0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif# t# I# R1 K9 ^* `6 _  ^
Why bank will sell 借據給第三者???- _1 g5 V: ?0 _' P/ W
I was so confused.....

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講到尾都係賺錢2 _( ]" V" G# w# N6 \# l
so銀行可以不斷放款, F. v+ J9 J8 L: I- g6 G
美國的房貸問題散佈到全世界
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mortgage loan 0 w; I0 F* m2 j0 P- k. ?3 ?
>conduit7 w6 d3 O# |7 V% _
>RMBS(Residential Mortgage Backed Securities)
$ ~0 D7 G& L3 j' b4 F& s: C9 X>arranger4 i! U/ \5 w8 x6 _1 |3 ]- p4 I
>CDO(Collateralized Debt Obligation)6 |6 e; ~5 y# u. O2 E# G$ {" o
最後去到投資者

Kev

i thought it is the reason of rate of return.) @$ G. f( l( @/ K
CDs could have different ratings, AAA -> F,
1 \5 P; c2 t, f+ G% A; }more risky ones would have higher premium (interest rate) as a compensation for an investment.4 l$ r, Z6 d" j# X. X0 K8 t5 J: c2 n
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ Q% q# ^: J/ Z- {7 y) ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" K% W( e: _# S' Y( L; h, kAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# J6 v7 e! u- k1 fsimilar to bonds, CDs trading in the secondary market have different value at different times,7 L# O" S3 W9 [9 X
normally the value is calculated by adding it's principle and interest. ; p- S; s5 w4 v" s# P  A
eg. the value of the mortgage+the interests to be recieved in the future. ) J& c9 m6 j. n1 z4 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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* @, J/ q* S) Tim not quite sure if the multiplier effect does really matter in this case.; i. T2 u+ u0 x: ?$ k
in stock market, it's the demand and supply pushing the price up/downwards.6 F# J" n4 N+ H) \! _  U+ {' G8 h
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 ?$ }: Y. M- I7 k
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* g1 D- w4 v% Q# s  x; b6 B
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.
1 z5 m1 }$ Y  d6 ~" u& A" \1 `but the value of their assets did really drop significantly.6 H9 S' S5 e  f4 Z* \5 u$ R

' r$ H+ t! @- G5 B% b. L[ 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
; @' m( X: ?) a/ M3 }. `& ?Refer to last example,
# Q0 G% A: q  {that means bank A have no money because we borrow 10 dollars from bank A ' f6 |  _) A! c2 s& L
Because bank A doesnt have enough cash on hand . w2 X- S0 n6 |! L* s, ?* P
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
) d3 z' r" F3 W, f& \/ Kso does it mean if E failed to pay D, - I# R" ]/ v* u4 [8 h7 ]
all the B,C,D,E have to go bankrupt?8 Z1 Z+ E' V& ?
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the multiplier just tell how much money created in a whole economy, 6 g; b" Y/ T. t! W2 S
in this case it doesnt really matter how much money is created, 2 Z8 z$ p  K0 s* d' r7 U
it's the problem of the debt itself.
/ ]4 h. p8 _6 k! B3 U( 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.gif# H  N4 S9 ?8 v1 @
小弟一直都唔明...9 }! G  L8 s1 X) i' W
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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8 A  ]  R5 l! l; z7 K0 A敬請各師兄解答' H( \2 Z+ Q4 B( P0 h

) f4 c, J( _( Q1 V/ p2 }Thanks

- V# O  p2 O5 U, w( B那些根本係 紙上財富  
# b9 p' |! a3 \" y8 b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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8 z0 a, e: t/ E) R: _$ ]' i: ahttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產* D  e9 x7 c' W! f: {: C
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 l* ?7 W; }6 D1 f. Z# i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
: `! Q% G) Q* N8 }5 f) k4 c. V個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 q0 @' |! {% |' z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
' ^. O, V/ i1 L5 N2 Z計番回報率就已經係50%,所以可以好好賺' i7 u: r/ ~' R" E0 |1 b
前提係銀行之間要互相信任先可以咁樣借法+ d1 }) H+ k9 U
同埋個市場既前境要係好先得
+ t2 E9 {: Q# ^但當經濟一差,公司估值趺了,物價不升反趺
$ C: ]. i9 }6 s5 _5 o4 D例如剛才說10蚊的, 趺到得番9蚊, 4 C8 p6 x8 k# ~7 O4 ?; P9 G: X$ H
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
& H1 v9 `* m/ G所以你就會覺得D錢好似蒸發哂咁  H9 k& P  z% l3 J# w

, G  t! ^& m9 d) R你都可以當標野咁諗, 個樣野多人可以狂升值, , z9 w" l% D1 e9 N2 C3 t
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+ F. C6 H, p, R0 A( X( `淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: G3 m" m4 d" t4 E# [* S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1 F' W/ s: k3 {
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.gif7 I- |( H6 R6 T) ^2 y- j( E% C
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; l% d' M- a2 a淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 \* u7 i; }: ^5 k6 I
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
1 H* u0 B4 [9 N" m, B4 `" B, a1 p咁你話d錢蒸發左去邊? ...

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正係咁樣, j9 q. N. A( K& m3 \% K
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
! w9 E: I3 [: Q+ M. l分分鐘佢地唔使還錢% Z* {: P. D; q% B5 x
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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,* |$ k5 D4 v: `( A" F4 S( f3 }- o
連國家都係問人借, 不停發債券, 印鈔票) B6 n  b/ A4 P: v4 }( L6 i
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 E; f% w3 X/ b+ C  j% ~! y) h
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
( q& E- \: V4 {& Y& i咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
/ N: k: ]: P( _4 A9 R- z' q6 [因為以前未生產, 先消費
9 _% B# Q9 e1 T  G. N而家就要多生產, 少消費