0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
. j& N" ?0 r( H2 sWhy bank will sell 借據給第三者???9 z: N' X  T. r9 A
I was so confused.....

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* L/ b3 D5 }7 j4 [% X1 Q* ^講到尾都係賺錢
& ~. y- U/ ^: C1 k9 y/ ?/ oso銀行可以不斷放款4 f) y' ~! l  S+ M$ K9 o9 n% [
美國的房貸問題散佈到全世界
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mortgage loan
- }$ A( c; n; S  d$ z4 U2 D, {  P>conduit! G$ k, y( C, J1 j
>RMBS(Residential Mortgage Backed Securities)
& j+ W3 E! w$ ~>arranger
, F+ f: G/ n. t( |' I>CDO(Collateralized Debt Obligation)3 b8 P& r4 @& N3 _7 h2 X
最後去到投資者

Kev

i thought it is the reason of rate of return.
+ K2 T* L! G, s6 _) }% CCDs could have different ratings, AAA -> F,3 I' A( ~3 W" V8 J2 Q" r6 S
more risky ones would have higher premium (interest rate) as a compensation for an investment.
3 a; k- {' H. ]/ |7 Z% F6 `; Emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: F. ~: \$ o- J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: h1 W4 W0 S! G0 ^* i0 g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 s  w/ \( }; _( M. ^; X
similar to bonds, CDs trading in the secondary market have different value at different times,
! k. n" _$ }" m% z# [; C( ?normally the value is calculated by adding it's principle and interest. * @/ A. B  l: V6 F: ?, ]
eg. the value of the mortgage+the interests to be recieved in the future.
5 h- x& `$ X# q4 a( Sbanks 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.; I/ `) c0 t5 X

* f! b2 q% x$ h5 L1 J' e7 Zim not quite sure if the multiplier effect does really matter in this case.. O- h( X; {& m. }  c+ ~) [
in stock market, it's the demand and supply pushing the price up/downwards.
* w1 I- u3 X! K0 F9 IFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. D2 O, p0 _6 y9 m
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 z0 _5 ]. h! |4 Q% o) q; RThe 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.
: ^0 K- A# }/ I; i& E7 |' mbut the value of their assets did really drop significantly., a" O/ q1 w( X# ^2 ?0 y
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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
! v6 K# l' U. W2 `- Q1 VRefer to last example,7 S/ v# o) E" b7 L; c* d
that means bank A have no money because we borrow 10 dollars from bank A
7 w# e' V, W& `. _Because bank A doesnt have enough cash on hand 0 Z- K* g$ y% q# K* t  l
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E( K. l# b) r. U; a2 K& i
so does it mean if E failed to pay D, 6 x* ?, Z4 f# b2 @5 Z
all the B,C,D,E have to go bankrupt?2 R0 `& Z3 H4 z" L) v

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the multiplier just tell how much money created in a whole economy, % O- p& s4 s! H( g
in this case it doesnt really matter how much money is created,
0 x3 B# g: p3 [/ Q# A5 A# uit's the problem of the debt itself.0 c% Q, V, Y. ~1 p
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
2 C" F& K" G, S小弟一直都唔明...! V; G( E# X3 T6 T

! A+ F, i: b0 `3 a' F; O; h全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...  i; L  \( l9 {

% F, f7 z5 s8 t/ t6 L敬請各師兄解答! v, ?+ r- {, W, W5 s& E: o, K, [9 b

, l7 t4 S) E3 [& k% f5 yThanks

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那些根本係 紙上財富  
  h3 L7 I$ G/ `+ d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3 b) ?7 @. y$ w3 g$ y/ ~
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' }  y  \# [+ X7 r( E
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: z+ ^5 z  @6 a1 i
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
6 C9 L( C8 V" s( d扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 t1 K. g- B$ N, L計番回報率就已經係50%,所以可以好好賺
; {+ r; h0 y& K  T/ b5 S2 n2 W前提係銀行之間要互相信任先可以咁樣借法
+ _3 w* _2 H: l# k3 t, _. m: V同埋個市場既前境要係好先得) N- T& ?& U4 n
但當經濟一差,公司估值趺了,物價不升反趺) K$ {' R) Q3 f4 z0 j
例如剛才說10蚊的, 趺到得番9蚊,
5 h) z  r8 a$ @3 |, ~2 v咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
* m" O: w, D1 }  P所以你就會覺得D錢好似蒸發哂咁
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- e9 n1 |8 S6 ^& ?9 P$ _) L  @你都可以當標野咁諗, 個樣野多人可以狂升值,
: V5 E# v2 W/ N: u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, ) @) M  p+ H" T$ b. B5 x. o
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 E* o$ q: n4 G6 p1 m) p2 [: `) z; X
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- a, m$ t$ R+ E+ M) `5 O, O% L
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% `' Z0 N7 I2 [: u
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
7 P. U/ A& c( Y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. Q1 i8 ?& d4 R# y1 p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 r4 b4 d5 T6 i0 p9 m
咁你話d錢蒸發左去邊? ...

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正係咁樣3 U. R5 S# D& z5 c
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 M+ j* [0 k2 o* o/ ]6 g$ p
分分鐘佢地唔使還錢( I9 {) {5 e, E+ Q" V) d' V3 F
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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,3 r6 f  O" h7 P2 a/ p
連國家都係問人借, 不停發債券, 印鈔票, A: ?2 t- e; k9 A/ N
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
) s9 u' o" A9 A0 k1 m) D" }4 n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.gif3 k3 u) U9 d4 {: X# J( _. {) ~
咁而家"爆哂煲"算唔算先至係變番"正常"???

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: N9 `" v* ~' f+ b* r其實係...3 U# ^2 [) k4 S; F$ y, }
因為以前未生產, 先消費
& Y$ C: f. G( E而家就要多生產, 少消費