0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
& v$ f: x# {' Q# E& r+ T% |Why bank will sell 借據給第三者???7 x0 e) l( d, @6 X
I was so confused.....

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講到尾都係賺錢) H7 ?. \$ s4 L+ `3 m- }
so銀行可以不斷放款9 X8 |) v% O0 p5 K
美國的房貸問題散佈到全世界
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mortgage loan
3 f% [+ t# @4 y, ^( ]9 \" D5 F>conduit& h3 W. ]2 e+ w. a2 O1 }/ c% x  k
>RMBS(Residential Mortgage Backed Securities)* F/ r4 h* l1 O# ?$ b
>arranger
* H6 @% v3 T7 ]( q/ }  |/ e>CDO(Collateralized Debt Obligation)
. L) R" j$ ~0 w$ g7 j/ c最後去到投資者

Kev

i thought it is the reason of rate of return.- f2 z9 j+ [3 H2 D# F9 J5 ^
CDs could have different ratings, AAA -> F,
% w0 c/ U' ~2 u& O7 N& P* }more risky ones would have higher premium (interest rate) as a compensation for an investment.2 A7 u- Y2 y* L& c8 O6 y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# r2 l3 V/ i) W; ]4 w* T9 p8 N! Q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# ^4 {2 |; o" L/ i9 q$ ]Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ h& m) _# X  u
similar to bonds, CDs trading in the secondary market have different value at different times,
& i- _* Q# ]* I4 Nnormally the value is calculated by adding it's principle and interest.
9 c  Q" e) t1 G: |( ?) \5 S$ Teg. the value of the mortgage+the interests to be recieved in the future.
6 |; A# o/ D0 B; tbanks 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.9 i# F0 Z5 N; l/ ~6 n

: P( |5 w; x8 g' [; Vim not quite sure if the multiplier effect does really matter in this case.
+ ~6 w8 }) m. V4 h7 V. ain stock market, it's the demand and supply pushing the price up/downwards.6 C, K. E6 N* {* v' a
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 L& `% A9 q0 x1 K1 FA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# d, b$ T! ~7 |& s# G0 j. c
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.
3 g, J# i1 d' L' V( tbut 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.gif1 q' @7 T0 w  z- q( q2 c
Refer to last example,7 l) _* W; \: l3 a+ S2 l
that means bank A have no money because we borrow 10 dollars from bank A $ a& T/ l( @6 S3 Z- H
Because bank A doesnt have enough cash on hand / @9 x/ u9 ?9 R9 e' z9 H0 j3 n
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
" v( B4 C& S# M+ bso does it mean if E failed to pay D,
) E1 O4 K' H8 _3 K: pall the B,C,D,E have to go bankrupt?' [1 w$ ~% \5 r7 |  Q; ]
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; G) D; i$ Y& l, u4 zthe multiplier just tell how much money created in a whole economy,
5 m) R" K7 ^" v' ^$ E$ w' Win this case it doesnt really matter how much money is created,
6 B0 K2 N8 Y4 k* t0 V+ n1 m2 u( Kit's the problem of the debt itself./ m% ]1 F) E( Y; `5 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
- f6 S8 u; q- n0 k  K小弟一直都唔明...0 G0 ]" {( m$ A" `1 [
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全世界都蝕錢，咁邊個賺緊錢呢?7 q! n1 n+ X0 B) }4 S9 i
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無可能淨係有人蝕錢無人賺架嘛...+ P/ `" `2 u( f1 |+ y3 @
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敬請各師兄解答
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Thanks

' L  s3 A4 [4 y* A  `/ }/ Q7 _" V那些根本係 紙上財富  1 @, O' b7 d) b- T; F& ^
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: S" ]6 G" F% ~& H5 ^
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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; k6 k3 i, A* X: l9 Y/ Z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ k4 Q$ D* Z1 ?. x9 ?% c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
- X) ?$ a8 M6 r2 p( \- q  w' m個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ P$ f3 \: x  K# \6 Q扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ C" N5 m0 r" k; Z! @  _. K+ N% j6 {
計番回報率就已經係50%,所以可以好好賺5 z7 ?8 w% U0 k+ @$ S
前提係銀行之間要互相信任先可以咁樣借法/ `3 |. w* B2 U  g+ c6 E4 S) f3 _
同埋個市場既前境要係好先得
5 V9 ?- y  _7 `但當經濟一差,公司估值趺了,物價不升反趺% P8 a8 `5 M. c! ]2 _
例如剛才說10蚊的, 趺到得番9蚊, ! D; G8 `  t/ S+ e7 W) |' h0 V
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%  J9 E% C7 F0 g3 O. ~: t4 R* q0 y& p* j
所以你就會覺得D錢好似蒸發哂咁, |& G6 ^, j/ o
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你都可以當標野咁諗, 個樣野多人可以狂升值,
+ q7 |  X3 L# v5 ~! [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,
$ }' i3 y0 A; l) G/ @淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % _; u- l" p6 _2 E6 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
( ]( C; ^2 k0 Z3 p  c1 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.gif& n0 W1 c2 L6 W; x
唔係d錢蒸發, 而係比美國佬洗晒未來錢, : p; W4 S" X( J3 B
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; I) `3 {5 ^6 h
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: W7 F; B0 \! S, n' `9 }; {
咁你話d錢蒸發左去邊? ...

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正係咁樣( ~% Q$ @8 ]% I  l8 f2 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
/ |! V( B0 ^1 ^+ O* F" _' A. }" h; t分分鐘佢地唔使還錢
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+ T/ ^5 ^# T2 L/ Q% W  m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,
& r4 x; v+ }7 B6 [8 c0 G& N連國家都係問人借, 不停發債券, 印鈔票  h! L/ w- u% U  Q
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; v) [8 _4 m/ F& M$ y+ s; ]. m
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 l8 m- r$ Y) p% e/ Q4 O4 \0 ]8 Z1 Q2 n咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...7 L9 |8 d' n- k+ \2 |
因為以前未生產, 先消費
8 ]2 \) s0 i* }' i而家就要多生產, 少消費