0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif( h" A2 y5 Y" r4 @" Z
Why bank will sell 借據給第三者???  `+ R+ j: t3 i- T
I was so confused.....

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講到尾都係賺錢$ C' l- N) M- w9 Y. M
so銀行可以不斷放款
. {, r+ g& Y, _7 k0 {* q美國的房貸問題散佈到全世界
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mortgage loan
' a  O7 U3 B: `; q  L4 @$ m- A8 C>conduit! D5 \0 _; Q8 R6 p  T
>RMBS(Residential Mortgage Backed Securities)
1 f# _# j( _/ B>arranger
4 `/ \+ ?- u1 q; C+ U>CDO(Collateralized Debt Obligation). C' r5 T" J2 Q2 l/ p6 S
最後去到投資者

Kev

i thought it is the reason of rate of return.
$ D- G% Y8 C  ]! G' `" TCDs could have different ratings, AAA -> F,3 r" I6 ]# F, [1 R+ ]
more risky ones would have higher premium (interest rate) as a compensation for an investment.* D4 g' C- ?7 k2 y4 d
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) J- B, l3 Z9 R* R# K3 [% P, b
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." `+ h  D6 B* A6 f# q/ |$ q- e
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ D- h# R" L) ^' f" n
similar to bonds, CDs trading in the secondary market have different value at different times,
9 P  F7 d8 p1 J+ \6 Knormally the value is calculated by adding it's principle and interest.
/ q6 }+ Y# T# N) K' peg. the value of the mortgage+the interests to be recieved in the future.
* E6 j0 l3 t3 g% Q- I0 X. _1 ]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.
- n4 D# w: A6 k( g0 ^- Xin stock market, it's the demand and supply pushing the price up/downwards.
  J8 d$ p( q! E" w; q, Z7 L0 iFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 W& S$ l/ a2 S5 V5 DA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# d' }% W8 e9 f9 a; H+ A* p8 w+ ^
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.
, \9 E* e) A. {) s5 sbut the value of their assets did really drop significantly.
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& x- s; U3 y4 q1 }1 k% R! ^; t8 q[ 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+ I2 k) D( n' Q5 @  v/ v0 u
Refer to last example,
5 b2 E1 ]5 A/ i) {0 Hthat means bank A have no money because we borrow 10 dollars from bank A - u! H( \' g: C6 n- O0 B2 W
Because bank A doesnt have enough cash on hand 4 Z( |& G  K* \7 V/ o' f
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
" d# k& K5 u7 u7 _+ q, Pso does it mean if E failed to pay D,
2 v* l. }3 O7 Tall 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, 0 X' \- R" D9 z: v/ N
in this case it doesnt really matter how much money is created,
  c: W9 r$ F8 E9 v1 |7 T" K% e8 Mit's the problem of the debt itself.5 O) o3 d: S5 w! g
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
# N  C- O1 `) i6 d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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/ y5 A! m0 M4 S" I0 b( U& E" X無可能淨係有人蝕錢無人賺架嘛.... v5 N/ J# F4 P

! W) ^. |3 ]* V敬請各師兄解答
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Thanks

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那些根本係 紙上財富  
3 s( B& f6 ?$ U' }: d( a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3 n) n! X; p+ E2 \9 A
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高( Z7 r/ i' u8 b
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1 m8 S. l3 j/ c2 j! _
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
. [- A& h& A9 F( U+ v扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ \. n( r! M% |, n! [6 {
計番回報率就已經係50%,所以可以好好賺2 M( }' b3 n/ _6 H+ K. P0 Y  n
前提係銀行之間要互相信任先可以咁樣借法8 P9 K0 ~7 ]/ w- ?2 {7 W/ u
同埋個市場既前境要係好先得7 @; b$ R+ S+ p+ b/ ?
但當經濟一差,公司估值趺了,物價不升反趺  x" m0 k2 B" z6 Q- ^
例如剛才說10蚊的, 趺到得番9蚊, ! E4 {7 E- S6 l
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( D- I1 K  M( g/ v$ [4 T
所以你就會覺得D錢好似蒸發哂咁- q: {9 j# N2 N

2 N# |/ l  ^4 |3 R. u3 u: p5 e/ R你都可以當標野咁諗, 個樣野多人可以狂升值,
/ I  v& i" ^/ u- {8 W$ S& p, v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,
* }% \( B# ~* e1 o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : {" T0 ~6 q( l" ~
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
$ l0 [+ x: ]9 L* I1 p; Q* G* c( ]8 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; |: g5 m" w+ J: w" F3 {
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
7 Y6 Z  E. m, g) i淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
" \0 I$ [5 u7 j2 G) o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
1 k: u0 `; q( _咁你話d錢蒸發左去邊? ...

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正係咁樣
+ P- k( y. D  \% ~% l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2 |7 v' I' r7 F; l
分分鐘佢地唔使還錢
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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,9 ^" G8 Z5 r4 Y; F' _* x
連國家都係問人借, 不停發債券, 印鈔票
4 o. c3 V/ o6 A- `% f. D: H5 M一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
; N( N: B6 {/ P( d; j0 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& I& N8 Z7 E, r  p2 a
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係..., S% y' F" \* X( j
因為以前未生產, 先消費
6 g' `  j) D2 T2 k而家就要多生產, 少消費