0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
) O2 F7 c$ M$ P4 t% d# \  |9 }Why bank will sell 借據給第三者???* S4 N( ~! n, h0 n
I was so confused.....

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7 G3 ]: h; ~) |' H講到尾都係賺錢2 K$ s7 D, s* h- H" @) ?
so銀行可以不斷放款/ Z$ l; x( _1 s& t0 R8 ?1 ]. C
美國的房貸問題散佈到全世界
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mortgage loan ) e( @7 E" x9 p% T
>conduit
1 B9 n, y, @( b/ Y6 p3 X>RMBS(Residential Mortgage Backed Securities)
. `1 H' N) B3 W. U( I>arranger
" e) q# M4 @+ Y7 P! ?  [# L>CDO(Collateralized Debt Obligation)3 o* @: s1 z  M# O- v
最後去到投資者

Kev

i thought it is the reason of rate of return.  M1 n$ y3 A) P7 Z; @
CDs could have different ratings, AAA -> F,
2 j0 i- O+ C. a0 d- Vmore risky ones would have higher premium (interest rate) as a compensation for an investment.
1 J$ p; U* h1 x5 xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; Q! O/ A" |$ m& q8 Q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ N: h/ D, W5 N1 O! Y) S  D/ Y1 pAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! W% v$ h6 {$ @
similar to bonds, CDs trading in the secondary market have different value at different times,
& P# F7 L1 i4 m8 y9 T* dnormally the value is calculated by adding it's principle and interest. 3 a- P0 V5 N6 ~& x* X
eg. the value of the mortgage+the interests to be recieved in the future. 6 P4 b3 f& s" y( S+ F7 U- W
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.
# r3 e# P) `# j- ?. s+ d$ gin stock market, it's the demand and supply pushing the price up/downwards.
  _! T% w% ~5 m+ g. GFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 w! H# y2 E' j% U' `A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) v+ _2 l2 G( a/ Z  ?" B+ z7 Z/ D9 k, K
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.
$ v8 m1 Z* ?* x6 C, |  I9 xbut the value of their assets did really drop significantly." G/ O6 D* F( s
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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 A+ {' {' {! y0 s# O3 i
Refer to last example,0 L- T* W7 L5 \& R4 M$ B! Z
that means bank A have no money because we borrow 10 dollars from bank A
3 G$ M$ [' S" |# U0 d; ]3 pBecause bank A doesnt have enough cash on hand
; ~& a0 j) o: _therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E/ m# W9 Z+ y: a" c/ [. H
so does it mean if E failed to pay D, * ]: p! p* H! l3 r
all the B,C,D,E have to go bankrupt?: F' O! Y8 T/ Q/ h
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/ C4 P3 n- Z) }" [the multiplier just tell how much money created in a whole economy, * }  b1 |( {- `, w
in this case it doesnt really matter how much money is created,
& ^2 i) x* O3 rit's the problem of the debt itself.
) s, v+ |7 ?3 a& `1 wthe 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
( D! c& j8 o7 P! d5 j小弟一直都唔明...# w% a% j1 U% H6 X" I7 `

* ^. F% X  w2 `全世界都蝕錢，咁邊個賺緊錢呢?- h$ ]5 S/ Y6 D& u, L
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無可能淨係有人蝕錢無人賺架嘛...* @0 \5 H$ t$ W5 W* U3 f9 W
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敬請各師兄解答8 n/ ]1 j* i# w( }# N; Z

" L! [+ i) ^% T6 A+ J& VThanks

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那些根本係 紙上財富  " f  T- N0 X& y7 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# R* q! w) P) I- m# C
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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
, `* C; U, _* M3 b當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" E: p" E0 t0 K2 j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" L& _3 c4 g% o2 m* z
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦1 |& q2 o/ |% u" [7 L2 S% l2 w4 y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 e5 e) ]! a$ Z計番回報率就已經係50%,所以可以好好賺, Y2 x/ Y: W$ }3 D1 ]
前提係銀行之間要互相信任先可以咁樣借法
. C. V; h1 f. ~同埋個市場既前境要係好先得% V6 w$ t% b8 U8 j! c  }
但當經濟一差,公司估值趺了,物價不升反趺! n, A% I0 E$ q+ L7 H
例如剛才說10蚊的, 趺到得番9蚊,
/ e  g- d' j3 w: a: e$ e1 W咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) x1 A5 T" ]" H- l) x( }$ R
所以你就會覺得D錢好似蒸發哂咁
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, F$ y4 h1 P' Y4 X% V6 t你都可以當標野咁諗, 個樣野多人可以狂升值,
, C5 }6 c# W4 q. ?7 D1 @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 j/ Q! V4 n6 n- q; d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' k6 ^/ S  Z4 K% b4 j) h0 O' y; F+ 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" H) I! _4 t2 Z/ i6 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.gif8 n2 K$ X" F* a, O% {7 V( i
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
! e  U# A" d7 i9 m4 @& b  M& B淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 Q, z/ Z% H6 S% L. O
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* x+ `* V4 i& ~
咁你話d錢蒸發左去邊? ...

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正係咁樣# C2 ~; A6 H. y2 e: h( N6 O0 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
1 B& N7 s/ m6 ?) ^分分鐘佢地唔使還錢; g/ n" u' B5 k& Z) Q( m

. u" Q% y3 _" E7 C/ X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,
$ L+ _* b! ?. V連國家都係問人借, 不停發債券, 印鈔票
, @( p& z* L# m9 P  o+ o一個國家好少出口, 而又大量入口 ,反映到佢唔多生產+ u4 p! I: H8 V1 y. ^; @* J
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
8 Y% B# z9 G+ t% }+ Y- m咁而家"爆哂煲"算唔算先至係變番"正常"???

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4 X; x2 h; H/ P2 C其實係...! r8 J  }$ y, n* R; u: d
因為以前未生產, 先消費/ u- N' ?- A! s& ~
而家就要多生產, 少消費