0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif* z; s+ F+ v+ V% d3 k, u& X9 J( I' }
Why bank will sell 借據給第三者???
$ {. A. M* V6 H1 ]& x: e: A3 wI was so confused.....

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! \, A3 [. l' [1 ?2 h( F$ c講到尾都係賺錢2 r' A' {# J4 p7 g, |/ m" [
so銀行可以不斷放款
4 R; n- {+ D( O2 x# G美國的房貸問題散佈到全世界
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1 I/ z6 F4 q7 r/ I! n1 kmortgage loan
. d1 K/ w4 U2 l>conduit
5 I2 Q! |4 T+ ]5 g/ F; u% I>RMBS(Residential Mortgage Backed Securities)/ B$ ?) |. ?4 }8 l( X8 H- D% K
>arranger/ l5 }- N( r4 {% L: ^' i
>CDO(Collateralized Debt Obligation)! r$ E% z9 C, x0 Q  Z& s& D# y
最後去到投資者

Kev

i thought it is the reason of rate of return.! l" [1 J& j! V7 z0 O% ?
CDs could have different ratings, AAA -> F,* g+ N/ @2 n* u
more risky ones would have higher premium (interest rate) as a compensation for an investment., v* a" a: o0 }  ~4 h8 \+ ^
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! j; W. f5 Z' K. w1 min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 `9 P) t6 A) z' m9 gAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: s, U( t3 d. y0 W% Gsimilar to bonds, CDs trading in the secondary market have different value at different times,
4 n1 @  C! H8 Cnormally the value is calculated by adding it's principle and interest. - h1 s1 d  \# n( u
eg. the value of the mortgage+the interests to be recieved in the future.
. D! H2 }0 U- U0 X6 Qbanks 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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2 [9 ]5 L9 s7 d+ S$ R& aim not quite sure if the multiplier effect does really matter in this case.8 B) ?1 B9 H! \/ A# i6 [9 k- t) ]0 K  P
in stock market, it's the demand and supply pushing the price up/downwards.; @; z3 ^+ a4 c! E) C
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' O) Y# g1 h0 q6 \# h3 f) Q' uA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, g6 \, u2 t: J/ s3 g7 CThe 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. 0 w0 B- [( `! F$ U& V0 e$ f5 X, V
but 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
( b8 z' t& Y8 E7 I7 z! BRefer to last example,
& Q, s) K( l  o# U! cthat means bank A have no money because we borrow 10 dollars from bank A
2 l+ e+ R8 [/ X+ sBecause bank A doesnt have enough cash on hand
" d" S9 U+ X% {$ ]. G, C, V: utherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E9 G  V% ~# _- j( @; S5 Y! N/ A
so does it mean if E failed to pay D,
' `% `% Y- W1 y* {) Nall the B,C,D,E have to go bankrupt?4 r/ e/ \5 ^3 \" b+ f" O4 e, X

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the multiplier just tell how much money created in a whole economy,
8 a3 N4 w* V# a) \& M0 qin this case it doesnt really matter how much money is created,
' B) J0 }8 R& J% N9 i; oit's the problem of the debt itself.7 o, ~! q" H' a8 O) P
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
8 Q2 L9 B. a. F4 o4 Y4 @! L" V小弟一直都唔明...5 o* E. ^2 q$ e8 ]4 g# o4 s# V' r
- B7 k3 B) l* M  V' Q3 i
全世界都蝕錢，咁邊個賺緊錢呢?: Y+ b. b* ]  e) S/ ^

* A9 ~3 K7 U  z. O0 r% b& m無可能淨係有人蝕錢無人賺架嘛...% ^" X+ n$ r& A- H4 X

/ ~- n! ~" H2 X0 z0 N( Z敬請各師兄解答& p) Q$ y; L3 l- y+ |, L

6 h" o1 S: n, ]9 |# BThanks

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那些根本係 紙上財富  
) g! w+ u/ ?2 Z6 P6 g  d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 graphic0 G6 ]% R8 c( n6 Z

2 H, S. e! Z& |1 ?6 u/ t# W' shttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
3 l- ~) U6 L0 f( v% X當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ d; Z( S: X  i9 z% U% H' Z
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2 ^9 o1 e9 [% A
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦; T6 r1 i. P4 _5 o* s; Z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,2 L+ e: j: J( M, P
計番回報率就已經係50%,所以可以好好賺$ L% `% R3 U. ^. K. Y* W
前提係銀行之間要互相信任先可以咁樣借法
0 Q) m8 ~! p  _同埋個市場既前境要係好先得' P" W! [# P- t
但當經濟一差,公司估值趺了,物價不升反趺4 e6 `( o6 I. L1 `
例如剛才說10蚊的, 趺到得番9蚊,
! T3 N4 ?7 Y. P+ f0 t% |# w, \咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
$ _) g% x% \; C% N( r3 x所以你就會覺得D錢好似蒸發哂咁3 a* e, S6 H% [& T! q( x# [

6 @- f2 b+ Y* O9 }你都可以當標野咁諗, 個樣野多人可以狂升值,
; A5 h0 z1 T% G  u) Y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,
$ d4 g: ^' j5 T/ H2 ^淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 E4 l, E: e3 I- S" 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
2 H+ H! U% ^/ J* ^* J  p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.gif7 f0 J. U. V3 R. f) A5 y
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
. v, `: K/ |9 N" o1 f( j7 g淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ ?3 T, `: @; @; p! y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 f8 h  k" B, e$ W! n, O咁你話d錢蒸發左去邊? ...

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2 n+ Z0 t- S5 d7 v4 I/ U正係咁樣% a9 e$ r, f1 `1 d
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
# m  D( _/ n# S5 n5 Y分分鐘佢地唔使還錢. ^0 p, w' [5 g
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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,$ r4 S, a, F$ l, w8 ^
連國家都係問人借, 不停發債券, 印鈔票
, W( f" {; e' b. n/ \: c4 v一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
. m9 p0 q0 p: z! V* B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
( K4 ?4 u$ ?  x1 w% F咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...) W: O: f, V2 n' s. j7 w$ o
因為以前未生產, 先消費3 J) M; i* o2 n
而家就要多生產, 少消費