0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif; F: D' {, C( C
Why bank will sell 借據給第三者???  g  a8 `1 e+ g! c( f5 r7 p
I was so confused.....

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7 f  d: ~, |5 O3 J' W) W9 m講到尾都係賺錢
. P  R" q! q3 e' H) jso銀行可以不斷放款
8 l: ^8 D  C4 ?. L3 |, T) {美國的房貸問題散佈到全世界
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mortgage loan   q+ t/ n! f) W( V6 T2 s* S$ B
>conduit
& F; u. W  I. [* a& m9 z" Y5 I>RMBS(Residential Mortgage Backed Securities)
- n) F1 T* {0 f" ?1 Z) R  x5 \>arranger
! F  Z7 r. ]/ O1 ]/ W) p>CDO(Collateralized Debt Obligation)" d9 z' k0 l) ]+ Y* t
最後去到投資者

Kev

i thought it is the reason of rate of return.; G3 P  o" N% a8 q: O
CDs could have different ratings, AAA -> F,
) y) Z% {& }8 _more risky ones would have higher premium (interest rate) as a compensation for an investment.+ q6 p& }, n- ]# F# d
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 l6 B# w. z+ F$ K" u1 p3 B- L# tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" s9 w/ K' i0 WAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' X5 \% G# F3 h$ g! j/ W7 a& {similar to bonds, CDs trading in the secondary market have different value at different times,
* U% ]/ U6 S3 c9 [$ hnormally the value is calculated by adding it's principle and interest.
: a( V  y" j% ^/ n0 qeg. the value of the mortgage+the interests to be recieved in the future. 9 |& |' Q1 j# n9 X5 i+ F' d- w( H+ G
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.
* P- Q6 X" ?( [) }) p4 K0 `/ ?in stock market, it's the demand and supply pushing the price up/downwards.4 H$ {0 p" `2 d) r/ y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 j% ^; u4 k7 t% n- L. @8 m2 [A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  y0 D# t! c& w8 w8 X  n
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. * N9 K6 T, \1 k: n7 e% h
but the value of their assets did really drop significantly.6 ^; Z! u! u  W; J: N
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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
2 X3 y$ d9 `1 ?: JRefer to last example,  Y, e: d5 l- {% P# v2 d" ?* X
that means bank A have no money because we borrow 10 dollars from bank A   h4 D6 i) k* A9 R2 Q/ P
Because bank A doesnt have enough cash on hand
  Z  [& M* W0 ]6 S& ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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- k! e: n$ M2 qA->B->C->D->E
( q; o! W% Y, P' E# T; D$ d3 Fso does it mean if E failed to pay D,
3 {! b- H0 f+ [all the B,C,D,E have to go bankrupt?
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& v& J  t4 d, o6 n$ Rthe multiplier just tell how much money created in a whole economy,
. I+ l: a, C1 n7 r. qin this case it doesnt really matter how much money is created,
4 l) `0 y1 ?- ait's the problem of the debt itself.
, h) [+ Y, Q. C. N; z  [8 Bthe 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
9 `7 m6 f& |, W7 G小弟一直都唔明...& x" k, A% a- u: f7 d
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全世界都蝕錢，咁邊個賺緊錢呢?: ~; G; }1 G6 u1 K( ]. g5 H  ~
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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Thanks

2 ~; L3 C) e' Z" l/ C那些根本係 紙上財富  
0 e8 S" O; S0 ?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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7 n, i" J0 l" N$ A/ Q. ?) ]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2 m3 s- ^" X+ Z5 I, L( @7 D! d/ d
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
. [" q; `" d$ J2 q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
+ i% r! m% q4 y4 i& C個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 J* }* s- ^/ n  U$ p扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ Y5 H5 j9 I' p/ a4 |4 s
計番回報率就已經係50%,所以可以好好賺; f1 `/ x+ N  n7 D+ `2 U& s! l
前提係銀行之間要互相信任先可以咁樣借法6 t  \9 \: {5 A0 z" q3 @
同埋個市場既前境要係好先得
' e, u: A1 M+ p3 f% O% L! U但當經濟一差,公司估值趺了,物價不升反趺1 j# }# |2 D5 f7 O# e, F
例如剛才說10蚊的, 趺到得番9蚊,
* \. Z- o& g( ^6 J# t  E" p咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( i5 x! b% p6 r4 k
所以你就會覺得D錢好似蒸發哂咁7 A, l4 f- s  `' u2 Q) [) s

; [' e0 u; A+ S& v: p+ U你都可以當標野咁諗, 個樣野多人可以狂升值, # x6 j- Y! ?8 W6 \- g
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, / g6 ?# b# P3 X( X) R: V
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + y7 l1 k. |/ E/ 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  d' }9 m3 w4 L2 W
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.gif0 I4 K* u' Q0 O) A; R2 R
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 0 M$ ]$ Y4 I1 L) X$ F/ G, d1 K
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ y- Q; G4 ?, D4 q: b" x
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
' J, _* e1 P' K) F+ R咁你話d錢蒸發左去邊? ...

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正係咁樣! J  a- Z9 y7 [: G% n0 V
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, l, I0 F* H1 ~0 h( i7 I. Z3 \3 j! V
分分鐘佢地唔使還錢1 P; h3 [! U8 e6 |
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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,) U* k) Y) d/ V  s( j
連國家都係問人借, 不停發債券, 印鈔票  x+ e, R; h7 d; o; `7 O9 A
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 `0 `3 o, N1 S. N" i
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
/ W0 R1 P/ u, m* V咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
5 B2 z. O" T5 A$ ]因為以前未生產, 先消費& }+ |# j  @3 U. c2 q) _7 u
而家就要多生產, 少消費