0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif5 d( F4 m, H$ {+ {
Why bank will sell 借據給第三者???( P- T0 L  s* a) L
I was so confused.....

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7 |+ x9 |: o6 T/ y- H講到尾都係賺錢4 `' F. r+ b. }9 W0 v! O4 G
so銀行可以不斷放款; m6 i1 W! t3 V1 U' \
美國的房貸問題散佈到全世界) U7 S# _3 F2 u" L0 X) W+ B. K' m5 g

6 r, B  {/ O7 b' M6 ?0 |3 P& V9 B; wmortgage loan
( d1 v- o, a+ Q' L5 i>conduit9 J8 l* ?1 [  |1 c9 |
>RMBS(Residential Mortgage Backed Securities)7 u/ G: s9 V- [& b  n
>arranger9 W: g; F- D; D4 Q3 E0 q, X5 P* e0 G
>CDO(Collateralized Debt Obligation)
3 h* Q' ~& g7 U7 q: C. l最後去到投資者

Kev

i thought it is the reason of rate of return.0 n8 C" |- d1 c- F* Y9 I/ G! b
CDs could have different ratings, AAA -> F,
( c- U) U' D( S6 ^7 [! Emore risky ones would have higher premium (interest rate) as a compensation for an investment.
3 v3 d- h$ V" Wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% U, A- s( \# ~1 @2 G$ g+ K% d2 ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& f  _3 t' s" J9 p( n9 {- s1 XAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) `7 w# R0 N6 c% d6 h- h& `0 c$ Q3 Esimilar to bonds, CDs trading in the secondary market have different value at different times,
  v7 ^) ?5 O% W4 G& ?; J' C! h: i$ qnormally the value is calculated by adding it's principle and interest. : h( {- q# }# o% K! _  q# F' T% o
eg. the value of the mortgage+the interests to be recieved in the future.
. S8 w+ Z5 c: G0 ^& 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.' n3 N) \2 I0 A0 A& {4 P; I8 n7 O

' ?$ c" o6 A  ^( wim not quite sure if the multiplier effect does really matter in this case.
" d( `% s' Z$ iin stock market, it's the demand and supply pushing the price up/downwards.
- S' o+ V$ M4 A0 k0 N% T$ A# i7 OFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," L; \5 Y  R( b  s4 {
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 e" n1 H, @, e( q: S; M0 {2 A! D
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.
2 c5 S7 V* I, h. m8 mbut the value of their assets did really drop significantly.9 d/ x" o5 O( N

' T9 M4 d% |- B# A' T! B; j1 a[ 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.gif5 z% m$ [" K$ f0 _. W
Refer to last example,
8 [8 ^) ~: J( D5 E- h' rthat means bank A have no money because we borrow 10 dollars from bank A 2 m: ]' \" b5 _
Because bank A doesnt have enough cash on hand : F6 S4 e7 A8 ~. q4 u
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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. Y" @0 P- l' J. ]A->B->C->D->E! V" K2 O% W. a6 U0 e! K% X9 ~& }
so does it mean if E failed to pay D, 6 A5 g( R7 R- `. m) z" P
all the B,C,D,E have to go bankrupt?# ]0 C9 Y# c, g
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# L+ e/ ^) X4 ?* F
the multiplier just tell how much money created in a whole economy, + I. b: ~. X9 _" R4 M. _$ Y
in this case it doesnt really matter how much money is created, / A0 V: S$ G7 K* }
it's the problem of the debt itself.
$ o. M" ]+ @) Ythe 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
$ y/ Y+ O$ K  m; S& j" _小弟一直都唔明...9 n) J5 d" o. u5 x1 t0 v* D
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全世界都蝕錢，咁邊個賺緊錢呢?
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3 h: F% a+ {& w4 Q無可能淨係有人蝕錢無人賺架嘛...3 z# U3 W- w, d$ e8 p

7 w3 P" l; j: c- b2 Z+ q1 w8 {, E敬請各師兄解答. d& u9 h$ ]; q4 [& d& W

9 J+ h! T. w* ?. c" o, j, `Thanks

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那些根本係 紙上財富  
8 i8 |9 b! O3 E0 e. I: N: a4 ]% A0 ?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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* |* [) I3 T, `! Ahttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產4 }7 X/ f, Y) d8 x( G% V/ Q, a  Z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& }3 z0 n7 ^! e% L' }: L4 ~. _
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; K1 R  Y% Z. v0 m& Y7 g
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 q5 C' m1 I( Q& l( r扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
+ k. i8 c: A/ I6 N, X( n計番回報率就已經係50%,所以可以好好賺
+ t) q  f1 V5 E7 K7 q4 B$ O' T前提係銀行之間要互相信任先可以咁樣借法
, e" O, A% r# ?同埋個市場既前境要係好先得
, M( y4 f2 s& q+ D但當經濟一差,公司估值趺了,物價不升反趺( {; O1 E5 [, R& e
例如剛才說10蚊的, 趺到得番9蚊, + ]  h. H& w$ U& L
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%+ |# H2 f# ~2 O2 d2 y
所以你就會覺得D錢好似蒸發哂咁
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( |1 l' Q& x/ [9 V你都可以當標野咁諗, 個樣野多人可以狂升值,
7 b  j7 a8 O1 U  a! Y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 r7 h  F8 \9 ~, j淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. w: l5 @4 C- B3 t0 f; ?7 M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+ W; a5 e$ K+ t3 @* c3 l7 I/ V" H7 S
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
; v0 }& j1 O2 \  j7 I唔係d錢蒸發, 而係比美國佬洗晒未來錢, 4 V' C* T. _/ W- |* C
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & i# H4 Y" s. ?4 p- W. a. D
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: U) L, R) ^& y咁你話d錢蒸發左去邊? ...

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! ]) p2 j% p: P4 [正係咁樣
; Q$ k% u; o; e' R+ w2 X5 `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
6 A. y5 d0 P$ Y/ q分分鐘佢地唔使還錢
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7 y5 c& C. `6 g/ [% c) e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,
& _% Z/ P( G$ J# ^$ C$ T連國家都係問人借, 不停發債券, 印鈔票. ?+ H- _  ]# V: b% V1 J
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
  m" P7 n# \/ s/ m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 l! w: T" B5 d9 o& f9 a; d咁而家"爆哂煲"算唔算先至係變番"正常"???

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6 H; d, T, b: }6 }1 C! l4 q其實係...
- z6 M! r9 I7 a  j9 m* a( X因為以前未生產, 先消費. l3 Q: i# I0 M, W
而家就要多生產, 少消費