0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif! i  B; C/ I4 O% M; k* s
Why bank will sell 借據給第三者???
, ~+ Z2 Z9 ^0 s8 a9 o- F1 jI was so confused.....

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講到尾都係賺錢
2 Z. n% _1 m  ^" k  b0 rso銀行可以不斷放款
  c6 }+ l9 i' q' k8 a美國的房貸問題散佈到全世界
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mortgage loan
6 K8 p# H, j6 N/ l2 k2 j# h>conduit& j5 @3 x& l5 j, ]# a3 |
>RMBS(Residential Mortgage Backed Securities)9 ]9 b1 R* o& v# ~! S8 R
>arranger+ Z4 u; E0 U* ^4 T7 d3 l7 K
>CDO(Collateralized Debt Obligation)
% r3 |+ ^2 a/ E8 T: M最後去到投資者

Kev

i thought it is the reason of rate of return.
0 P$ v; h  }" l0 R1 Z  \- b; bCDs could have different ratings, AAA -> F,0 N7 x, I  }# N: s. T% s5 ~
more risky ones would have higher premium (interest rate) as a compensation for an investment.
* R# n/ y, Y" l1 gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ {6 M; ?/ L: x7 w( H9 T# o
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) c7 x; [) V) m( l7 iAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& [4 K* D1 f( m& {$ E$ osimilar to bonds, CDs trading in the secondary market have different value at different times,2 l/ g# q/ K2 E3 ~. O" N
normally the value is calculated by adding it's principle and interest. - Q, P, d6 g9 I% Y
eg. the value of the mortgage+the interests to be recieved in the future. # C  Y* x4 s+ L5 U
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.! [3 e: @8 `1 |' P( {. D& Z- G
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im not quite sure if the multiplier effect does really matter in this case.
8 Q5 ~  v1 z5 g' e- f7 Uin stock market, it's the demand and supply pushing the price up/downwards.$ `" ?2 Q- H& ^& c# r. }. f/ g/ L: @* Z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ J) f( v/ R; y; }2 I4 RA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 g2 J4 N( B* c' ^7 w1 jThe 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.
' r* e! c8 j4 O8 ]but the value of their assets did really drop significantly.% S& f+ Y2 L4 a6 N7 U
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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
1 h! Q0 d' e: J2 d# J6 N& l5 uRefer to last example,
' s: s, x; g  z, qthat means bank A have no money because we borrow 10 dollars from bank A % y8 d% S7 P* }- M
Because bank A doesnt have enough cash on hand % I9 R1 O; E/ y  T: Z
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E. F) p  P* H+ b0 `# @
so does it mean if E failed to pay D, ( |2 q! ^2 ?& _5 K8 q0 Y; N
all the B,C,D,E have to go bankrupt?
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8 C6 I' V* u) b0 M1 A: rthe multiplier just tell how much money created in a whole economy, 4 T0 c5 p: r% X* f
in this case it doesnt really matter how much money is created,
% T0 w" w6 V  g5 |it's the problem of the debt itself.! e1 O3 v7 h& _8 a9 d
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( l7 B- Y1 i2 E+ l3 ~7 F" p. M' ?1 f2 T
小弟一直都唔明...
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. O6 q9 [. C- E; l% Y全世界都蝕錢，咁邊個賺緊錢呢?' f) D0 E( U: Q; D

7 @( W9 O7 R' r& F  S' e. T0 N% [無可能淨係有人蝕錢無人賺架嘛...5 o5 n  P% i2 e4 s$ f0 V. Z

, M0 [3 J: t4 w  x# ?9 _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  2 `" Y  G2 z: U! m: P
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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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
5 t& J& O& q( G) ?! ^當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
3 J$ w& A  m8 z/ m1 S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: u& _# h  f- X# t2 s
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
# h, _( t2 u0 P4 ~' w( Y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,& [' v! ~8 H; o5 U5 S7 ], r  i
計番回報率就已經係50%,所以可以好好賺. h* Q, K1 I% L4 `; a" y
前提係銀行之間要互相信任先可以咁樣借法
; A: U; k. n  E% M同埋個市場既前境要係好先得
; A  C( f$ a; [0 ]8 U# B  i4 W但當經濟一差,公司估值趺了,物價不升反趺
% c; E* u* D8 G& T, e例如剛才說10蚊的, 趺到得番9蚊, 4 `  R3 V+ S- s" t" y2 B& A
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" W" B( q- {/ N: ^# F* }/ D
所以你就會覺得D錢好似蒸發哂咁. a0 @8 V4 o1 d3 z( U/ f# y5 R  I# q/ w
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你都可以當標野咁諗, 個樣野多人可以狂升值,
4 g, N0 D2 H- [5 b  S% Y5 U' l1 R8 R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, # O: {% S0 F3 [& y# U
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & D- q8 h$ g* S& }* m2 F5 S
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
" \6 W( d" G% O- Y6 n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- I" l+ P3 F% W  x3 S8 y
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
7 {& ^0 i0 j* ~1 x+ ^6 a+ Z$ N淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! d" a6 G0 i$ F, ~) ~- m  `  U7 I# d: I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
% O7 D; ^7 r( p- B) s. c咁你話d錢蒸發左去邊? ...

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- L, q+ Z- P% A* _正係咁樣, A+ P" m/ n( e3 K  j; M
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
3 S0 s( C1 X2 @6 U( ?分分鐘佢地唔使還錢
2 ?3 n5 `/ s* b  {( W) ?  i6 M. P( d2 ?9 U7 ?4 _$ h- z1 y
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,  h/ Q  T' h! a$ r* P, M1 z
連國家都係問人借, 不停發債券, 印鈔票% ^7 v5 k$ ^2 a1 _4 J/ S4 ~" y
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* F) y: S# A4 A% K1 w) x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
7 Z+ f6 @; Q9 N3 r咁而家"爆哂煲"算唔算先至係變番"正常"???

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; L5 f0 g( C( @6 [7 |: i1 u( L其實係...( q1 }8 V3 R# R: ]0 X1 k) a
因為以前未生產, 先消費5 \6 H  K7 Y; g3 ?# a: k) B; ^
而家就要多生產, 少消費