0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
  j' w& D* a9 s. _" X$ }7 C. J0 L5 tWhy bank will sell 借據給第三者???
2 s" j! j2 s9 p2 B/ A& a% h- KI was so confused.....

  Y% u/ R. |1 O) J

9 Y. s3 Q" q8 U* r8 {+ q- V講到尾都係賺錢
8 [* ~3 i1 ^2 [6 ]so銀行可以不斷放款" Q) |! d4 d( m) i
美國的房貸問題散佈到全世界
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mortgage loan 3 Q6 v; G6 o; s
>conduit
6 Q: ~$ F# A" `) y' O- s  A>RMBS(Residential Mortgage Backed Securities)2 n% `# i. T9 ~
>arranger5 o6 K6 p2 m# F* Y
>CDO(Collateralized Debt Obligation)
* D  D- H8 X) \7 ~! Q' @4 u1 b最後去到投資者

Kev

i thought it is the reason of rate of return.
1 v$ `; D' d3 K9 g+ ]CDs could have different ratings, AAA -> F,
8 B8 i" j8 L; B! d1 X& nmore risky ones would have higher premium (interest rate) as a compensation for an investment.2 X# w1 k, K) O$ U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; a/ m& o+ y5 X' }5 sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
  u! p; [8 F6 t5 u. b2 EAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- p# x2 ], N: ^" s8 x6 P; k) T
similar to bonds, CDs trading in the secondary market have different value at different times,
' |7 K3 }1 K  d3 v, r/ i, k0 Ynormally the value is calculated by adding it's principle and interest. 8 F3 _& P. M$ C6 }0 z
eg. the value of the mortgage+the interests to be recieved in the future. . k' Q( Z* z. q8 C% R* I
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.: j% f+ q: D% W  m# Y0 p
1 k2 `* x3 O) _
im not quite sure if the multiplier effect does really matter in this case.
, h/ r; o. s3 J; B; x3 ]8 W  Qin stock market, it's the demand and supply pushing the price up/downwards.
6 j4 T# {( b: ?7 F; \8 S) iFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- p, D% T. X4 M, L. u
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) Y  E5 @! w0 j1 x. s
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.
8 R7 G! ]. I- f% j% Q1 [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.gif* M- t- R: N3 I; ?+ A4 [* Z4 i
Refer to last example,' x  ?+ Z1 X2 I9 Y& r# \/ i$ z
that means bank A have no money because we borrow 10 dollars from bank A , [# v1 k, T& S7 U3 S- S7 C
Because bank A doesnt have enough cash on hand
8 }. g; I( \5 m& ptherefore bank A need to be bankrrupt ??? Am I right ?? ...

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$ K2 {  M2 ?  z. y  Z- l+ A4 u  _
A->B->C->D->E
& z6 d' |/ t7 e; i, ^! \so does it mean if E failed to pay D,
" G9 E4 K8 w& u* ^2 u: `all the B,C,D,E have to go bankrupt?6 p, H( M1 i- C8 D2 B
4 L0 ^! |1 p7 C5 u6 Y* w

, B: v& i3 [* Q9 f4 C- k  Zthe multiplier just tell how much money created in a whole economy,   u- W: T  g$ [8 J  o2 T
in this case it doesnt really matter how much money is created, $ [( i6 [% F+ H& g. k
it's the problem of the debt itself.& e' s, r8 W) A) A
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.gif0 ~0 g: f7 w; H" Z6 F
小弟一直都唔明...' F/ u  t9 M9 ^

% p4 c' h- W" J3 }8 Z' w全世界都蝕錢，咁邊個賺緊錢呢?
4 \5 S" |7 r6 w/ b; T
  T; g6 y( }2 P% o7 ]無可能淨係有人蝕錢無人賺架嘛...3 c" d6 M& ^4 x  {* D
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敬請各師兄解答7 _' V& _  T! j% l7 [# s$ O' j

" L! v" n% U9 h2 M$ K1 eThanks

! \- B' F6 O( D' ^, O% G那些根本係 紙上財富  
. w5 j  y! f" K4 |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' M$ `; m# x( p. l
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% J' o6 w; `, u5 Z# ^, 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9 k' z  I6 U3 v0 w9 v" y1 W1 [
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦8 |7 E0 N* K$ `! W9 i  ]
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 l) ~+ @4 ?- D* @& `: x, H
計番回報率就已經係50%,所以可以好好賺
* X9 S/ C* U6 i% H1 M8 G/ B; D- ^( V前提係銀行之間要互相信任先可以咁樣借法5 K# I/ x& ], }$ e# W7 ~$ G
同埋個市場既前境要係好先得; R8 I; F% _2 Y2 v$ u- t
但當經濟一差,公司估值趺了,物價不升反趺
4 ?) K. @( a4 T1 j例如剛才說10蚊的, 趺到得番9蚊, 2 ]- N, Q# M* Z  o8 p
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( R8 R9 a6 G# N; J' \! p
所以你就會覺得D錢好似蒸發哂咁3 D" M& z: o6 g/ G' [! x
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你都可以當標野咁諗, 個樣野多人可以狂升值, ; H! N8 S- g# s( l: _2 {
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, ! E8 g! [* b9 L2 W# j7 I
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' c( w6 Z. T% q& L
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/ C$ ~9 g" K# a, |  e  h
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( C# R) o5 u$ T' F0 j. ~
唔係d錢蒸發, 而係比美國佬洗晒未來錢, , I7 m6 n! f1 b2 E$ o0 \5 ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 C8 e3 }2 A4 F, E  R; 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
6 l) u% x) M* w) h咁你話d錢蒸發左去邊? ...

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6 M( j" _. ?4 y: u3 E, x( B正係咁樣6 q1 u( ]' a& e1 a+ q  V; C, j
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; m! h$ ^" M: @, o; m
分分鐘佢地唔使還錢/ r, g. r7 K6 p* J1 h1 g! D
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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,- D% X, Q/ D0 c# D  w$ ~
連國家都係問人借, 不停發債券, 印鈔票
4 g; e* W9 A7 `' x! K6 Q- E7 C一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! R  |5 c; p& @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
2 d* K- A- b& W$ E. X  d咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...$ \+ C% o# g( ^, a7 g
因為以前未生產, 先消費
2 i; P9 N3 _( ]5 h! n+ r# J而家就要多生產, 少消費