0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif2 x' q6 D( Z6 K; n0 a7 |4 J  M
Why bank will sell 借據給第三者???: A" Y" Y" t, {0 t9 z/ l  b
I was so confused.....

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講到尾都係賺錢$ R$ e( k: V& b, q
so銀行可以不斷放款+ J$ q" M+ X$ I3 y0 h
美國的房貸問題散佈到全世界4 `  P4 q9 X2 z+ u) }

+ V) h( ^" g' _5 J5 a$ y+ [; Nmortgage loan & K4 ]: M* `4 F% `7 f- t
>conduit, p( k0 l( L% G% x( K
>RMBS(Residential Mortgage Backed Securities)7 A5 [: L# ]5 u) A. A( k# y
>arranger
2 ]- }* U* n+ m# _1 l% H' O! v" A' |$ n>CDO(Collateralized Debt Obligation)
) ~3 z% q1 i) i! a8 A' \. @7 g/ Y最後去到投資者

Kev

i thought it is the reason of rate of return.
8 [" s/ y1 O0 o' {+ }6 S* X, L& iCDs could have different ratings, AAA -> F,
3 G" b1 j% p9 t/ k) \- t; Imore risky ones would have higher premium (interest rate) as a compensation for an investment.
3 K" ?, G7 ?0 i5 X! Xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,& G' E1 _; u$ i
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., k; W* a: e7 q- d
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 z. t) [& @& \; q. R! J5 csimilar to bonds, CDs trading in the secondary market have different value at different times," I# |$ x% K5 r# Y8 H& @
normally the value is calculated by adding it's principle and interest.
# r7 F& \1 v( C) }3 w0 G: ceg. the value of the mortgage+the interests to be recieved in the future. 1 I% u3 @; h' R; d' E$ 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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( L# t5 H0 K; z0 D  U4 Z' [im not quite sure if the multiplier effect does really matter in this case.
. f" N# s# f( ?) `2 t5 ^in stock market, it's the demand and supply pushing the price up/downwards.
8 f9 f( P) m1 G4 E* QFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% |8 C- E! V& H6 j$ c
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! ?7 K8 d4 j% M0 m3 j# `/ R
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. - g8 X0 d: i" ^) i7 T, q
but the value of their assets did really drop significantly.6 y) a0 ^, N/ z4 j- K* I$ c1 K
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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
+ ?& Q6 X( J8 d! ]1 l! N7 K# D/ aRefer to last example,
' g4 N4 f( Z- x, v1 Nthat means bank A have no money because we borrow 10 dollars from bank A
0 O9 }0 @& B1 V( X* m# N8 sBecause bank A doesnt have enough cash on hand + G6 y  c( @* A% q% i& P
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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; z- A9 a) q) J- j8 A& k; v* xA->B->C->D->E
! ]& J1 Y9 X1 x  x  sso does it mean if E failed to pay D,
- Z1 [" d# v3 O0 @all the B,C,D,E have to go bankrupt?$ J" }. m& L9 \2 U

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1 J4 \: F7 O6 t, |9 y7 t2 p1 U: ithe multiplier just tell how much money created in a whole economy,
, p1 k) K- p, n- W9 Nin this case it doesnt really matter how much money is created,
0 ]7 b5 O3 ^9 Q5 N/ n' I1 Wit's the problem of the debt itself.* A( A  N- M  d7 c! ^( r: p
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
" v1 p( C! [+ z; ~) m  P小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?% F1 n: \: ^* E6 x
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無可能淨係有人蝕錢無人賺架嘛.../ X3 e% G8 Q6 I# `+ G! d4 j  F3 n

' P0 K4 Y" `6 ^. z; z敬請各師兄解答! R* F+ R4 P) e, e) }7 Y* a% L
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Thanks

: z& f, e5 {  \& u) Z5 P! L% \# d那些根本係 紙上財富  
3 o+ D: N: j' d( M  [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 t! j  P  {' |! O6 R) f# t

6 n, e1 C7 u6 i6 I9 M: K, V3 khttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
6 S0 T$ C  ?) g2 S當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 a' k8 A  [1 j- u7 t; U* j9 M# G9 v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, d) s. q5 A7 I, w
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
# t. @! T  N' g2 h* q: d扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,1 P8 J7 p7 b$ A  E2 c/ G
計番回報率就已經係50%,所以可以好好賺, t/ j2 }3 @7 ^" y' H
前提係銀行之間要互相信任先可以咁樣借法& J3 L1 a% I9 n3 w6 m' C9 F
同埋個市場既前境要係好先得8 w+ r# P' c3 e/ Y- G2 |  S- K2 v) Y
但當經濟一差,公司估值趺了,物價不升反趺" C9 L* O3 V6 P0 d! S
例如剛才說10蚊的, 趺到得番9蚊,
$ P. N0 H+ ]! N* _1 q咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
/ A+ w2 z/ e# ~9 @所以你就會覺得D錢好似蒸發哂咁; E6 P( O. U7 s. c5 u. j2 o
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你都可以當標野咁諗, 個樣野多人可以狂升值, $ z* b6 a; q7 r9 n# j8 A
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,
* }( |5 Z. y, T' P2 z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ x  p% ?) [8 N* d; N! `2 Q# s1 g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+ Z( {( V' d% V* s& s- R
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& J: P! J/ `, U
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 8 k! o( h. ^: n/ o
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . P: k9 ^/ y' i- C* S
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 r: |; N; E5 t) e咁你話d錢蒸發左去邊? ...

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9 v+ P5 ?; M6 y& v7 G! M正係咁樣# T# i3 x/ S( m9 b
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
$ f1 X9 \) \, I, j% d分分鐘佢地唔使還錢
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) u9 D6 M- Q  N" O2 w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,2 b! g0 k0 Y4 T
連國家都係問人借, 不停發債券, 印鈔票
1 R7 q# j: v! |/ O$ Q' N+ Q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ p  Y$ _6 v7 b& ^$ ]8 r! a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, C2 y; t' `& E  P$ F& u, w, O! Y
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...7 e3 W* M  e6 D5 ]1 u4 P
因為以前未生產, 先消費* i% Y! U7 ]! H
而家就要多生產, 少消費