0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif+ p  u, a% r3 P
Why bank will sell 借據給第三者???
/ Y+ `! L7 W# `& R: iI was so confused.....

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講到尾都係賺錢
+ c2 I) |. |5 W  ~so銀行可以不斷放款$ _/ a: Y4 j& D3 H  T
美國的房貸問題散佈到全世界
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# h: R* C  _* E/ S. s) _mortgage loan & X, I; ^3 d" z  w) d# C
>conduit
8 Y' J' j0 z% p# O/ r2 P>RMBS(Residential Mortgage Backed Securities)9 ?  ?5 e4 n( y& Q& B6 U/ O
>arranger- [; O% b3 o- V7 p) ^6 R5 I) {# V
>CDO(Collateralized Debt Obligation)
4 }6 }' o% h2 ^: M$ B最後去到投資者

Kev

i thought it is the reason of rate of return.9 X- H/ H+ j* k/ Y9 O. l2 f
CDs could have different ratings, AAA -> F,/ x$ t4 E5 m" _7 E. c6 x
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 ]) G; D" m1 \+ x
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# A& _2 Q+ Y9 j5 ?# A/ l
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 A4 e+ s6 V) e( MAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
8 L( ?1 }8 v, P9 ~similar to bonds, CDs trading in the secondary market have different value at different times,4 j7 [! F7 @! D0 o: {) Q
normally the value is calculated by adding it's principle and interest.
. {+ P# ^0 X$ W7 G( ]6 r7 w: C+ [9 ?eg. the value of the mortgage+the interests to be recieved in the future. / |. t4 v1 H# e- H* C" x3 q" E
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.) X- b/ j# O, L* x" c( y+ }$ C8 Y
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im not quite sure if the multiplier effect does really matter in this case.
$ T# I4 h8 A+ gin stock market, it's the demand and supply pushing the price up/downwards.
  ?1 H2 a! e: Z5 _1 t) s0 CFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' P+ p8 X7 F' p5 hA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- c$ t: @8 p$ O. [3 D/ ]4 e6 Z/ U
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.
" e  l* x9 P4 _& \. g! Pbut 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.gif7 @) z- I3 b3 m$ S' g% G
Refer to last example,
: I4 @3 ]! R+ x- Y3 t- jthat means bank A have no money because we borrow 10 dollars from bank A 0 o0 g* L8 H* F) t+ ~# x0 ]: m( I
Because bank A doesnt have enough cash on hand / e& n+ [, b4 h- L) m$ ^
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
* \8 x$ Q( Z0 n* N/ d& ]so does it mean if E failed to pay D, 1 ]$ l2 [; R8 w7 k, U/ \( ^) k
all the B,C,D,E have to go bankrupt?0 u2 j) Y4 D# j. k0 R& J4 v* U

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% V# O# @6 a1 hthe multiplier just tell how much money created in a whole economy, ; t9 H6 q# A. _3 J8 ~
in this case it doesnt really matter how much money is created, ( V8 o- z: o' Q0 a& |( i# U
it's the problem of the debt itself.* |$ d! h# p) G, f2 b# w# l
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
* b2 v- [# _- O  A' C小弟一直都唔明...- }# @! c1 {) w3 w% [6 k: t, U9 ?- z4 t

0 ~" b1 P# _2 C' v) ~& m5 b全世界都蝕錢，咁邊個賺緊錢呢?4 n) |) h$ [, [( R  q( A

& E9 a- |4 J- R8 a5 |9 W0 r' L無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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Thanks

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那些根本係 紙上財富  
: p; x  Z5 u3 s6 ^$ c1 E" @2 p, G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. s6 i3 S; Q  T0 _& z
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http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產! R. o% r8 z8 W! A! _- u
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高0 n; E) W% M* m0 Y9 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( I2 q' r; m9 M9 D% ?  E
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
) A4 s5 x3 P& f5 Z6 A2 Y9 ^3 P7 a1 F扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) Y5 e# Q' C- [* J計番回報率就已經係50%,所以可以好好賺
/ @5 |# I! }& ?3 O% i0 T前提係銀行之間要互相信任先可以咁樣借法
; o; z. ]. C' d同埋個市場既前境要係好先得" Q* b9 Y  R  a. y; |
但當經濟一差,公司估值趺了,物價不升反趺
3 F7 R1 j! K& J( W# ^0 R' a例如剛才說10蚊的, 趺到得番9蚊,
% T' ]: g0 ^2 k8 f) j, L6 e咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& F% B  e! x" B0 U
所以你就會覺得D錢好似蒸發哂咁6 S% ?9 P: M( v8 N' G4 g
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你都可以當標野咁諗, 個樣野多人可以狂升值, / _5 j$ y% x9 K* h; O. D
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,
5 w. j* q5 ?6 X0 ?- B, ~7 k淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % ]' S5 H- M* J% W
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
3 v( t% c1 D, [( E3 z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
( n$ d, `4 ~6 ?% f0 r/ s唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; a/ M2 k" \- v5 I8 B. R/ a淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 T; k( V( |$ C; V2 x2 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
1 \* f8 }: Y  j2 |, r2 @咁你話d錢蒸發左去邊? ...

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正係咁樣# t5 \$ _4 C2 f9 \% D
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
& Q  J/ `( r0 i1 s$ ]2 ~" `" Y分分鐘佢地唔使還錢  f4 c" S1 l# m8 \7 E
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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,5 l, k, N# ]/ C& F" M
連國家都係問人借, 不停發債券, 印鈔票3 A( D; d* T  r/ X* c
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
8 |5 R6 D. P! ]" r4 S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.gif0 A' h! f  c' p; [5 t: X) c- \
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
2 v1 b5 h! |) Y3 L因為以前未生產, 先消費9 l6 s! v, t# T9 \
而家就要多生產, 少消費