0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 |6 Z- K% Z% VWhy bank will sell 借據給第三者???5 C# d: d+ ~7 B* d: a
I was so confused.....

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講到尾都係賺錢
8 o0 n/ W3 [  K( @# kso銀行可以不斷放款3 N% F! g( j( A4 g4 g0 r/ }
美國的房貸問題散佈到全世界
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( _& Y* Y7 X$ [mortgage loan
1 V$ V. z( x& a( K: m0 {) }9 C>conduit
) F8 m( c! w7 i4 C>RMBS(Residential Mortgage Backed Securities)7 L; u( o- a8 T
>arranger0 R1 Y; Z$ ]8 \  V3 y: C! s. x3 P+ L7 e
>CDO(Collateralized Debt Obligation)! U6 E' }( u5 D/ _
最後去到投資者

Kev

i thought it is the reason of rate of return.
& u1 u" x3 ]; XCDs could have different ratings, AAA -> F,
1 O4 I- _; ~; S) M1 e- Mmore risky ones would have higher premium (interest rate) as a compensation for an investment.
# C, ?! w6 h3 k/ Dmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 p4 f; N& y$ N! P8 t
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- _0 }+ q! E! L2 A. k( `, {
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! f. o+ q2 c0 ~' @  K* P! \similar to bonds, CDs trading in the secondary market have different value at different times,
) [$ U) Y5 ^: J3 X. }normally the value is calculated by adding it's principle and interest. + O9 V/ w$ x6 s2 o* m9 Y) C  x
eg. the value of the mortgage+the interests to be recieved in the future. & a, L$ c7 O: Y! y( g1 v9 M% k
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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im not quite sure if the multiplier effect does really matter in this case.
( c$ B2 Q: f5 V: a2 Jin stock market, it's the demand and supply pushing the price up/downwards.
2 ^* S' ?  i5 ~2 R4 Z! W$ xFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* {" R: |  \4 D5 f0 l; \* I+ [A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. d" m% ]3 v. m+ }' R- S
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. ( m7 ^9 q) @+ I6 o
but the value of their assets did really drop significantly./ e5 p. I. g  U& i
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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 F* g" S7 L( |4 y3 x' }
Refer to last example,
/ D; p. H9 t* wthat means bank A have no money because we borrow 10 dollars from bank A
1 N) n3 c* ?3 j. \" ]Because bank A doesnt have enough cash on hand , L% C* U- K. G  o4 |
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E! D% F! g- I# p- Q
so does it mean if E failed to pay D,
6 G$ j8 w2 V( Eall 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,
: n4 j0 F2 c9 k3 \in this case it doesnt really matter how much money is created, 1 {" x1 v3 K7 c$ d/ c
it's the problem of the debt itself.: }  z! O4 P$ A6 C8 r& F2 i
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
8 Z8 W$ C+ p5 C5 }1 Z0 \小弟一直都唔明..." `  A# V# S- R5 ]. y1 \
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全世界都蝕錢，咁邊個賺緊錢呢?5 n$ b3 M2 p3 F; S8 A
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無可能淨係有人蝕錢無人賺架嘛...5 C3 ?" j5 g- I9 l4 I$ Z
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敬請各師兄解答
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7 |' \. A/ W' R+ C; @8 V3 A  l/ hThanks

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那些根本係 紙上財富  
2 W: Q3 E) `2 [( M# h2 o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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: @4 o& o( W: L1 C; 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6 q) |) M  ~! Q
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 _: f# p$ z# I$ X
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. V9 p3 u2 ?: Z& w5 }' Z" f
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ n9 R3 }  L8 |扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
* K7 o5 E0 W6 ^) U  b5 Y計番回報率就已經係50%,所以可以好好賺' |2 F( r( k/ t5 U0 P0 h
前提係銀行之間要互相信任先可以咁樣借法
3 i1 z, N# [, I4 C7 o. i" Y同埋個市場既前境要係好先得- G* ?7 e2 w' L" J
但當經濟一差,公司估值趺了,物價不升反趺: b( q. J! n  a6 i$ y
例如剛才說10蚊的, 趺到得番9蚊,
8 v% c, _8 @. ~8 S" E) V咁投資銀行一下子就要還11蚊, 一來一回變左虧200%0 u5 A" o% [2 r8 m' y
所以你就會覺得D錢好似蒸發哂咁! r$ a; r6 c" I* t% w  Z. s2 U

; I7 e' H- p  o; Z你都可以當標野咁諗, 個樣野多人可以狂升值, + Q: `% m9 X9 {
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,
/ U  F! w! i7 O$ [3 U淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " _5 Q0 C+ p. }- A
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# Q1 d% [; \; f: Q
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
( I, m" _; Q+ I0 W. w9 f5 R唔係d錢蒸發, 而係比美國佬洗晒未來錢,
* s. C) D1 o7 |% ?  k淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ P4 m7 H" |' ^9 G
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
) |# _" J) J! H6 u0 F6 K  @) c咁你話d錢蒸發左去邊? ...

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/ `2 V/ x$ N0 s3 o7 Q0 `3 G正係咁樣
7 t; A, ]0 H, ~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+ j, }+ g2 q! ~6 v
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,
: ?& K) O. @1 o/ ?/ ]0 \! U連國家都係問人借, 不停發債券, 印鈔票+ M: Z. V/ j" o  O$ N9 C3 Q  H
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% V9 o6 a, w5 |' X! d' Q% H* ]5 i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
6 k9 K5 x. O, e4 `5 c咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
% s( y) N* S: a) e; `7 w2 f  T% f因為以前未生產, 先消費- Y$ [/ t6 U* Z$ E' A
而家就要多生產, 少消費