0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( _$ k1 V1 g1 s7 z- m
Why bank will sell 借據給第三者???2 T7 ~1 M/ w. J
I was so confused.....

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, d) K8 {* J& F講到尾都係賺錢6 o0 L) y- C7 x
so銀行可以不斷放款
3 a8 T+ X/ R6 W3 n: S6 D/ ]美國的房貸問題散佈到全世界
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/ q8 W- E2 E; h  ?8 ]mortgage loan
% q5 i; G; h& g9 B# t* `3 G' Y+ D>conduit* b- E9 @- \# C% b1 m9 f, Q
>RMBS(Residential Mortgage Backed Securities)
2 D! {# ^5 r4 W>arranger
: [: z7 l8 L: k* U' }>CDO(Collateralized Debt Obligation)+ N4 T1 l; \" W) ^1 R
最後去到投資者

Kev

i thought it is the reason of rate of return.. \! [) A4 F3 I  M4 {, Q0 \+ L, Z
CDs could have different ratings, AAA -> F,# n: m+ A/ C- X2 X/ b7 c
more risky ones would have higher premium (interest rate) as a compensation for an investment.$ X+ ^4 K2 z" b1 I5 L
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* t& Q5 ?0 L4 C; tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* v9 G: M' I& G5 Q
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' G/ R/ |0 g$ P7 Q9 M% d" t
similar to bonds, CDs trading in the secondary market have different value at different times,; Z( c7 L- m; }7 g" H. j' G9 k
normally the value is calculated by adding it's principle and interest.
& v! X0 s# Y3 m* [eg. the value of the mortgage+the interests to be recieved in the future.
$ _. L7 ]) ^4 h7 E2 a. ?& y# _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.% {; s  J: U" ]  P6 A9 P& I
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im not quite sure if the multiplier effect does really matter in this case.
8 h3 i2 E. t6 j& ?& sin stock market, it's the demand and supply pushing the price up/downwards.
* D# Y- C# c- W9 K# ]( HFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ I, e% K* P, H) H
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  Q1 H+ @6 z: g8 E9 y) SThe 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. % h4 \: a% P" p6 N2 ?4 ?3 R& |# c
but the value of their assets did really drop significantly.: L, j" s, m. f$ H9 F) Y/ n
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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
7 O" M+ ~8 j. P& F% [0 F0 s( qRefer to last example,, u) N: V! t* `' q8 C
that means bank A have no money because we borrow 10 dollars from bank A , o$ g1 C2 ^( R' W6 Q' g& s6 c5 J! o
Because bank A doesnt have enough cash on hand
, d1 _3 k/ z& o( Jtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E! e& N: Q) H% t" N, W1 m/ e: P* o0 j
so does it mean if E failed to pay D, * d1 ?# _3 u0 o  I; f% [1 m- G: ~
all the B,C,D,E have to go bankrupt?
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5 i$ W: D# w9 f: l) |5 ?, e# gthe multiplier just tell how much money created in a whole economy,
" P. Q- r2 s6 @5 M% G- H2 min this case it doesnt really matter how much money is created,
. j7 a4 K  d5 [8 C- kit's the problem of the debt itself.4 P1 v% I7 n  \1 h' {' C) T. h
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$ v) V. Y) G# w
小弟一直都唔明...5 Y4 u6 U- M5 h1 B# I% @( c9 k
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全世界都蝕錢，咁邊個賺緊錢呢?9 ?& I9 `7 C& L/ y2 H4 N/ ^+ L

' T' F+ s3 U( e7 W5 v! S無可能淨係有人蝕錢無人賺架嘛...: P( @, c1 P) W$ x" V- T; k

! s+ B$ G4 l; W, r/ a敬請各師兄解答4 l* c2 [3 D, i- J5 z/ n
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Thanks

9 V# |$ E6 p" M+ _# T. X1 z那些根本係 紙上財富  $ p8 r9 A- b2 c% U* e3 V
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- @4 P2 A' @; |5 E6 W# q

* ?! v' F' x! g* C% V* lhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產; \' q' {* D7 K5 F
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
+ E/ H3 u( e* J+ O$ g% w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5 V7 @. p% n, E' g
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦: T5 {3 W" A4 ~/ o) A' @1 q, X5 o
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) [  ]: e. h3 ], q  H3 h計番回報率就已經係50%,所以可以好好賺) T3 v$ O# k" \& E, v7 c
前提係銀行之間要互相信任先可以咁樣借法+ X3 ~' l/ @7 `6 l' z; X
同埋個市場既前境要係好先得
; W6 }8 a# |/ D. X但當經濟一差,公司估值趺了,物價不升反趺5 h2 s6 O7 |6 P* y
例如剛才說10蚊的, 趺到得番9蚊, $ G# v- |& Q9 f3 d! U! }4 H
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%6 P0 l, y' V. z9 F, W5 I( n: F
所以你就會覺得D錢好似蒸發哂咁3 `( v. q$ M" W) p# W( v
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你都可以當標野咁諗, 個樣野多人可以狂升值, ) E0 P' @6 D; l& B3 Y; f
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,
- K8 u* O  ]! U$ e4 X淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : K3 F7 \8 ~8 E5 Z" x/ m+ ^
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: e- x8 t5 U9 }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
: d0 L7 N& M4 Z& U- Z8 G唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 m* [- c! c1 L0 t& `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & n/ |9 q& I7 `
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
6 L5 i$ k1 K/ f! x* s咁你話d錢蒸發左去邊? ...

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3 E% v; x. Y  H* {6 v正係咁樣# f+ F9 g& x. E) Z8 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
6 l3 t, T$ F* C5 e6 ]$ u  Z分分鐘佢地唔使還錢
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8 F( q% K2 g3 z3 b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 H# C- R" S; ^
連國家都係問人借, 不停發債券, 印鈔票7 p! f( v6 @  V3 ?! D  H# M0 U5 T( T
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
8 ?5 r* @) M( S, [; B- g6 D' H' A5 k) \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* N6 o. X" _- t9 J& e1 u+ O4 o
咁而家"爆哂煲"算唔算先至係變番"正常"???

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- i( P7 K9 q; }) ?4 x其實係...
5 k, k$ k  m% m# k6 ^因為以前未生產, 先消費: G" I2 ]4 B* Z& t$ \$ b
而家就要多生產, 少消費