0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
4 f3 b9 f9 R$ H; E7 `: aWhy bank will sell 借據給第三者???; G% U$ k# z' ]- Q
I was so confused.....

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講到尾都係賺錢
7 ~3 j1 K- g! tso銀行可以不斷放款
9 q! i" Z- K6 b/ G: g/ s美國的房貸問題散佈到全世界7 X+ O  X1 k; `

7 g5 V+ ^, n1 v; A  Cmortgage loan + a( U$ g0 C- T2 ?& z; W7 T; v; j7 m
>conduit
5 f- `/ v: w8 F6 J) ~" J>RMBS(Residential Mortgage Backed Securities)
6 [( B2 l0 S! i, L>arranger
" E7 h1 [+ ]. C1 `1 d& C>CDO(Collateralized Debt Obligation)
6 {- t0 ?  B. |/ c& c最後去到投資者

Kev

i thought it is the reason of rate of return." e' a9 Q1 ~) ?( Y+ ~
CDs could have different ratings, AAA -> F,
- q3 o7 Z/ t. e, qmore risky ones would have higher premium (interest rate) as a compensation for an investment.
+ ~3 t6 ^: W/ K( K# H8 ]  y+ d9 hmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* w5 T: N; F2 E( vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 g" E% `; Q2 m9 f! K  D
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 D" N# `4 v! C. k" w: H
similar to bonds, CDs trading in the secondary market have different value at different times,
# V1 I. n$ A, y- p4 a2 Onormally the value is calculated by adding it's principle and interest. 1 e6 J! J' U" W/ A( V
eg. the value of the mortgage+the interests to be recieved in the future.
; c7 v* _3 K! X+ H9 _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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: k$ q2 Y/ S2 Q6 `im not quite sure if the multiplier effect does really matter in this case.
2 ?6 ?9 c  x5 ^2 m+ i9 }# F3 Min stock market, it's the demand and supply pushing the price up/downwards.
! p; N8 T4 U/ ?2 r% l' {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
4 Q4 @% _: A1 S/ uA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- K9 y& S# A) Z6 I
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. * J' p' k( @* @4 b& p
but the value of their assets did really drop significantly.' O& h7 A+ o  M# L  S
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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
+ c2 [) d! v$ W7 I" QRefer to last example,5 @7 R$ w# K$ j
that means bank A have no money because we borrow 10 dollars from bank A : T2 T' {) D" `) }  \, v4 }7 @
Because bank A doesnt have enough cash on hand
- |4 T2 c, D4 x: E7 A! h8 Ctherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E* ^5 ]8 e7 b( q* y/ z
so does it mean if E failed to pay D, $ u& \% D" P' T2 J5 {$ E
all the B,C,D,E have to go bankrupt?
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$ x+ ^& p6 G7 D" E
5 d3 s: v% ~8 ^% V3 c. wthe multiplier just tell how much money created in a whole economy,
# j3 ?# c9 g. Y1 w! D9 R' Uin this case it doesnt really matter how much money is created, ( ^% e2 g5 c: m4 J
it's the problem of the debt itself.
" n! x/ k2 |; {5 J$ jthe 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.gif1 o' l7 l4 A+ D
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?( a% y3 a1 K, W8 e/ }
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答% D( E' m: x+ {9 m5 N1 P4 Q

5 `) D2 `  l" `3 X8 ZThanks

! s: E. j1 a" a7 {! O( i/ T那些根本係 紙上財富    _3 ?: P; p, L5 M; R
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
  ?% J3 T  s7 O. V當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" }! E* p+ e0 V5 D  v) Z4 u
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) ~/ _5 J: w& |0 U
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
* I' t; Z6 M- b: f, X; N扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
/ }* z0 r6 K  R3 E! }3 y計番回報率就已經係50%,所以可以好好賺( ~9 @+ I6 T( O# y
前提係銀行之間要互相信任先可以咁樣借法
: x9 b% V; x8 j+ f" W* H同埋個市場既前境要係好先得9 @# j& I$ N3 s& `- C2 N
但當經濟一差,公司估值趺了,物價不升反趺
. N9 x* N/ ]* l例如剛才說10蚊的, 趺到得番9蚊,
( w( A) A4 g$ _' s* @咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% _8 F8 P* O$ I8 c' |/ n所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, - V, Y, W6 |" H. N. u$ B7 t* I) U6 J
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, - v9 y$ V) N% l% ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 C/ `9 Z# I* p, {# v/ u1 R0 N' q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: y# \- A% k7 L6 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
( N3 L1 ?7 n1 k8 ~唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, }4 T: S% t' R1 M淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 A. w( W. p# ?1 B; B# 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+ w; v: K- c6 _3 N. |" p
咁你話d錢蒸發左去邊? ...

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& P# v! v2 C5 b# V: P4 \& x正係咁樣  w% c+ c6 D4 \% z$ w1 E  q3 c5 g8 \4 ^2 q
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
2 K, L! U  W1 r+ _! W分分鐘佢地唔使還錢$ X  a1 n# X5 @. `$ w2 G" S8 y

; I' X; U( N7 L8 P+ T8 h; p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,
6 S. a1 p; E: m7 Q* V連國家都係問人借, 不停發債券, 印鈔票
$ H% E9 H8 a6 a8 F+ w' J- r" X一個國家好少出口, 而又大量入口 ,反映到佢唔多生產  ]/ \3 n4 j5 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" @0 v& ^/ V+ D1 x4 v
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
( C/ x2 |" [+ `7 H因為以前未生產, 先消費
, \6 V' }% ?+ o8 N$ ~* I而家就要多生產, 少消費