0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
$ S8 F' w3 }4 E2 r$ w7 c- RWhy bank will sell 借據給第三者???+ ?+ ^# n5 r- j  a
I was so confused.....

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7 ]7 D( n/ e& R講到尾都係賺錢! G+ }3 W+ [, q: w* `, F
so銀行可以不斷放款
) I$ \9 `$ a$ d美國的房貸問題散佈到全世界9 ^% d  `0 c2 W3 O
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mortgage loan
  L% t, }" k1 x5 n  ^>conduit
& Y  b5 D5 a0 S& O3 ?" [>RMBS(Residential Mortgage Backed Securities)$ z( M; U! V9 Y. z% N; Q
>arranger
2 N* h7 D7 i# \0 q# M+ @; U6 k) ?6 u>CDO(Collateralized Debt Obligation)
) i' W  e) L" y4 f( X最後去到投資者

Kev

i thought it is the reason of rate of return.+ n) p* ~: F3 }- h  q
CDs could have different ratings, AAA -> F,% ]/ h2 U, h: _3 F; S
more risky ones would have higher premium (interest rate) as a compensation for an investment.# k. b3 G3 U2 x1 m. ]+ M6 E
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: [: Q# w7 y8 J& v* J. B, ]: ^
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: F0 |$ r9 f4 _+ i
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; O' R5 `# z! D# @: R7 P! U
similar to bonds, CDs trading in the secondary market have different value at different times,  m; M8 L; }5 U# w
normally the value is calculated by adding it's principle and interest.
1 _3 [; k: o0 A* Seg. the value of the mortgage+the interests to be recieved in the future.
2 {- D3 _4 a6 u# n9 Hbanks 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., B, t9 t$ f% ^+ |, \
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im not quite sure if the multiplier effect does really matter in this case.1 Z: ?4 n) h! v2 ?- g/ O+ e) r
in stock market, it's the demand and supply pushing the price up/downwards.
5 I" ]6 J( Q! A* B0 p7 T, kFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ \1 x0 O3 U3 d0 m$ A
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 ?0 P9 e+ N" ~  h2 z
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. # q* K8 _6 t! X, @& V: B
but the value of their assets did really drop significantly.. j5 s$ G* J; v/ e8 }% e+ x1 r3 }
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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
  C! J7 A3 |9 H- Y: gRefer to last example,6 D$ j) q. v+ }  X
that means bank A have no money because we borrow 10 dollars from bank A # {: F" n! q% j
Because bank A doesnt have enough cash on hand
; X! R$ f' b# }4 Mtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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3 K& ^  b# O- h- V" Q7 [7 EA->B->C->D->E( y' z7 p- D, c0 `. J4 P! b
so does it mean if E failed to pay D,
) v3 q8 g7 a: `2 U# Iall the B,C,D,E have to go bankrupt?/ ]- g. b3 T# n, ?

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& }" ?5 K0 m2 ^  c3 dthe multiplier just tell how much money created in a whole economy,
# i2 F5 U' c2 s$ Y1 X2 Q1 l/ Jin this case it doesnt really matter how much money is created, * ]* x* u. m% j. X) k
it's the problem of the debt itself.( H& t( P8 ^: C) `# `9 P; e* h
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# w. r- b% {- K2 b4 ]! u
小弟一直都唔明...
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8 ?' S/ n; y( b5 P7 I* l( C全世界都蝕錢，咁邊個賺緊錢呢?2 h/ ]0 C, S) B; L: S
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無可能淨係有人蝕錢無人賺架嘛...
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: H" Z7 K$ k: n0 S敬請各師兄解答+ Y3 [) N1 t% d  t' L

, p# C' Y$ f% D0 w# qThanks

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那些根本係 紙上財富  
; _' W: i3 B" \& z" T8 {* A6 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
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$ R7 f" i- ?! y+ Uhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產$ g; i6 M! T/ L
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) @, w+ i5 A" j6 E) b& A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: O& q, E- L$ m; \* N$ ~
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
6 G8 E: \9 T" W' Q1 h( Z' [扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 Y( s. v% j9 ^3 }% C+ n
計番回報率就已經係50%,所以可以好好賺; ]7 `2 G8 A3 W8 F/ _* \! A6 ?  w* a
前提係銀行之間要互相信任先可以咁樣借法
8 [& n4 B; E2 ]同埋個市場既前境要係好先得+ E) O/ @( }/ P. U, i# Y
但當經濟一差,公司估值趺了,物價不升反趺
  J; y0 @/ z+ \1 o2 t例如剛才說10蚊的, 趺到得番9蚊, ( r6 }: j/ o) e* f! d( p
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%9 x" r' w6 X( H
所以你就會覺得D錢好似蒸發哂咁. I$ c' z! H+ Q
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你都可以當標野咁諗, 個樣野多人可以狂升值, 3 V6 `/ y3 ?! O
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,
1 y4 `' A2 v1 H* C8 s7 g淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 R& V- v' ^0 z% W9 B5 T/ {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
8 L1 u6 h+ ~, S. P: 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.gif1 e; m0 k8 E" a4 j  p1 k- {
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
0 r2 X0 c( O) [" D! t, S淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  v! H  |# U7 R; A  ^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
% {  }: F# {" y4 l% q. j0 K0 g咁你話d錢蒸發左去邊? ...

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' J8 R; ~, e) H正係咁樣
7 h# {" J, E, V1 ^! @; h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
" `& y% g# Y# h; w4 W4 J' D分分鐘佢地唔使還錢
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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,
+ ?* F3 |  t/ R# R連國家都係問人借, 不停發債券, 印鈔票
7 e5 B3 y& X( t" j- N一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# V- a+ O- O# h( {1 h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
5 W; S! q1 {, h咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
  ?# D: }1 X- a( Y3 f  Z( W% _因為以前未生產, 先消費
) y; G& n- W5 x; x1 H而家就要多生產, 少消費