0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif! y/ t8 ~% O/ }' s* |0 D
Why bank will sell 借據給第三者???$ H% S3 n9 s' \. l$ [0 L: a
I was so confused.....

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講到尾都係賺錢
, u+ X# @; R. U( h; V! Tso銀行可以不斷放款- n7 g6 w) e, k1 \
美國的房貸問題散佈到全世界
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mortgage loan
' C. c& f( r% \) l- Z% @1 a7 A>conduit' q7 i& X& _9 F4 z
>RMBS(Residential Mortgage Backed Securities)
. X; W/ P+ U( _& \7 X- c>arranger& z0 K9 _  J; u; o
>CDO(Collateralized Debt Obligation), Q  Z* g3 p( n/ A( y
最後去到投資者

Kev

i thought it is the reason of rate of return.
  q& a" E0 t6 v# K' gCDs could have different ratings, AAA -> F,
4 _( h1 N6 k  B/ `more risky ones would have higher premium (interest rate) as a compensation for an investment.
$ o( ?% P# j2 h- Z- M1 mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% v9 M( [! v  Z5 O, c$ @in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 u8 N! H7 j. R/ z. E, d
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  K, e; q& I& Z7 W- Q" ksimilar to bonds, CDs trading in the secondary market have different value at different times,4 B) [7 X) p* |3 q& [
normally the value is calculated by adding it's principle and interest. ! e7 W4 P) @6 J; f8 ~* P  x# @
eg. the value of the mortgage+the interests to be recieved in the future. 4 M9 B' H! T- O) G6 s! E% Q
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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/ l3 F9 j2 P" L0 {1 z+ M' d( Kim not quite sure if the multiplier effect does really matter in this case.! @6 i0 `% b" k6 A) d* o8 Y
in stock market, it's the demand and supply pushing the price up/downwards.3 W- O4 ]2 I$ \3 [& m1 h( j# h9 x
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ W& F- e5 j$ U! DA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ M. S( M7 M4 c! TThe 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.
% _) k' @) h# t. sbut 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.gif- N9 |1 O; C; E; w, X  g
Refer to last example,
1 E: M" b- h: `that means bank A have no money because we borrow 10 dollars from bank A $ A0 T3 D6 M* Z& ]+ y2 a+ Z
Because bank A doesnt have enough cash on hand
4 x2 b# I" x" ntherefore bank A need to be bankrrupt ??? Am I right ?? ...

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0 s; M5 @7 ]( f0 |0 N$ ^A->B->C->D->E
, l' S5 v* }; e! K6 Xso does it mean if E failed to pay D, 2 z$ n1 f- k5 i% w) F/ P' ]- a9 O
all 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, 2 ]# }$ P; ~8 V# G- X" G
in this case it doesnt really matter how much money is created,
. r' I) g! L+ d/ C& `it's the problem of the debt itself.
! o5 C+ A' o; S( P  |/ Othe 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
4 f* N! R  F2 N0 I3 _0 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...0 J: A" n, Y  M  s& Y/ F
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敬請各師兄解答+ O" S& s; I1 ^% e

. C7 i" W' u# z' f; jThanks

' A. a+ ?$ k1 g- n0 _3 m+ V那些根本係 紙上財富  
; ~/ z, d1 h3 ?& L6 _7 H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
$ t+ O; K; ]6 B& [" ]) i2 w; V當經濟好,投資銀行相信會賺錢, 物價既估值相對較高, z. q) _" ~9 U5 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/ k6 N6 o( k- L1 L4 w' r5 z
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% ]$ E% D7 r8 N扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) Z+ t& d2 r0 s7 M7 ^" F* u計番回報率就已經係50%,所以可以好好賺
$ Q$ a5 X* ?6 [% Q0 `, }4 k前提係銀行之間要互相信任先可以咁樣借法7 A  B- C, H1 }# L9 A8 O! u
同埋個市場既前境要係好先得) d4 Y' a9 f+ A8 K
但當經濟一差,公司估值趺了,物價不升反趺
% j. O+ X4 m  h) F7 Y5 c例如剛才說10蚊的, 趺到得番9蚊, ( s0 B- _6 z$ j
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 g2 H6 h& p, p+ I! ^9 {" A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,
& o4 o" \$ f8 ~# k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, " Q: {0 U" [! k1 _; S& q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 c* g1 v: M, F6 w# ^5 u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! j6 a1 j4 b7 `
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
' C, Z/ I( W( Y# Y唔係d錢蒸發, 而係比美國佬洗晒未來錢,
. t9 h) h* Q: T. V# U% Y% m: l淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , {% Q! n) l! B- U* q0 }
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* e( U1 t! [8 \# v5 n
咁你話d錢蒸發左去邊? ...

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正係咁樣, h2 y- g# @" o8 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! C( {; R& s4 t) m2 R7 w  t
分分鐘佢地唔使還錢* ?* l* E; N* Y3 r

# a: f5 I# _* ?# j( v' v1 o) C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,
; o  B  z, a: E5 x2 q7 L5 [3 f連國家都係問人借, 不停發債券, 印鈔票
+ u) V/ {! u/ L( _0 {一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
0 d7 ?3 ]7 P+ I; Q) m1 H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 G: T$ k) x, ~1 @9 o
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
* v2 H$ E8 e! v3 w; ]3 A因為以前未生產, 先消費
3 {9 ^% [1 L& q而家就要多生產, 少消費