0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif; q& {% w, B4 \6 p- d9 u
Why bank will sell 借據給第三者???5 _4 _4 S3 @! m$ u
I was so confused.....

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: t5 |' i5 [9 I$ m! A) n" w講到尾都係賺錢
0 r% [9 M( B: u0 {; z4 Pso銀行可以不斷放款0 w9 M. ~$ m, v5 L" @, z% D
美國的房貸問題散佈到全世界
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: x; F. r8 n6 ]1 j1 j9 dmortgage loan
+ r) e% v4 l9 u>conduit
7 L. ^- C! W' R* N>RMBS(Residential Mortgage Backed Securities)3 k! o  t, n& `; n) e6 @
>arranger8 j# Y( d5 V' o( F4 I& ^
>CDO(Collateralized Debt Obligation)
2 f$ ]/ b' Y) s8 f最後去到投資者

Kev

i thought it is the reason of rate of return.
, o. }8 b5 A: H# B+ w0 oCDs could have different ratings, AAA -> F,3 F' H, E1 S- j: Q4 d  @! W
more risky ones would have higher premium (interest rate) as a compensation for an investment.
3 A2 v! R6 |2 A4 K! ?- s. H3 Ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( N& ?5 e) u3 M) }$ y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; b  ?0 t9 b, q& N" H0 G+ h
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 c8 p7 L% ?) Jsimilar to bonds, CDs trading in the secondary market have different value at different times,
9 `! `) s& `2 B1 v7 M0 S! pnormally the value is calculated by adding it's principle and interest.
' m/ Y. f0 \2 I- b" I4 ^: p4 V, reg. the value of the mortgage+the interests to be recieved in the future.
+ e: ]* X6 I9 A6 {, S& I8 R4 kbanks 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.  k1 ]0 l8 z+ y! L4 e$ Y, m

6 A0 L' q. j# Wim not quite sure if the multiplier effect does really matter in this case.0 I, B  D/ \  |# f* a" U
in stock market, it's the demand and supply pushing the price up/downwards.
* W- E' Q" Z' e: h6 c2 x! VFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," K' O, ^+ \% b9 u1 S1 \! I0 u: k  K$ A' y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# [# q$ p7 S$ G9 r
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.
8 y6 O- l$ F  |9 a% B: i6 Tbut the value of their assets did really drop significantly.% d& e+ F+ q0 l/ B0 N. F1 m

  X* Q/ ?) P( o! g9 O5 b9 d/ D[ 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
! P+ b' ^$ m, t3 M& M/ |6 aRefer to last example,
8 t6 m, _9 N. Z) P' s1 ]- t4 g7 Lthat means bank A have no money because we borrow 10 dollars from bank A ( d: w7 }9 t9 ]. i# W& {. b% Z
Because bank A doesnt have enough cash on hand 3 H. j3 c* |) V0 _2 \
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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/ Y0 f' Y( i3 S* ]3 k+ vA->B->C->D->E
: J3 Q9 K* P. N4 T, P% S( s+ `so does it mean if E failed to pay D, 4 o( J. U+ r* Q0 ^  ~% [
all the B,C,D,E have to go bankrupt?. e5 r% Z' [' l& T) G  M5 Q! |

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! {8 R7 i  c) k% K: l0 Fthe multiplier just tell how much money created in a whole economy, 5 `& i1 q+ v3 G6 M& G3 V5 L
in this case it doesnt really matter how much money is created,
7 s1 a& w% r1 X3 q5 |# G8 yit's the problem of the debt itself.
( B3 y  L: b' B. b4 k8 Rthe 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" r4 d; G6 L. P) J* F
小弟一直都唔明...* |+ f8 w* B8 {+ n
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全世界都蝕錢，咁邊個賺緊錢呢?" S) K: S5 j( x( j# b  ?

  D/ @  z; o1 X6 U. s8 d- {( e無可能淨係有人蝕錢無人賺架嘛..., l* y* N1 ^- N1 J5 _. y

$ n5 O" J! N7 f' |: m  }* o: k敬請各師兄解答
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5 l% X& P. o# f0 J! y* w$ c  zThanks

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那些根本係 紙上財富  - `( L2 Q% \3 F4 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% c! p. h) \% c

+ z! M' `! J, I7 Bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
! y4 C6 ~/ F1 o當經濟好,投資銀行相信會賺錢, 物價既估值相對較高, E6 [3 {/ l$ _0 V# C# W% [; r
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
" Y# j- z4 F, p, M$ H/ [8 M個件物價係市場好既時候升, 例如15%先算,變左12蚊啦/ J7 \$ F: U. l+ y: Z0 E% {
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ i5 I: d, X, R7 I3 Z
計番回報率就已經係50%,所以可以好好賺6 i" M7 r6 @+ Q1 a4 S
前提係銀行之間要互相信任先可以咁樣借法5 |$ I5 O) {  u# H' k
同埋個市場既前境要係好先得5 N4 f$ r- Z7 g5 Q  [$ D
但當經濟一差,公司估值趺了,物價不升反趺2 `0 @' s& d6 ^6 l. k; ^4 [: D0 @( O4 k
例如剛才說10蚊的, 趺到得番9蚊, 1 M" m3 ?% a' u3 m  a5 z
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%5 E- n# f. @1 H4 |6 v& W; g
所以你就會覺得D錢好似蒸發哂咁
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" x! B. ~5 v/ o, p7 J! z. Q你都可以當標野咁諗, 個樣野多人可以狂升值,
# P* ]. E6 l8 G" 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,
0 s0 L0 b, ~* C9 f1 ?" h淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 e& [% }* 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
8 r# m4 k# c0 n6 ]1 y" M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
+ g, k/ Z  c1 ~% v& c! e4 @唔係d錢蒸發, 而係比美國佬洗晒未來錢, ! e% i  R3 ~( m: R/ _8 y' z' g
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : K5 Z0 `# f) p4 g# A. J: T* \7 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
5 d2 [% R5 \) Y! G+ h8 e: ^咁你話d錢蒸發左去邊? ...

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3 Q& z1 \! `% I0 B2 j9 a正係咁樣
8 K1 ?# K0 W5 {5 T0 S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
; R3 b6 m& K/ J2 j分分鐘佢地唔使還錢
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: H7 a/ Y9 x" t) N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,5 I2 ]. M* o$ U6 B6 ]
連國家都係問人借, 不停發債券, 印鈔票
7 r& Z' @- Z# H1 f7 |1 Y9 y一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
9 |" i. M+ p! K7 D9 L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
# g5 c! `$ n6 t% E3 O8 r咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係.... ~7 h* Q: R, g7 p# L
因為以前未生產, 先消費
+ T0 _/ i( W5 t. m  h9 p1 h而家就要多生產, 少消費