0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif- X0 n' v& A3 z' W$ e( T& y
Why bank will sell 借據給第三者???
3 i3 t! u; j9 p* f* s! qI was so confused.....

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講到尾都係賺錢) [3 J( u0 R/ q* l6 c
so銀行可以不斷放款* x. |! i/ p2 ~4 `
美國的房貸問題散佈到全世界
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mortgage loan
& Q, Y: W3 M( q& {8 y0 D. i; A* y>conduit4 }1 n! d7 S6 y/ c1 T2 ?
>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation); Z& @) L6 n3 B3 M# d+ U
最後去到投資者

Kev

i thought it is the reason of rate of return.) K/ u- O# l# O6 q! k! G$ E6 L
CDs could have different ratings, AAA -> F,- n) x8 g) ^( i" j, R) C
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ l! ~. n2 Z1 R& Wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 s: [6 V7 w8 `1 N9 T
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 \: R3 l+ r5 o' [  u
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
8 w1 l) e& [6 O0 y9 j- Gsimilar to bonds, CDs trading in the secondary market have different value at different times,) g' v) o) F0 N, x! _' P* }
normally the value is calculated by adding it's principle and interest.
, |1 {$ x1 j. S! h# N3 ]# I1 U' @6 E# teg. the value of the mortgage+the interests to be recieved in the future. ) A; o- g& ~; m8 m
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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/ D' U7 V( f5 q" yim not quite sure if the multiplier effect does really matter in this case.  H3 O! T; \2 p. V3 |) a
in stock market, it's the demand and supply pushing the price up/downwards.
& `; z; X; ]" g9 `For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& q/ O6 ]" J3 n" Y2 _, |A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 A# l4 O% K( f( ]: G6 U& Z7 T( ?% aThe 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. 7 o$ {# A; `, Y/ d2 d
but the value of their assets did really drop significantly.
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# z% [) T. M0 j! f) i& O[ 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
6 k+ p& D6 Z  x: U- y- }" dRefer to last example,2 T" e6 s9 E; ~$ J
that means bank A have no money because we borrow 10 dollars from bank A
* s- }' I' e, ], F. e! s. bBecause bank A doesnt have enough cash on hand 5 e- b0 A! n+ s; B! z# `& J
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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* w2 o8 h, F% h8 D7 @7 SA->B->C->D->E
, c0 e) Z5 k: ~$ eso does it mean if E failed to pay D,
$ }$ X. N7 S* {all the B,C,D,E have to go bankrupt?- v7 G/ M5 x& L! n+ l& Z( w* t
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# m' {. K- G9 ?1 ithe multiplier just tell how much money created in a whole economy, " a- w1 k* ~: V, Y5 u# k% L
in this case it doesnt really matter how much money is created, % T/ k3 A6 B$ \7 z/ H5 J
it's the problem of the debt itself.$ _# M, a+ `+ ^1 c8 [. F4 B; Q
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
4 c' D' D; t+ p- S  h; W小弟一直都唔明...+ m9 i4 E$ K! {: g' Y3 p! ?) P4 M4 {
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全世界都蝕錢，咁邊個賺緊錢呢?7 V; ?% s/ g: v1 p2 k. Y

5 p# B' t* I% o' v1 x無可能淨係有人蝕錢無人賺架嘛...4 w, B# f! I& K( O% Y
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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  
$ B5 I, S! E  H' [1 f) E4 J; K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
' ^6 V# G/ e' o- _) p8 G當經濟好,投資銀行相信會賺錢, 物價既估值相對較高7 \  l* f6 v, S- y% h+ u
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8 m( s* ^& y; ?7 ]$ V
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
. d& w1 }! b8 r/ _8 j3 E0 E0 h扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ [: E6 w( g( |
計番回報率就已經係50%,所以可以好好賺
0 h) b, \4 g' `% c& G9 c$ ?; b前提係銀行之間要互相信任先可以咁樣借法/ T4 T0 j0 z- X/ c2 L' t$ Y' ?0 U8 c
同埋個市場既前境要係好先得( b4 {% U: }9 h; T2 s
但當經濟一差,公司估值趺了,物價不升反趺- l: H+ c5 r6 x  }* m( C
例如剛才說10蚊的, 趺到得番9蚊,
4 [9 w/ @4 x7 W  O: d$ u: y咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 K2 }2 Y9 X% Y9 H% b. i9 ^所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, ) K' V; g* z# B9 w
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,
. ~! M: @2 }' u  B) W( P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ ^- T  }8 }+ ~3 N
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% e( ^$ A& [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- u! R8 C+ A. Y8 z1 g
唔係d錢蒸發, 而係比美國佬洗晒未來錢, - K5 i- Y% l2 M6 q8 N8 T6 Z, k
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ I1 u4 A, R. F" X* o$ 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
! @# J  J+ w  D) K咁你話d錢蒸發左去邊? ...

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9 P/ ]  v0 g8 x; V$ A$ E正係咁樣
0 A2 r" L+ Y+ L. D8 g' G- ~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1 w1 Y! K: @3 F: I# v2 K
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,
, c/ i! ^; s# K( l) R連國家都係問人借, 不停發債券, 印鈔票
6 e+ ~' X! `& d! \9 D一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ B% V  h  k, L5 N* O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
8 b, M! I: a/ L* i4 G咁而家"爆哂煲"算唔算先至係變番"正常"???

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- I) \  j( f" R( d5 t/ o# z, H5 M其實係...0 E5 D! p2 a- Z5 D
因為以前未生產, 先消費2 r) @% R# `+ K" k$ A
而家就要多生產, 少消費