0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 b  q; ]+ i: k- b3 o3 xWhy bank will sell 借據給第三者???% B7 M9 q7 D9 W- d; u- J+ J  [
I was so confused.....

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$ X$ j2 I2 I4 s講到尾都係賺錢$ W& k$ {* N# Z7 L
so銀行可以不斷放款
" }. \  q' H+ j! c8 D# }0 u$ T( C! h美國的房貸問題散佈到全世界9 s2 d6 }  j7 s/ ~8 c" _

4 n% \$ P5 H9 v- p/ ^mortgage loan 0 N, @6 d# s0 E, F) ?* }, L6 m/ R2 B
>conduit, j& Q( g- p) [7 z" [
>RMBS(Residential Mortgage Backed Securities); G$ E2 c5 j+ v, t8 R7 @
>arranger
1 A2 d/ s$ m/ @* @/ A% B' t! v>CDO(Collateralized Debt Obligation)
4 n9 D% _6 G+ ?% H最後去到投資者

Kev

i thought it is the reason of rate of return.
5 U) J% _  Y9 Z( U6 R3 Z0 }CDs could have different ratings, AAA -> F,9 B& f1 N& ]: S  G, d+ a
more risky ones would have higher premium (interest rate) as a compensation for an investment.# E5 T; @6 A0 O. \2 T
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* g( O6 I1 q$ ?' `6 `+ F
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 E, D. w' i. WAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; ]* f2 h* L! H- F0 @+ Q
similar to bonds, CDs trading in the secondary market have different value at different times,
! @+ G# f# G( W$ |' ^normally the value is calculated by adding it's principle and interest. - f  E( m3 _, {- K3 N0 Y. l
eg. the value of the mortgage+the interests to be recieved in the future. 7 W8 `& n  g4 \6 j: j$ j" q
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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: y7 J8 W) V; u) K+ c  lim not quite sure if the multiplier effect does really matter in this case.
5 [$ Q3 D) L: Min stock market, it's the demand and supply pushing the price up/downwards.0 L% V+ M, P1 W' O2 v) i" j
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. |. P3 n5 i0 R1 ]
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 ]# A- r, m5 X( g* j* l' [, lThe 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.
2 z0 n. x5 O# d+ _. jbut the value of their assets did really drop significantly.) X  Q) u1 n# Z; u( {% _
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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
8 C% T0 d4 [5 |' \. k. d6 ERefer to last example,' {0 K8 C  F% @0 L$ |
that means bank A have no money because we borrow 10 dollars from bank A
, T+ q  e5 O2 d1 }- `' d" f1 BBecause bank A doesnt have enough cash on hand # e9 L$ g) \2 J. N* g% S0 I
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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* w2 X2 P6 _5 @5 rA->B->C->D->E
" ^# Q4 N) F1 C! Y  e% [. q2 wso does it mean if E failed to pay D, 7 c& R9 O3 H0 J
all the B,C,D,E have to go bankrupt?/ ~& ?0 n. }% _& N3 H5 ?" T8 p

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1 _8 E# L. O; [4 \the multiplier just tell how much money created in a whole economy, ; l( {* Z1 k. u# `0 n
in this case it doesnt really matter how much money is created,
; ?0 J9 l+ J% d9 uit's the problem of the debt itself.; D! ], j& k( a% T! b  T  @# a
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
  R  _- S9 g' {6 ~$ K6 Z3 F0 h小弟一直都唔明...1 h# k+ H' w9 R" w4 W

( s* ~% o7 F" ]全世界都蝕錢，咁邊個賺緊錢呢?: {! @, I9 e$ B' _2 A5 K
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無可能淨係有人蝕錢無人賺架嘛...
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6 y% q' X6 x9 v1 r& I敬請各師兄解答7 u; Z% J7 q3 y* Y

+ w0 i. Y% K  I- h& i! _Thanks

8 r  k* F+ Q7 V) m5 T1 X# m5 ?那些根本係 紙上財富  
* c  o, G7 s6 k% P- m* 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
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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
; m8 r8 y) |! ?當經濟好,投資銀行相信會賺錢, 物價既估值相對較高1 s% N" D$ Y6 m3 Q- l  O: E/ U
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9 B2 }: ^- S' k/ F! h; ]
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦0 o9 J( x4 C' p) U9 Q
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 b) Y* [. }! P. E( V5 C計番回報率就已經係50%,所以可以好好賺1 }/ Z. f4 a3 B9 e# g* D  ?
前提係銀行之間要互相信任先可以咁樣借法. Y# H2 j. m2 ?% D# e& v
同埋個市場既前境要係好先得
- T, G; J7 f! H5 F* Q) R但當經濟一差,公司估值趺了,物價不升反趺
3 d" ~; Q9 ~5 [1 M  D9 R2 B* |! _. P例如剛才說10蚊的, 趺到得番9蚊,
) r. M8 T; _' f: m2 E+ y咁投資銀行一下子就要還11蚊, 一來一回變左虧200%1 K% J! S4 r. u. T# v
所以你就會覺得D錢好似蒸發哂咁
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7 V+ ]% E. n2 ~/ T- U- z你都可以當標野咁諗, 個樣野多人可以狂升值, " D6 @1 q( a4 d: a$ F  ~3 R% ?
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( V7 |/ q4 W5 j淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 {6 P) j# Y# w7 U5 E' l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# g. a0 b* `2 y' |7 o& M
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
0 r0 g/ c& B6 f, }5 s) ]+ n' |" `5 D唔係d錢蒸發, 而係比美國佬洗晒未來錢, # ?" Z* W9 o* s5 o
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
% M- H( y7 k% 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
! p. P- r+ ]/ }6 q& \咁你話d錢蒸發左去邊? ...

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3 ^% |+ O- s( l3 M/ `) U正係咁樣& D( @4 ]2 g' E) m! }# ]1 e! d$ s
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7 a( |$ y. D( `" B  j& M# Z
分分鐘佢地唔使還錢
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: s% W( X7 H9 }% ~" Y5 {( D5 z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,
  t5 y( f" m& X- k/ u. e連國家都係問人借, 不停發債券, 印鈔票6 E/ |$ ]" \1 }. x$ _- i
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
" Q; C* L7 `$ h% 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.gif9 w% J2 f, W, G% L, V3 c. g
咁而家"爆哂煲"算唔算先至係變番"正常"???

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6 H# P  K( q  j8 r其實係...  r9 p" C2 X5 G( n9 L
因為以前未生產, 先消費
# x7 _8 j% C, Y0 g/ G) X而家就要多生產, 少消費