0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
8 x) I( H( M  ~. Q- r. O! Q% jWhy bank will sell 借據給第三者???
  H/ Q# \9 V  yI was so confused.....

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講到尾都係賺錢+ T  B3 [, p5 w
so銀行可以不斷放款' q  Q) d6 j7 M
美國的房貸問題散佈到全世界* Y4 L' d; t* x: R$ ?3 ^
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mortgage loan
- M; _, s) D( D) w' {/ x- @5 k>conduit
# j' A$ o* t9 z>RMBS(Residential Mortgage Backed Securities)
6 z# n- E1 S9 P6 V' k; d3 P  n>arranger
  E' {0 m  K" t2 m& `( n7 g' q>CDO(Collateralized Debt Obligation)
2 B+ h* u. Y  e: E最後去到投資者

Kev

i thought it is the reason of rate of return.% [, ?& F9 ]6 d2 ~% Q4 m* L
CDs could have different ratings, AAA -> F,7 X$ h$ _" B7 B" w4 W$ G
more risky ones would have higher premium (interest rate) as a compensation for an investment.( h$ v, w. L+ p$ t/ a+ \
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 h$ X$ Y. u7 _2 ^# p1 r
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 r: n- Q+ h1 Z1 n( \  {* N6 e
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 a2 c2 k0 D# V& `* F; S6 e
similar to bonds, CDs trading in the secondary market have different value at different times,# i" ?9 K" `* E
normally the value is calculated by adding it's principle and interest. - {" b8 }! G% `& ]2 N7 Z
eg. the value of the mortgage+the interests to be recieved in the future.
6 o! O% x& ?+ ~1 jbanks 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.+ _/ W3 }5 J2 }0 v, r4 W, K( I0 j, f+ ]
in stock market, it's the demand and supply pushing the price up/downwards.8 V7 o$ T0 q+ E; h/ |
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( E7 l$ p. J; R* F! D9 W& m2 SA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 ]" J$ R  r; W" m2 K) k2 g, K' j: ]! @: hThe 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.
/ G& R6 B6 }! Z5 \- g& x: hbut the value of their assets did really drop significantly.
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. W. b  P3 Z6 o  p9 H' X[ 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  u1 _! J6 H/ n. S
Refer to last example,
% x! g8 \0 [4 L$ N% d* Rthat means bank A have no money because we borrow 10 dollars from bank A 4 ^$ g; U/ N2 y# t
Because bank A doesnt have enough cash on hand
! I- P8 t( P: U* O/ atherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
3 I2 L3 X$ v% }so does it mean if E failed to pay D, & O: r- G& z6 G
all the B,C,D,E have to go bankrupt?+ v, Y3 q3 G" p0 u# G1 V
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( }# D7 r! J6 U- wthe multiplier just tell how much money created in a whole economy, # o- {$ B8 p+ Y% z$ ~
in this case it doesnt really matter how much money is created, 0 {" Y- f, |  Q
it's the problem of the debt itself.
" b# E: h6 J# v, w* [+ M; j: Othe 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+ J+ ~/ c( S6 X6 F1 Y" P. ~8 a
小弟一直都唔明...( s. P2 u( _$ R
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全世界都蝕錢，咁邊個賺緊錢呢?, n. `& n! ^  F: ~$ u

6 E+ ^2 Z( G& D, ^, w9 c無可能淨係有人蝕錢無人賺架嘛...5 w8 c" a% h/ f

0 c3 Z. T6 D# ^! e% N/ d敬請各師兄解答
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3 ~( V4 O* Y/ g* ~" LThanks

8 G* V. ]# @+ M' ^那些根本係 紙上財富  
$ |7 z* B* H: Y/ N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 graphic5 W: r, \+ _' K% X0 R
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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, t) \& T. e( o$ q
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高- b0 s0 o7 A  a
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
9 y. j# ?) ?0 i, P個件物價係市場好既時候升, 例如15%先算,變左12蚊啦: u4 v% n+ X' F+ F, e
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊," j$ a8 o+ T: N& L* s
計番回報率就已經係50%,所以可以好好賺( j) Q1 d, p! C+ n* M' y
前提係銀行之間要互相信任先可以咁樣借法
* O$ M! y; R: e5 ]" t/ v$ F同埋個市場既前境要係好先得
1 b; ~3 b! u) `- V  ]+ V, Q但當經濟一差,公司估值趺了,物價不升反趺5 J0 p; Z! J$ K8 `- [8 I7 u
例如剛才說10蚊的, 趺到得番9蚊, 4 Z$ K0 {) w' G' v
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' d' F" v) o& ^' i5 k+ Y所以你就會覺得D錢好似蒸發哂咁' y3 H+ P# R! j: x# ~
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你都可以當標野咁諗, 個樣野多人可以狂升值,
* v  K" L, t* 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,
4 y0 ~: K3 o! r淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( I; a# A; y; p: i- Z* }0 y1 D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
& W: D* w8 ^0 c9 U& p6 E( r$ Z9 _+ a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
4 ?$ ]! ?9 I, ^唔係d錢蒸發, 而係比美國佬洗晒未來錢,
8 h0 B# J3 ?% W淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % y# s# h, S7 f: k+ a" a9 n) P
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& K3 m; b* [5 J4 z" Z9 u
咁你話d錢蒸發左去邊? ...

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! k. N  R& m, b. y' m2 t正係咁樣
# K$ S$ l& C3 z0 M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
' o" C& q# n) ^3 b/ u$ a- F分分鐘佢地唔使還錢+ {7 O* m0 ?4 w1 U% h
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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,6 Z: `8 C* v$ L
連國家都係問人借, 不停發債券, 印鈔票. ?- H' G5 L1 B1 f- b' g
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: q) a! O) w9 w* N6 |& V' s5 h, E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. m3 G1 o" r, e2 R" M7 F' K
咁而家"爆哂煲"算唔算先至係變番"正常"???

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3 A6 V, |4 P# L4 l8 O- {' |) H其實係...
9 k# j- ?& A) ]2 {: i% q9 [/ X因為以前未生產, 先消費- c4 A) r6 W& C
而家就要多生產, 少消費