0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif- d. h; Z$ F2 ~% R0 J, r! t
Why bank will sell 借據給第三者???1 {$ d# y  G1 O% y5 [
I was so confused.....

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. |& z6 n' [# A0 C講到尾都係賺錢0 W$ [, ?( y' J0 h6 n2 r/ g7 C
so銀行可以不斷放款
' |8 j# i& `$ R9 D( n8 w9 M美國的房貸問題散佈到全世界
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* w+ b( |' M$ x. ~' p) M$ Xmortgage loan
1 O8 M4 k3 X1 A  A0 ]" Z( R# P>conduit
& ~1 B. p) `. o& ]>RMBS(Residential Mortgage Backed Securities)
8 Q% z. S1 T% F>arranger# q3 H. g/ G3 a9 W5 t  Q
>CDO(Collateralized Debt Obligation): b- {/ j1 n) `  t: Q+ T3 V7 H
最後去到投資者

Kev

i thought it is the reason of rate of return.
+ F$ }* `7 l& l+ _1 r3 l- v  S2 y6 iCDs could have different ratings, AAA -> F,7 E6 [6 h5 C1 I  k- c
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 c; g, ?- F" U! u( m; A% x
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* c" d: Q5 o1 T% hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& S" }: J$ Q$ Y; T5 N" p- P- ZAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 Z- i5 e/ i$ D  ?' `% y$ Asimilar to bonds, CDs trading in the secondary market have different value at different times,
0 u5 X" E( ]5 l% J3 B, H  z- m$ `normally the value is calculated by adding it's principle and interest.
+ X& y0 V* y+ ^" M" O$ ~% Qeg. the value of the mortgage+the interests to be recieved in the future. ! ~: o8 f0 s1 K( ?9 q- A* W
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.6 E/ z3 |$ v/ p, l& _3 z; n4 I
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im not quite sure if the multiplier effect does really matter in this case.
8 j1 X, G% c, K3 ?& n; ?6 _" L! Z! G/ ]in stock market, it's the demand and supply pushing the price up/downwards.
" W+ i8 M+ ^9 `. AFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 K. R: C9 Z$ K8 J2 m. x+ ~. p
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- q0 \: B& W, P5 o' n: A( u
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.
/ @) l; V" q* H0 A( o! @# jbut 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.gif8 c, y4 v3 V# J5 _. @, `7 W
Refer to last example,! @  T7 Q( X! p$ l; M
that means bank A have no money because we borrow 10 dollars from bank A   Q/ R% G$ u8 X& _
Because bank A doesnt have enough cash on hand 5 j( I7 N2 d9 C$ C$ W1 F) P7 V
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
& A) D) I4 v& s5 pso does it mean if E failed to pay D,
6 ~+ V% q0 N( o" x7 P1 l7 J8 {all the B,C,D,E have to go bankrupt?
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. g% e7 j( K, J; Lthe multiplier just tell how much money created in a whole economy,
/ e9 J  S% }8 s. Tin this case it doesnt really matter how much money is created,
$ T  `! r( |! P: dit's the problem of the debt itself.8 |: u, C0 e5 g/ M! ]
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
/ ?" `9 U" u1 {" `小弟一直都唔明...
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) V, R' ]" E2 M全世界都蝕錢，咁邊個賺緊錢呢?9 l3 Q( c5 e/ ~0 Y
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無可能淨係有人蝕錢無人賺架嘛..., J; M" J; x4 l# }0 o4 n

7 \+ W5 |4 Z8 V2 b, N! e5 r$ Z敬請各師兄解答
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6 ^7 d+ K1 q, \/ _Thanks

" T  X5 _3 A9 h9 O" X* u) O, i' b# Y那些根本係 紙上財富  $ u: D" Y1 M: w4 W% \
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% R5 o5 g* r  _' K  D
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, B. M* f; Q2 X0 f$ ?; |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: p- }2 d/ C* O4 L' ^4 {% R
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦8 o5 B: Z) S  M; F, A% |# a
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) H# c6 w  f+ t/ `計番回報率就已經係50%,所以可以好好賺( j% w8 @. D3 H- D& K1 I" y
前提係銀行之間要互相信任先可以咁樣借法  e# ?+ Y$ p% b, |: J
同埋個市場既前境要係好先得
3 c$ {  e& O- z/ a+ B6 a9 M: F但當經濟一差,公司估值趺了,物價不升反趺
  z' e% W" Y5 S6 B& \例如剛才說10蚊的, 趺到得番9蚊,
+ z) }4 l, T/ }咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" G; v1 \9 d* Z5 z+ d
所以你就會覺得D錢好似蒸發哂咁
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% z; S3 k2 ^: R% \, s你都可以當標野咁諗, 個樣野多人可以狂升值,
2 l/ S/ _" C0 @$ C6 }) d/ `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, 6 L  V$ D1 i, A. X
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, d8 e. F# r- R& i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+ U5 w  o/ M! _$ _8 y9 W
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
+ s" V! S% O9 m# S5 R2 x唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 C4 n& c  i! o; j/ f( p' K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' t* a7 x1 T. D/ 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7 B# f, Q5 i* H& Z) t# Y
咁你話d錢蒸發左去邊? ...

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: ?: E) i/ i( o8 v正係咁樣# d5 g, N: T  }- j6 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% |9 V, D" ~; y% M% B
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,
3 o; D6 ]* ]2 q5 J0 d1 `7 B3 ?# f連國家都係問人借, 不停發債券, 印鈔票- a6 @, T' R  ?
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產- v" b1 g( j+ x  I: r* ^' X5 [+ i' s
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
# P- O: X& O6 @0 Q* ~咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...5 F- t6 H  ^" g" g
因為以前未生產, 先消費
; ?) \: q3 ]% W( j- @; ^8 {3 U而家就要多生產, 少消費