0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
! u, S. }+ V) m; \8 W) D0 E3 k/ Z7 hWhy bank will sell 借據給第三者???
# V3 U0 W0 l" W: S% z! hI was so confused.....

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# h0 Q- A: S+ c2 r! T- I講到尾都係賺錢9 f; c5 Q) l* m; U0 B2 E$ F
so銀行可以不斷放款
8 k' v# n) X8 w  K+ \美國的房貸問題散佈到全世界' `# w$ c! m6 x
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mortgage loan ( l# ~4 I, W+ g6 q- |5 \) h# T/ c
>conduit% m: O. p- e' W! }; J
>RMBS(Residential Mortgage Backed Securities)
2 e9 p" q  d% L# m/ ?>arranger, e3 ~" M) k- H/ ?6 z
>CDO(Collateralized Debt Obligation)
* j8 L% R- _, L最後去到投資者

Kev

i thought it is the reason of rate of return.
5 R6 U9 L$ n; d9 G! qCDs could have different ratings, AAA -> F,
/ \: G, P% P, f- Xmore risky ones would have higher premium (interest rate) as a compensation for an investment.- `1 K6 F) q& R6 s  v
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 f- L5 G6 k9 I9 \0 C) P
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
3 W, Q5 D2 M8 B3 ?" OAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 H  x- {7 n" Gsimilar to bonds, CDs trading in the secondary market have different value at different times,8 q1 m) w# C' e% t" J
normally the value is calculated by adding it's principle and interest.
$ e7 k* h$ Z( h7 J! B; Y; Y' aeg. the value of the mortgage+the interests to be recieved in the future.
; }% N  q; Q+ K6 s! u% v) Z* R3 {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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8 s3 C; h4 {9 t4 y; Cim not quite sure if the multiplier effect does really matter in this case.
' o! ]$ c7 i7 B$ i9 hin stock market, it's the demand and supply pushing the price up/downwards.
; i2 P3 w* _' ^For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& |3 V" b# t: [2 T' @; w1 jA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 K) S. h* }' k* E% O# b% oThe 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.
- h2 R& Q3 j( _, P4 W' Q- zbut the value of their assets did really drop significantly.( T+ u+ U2 Y9 @
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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.gif9 p$ F9 Y$ u  l2 V  K4 ?0 u( z' G
Refer to last example,
6 e& [. @' [: K) Zthat means bank A have no money because we borrow 10 dollars from bank A 2 h& \  m$ F. e, {4 i( F5 M
Because bank A doesnt have enough cash on hand
2 B5 [4 x: ?  E5 l1 g; ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

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3 L8 [3 [0 e, ^1 K& l# E5 O$ n& g. Q: g/ `0 r& C8 r$ x
A->B->C->D->E4 q" x3 W# O& @$ W* E
so does it mean if E failed to pay D,
; {- ]+ u7 D' ?0 a* ball the B,C,D,E have to go bankrupt?
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) G. y; A" ^; J2 z$ x& zthe multiplier just tell how much money created in a whole economy, 6 ]3 d5 x" ?7 k1 V, K) ], U6 o
in this case it doesnt really matter how much money is created,
5 d4 m  S1 U; R  j* A) v1 r. @0 Vit's the problem of the debt itself.
) j3 \' ]/ y* dthe 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
( x2 G) {: z- ]: v* W  e小弟一直都唔明...
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/ J# n4 J6 n3 M0 w* d全世界都蝕錢，咁邊個賺緊錢呢?0 Q$ h# x4 Z! C: E

" Q  G3 V: X4 g無可能淨係有人蝕錢無人賺架嘛...7 }2 G+ x7 K; S8 a0 e8 P- O# Q
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敬請各師兄解答
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Thanks

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那些根本係 紙上財富    o6 R4 I7 Q9 N: M; m
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 graphic9 H# J* X' R+ X# d- P$ P' x- x
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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
! f) d7 l8 G8 j) R當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
: A5 N) J& k, 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; g% F+ X/ k2 q  y( x
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
2 S/ c. G9 |7 V' H. s; h( [7 y- N1 B" c扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- F0 w9 r% b/ D% z' \
計番回報率就已經係50%,所以可以好好賺
# A' O2 u0 ^9 }) f* I前提係銀行之間要互相信任先可以咁樣借法! N3 c* j: `$ ?3 K/ b( D
同埋個市場既前境要係好先得
# q+ D3 d% V% r$ T) r0 o6 o但當經濟一差,公司估值趺了,物價不升反趺
* E. ?% G, v6 s9 R+ Y例如剛才說10蚊的, 趺到得番9蚊,
  f7 k: k. a3 j! z/ |9 z* s$ }咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ P- n' m% B) f) N0 @0 h& v
所以你就會覺得D錢好似蒸發哂咁" a! n# O7 ~5 m' c

, [6 y' l+ @+ z- F% ^你都可以當標野咁諗, 個樣野多人可以狂升值, ) c6 o5 v0 s  c
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,
) `* L3 {. z- L, b5 u2 k  u8 d淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ w0 N: v8 H" p$ X- k" i5 y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: v  H& ^& d3 a7 n  O
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
* X2 I7 ^( _) d/ p+ k& L& }1 j- {7 t2 O3 t- P唔係d錢蒸發, 而係比美國佬洗晒未來錢, & G8 ]  ^9 ^4 M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . X7 b2 i% j+ Y: ]) J4 J" _( E# }
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/ W5 L" X' t8 t- L; B8 U8 \
咁你話d錢蒸發左去邊? ...

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正係咁樣$ U* r/ c" o2 K* v- D, w
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
+ L& [6 V7 C7 g4 G( {  G分分鐘佢地唔使還錢
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/ U# r- D  Z' ^( s. D4 q" o; 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,
7 U  Z4 u: ]4 ?: c  d連國家都係問人借, 不停發債券, 印鈔票
/ |5 N1 X$ A* Z一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
8 p8 I  o+ l; h# D( ~9 [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
- @( H) @2 Q% A4 i! E- Z咁而家"爆哂煲"算唔算先至係變番"正常"???

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3 E. v7 ^0 g( R- l8 |9 U, k" C, E其實係...
2 A7 Q7 j' F) C! N' S' g6 W因為以前未生產, 先消費
  M3 M, G: r& Q* y2 a# e而家就要多生產, 少消費