C& V8 a# |/ @" l# `
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...& b. \! \% F( B# _& X0 D3 m
因為以前未生產, 先消費2 B( ]/ K$ q1 `
而家就要多生產, 少消費