0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif5 a* n" [! G3 }5 n
Why bank will sell 借據給第三者???* a* A+ ^: _$ R$ T8 L( `
I was so confused.....

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講到尾都係賺錢
& T' [  f" k* L* c! wso銀行可以不斷放款
7 }: _' N  W3 C) ^1 q美國的房貸問題散佈到全世界7 `5 p. g' d) P2 f( q6 m
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mortgage loan
( Z0 D! }5 f- }( S5 p' s! Y& v3 o7 ~>conduit2 o2 H3 C0 }) w* H6 @6 ]5 j# R
>RMBS(Residential Mortgage Backed Securities)' M0 X7 C! q9 }. _/ Y" v5 [, S
>arranger) Y4 c+ f; i/ D0 J
>CDO(Collateralized Debt Obligation)  }$ A; O! C/ L$ G- `' H. c
最後去到投資者

Kev

i thought it is the reason of rate of return.) S9 F! v) r0 }3 g5 S
CDs could have different ratings, AAA -> F,
$ W4 P& [. S8 v1 C2 \8 Rmore risky ones would have higher premium (interest rate) as a compensation for an investment.
# M: Y/ m# C! O( ]3 w# }0 Lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 `: o5 J% W1 v1 m. X
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- t5 B" n8 W! D: u
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! \7 ?% B* Y/ C' O& {similar to bonds, CDs trading in the secondary market have different value at different times,% I; e! U0 Q. F5 H
normally the value is calculated by adding it's principle and interest.   t) M* O" \$ @+ ~& z
eg. the value of the mortgage+the interests to be recieved in the future.
" _, \: z( \+ ^0 e( j+ k$ ~5 K2 Fbanks 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.
' v" }: T+ j) x4 L6 G2 ?in stock market, it's the demand and supply pushing the price up/downwards.* i! ^  A( W$ l6 A
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ N# z8 O# i; L# b/ Z  EA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 f& @3 ?8 ~$ G  \3 _2 s3 Y5 d9 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. $ |) Y8 R5 t$ O* F+ s& t
but the value of their assets did really drop significantly.
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* i& B; o/ h2 J% C! k[ 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
4 X" S. D) w: C' @* U3 x: }6 f, eRefer to last example,4 j" Q1 w. Y% l: c3 [% U; y
that means bank A have no money because we borrow 10 dollars from bank A
( ~  |, G" J3 r9 N& kBecause bank A doesnt have enough cash on hand 7 _% w; D* `8 w- D* E1 P( j" A4 ]
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
, |! D: K& h) R7 _) Uso does it mean if E failed to pay D,
% M5 z& C! w6 c8 X4 Eall the B,C,D,E have to go bankrupt?: G/ {% u! Q& z2 P2 O# _
+ |4 c  j1 d6 y& `

9 ?7 B' j* Z5 f5 O$ qthe multiplier just tell how much money created in a whole economy,
2 p$ l7 T2 {8 [, `- A) q3 x1 l# `in this case it doesnt really matter how much money is created, , y3 \# V3 ~  f! T* I' Q
it's the problem of the debt itself." ]$ d' M  X. [' k1 @+ _
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.gif2 G) I$ K# n: Z; y  j; z# X0 g
小弟一直都唔明...  X7 E- R9 s4 P4 f* x* N+ r
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全世界都蝕錢，咁邊個賺緊錢呢?# y- R9 r' I3 s  W

6 u' n0 U* S+ ]1 Y7 j3 o無可能淨係有人蝕錢無人賺架嘛...6 w  \( `7 M8 q0 ?. V% Z# }

! Y  ]" O# a. w敬請各師兄解答
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3 Z( H1 Q6 @/ ?9 `: BThanks

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那些根本係 紙上財富  
* H8 ^1 `# u( X+ F3 y5 `, c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& K5 z) o0 J$ a- i

2 L1 ?0 _5 Y& ~- `$ ^& y# @; lhttp://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# v7 K6 E4 H& [; u+ C' m6 Q- p
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
1 s% I7 H! a# S7 U' S( x% a: r/ M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
/ S& [  U1 p9 J7 D3 }個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% f1 M: c0 J2 V6 b: X) A
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,* v" A; K; a6 j2 `( ]( v* ~
計番回報率就已經係50%,所以可以好好賺' s& L+ ^1 {" O2 E
前提係銀行之間要互相信任先可以咁樣借法
3 B2 A/ X2 K& F1 k同埋個市場既前境要係好先得, g& D% B; q* G  R- s) i5 X1 I8 Y
但當經濟一差,公司估值趺了,物價不升反趺
7 f: i5 T* c/ `0 p, U2 D例如剛才說10蚊的, 趺到得番9蚊,
: B( z" m6 v. L, w. D5 @7 Q9 F咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
, Y$ ?; m, M) q+ F$ Q; g: e7 d$ A所以你就會覺得D錢好似蒸發哂咁( y- p$ }- G) l9 E# `

0 k4 M  w# X3 P; k& m3 V你都可以當標野咁諗, 個樣野多人可以狂升值,
( K, T  l/ u  F; v/ D$ J. A. g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,
- v% |) |. c8 I4 E& j8 s5 D' B淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 ?# a2 ]* {5 y8 w( f: _9 }
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 K- _8 T  g( ~1 b
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
# g: u% h8 b, ]1 T  {) k唔係d錢蒸發, 而係比美國佬洗晒未來錢, ! w1 k- W/ [' D6 y0 G8 s' l3 q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. c2 r2 F" J3 d- W- q% b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; L/ ~0 A) J$ ]  u
咁你話d錢蒸發左去邊? ...

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$ E5 v/ A4 o9 w$ }! ?* I正係咁樣
( f$ w$ E- t$ O, Y3 Q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
  R7 p6 e% t* c* y( C9 K( Y3 \分分鐘佢地唔使還錢+ A2 Z+ B8 c- p& K# N8 J5 [

  E3 w. T: s( a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; I& y0 c! ~1 y! m* H  D- g. r" q連國家都係問人借, 不停發債券, 印鈔票. \0 Y4 g# N# \* Y, ~1 a# c
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
; `  j# x1 u% s2 L: T9 a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
, O1 }$ @5 p) O- q3 h" c咁而家"爆哂煲"算唔算先至係變番"正常"???

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6 ~" j6 m. I; ?7 z: J* \% O2 E/ v其實係...# z( v% `( ]. J: l  ^
因為以前未生產, 先消費0 ^: I1 n1 e: M1 O
而家就要多生產, 少消費