0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif* ^$ h, C% B- N+ l
Why bank will sell 借據給第三者???" G9 z6 i* b, [
I was so confused.....

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講到尾都係賺錢
3 c) o1 B4 l& W( d: }7 D, h0 fso銀行可以不斷放款
* B1 K: j7 i* w6 d. T美國的房貸問題散佈到全世界
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mortgage loan
0 E/ K* i+ B6 ?' h* J. R6 k>conduit/ R! v2 g5 Z' G. N0 f
>RMBS(Residential Mortgage Backed Securities)4 ^. i4 U' H  Q+ Q5 ^9 n
>arranger5 V* f0 l( v9 c  K
>CDO(Collateralized Debt Obligation)
7 n# F9 D1 v) Y2 n- S最後去到投資者

Kev

i thought it is the reason of rate of return.% i5 E: v( U7 k4 N7 w
CDs could have different ratings, AAA -> F,) t* W/ j8 u, I% \
more risky ones would have higher premium (interest rate) as a compensation for an investment.
% O% t% G: B. j' T0 J5 V( |main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( I3 L. W( b; z1 T  }in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- i, D& e$ [( _' K& X5 sAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 h6 ]% t& W4 p6 Q8 |4 t
similar to bonds, CDs trading in the secondary market have different value at different times,( Q2 G. U6 v& b9 K% l6 I+ k# Z
normally the value is calculated by adding it's principle and interest. : F, Q0 e+ |' L5 v. ^; j: Z+ W
eg. the value of the mortgage+the interests to be recieved in the future. 8 W7 [! q% p4 J$ |
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., [! |: m+ l! _
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im not quite sure if the multiplier effect does really matter in this case.
* k3 `. h. R7 E% Y, X+ U" @in stock market, it's the demand and supply pushing the price up/downwards.& _/ T2 Y) M4 c3 g* S. o, F, K$ X
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* g8 K& g" u  k* O5 q0 ^: H5 j# z3 h6 NA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  f$ L: n* ?7 c) I& z7 g( n' |
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.
' C; t# M! n9 I& pbut the value of their assets did really drop significantly.0 |. u7 ?2 |8 a4 n

; w$ |# N) E2 w5 ?" K9 U( Y) V[ 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( {- v# \3 s3 G& A5 r
Refer to last example,
+ r" h) z) X2 @* H" n' `7 xthat means bank A have no money because we borrow 10 dollars from bank A - e  z% t& k9 x% U9 l1 I1 I' C
Because bank A doesnt have enough cash on hand
( b: N& U1 L0 h& r, n3 F* K9 s$ k) G# j7 @7 dtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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! H1 ^1 ?1 R2 ^2 `A->B->C->D->E7 [" O& P1 r4 I/ s; H
so does it mean if E failed to pay D, + B/ n4 p4 [0 ~, c
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, ; V4 ~, ]2 P0 k
in this case it doesnt really matter how much money is created,
0 v' y7 {. a, pit's the problem of the debt itself.
$ U  a' R& [, ]6 L1 E1 ^9 L4 t3 m+ ythe 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; N5 {% ]3 O4 \+ `3 S8 O1 _5 ?- O3 @小弟一直都唔明...1 D9 G% i( `# f# {/ Z
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全世界都蝕錢，咁邊個賺緊錢呢?
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( ^* F% N2 Z2 T# V0 Z無可能淨係有人蝕錢無人賺架嘛...
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) Q4 d) ]1 i5 ?" n敬請各師兄解答
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- h6 v3 c1 G/ a0 J$ ~6 {Thanks

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那些根本係 紙上財富  # h; G+ J5 j( D* 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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" A% x' ?* Z' 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
* ~6 Y3 c- B9 _0 {0 Y8 a當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# D! H# _+ s& y$ f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. p* o* b5 S7 y. D/ |
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
9 x! K  b1 V) |; J( G7 W2 H+ ]扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ B( q/ M6 e) e5 q
計番回報率就已經係50%,所以可以好好賺! p( n% x3 x9 _  a# G* I# ~2 U9 S
前提係銀行之間要互相信任先可以咁樣借法$ [  c! V, A: E) ^, d
同埋個市場既前境要係好先得, a: A- ?! j$ k) v) u8 C% y7 _0 B; b
但當經濟一差,公司估值趺了,物價不升反趺6 I# P. P- p( G
例如剛才說10蚊的, 趺到得番9蚊, 4 e8 M: L4 T, Y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
; s5 J$ z- ?1 s5 x4 J, Q所以你就會覺得D錢好似蒸發哂咁
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) b3 }# |3 d& E& I/ y# M' z. C6 b7 B你都可以當標野咁諗, 個樣野多人可以狂升值, & R! H4 S+ N  ?# S
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, * h; u( }/ e0 z+ V! ~
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' z0 l% L. b7 h: o+ V# ?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 V. V: j& ]  l. b* v
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
( {* l0 t% g7 @  Z; ?+ H6 W唔係d錢蒸發, 而係比美國佬洗晒未來錢,
* y7 K! w* C6 L, O淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - R2 A* \3 u3 H/ 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
; U4 P+ k3 F4 ?( ~; c1 ]咁你話d錢蒸發左去邊? ...

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" q: T. f/ V% [4 C& o: ^正係咁樣
! x/ R1 h& D5 P# a1 V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. h2 c! X5 B7 m9 ^  u* N- D
分分鐘佢地唔使還錢( H8 W6 E* [) w6 T+ t' l
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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,
* T* Z. y6 ^* s6 c- i/ u連國家都係問人借, 不停發債券, 印鈔票0 @/ i: l9 U  g( r& M
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
3 m1 O; D- k# w7 b2 W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: G7 S. B) s, o
咁而家"爆哂煲"算唔算先至係變番"正常"???

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; h6 }$ f' k9 |其實係...
: X9 u# u9 i8 J& z4 M' {: s% f  Y9 y因為以前未生產, 先消費
6 w( _% r8 f# E& }, n而家就要多生產, 少消費