0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif1 L3 \* o% `) I) w
Why bank will sell 借據給第三者???9 R4 B6 H) u0 E8 {+ i
I was so confused.....

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講到尾都係賺錢4 k& y* n. Z$ O! c
so銀行可以不斷放款
+ R6 l1 ?! Q5 P9 }; v) {美國的房貸問題散佈到全世界
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mortgage loan
; [9 x. O+ y( i+ O' j6 N) o5 Z>conduit
9 t" c# M3 L& E; h9 p0 N* l>RMBS(Residential Mortgage Backed Securities)& \+ I7 J. b# [, W; n
>arranger7 d" @* z. |0 l8 c7 Z; @5 F* q! \& j
>CDO(Collateralized Debt Obligation)
% Y8 i' w4 m/ [2 ^' [最後去到投資者

Kev

i thought it is the reason of rate of return.6 \7 h4 r- k$ w4 a$ [
CDs could have different ratings, AAA -> F,
3 w/ b; P3 c0 jmore risky ones would have higher premium (interest rate) as a compensation for an investment.
; ]% ~* p* B" m" W7 d/ amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) ~6 Y8 |& |6 Cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 Z7 z; Z, G6 v0 x9 x4 ?2 F4 BAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." K+ f/ B: `$ u$ ^) `) R
similar to bonds, CDs trading in the secondary market have different value at different times,
* r. N- S, w. }! {' Tnormally the value is calculated by adding it's principle and interest.
/ K% [3 ^" D9 O) ^5 o1 p! O7 T' ^eg. the value of the mortgage+the interests to be recieved in the future. 9 m. V/ z; q# J3 z: p
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.7 T- G- g; O9 y) e
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im not quite sure if the multiplier effect does really matter in this case.  w- q% y) D( K' G
in stock market, it's the demand and supply pushing the price up/downwards.; H) _7 V4 f& D# v" }  ~* n
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) i; M! {) ~( L1 _6 Q* v0 k9 d  DA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 L/ s" V2 a& E, @  h* ]. o" A* |; ?
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.
+ c6 t& a  |1 c/ s9 z  Qbut 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: ^4 M0 V4 {  S# R/ L! u0 e
Refer to last example,
3 S+ e) f  A, E5 q; {) _that means bank A have no money because we borrow 10 dollars from bank A
1 }' b! P' ?5 K$ l6 CBecause bank A doesnt have enough cash on hand # c$ M* [' i0 ]- W
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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8 A" B$ p7 `" yA->B->C->D->E. ^" h3 `1 k2 d. u5 [9 }
so does it mean if E failed to pay D,
9 |( e2 N$ ?$ }/ [9 rall the B,C,D,E have to go bankrupt?
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7 u0 e; |) c  u5 i5 E! k# [the multiplier just tell how much money created in a whole economy,
) Z1 T. d% ]. b% M' m/ \/ win this case it doesnt really matter how much money is created, # e4 r3 J2 Z5 x$ ?5 U+ _- }+ R( d
it's the problem of the debt itself.
1 y* D( g1 H8 }. U3 nthe 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% d6 |+ b! I" A: I1 N) g
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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; [- a5 M; c# D8 t7 |. C/ l無可能淨係有人蝕錢無人賺架嘛...5 T6 J, C( s- w; J- X

7 w* ]4 a: ^( ]! z5 i- z5 H4 ^敬請各師兄解答
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Thanks

: w& i2 V1 R7 N6 p, i5 y. [, q那些根本係 紙上財富  ' S2 [0 `$ u: L, J5 B; p
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# ]& V( M7 L4 n) a

3 a, b6 j! _% w  E# x! H7 Ghttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產. V) i/ }" l7 `. n7 c
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) z4 {' n% C( k" {- 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& p7 c/ Y& S" Z. w4 ]! n, \' \' l8 K" C
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦4 a1 p/ {* t; q8 v* V
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,3 {% a" A8 h. v; B& n6 Z
計番回報率就已經係50%,所以可以好好賺  [# c6 ]2 ?7 O  u, L1 J
前提係銀行之間要互相信任先可以咁樣借法
  e: l1 k2 ^0 \4 m: f9 ?同埋個市場既前境要係好先得$ m+ X* a- a2 e$ ~
但當經濟一差,公司估值趺了,物價不升反趺! F) C# V8 L% L
例如剛才說10蚊的, 趺到得番9蚊,   f7 y: ]8 A/ h
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& E9 C! Z, ?$ P  n
所以你就會覺得D錢好似蒸發哂咁$ O) u' |9 }# @8 U  V

0 `& c' b. h; `# q' C  Y7 w0 u你都可以當標野咁諗, 個樣野多人可以狂升值,
: O( H* r1 B% {7 h" |& v, S8 W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,
7 r7 t: }5 I$ s. N; n7 O淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( ~" t" ~, _9 F7 t5 x/ ]9 [& ?
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/ n( R7 K3 A  C( H# u
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
- U1 l2 B/ i' B! H6 R$ _, R唔係d錢蒸發, 而係比美國佬洗晒未來錢, $ G4 V' p) G5 N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 ?. C$ f/ d+ H+ Q5 J. f0 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 P2 s4 m4 @% T  o" ]咁你話d錢蒸發左去邊? ...

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正係咁樣- k- s. P3 I$ r& j& w
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# \" T/ ]! A) M9 x2 }
分分鐘佢地唔使還錢7 Y1 q) N7 R. C9 w/ V
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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,. Q0 _' }' q! E  @
連國家都係問人借, 不停發債券, 印鈔票3 r1 @+ m+ _1 w7 z
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產1 d9 b, ~! d) l" Z: D
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" d0 w; Z8 x: g, o& u
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
/ a$ A+ q: B2 l% U# Z7 Q  ^# K1 W因為以前未生產, 先消費8 G% M7 h, F1 {" @. N5 w9 m
而家就要多生產, 少消費