0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
! f6 c7 |' H) \; {& L4 ?Why bank will sell 借據給第三者???) f; W6 \) @- [" D" h6 Z$ {
I was so confused.....

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講到尾都係賺錢
% `5 h" l% ~2 I. E1 W1 Aso銀行可以不斷放款& D: v: V% N2 A1 ^, I
美國的房貸問題散佈到全世界* E8 k5 w) r6 R# t2 |+ A+ O- A
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mortgage loan 8 J" x+ |$ o8 j' k5 @8 [/ s
>conduit. Z7 o6 |+ k; `( V
>RMBS(Residential Mortgage Backed Securities)' A* `6 [  Q, B( v8 d
>arranger$ H. O3 M3 j9 ]! F# [5 w9 g
>CDO(Collateralized Debt Obligation)$ V% T8 m  F' p$ u
最後去到投資者

Kev

i thought it is the reason of rate of return.2 N. y/ I( ]8 t# g  |0 `
CDs could have different ratings, AAA -> F,7 J  c4 {' y7 t0 A
more risky ones would have higher premium (interest rate) as a compensation for an investment./ |; x2 ~1 a, ~3 c; E
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
: n, x6 k% q$ I( H+ nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: x# F5 v) {  e9 r& g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* _, X, u! @" u3 A0 D5 y$ |- C; r
similar to bonds, CDs trading in the secondary market have different value at different times,4 C7 g6 N0 K/ E* u+ l$ b$ j
normally the value is calculated by adding it's principle and interest.
+ V, R  d- f. o; c% D2 teg. the value of the mortgage+the interests to be recieved in the future. ! W2 R4 \5 i/ u
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.
, c# ^7 S4 v2 N% J; ?in stock market, it's the demand and supply pushing the price up/downwards.
. ?4 i! ?9 g/ O& RFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& k5 N: V5 H# @7 ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: y' D! z1 T- W  I& U0 y. A
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. 1 ?8 h% h! `1 z
but the value of their assets did really drop significantly.1 V* c% W: m7 u
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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
7 V& M6 R/ k2 Q' r3 r7 M0 sRefer to last example,1 M+ w2 _& }- ]
that means bank A have no money because we borrow 10 dollars from bank A
$ M: c3 {) }8 p( {3 _; j; r' c( _Because bank A doesnt have enough cash on hand 6 b3 `- L2 R( U
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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! \( J% s6 I+ h; X: L0 |/ _A->B->C->D->E0 [' n$ A. S! o5 m
so does it mean if E failed to pay D,
; d/ v+ O) r8 d" t7 w6 n  qall the B,C,D,E have to go bankrupt?
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5 t$ u" i& z5 ^% Nthe multiplier just tell how much money created in a whole economy,
  ^+ K1 L$ k: P) q$ xin this case it doesnt really matter how much money is created,
6 m% i+ N- N  D& B- D+ `6 H; T% z, ait's the problem of the debt itself.
/ u8 R/ a6 J1 h& X3 X& wthe 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.gif4 k; q  y$ Q: [9 Q, a4 y5 b' u/ ~
小弟一直都唔明...$ V  m1 x4 e  M* O. B( r
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全世界都蝕錢，咁邊個賺緊錢呢?
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' ?# i1 O" N6 _4 a1 ?無可能淨係有人蝕錢無人賺架嘛...
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4 r* P* D7 V. O$ {# |9 S& ~敬請各師兄解答
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( v, _2 u- ?' W% yThanks

' o/ N$ a% x% i8 x1 ]那些根本係 紙上財富  
  n% i& _5 V; `4 M5 I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 graphic8 |- G) u$ z: i5 O/ S

' e# W/ L9 K9 f8 R+ Phttp://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  U$ s; q. A% R6 v當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
6 }5 k- F3 c" N2 E. ?; `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' U  F* `: p4 t
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
9 Y& {* d% V2 r& ]/ n! g8 h扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- s$ x, N) u, f  U9 A
計番回報率就已經係50%,所以可以好好賺, L$ f' T3 U. ~
前提係銀行之間要互相信任先可以咁樣借法
( O7 _( h* E- R3 ]3 C同埋個市場既前境要係好先得
$ G" ?8 q& `" q7 Q8 P但當經濟一差,公司估值趺了,物價不升反趺
5 R- {3 L( D/ I% z例如剛才說10蚊的, 趺到得番9蚊,
1 ^& o5 C4 M- S5 u- P咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% e/ V! {! Q& h( V+ _% D  Y所以你就會覺得D錢好似蒸發哂咁
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( R4 \  `/ o: j  S  j你都可以當標野咁諗, 個樣野多人可以狂升值, 8 e/ N! k6 a2 V+ Z6 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, ) a& b: P6 [3 _: E4 }! v9 L0 p
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 f& l( S. t9 g4 {8 ?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; |1 q  J5 x6 D7 ^' V( g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) e: @0 j' {6 U, C
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
/ i! h7 T8 [  R* [  a7 Z; p; G淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 j2 J- T4 X* a% E1 R& m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
$ l7 [  l5 S( s2 ]/ z: M- d咁你話d錢蒸發左去邊? ...

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正係咁樣8 p) Y, U" K0 S9 e6 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  u9 {8 ]9 L0 h
分分鐘佢地唔使還錢- n; g- M8 R! Z1 _% J9 _% P2 x6 m
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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,, L4 s* Z; M4 w' s
連國家都係問人借, 不停發債券, 印鈔票- E0 v0 A  X) {5 z$ J- b4 u
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
+ \) Q8 I' k/ r$ T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
8 f/ F5 e! R8 \咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係.... q, F3 U# E+ J9 U
因為以前未生產, 先消費
' n" h9 k9 k( G3 h+ `  c而家就要多生產, 少消費