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原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif" t, k: l4 {$ W4 g6 {; m
Why bank will sell 借據給第三者???- Y% D" {" B9 F. K* `! ^8 u6 S
I was so confused.....

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講到尾都係賺錢' E6 c" s" Q1 u0 i& {
so銀行可以不斷放款
9 H: B+ o. h9 K  v0 P美國的房貸問題散佈到全世界, e( z: @' m) i  c' S1 w

8 T) A, R& z! n7 h6 Umortgage loan 9 F' T" a6 y8 g2 x5 C+ E$ U$ B- G
>conduit
2 ^6 y: t) N$ b8 O% g  Z- `1 O( R>RMBS(Residential Mortgage Backed Securities)! Y4 P) Q1 Q/ v) x* M% f6 p' ~
>arranger+ Z+ G$ ?% D" ]) c6 ?5 d" o2 p8 J
>CDO(Collateralized Debt Obligation)
. z6 ]6 Y- P9 s& l* Y最後去到投資者

Kev

i thought it is the reason of rate of return.! \: Z+ n+ e0 H* o+ r" F
CDs could have different ratings, AAA -> F,
- P8 w( C% k3 u$ Fmore risky ones would have higher premium (interest rate) as a compensation for an investment.' j* s# ?. {# H7 ^) U6 |
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,& K2 {& U* T2 P2 t
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 N1 ?  L# V) Q4 C+ R( ]) t$ b: IAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.  a9 E' w3 B: i( i0 [2 K
similar to bonds, CDs trading in the secondary market have different value at different times,6 |  R& k' I  @8 z
normally the value is calculated by adding it's principle and interest. 6 i" d3 s$ o' B1 A5 p
eg. the value of the mortgage+the interests to be recieved in the future.
, h* a( E* C& M/ T; }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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" I5 M  x- o$ X4 ]7 h4 t* O/ K4 Tim not quite sure if the multiplier effect does really matter in this case.
0 R, C  r4 b% s9 {7 sin stock market, it's the demand and supply pushing the price up/downwards.2 m% ^4 ]. x- l2 y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,  c! H! P* v  Z! W! ?8 b3 j5 [6 m" ^4 h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, o, v: ~2 x' z, I, QThe 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 E' O, e! }8 H7 J
but the value of their assets did really drop significantly.
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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 S  C8 w7 p0 r+ C9 E
Refer to last example,# t! J, V& t4 t' o
that means bank A have no money because we borrow 10 dollars from bank A * T0 H( u! j1 r1 d5 x
Because bank A doesnt have enough cash on hand + d# O; y3 }. g+ l1 O" \4 M
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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" l6 z1 u, R/ l0 p  O; iA->B->C->D->E' [. M' U2 a: z4 j6 x) W5 `
so does it mean if E failed to pay D, / v  y0 K) N1 w2 t  }3 n
all the B,C,D,E have to go bankrupt?
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5 d' q- Q) j2 T$ b* M) [
  B' T2 a# Z) N4 E! [% _the multiplier just tell how much money created in a whole economy,
% }5 b  V4 |" I; R( q: kin this case it doesnt really matter how much money is created, ' r  J/ I' I6 [. h  i0 T" w! P: [
it's the problem of the debt itself.2 [7 K1 B: J# w# V- N
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.gif6 v' g+ E' `- H/ g0 y. ?6 G5 ]
小弟一直都唔明...5 c1 k5 V/ G4 \# M2 ~

! P  \1 X; U* x: z9 K3 m# p/ n; ^$ T全世界都蝕錢，咁邊個賺緊錢呢?1 x: @5 G0 J5 H$ A, F* s+ `$ d

5 v# \% `# V3 H無可能淨係有人蝕錢無人賺架嘛...( `$ _5 ]6 C' Q7 M. M

% ]" H6 \$ z/ V& w敬請各師兄解答
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# U, x! s! K$ uThanks

- e! p+ e. N: Z% z) p那些根本係 紙上財富  
! O1 w( X. `9 v: [3 |. ~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 graphic0 P4 x  M8 @5 |  z2 G. A, I. |
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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4 t" w$ O! U0 [6 l  ~
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# H7 m9 J! R, G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
, Q3 b! U) q8 v6 ^個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
9 l; x% ^( A3 P& @( H4 ?扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,( \4 u! s/ h8 s
計番回報率就已經係50%,所以可以好好賺" [0 _- `3 o; @1 u/ ]5 y6 R0 F  n, Y
前提係銀行之間要互相信任先可以咁樣借法2 I3 s* _/ k  ?/ N. r
同埋個市場既前境要係好先得
4 i! d9 V; [. y$ h但當經濟一差,公司估值趺了,物價不升反趺: A1 @- L* ]% @3 z6 e- V. u
例如剛才說10蚊的, 趺到得番9蚊, ; Q# |3 e* ?5 B! Z
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 u3 L$ T* `% p" X) M+ W+ H' W所以你就會覺得D錢好似蒸發哂咁, E1 U/ n9 @/ P: F: @

5 B1 w6 Q% i/ h+ H2 I5 x$ ~- P你都可以當標野咁諗, 個樣野多人可以狂升值,
" W1 F7 f+ t; o. H; x0 y4 D9 u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, ) K0 R. S; I6 m2 D9 J" m
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + ^" v6 L9 E6 |' f: s' a, x- 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
( C4 z! i! w2 w+ X9 x2 ~* d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
6 H, I# O* K% I. J( q' j% o$ X唔係d錢蒸發, 而係比美國佬洗晒未來錢, 9 J( P8 h6 e: z$ c$ v, J
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! r: P1 e6 Z% h* r4 k3 ]1 k4 K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
% T, m6 O0 R" O$ f( o" e; b咁你話d錢蒸發左去邊? ...

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2 d, a& n% l* n( u6 F; W正係咁樣
5 w, p& J, N  L6 J( P- r& h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
) Y7 H+ T0 j5 [+ _+ E: H8 ?分分鐘佢地唔使還錢3 g' n: P) \6 h5 z$ F

. R. ]4 v( B$ ?$ @; M; Z7 |1 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,
% z, E6 }  F- |% o/ E& Y' Y- T連國家都係問人借, 不停發債券, 印鈔票3 \( S- p6 B1 t4 U  B  \6 y- P8 I1 x
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
, @! G8 ]% W7 V& [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.gif3 s0 J3 `: L; t  P
咁而家"爆哂煲"算唔算先至係變番"正常"???

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: |/ o$ K% F  @0 O其實係...
" g* C% S; J4 E- V因為以前未生產, 先消費# h; ?. c9 |, s: x; [, \& }* ?0 ~
而家就要多生產, 少消費