0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif, o) T9 e6 D5 `
Why bank will sell 借據給第三者???
" W! C$ F! `$ m" aI was so confused.....

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% |$ x: r  v7 g* b4 Q0 h( J3 w. r8 s( S* C講到尾都係賺錢5 m" x" v9 }: ?7 m+ P8 `
so銀行可以不斷放款( E+ ~+ X2 d( {8 z7 J/ f* }9 L" R, V
美國的房貸問題散佈到全世界
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mortgage loan . X. X. i. \; x, P1 k8 \5 E3 [( y
>conduit4 z& J2 ~3 y0 W& U- H
>RMBS(Residential Mortgage Backed Securities)& N4 n/ _4 ~6 C) u+ @- U
>arranger- N6 f3 M( }' B# a
>CDO(Collateralized Debt Obligation)7 L4 P2 ^2 B: b- D' k5 L) y
最後去到投資者

Kev

i thought it is the reason of rate of return.# E7 `& X0 B9 ]& |$ E% e( q. ^+ s' C
CDs could have different ratings, AAA -> F,
( W# x5 G" v% ]# F% H- r% u* Smore risky ones would have higher premium (interest rate) as a compensation for an investment.
( Y. {' a1 i* m% {$ P% U' @/ Ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 E- {4 p0 s) e) s; T
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 W9 x( u0 h6 ZAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., C  ]2 G7 t' M% L% g9 q8 h2 ?
similar to bonds, CDs trading in the secondary market have different value at different times,$ _" e& |; c+ w, ]& l
normally the value is calculated by adding it's principle and interest. ) [* A4 s6 u0 u  B& @3 p
eg. the value of the mortgage+the interests to be recieved in the future.
7 i+ y& Z# y" nbanks 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.  S" \6 I& }5 N5 a
in stock market, it's the demand and supply pushing the price up/downwards.
3 @" L5 O4 F3 B0 O% gFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; ^# `/ E( g( M2 z5 A' U' r
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 G; P+ Y% t7 x8 m3 W, jThe 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.
* ]; R$ q( U) Y0 ]but the value of their assets did really drop significantly.
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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% p, _: C9 V. R: U4 h5 r
Refer to last example,9 E6 A2 ?* F( E) }3 O4 {: S0 ]
that means bank A have no money because we borrow 10 dollars from bank A 3 h( b7 A# \$ {, u) }5 N
Because bank A doesnt have enough cash on hand ) b: e( U9 H7 L5 z
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E; U  S1 o5 d, O3 i7 a% u. @- ?3 m
so does it mean if E failed to pay D, ' H. c& y+ [2 Y8 x, p/ W* x
all the B,C,D,E have to go bankrupt?3 T4 M5 k+ Q1 ]8 `6 _
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0 B/ W% o0 F& P2 A8 T) D# K' r; Kthe multiplier just tell how much money created in a whole economy, $ Y! k) N  a8 n8 m3 }
in this case it doesnt really matter how much money is created,
! D. h5 t1 B, \9 r& Hit's the problem of the debt itself.
+ G! A$ c  ]0 k0 U4 z$ L( K/ J4 Mthe 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, T" M* @. a# B# T9 ]+ P
小弟一直都唔明...$ [, Q: f0 N' E( @

8 a) y* U: e- X/ I全世界都蝕錢，咁邊個賺緊錢呢?5 B+ f; t) n3 X3 z1 Z

' G0 s/ z/ z" l' d1 e無可能淨係有人蝕錢無人賺架嘛...5 W% u- X3 r8 g6 z  |
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敬請各師兄解答7 ]8 O7 G8 [6 a0 v8 l

$ Y) w" G6 M; x9 pThanks

  T- {' E& S$ E5 z0 ?  |那些根本係 紙上財富  
+ X2 o1 }7 j' V  T6 H3 T6 E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% U' `/ F/ a' O$ S. {

. f, y& }8 i; S' Chttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
" P6 f+ ~0 e. s! Y% L1 u當經濟好,投資銀行相信會賺錢, 物價既估值相對較高3 t7 Q4 u" M+ H8 o7 A* M* [
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# T6 W2 q7 h$ @, O- G6 }( D- ~
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦& Y, [. p  S& a: w
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,  ~+ ]3 O. O8 |/ @, z4 ?
計番回報率就已經係50%,所以可以好好賺4 @8 S* {. @$ N, l2 m7 j  T$ i. p  u
前提係銀行之間要互相信任先可以咁樣借法2 k: z5 B! K. g1 V* q
同埋個市場既前境要係好先得
5 w4 i( p* y/ l7 ?, r但當經濟一差,公司估值趺了,物價不升反趺8 @& y# j" l" ]4 X. p
例如剛才說10蚊的, 趺到得番9蚊, 9 J. i9 J8 r# `( {
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
+ p$ D" `# f4 T3 {* v所以你就會覺得D錢好似蒸發哂咁: K& Y; I  z2 G" b$ P( a! F: H

- P- w3 h) ^6 j你都可以當標野咁諗, 個樣野多人可以狂升值, / @2 a' X, i7 z$ u3 m, I
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, * \% J1 H5 {. G9 A& {5 k/ B
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 G% `0 d0 j8 @1 _* @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5 B2 F6 l& Y, K, B' g; R: j& k
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
5 S* g  C7 \! R3 _" K2 z唔係d錢蒸發, 而係比美國佬洗晒未來錢,
( }% ]) }3 J! o6 n  n2 R淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) N) p/ g" T) o# @3 H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# Y# t+ F' Y- |$ U, W" V7 d
咁你話d錢蒸發左去邊? ...

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正係咁樣
( b, `) ]2 e$ q' 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
9 ~! a& y3 F6 X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,3 E. _1 C+ J! x2 h; T
連國家都係問人借, 不停發債券, 印鈔票
; d* z6 @2 X% k8 `& p9 j一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
  _" T! i; S, z/ M- P; p4 K, D# b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
& |  d- D4 Z) Y) P8 u咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係.... n2 u/ I/ O( Q; i& }# X: ]9 F
因為以前未生產, 先消費
1 K( h* X# @5 |' Y* @4 J而家就要多生產, 少消費