0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
( m: Z# |( y2 V+ B1 p& u( B8 d; BWhy bank will sell 借據給第三者???9 W% n6 o: B3 P  H
I was so confused.....

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講到尾都係賺錢
: w, S$ ~( C8 ~" V2 B% K* j: fso銀行可以不斷放款
+ [6 \2 y  X: q美國的房貸問題散佈到全世界
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! K. s/ X6 P, \5 ]* ~9 Mmortgage loan
5 ^3 O# R- \/ V1 F& I2 G2 G>conduit
- K: k3 ^- F! X) g* G' }1 }>RMBS(Residential Mortgage Backed Securities)
. b; W  n1 D- d. ?3 o* A: P6 ]>arranger: Q8 m1 m" H$ S
>CDO(Collateralized Debt Obligation)
0 E7 [% K( w: Z4 w% J  Y6 @最後去到投資者

Kev

i thought it is the reason of rate of return.
7 V7 b$ E# d+ o! N2 dCDs could have different ratings, AAA -> F,7 q2 l. \" H5 P1 x- J3 o7 n
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ s9 t3 l. s% i; A9 }main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 |- O& J5 W5 E& R7 s( W
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 C# C) G  a8 ^) v% j* eAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) P8 b  H3 r0 f8 Z
similar to bonds, CDs trading in the secondary market have different value at different times,
9 v  Z: c! b! a  jnormally the value is calculated by adding it's principle and interest. * t4 b# [  b2 C& y
eg. the value of the mortgage+the interests to be recieved in the future. 2 v) d. b! }$ o: t, n9 m6 L
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.% |' }9 q* M! ~6 @' S7 _5 i

7 e% C& g" }7 O, qim not quite sure if the multiplier effect does really matter in this case.# h% x; U/ x6 y
in stock market, it's the demand and supply pushing the price up/downwards., L. ^4 p/ W1 i- Y7 [
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- F& f0 f5 Z$ L
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ m: M) c2 U1 ~( h! v& _" i4 c0 J
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 k+ ]/ |0 X, D1 i/ C$ R
but the value of their assets did really drop significantly.8 Q+ F5 }& A( w( e( ]

8 r! b9 n$ `7 b" Z[ 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
3 _2 W- `: N2 `* mRefer to last example,
7 C) w' l4 m+ u3 W- Y: {% G+ jthat means bank A have no money because we borrow 10 dollars from bank A ' t- y2 T6 K. w  I
Because bank A doesnt have enough cash on hand ! ?3 ?& {# W4 q9 L3 X: ?( Z
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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: z/ _( X6 I: ZA->B->C->D->E5 h  e5 O" F& O! F9 J9 H9 C
so does it mean if E failed to pay D, - V1 ~8 W0 P  s
all the B,C,D,E have to go bankrupt?  x/ w( N) p8 N# b
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( L0 `* w3 f# ~! @) @the multiplier just tell how much money created in a whole economy, 7 H2 x9 Q2 o$ d
in this case it doesnt really matter how much money is created, : g" `/ {' v+ G& L, Q
it's the problem of the debt itself.
9 U" p6 g' M4 ^9 B' q  ?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# A# \2 ?8 S, V6 b# r# \& X
小弟一直都唔明...% @. q1 F. n$ R% ^

) k( s# r* i* s7 f8 _全世界都蝕錢，咁邊個賺緊錢呢?& L5 {6 G. a3 K: x- `$ v! i( [
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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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6 a( u6 m3 t5 }: ?9 D# [Thanks

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那些根本係 紙上財富  
# {. w) F, v' w3 D8 g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 graphic2 ~  f! P( j( V3 c8 k5 Z: u' L
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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
; @# Q# c3 u) r1 l6 z3 B- S當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% ^) L# Q# j6 F$ o
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% Q. g2 _- _3 E  T- Q7 V* W
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦0 \% Z/ O+ _) r1 x
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
' }' `# M  A4 e$ Q計番回報率就已經係50%,所以可以好好賺+ Y# x/ k! t8 Q$ U
前提係銀行之間要互相信任先可以咁樣借法
  D$ e/ u% y) z8 L; Y同埋個市場既前境要係好先得, Z* r- b8 H& b' o( O8 ?" }
但當經濟一差,公司估值趺了,物價不升反趺
- E9 w! X( Y, E/ H1 Z& J1 l例如剛才說10蚊的, 趺到得番9蚊,
4 {  G% a! ^3 x6 g1 q5 y7 ^' w咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
3 v4 }+ c4 ~% _) A* z7 z所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
( {1 O' x7 f. }: u0 y7 X( x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,
* `1 t: f4 A% g( k$ [7 ~3 s淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ V) d" z& A. o: W
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, K7 S& m. v1 U4 Q; T- N$ X1 B* Y
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.gif6 @( j6 p, K- p  H' u- E
唔係d錢蒸發, 而係比美國佬洗晒未來錢, $ j/ Z' l( J- @+ M' O- Y. y7 ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 l* R9 C; Y# v2 R, M0 H/ F# T8 _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3 o, y2 K0 ]/ d7 x' [5 J2 A  x( o
咁你話d錢蒸發左去邊? ...

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正係咁樣; ^7 m8 t. d0 n) }/ q' B7 \
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, A9 l/ s$ L5 X
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,
" E, {! B( _8 Y5 w9 c! T3 a6 w連國家都係問人借, 不停發債券, 印鈔票
' {) `4 ^6 z- j一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! [, Z$ W( D4 ?+ R2 y
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
" k+ J9 h# c- o* a/ _  _咁而家"爆哂煲"算唔算先至係變番"正常"???

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# y$ l7 e6 N% b6 T+ m$ I其實係...  `) ]; {" i' _5 f# B  p
因為以前未生產, 先消費
* M9 U& R9 ?! y3 E; G而家就要多生產, 少消費