0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
8 Y' f4 E8 I( dWhy bank will sell 借據給第三者???( ^. L: R2 d9 y- A
I was so confused.....

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講到尾都係賺錢
9 p1 e: H- [  f% yso銀行可以不斷放款
9 \% w" w( V" S& e6 c) _( H美國的房貸問題散佈到全世界
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+ h- F! D. _) m: ?, u0 Jmortgage loan 5 X) n$ \4 {3 [) P9 I- |0 V
>conduit
/ c2 Q) j- u; z>RMBS(Residential Mortgage Backed Securities): o) S+ s; c0 m3 X" U# ]
>arranger
) T3 ~- G7 d- G. Z' L$ |0 E>CDO(Collateralized Debt Obligation)
, T% M& X. V* o最後去到投資者

Kev

i thought it is the reason of rate of return.
( u9 Y3 u0 ?2 MCDs could have different ratings, AAA -> F,
) t/ b, _4 q  b  r8 {0 Lmore risky ones would have higher premium (interest rate) as a compensation for an investment.7 c' s. a: H* y+ X  g1 W0 @$ f8 ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 X, Y) g+ Q1 Min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
* @  w8 c) S* J# f. b- u& zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! x- t! S& @) y5 {& {2 n
similar to bonds, CDs trading in the secondary market have different value at different times,' b) j. L; k: ]
normally the value is calculated by adding it's principle and interest.
6 F6 c$ y- P6 n$ H5 {eg. the value of the mortgage+the interests to be recieved in the future. + c! ^, s! \+ l# k
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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im not quite sure if the multiplier effect does really matter in this case.3 L9 P9 f( }/ A% a: a( e# Z
in stock market, it's the demand and supply pushing the price up/downwards.
5 r7 ^& \7 Q$ S! ~! P! G1 o& BFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( J+ h; n# v6 \- OA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. {8 @' V. @" y# w1 [
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. / S+ j5 M9 J) k( X3 U6 P( S
but the value of their assets did really drop significantly." F3 z9 s, I# S# L$ x4 ~" y
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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
3 J% s' t' C( }. M2 w5 Z# P( |Refer to last example,
( }0 c5 S5 h7 ~0 O; i$ hthat means bank A have no money because we borrow 10 dollars from bank A
3 h5 k/ z9 ^( n: _Because bank A doesnt have enough cash on hand
/ q" L6 H% L8 G0 Atherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E' N1 G8 r# L  F! }9 `  Y
so does it mean if E failed to pay D, : M9 [* U. T; M$ ^6 o, f
all the B,C,D,E have to go bankrupt?" J. }9 z) q- n: c6 j5 b1 e1 x

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2 D  U' l6 M% T. u. F0 \the multiplier just tell how much money created in a whole economy, 4 z3 _2 h6 j2 }# A# a1 V
in this case it doesnt really matter how much money is created,
9 n; B! E+ n2 m# I# xit's the problem of the debt itself.# l: ^' H' J; n0 Q3 ^% T
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 {( Y1 q8 B& U小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...6 U: L& y2 {1 Y5 g2 x/ x! [
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敬請各師兄解答" y% O+ d. V. \8 d2 k) }

1 `% P- N# O6 B8 Z* ]! t, }Thanks

) ~0 r: e; r5 ]7 j' C* P7 c1 ]那些根本係 紙上財富  - c6 {# v8 D' M; F- M
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, _- d1 h0 Q, M5 U, a* B2 x2 K
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高# |7 R3 K* b- ^- D- S5 ]/ I% `
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
  n( p* R+ t1 W9 I( A個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
- @7 p6 ?1 j# o( e( K" D- s3 k  N扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
1 y( F3 Z0 V" @6 P. A, _& l計番回報率就已經係50%,所以可以好好賺
7 y+ `8 d$ x% i  }/ t' T, |+ }前提係銀行之間要互相信任先可以咁樣借法" Q1 e7 V- J8 F6 ^. w
同埋個市場既前境要係好先得6 \) V5 X3 I# n- q. c  p" ^1 r
但當經濟一差,公司估值趺了,物價不升反趺8 @1 C( ]2 K8 h% u
例如剛才說10蚊的, 趺到得番9蚊, * i2 o* i1 ~7 k; ?4 D
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
- R! p% ^9 J3 Y. L, o5 [所以你就會覺得D錢好似蒸發哂咁& D8 y* A, ?  z7 Y" V

9 V3 a. d' V) Y4 F; @你都可以當標野咁諗, 個樣野多人可以狂升值, % Z, B3 U, w/ S! L7 j- |( p5 B
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,
; i% E9 f0 D# \+ ?0 m淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & \' V/ }, y' p+ b
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# S2 W* _) F% b$ R; g5 Z
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
* y) S, `9 n9 ]; p唔係d錢蒸發, 而係比美國佬洗晒未來錢,   a5 o0 K) Q$ X$ Y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ X/ a* h! P% }- \- r) 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
  S+ u$ F. V7 N$ X. _" u咁你話d錢蒸發左去邊? ...

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正係咁樣: V, D$ i& E# p. n
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+ e" g+ a, W1 v
分分鐘佢地唔使還錢5 ~+ ?2 [: H/ v5 m' e, `5 r2 s: n3 B
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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,+ T+ z: N/ h/ `  T. q6 Z, y
連國家都係問人借, 不停發債券, 印鈔票5 L% }- E  Q3 e/ E
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
3 h1 \: |$ ]$ V) }( k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.gif5 k6 m4 o0 u# S& v# {5 Q7 ?
咁而家"爆哂煲"算唔算先至係變番"正常"???

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6 g( D$ a0 P& q5 h! W+ E( z7 n其實係...
. |6 t( M1 l2 H% E9 F5 H因為以前未生產, 先消費
* P; p3 F; `9 n/ D1 J( Z* V而家就要多生產, 少消費