0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
+ G2 `% ?! f& W1 `6 ~( W1 ^% VWhy bank will sell 借據給第三者???& _1 m0 d: Y" S8 ~9 u' p' M
I was so confused.....

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講到尾都係賺錢
* N( B  ?; G4 k0 a, [1 xso銀行可以不斷放款
8 R7 U; T0 ?! ]) k美國的房貸問題散佈到全世界/ ?! r, I& Y7 f) ]

" n/ C' |8 `" G( {mortgage loan
  D7 e1 o( w. h9 n- u' n>conduit
; S' @1 E! i) u6 \% K>RMBS(Residential Mortgage Backed Securities): m& Y3 p* y( a4 v
>arranger
$ p+ K) l- Q3 L8 c# ~>CDO(Collateralized Debt Obligation)4 b* G, Y1 a$ a! |
最後去到投資者

Kev

i thought it is the reason of rate of return.
" r0 W: g5 N& N& cCDs could have different ratings, AAA -> F,* v0 c" [+ t( z( k
more risky ones would have higher premium (interest rate) as a compensation for an investment.
8 H9 Q9 t. Q- _: S- [* ~- Kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. T: }$ n1 P  ~, uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ a9 y2 y5 W) n# z5 n+ d* e
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 H3 C1 P; }$ f$ d; f6 ]/ msimilar to bonds, CDs trading in the secondary market have different value at different times,
) N; K% M- D4 y6 a2 K# f' g8 r8 rnormally the value is calculated by adding it's principle and interest.
4 {; G% \6 W; K; f8 c' M+ M9 t4 Xeg. the value of the mortgage+the interests to be recieved in the future.
+ A& `% |+ ~# V7 T- L. Wbanks 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.4 ~4 n8 n. s. Z0 U3 \
( s3 W% J- r7 `+ ]
im not quite sure if the multiplier effect does really matter in this case.
8 G8 Y3 f" z! l3 q* k' g' a8 G7 U2 Fin stock market, it's the demand and supply pushing the price up/downwards.* s; B) ]" r/ z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& _3 Q9 }2 z* v/ E, e+ IA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 W) C8 i; z; o( A& ?8 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.
9 c1 w1 P8 g1 T8 T" o5 q/ S. a5 qbut the value of their assets did really drop significantly.% m9 ~3 G# a- y8 e$ D( h! M

0 F. i" M) ?4 C6 q. e# Y[ 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$ ?+ R) }. s  b7 {, t1 I' z5 ?
Refer to last example,. d& H$ z7 O) g1 ?6 M
that means bank A have no money because we borrow 10 dollars from bank A ( Q! |' m! l( u
Because bank A doesnt have enough cash on hand
6 a# R+ u# r! W7 Y+ u6 I. D6 Ftherefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ M; u; U- e9 u/ V: j, q6 E* ?A->B->C->D->E: f( L  n$ i* W+ Q. Y; M
so does it mean if E failed to pay D,
0 S+ y; \1 B, E/ D) j' Qall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, - \- \- x$ p+ ?9 F  W. T& ]
in this case it doesnt really matter how much money is created, 2 I3 s- W2 }, D
it's the problem of the debt itself.
$ d3 I; r% G- fthe 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
" w/ \0 Y9 ?0 k" l/ Z- [* j. s小弟一直都唔明...% |+ O5 m5 t9 f5 y) f! |: C- z
6 u, v7 ]/ f" L* z, _3 J
全世界都蝕錢，咁邊個賺緊錢呢?! @0 K6 m( d7 E3 e7 B4 d$ ~+ Q) O

' F( c. R& e# c% z無可能淨係有人蝕錢無人賺架嘛...* k" ?. ]# Y. n- _8 ^* C4 f4 p
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敬請各師兄解答
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Thanks

4 V3 O8 U) ^) {# p那些根本係 紙上財富  - f/ }* p  e* A! Y* \
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! w! N0 P8 w5 K5 T
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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
8 \+ {4 k, A4 T% q0 ]% g當經濟好,投資銀行相信會賺錢, 物價既估值相對較高, s6 \4 P* j! o, K' i2 T0 ~+ g: G( X
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+ g4 a7 K& Z! B3 a. a+ e  g7 N, }
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 r& b% M4 B9 a
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
# M3 _( M* H& L* _" A6 A計番回報率就已經係50%,所以可以好好賺
  U9 f' ]- u: h& a, m" s& ~8 E前提係銀行之間要互相信任先可以咁樣借法9 w5 H: M5 O2 [$ c+ b
同埋個市場既前境要係好先得
0 j& i2 \5 r' W% W0 F; J& K但當經濟一差,公司估值趺了,物價不升反趺: m0 b- ?( c. o+ G" {: e! |5 u
例如剛才說10蚊的, 趺到得番9蚊, : l( [5 a% {( F# ~2 Z9 \
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
" }  x. {+ ~/ @1 P5 \. j6 }所以你就會覺得D錢好似蒸發哂咁1 P  a  x4 u3 P% f& [4 a; M1 Q6 I

6 q+ O% ]2 |% }$ ^0 M) x你都可以當標野咁諗, 個樣野多人可以狂升值, : m# [: t6 e$ I; ^) r. W9 N: R. r6 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, 4 n$ }: j' o6 t
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; m9 b+ y' t6 F' i+ X8 m$ N8 v
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
8 x, {* n6 L, x. {; f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.gif4 }$ o2 s+ R0 A3 K. @
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 D& A, s/ Y7 `) r5 ^* M( \1 |/ v淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 D2 s6 T6 ]- B" X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) K; J3 E2 R" u1 q" T
咁你話d錢蒸發左去邊? ...

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) ?! R( t1 {: U1 g! K正係咁樣
/ U5 p6 |0 g  j: x1 P" l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 h6 ?3 @" W7 d2 |6 p分分鐘佢地唔使還錢) Z# x- s$ ]8 z/ D  \4 G% |  J
+ a3 D% P# ?+ r; ?; _
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,) [" K% J0 ^% d. y  q0 B
連國家都係問人借, 不停發債券, 印鈔票  t' U7 M# o" L# ]1 ?9 j/ u
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產8 I& k6 _) y2 C4 [0 O' e% R% \
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
; r4 |0 |* i5 B1 n2 s咁而家"爆哂煲"算唔算先至係變番"正常"???

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# g9 `* A: w6 B4 i( a! w其實係...
# ?# r7 [6 b$ D6 X* y8 j; @" ~因為以前未生產, 先消費
) G' `! K) W) j4 B" I7 y$ X而家就要多生產, 少消費