0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif" q. c0 w3 C! e8 S* o. j
Why bank will sell 借據給第三者???6 H$ Y6 M, }5 e
I was so confused.....

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講到尾都係賺錢3 K- S* ?! \7 _+ P
so銀行可以不斷放款  T; w( r1 @$ O8 Y: O$ ]6 }5 O
美國的房貸問題散佈到全世界
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) [0 M  r* |1 w" ~& u  N! y3 W* Z1 omortgage loan
8 r. g& A( J4 h>conduit
# D0 i# K/ \7 l" D2 _>RMBS(Residential Mortgage Backed Securities)/ t. |# o" E3 n- Y" \
>arranger
% z  n3 g6 W- u' f" j4 ^$ u>CDO(Collateralized Debt Obligation)
4 X& l" S6 P' z, Z最後去到投資者

Kev

i thought it is the reason of rate of return.
$ p9 y( a; [4 N7 dCDs could have different ratings, AAA -> F,
  r( B, k, k4 C8 y% F1 @more risky ones would have higher premium (interest rate) as a compensation for an investment.( G2 N; H2 k# B9 h  I
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. Q% z2 |3 O; X/ l9 }2 Jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ A/ G( i7 p- u+ uAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 K8 V  c5 K+ esimilar to bonds, CDs trading in the secondary market have different value at different times,
: `& k% F! w: h0 `" Enormally the value is calculated by adding it's principle and interest. . D, E2 a/ O! D- T1 d8 J5 p/ j3 M
eg. the value of the mortgage+the interests to be recieved in the future. + U* Y+ a2 N5 X$ {3 P
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.  {- m# R0 X; ?. j% W% J0 q% y

% x) p2 M! O* F; kim not quite sure if the multiplier effect does really matter in this case.' D3 u4 e1 K" p3 J; X6 K  E" k
in stock market, it's the demand and supply pushing the price up/downwards.
% H5 Z, t. B) @/ m' s+ b& T2 z9 VFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& q6 P" \% O0 c2 bA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 v# B0 Q/ F% x3 C+ e0 y
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. 6 ^$ N! m9 T5 T  @  S* x% F, i/ z. s$ b
but the value of their assets did really drop significantly.& G2 n5 ~+ P2 w) U# F

$ i4 ?! k6 Q/ k8 Y' W' I4 Z7 F[ 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
: Y- _: j, u" BRefer to last example,1 `( Z: J2 s, `1 B/ }) V, r
that means bank A have no money because we borrow 10 dollars from bank A
3 _2 l" S' W, p. CBecause bank A doesnt have enough cash on hand
' l. S- P3 x, S1 j0 d8 y6 F( `' \/ Gtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E7 O# I, s3 r. t
so does it mean if E failed to pay D, ; ]4 p5 p3 z6 E/ a
all the B,C,D,E have to go bankrupt?/ a) z( s1 v* [* E3 M0 z" I; I* d

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the multiplier just tell how much money created in a whole economy,
9 Y! I9 l& s. C+ a3 yin this case it doesnt really matter how much money is created, 0 y- r8 x" J8 y- d& _3 n
it's the problem of the debt itself.8 w( Q' A' v4 g5 a0 c$ a# T
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 i* U" g+ x, H- a- ~& j7 q小弟一直都唔明...+ S* v: m1 T% Y/ w

3 K, k, I( p! ^全世界都蝕錢，咁邊個賺緊錢呢?: m( u5 ^6 I$ _3 G8 a2 J4 g; A
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無可能淨係有人蝕錢無人賺架嘛...
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* y( m' m5 c5 D敬請各師兄解答
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Thanks

5 h+ V' `0 B0 d  O那些根本係 紙上財富  + i$ d" x2 J, {: r
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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3 L: q" J3 T2 m$ c9 Dhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
/ u% E; w6 ~5 W9 u4 e+ x/ U, Z當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 d' K3 _1 L8 t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
5 M6 N, b1 X/ E% n個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 K* }% J. a& W; V4 Y7 B扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 {- s6 U& i2 i1 G6 p2 T! S: G& L/ n
計番回報率就已經係50%,所以可以好好賺* X" ?, r! r0 W
前提係銀行之間要互相信任先可以咁樣借法8 {8 J0 S  P/ d3 @! z/ S( w- r, q
同埋個市場既前境要係好先得/ _, F, h+ v9 f. t9 \9 t* G
但當經濟一差,公司估值趺了,物價不升反趺
7 U7 Y* d; c1 t) r, r; }例如剛才說10蚊的, 趺到得番9蚊, 5 h8 o+ L4 t* x; f$ R
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%; Q2 @5 ?: Y4 _0 O
所以你就會覺得D錢好似蒸發哂咁
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* L& @1 \% j' h5 L  W, D4 q你都可以當標野咁諗, 個樣野多人可以狂升值,
+ P5 N* n( O8 b* I# Q; n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, % {! w7 e/ Z8 Z# W4 T1 A2 U& p
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . R& X7 t' n! E0 T( r
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
0 B1 q, ^" i  _( X/ \, m, r4 \$ ^! r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
8 a8 m" Z: S: ?& J1 y$ l唔係d錢蒸發, 而係比美國佬洗晒未來錢, : d% X- G7 ~& M& e  V' L+ K
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + O- ~) Y3 h/ r& X+ C0 {1 j
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4 w* s, H4 a  O) q
咁你話d錢蒸發左去邊? ...

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正係咁樣
8 x$ b) L& G. S# G/ U/ p7 `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# D, x: ~, H, C7 N1 m9 y% S) O- A
分分鐘佢地唔使還錢9 B/ ~8 u4 Q8 Z' Z) x. ?

/ ?. a0 l/ _' L( s+ P7 T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,
' U3 D8 I- s& l0 V. |+ V連國家都係問人借, 不停發債券, 印鈔票
+ |3 B0 s5 @3 i: n8 v2 l一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
+ O' X  @% q6 Q0 c; U/ h! P- 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.gif; x  @. m% V  a, {
咁而家"爆哂煲"算唔算先至係變番"正常"???

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8 p) D/ o9 @/ I3 Z其實係...
2 Y/ n! \# L2 j9 Q8 A# E/ A因為以前未生產, 先消費
- e9 e4 }5 M% O5 M' [0 j而家就要多生產, 少消費