0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif/ m7 R/ A- U1 C+ c/ g) ^. |
Why bank will sell 借據給第三者???
" S  {# A$ L. s5 e; A* _I was so confused.....

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2 I# V0 h1 x$ S. Y講到尾都係賺錢* `0 H0 W7 Y  s5 T
so銀行可以不斷放款: f9 D, c' h; e. C1 O7 }
美國的房貸問題散佈到全世界" A. m7 ?5 u/ R. `9 b

3 ?5 y/ _! ?0 j$ B  U  f. Xmortgage loan ) X2 h+ G# J( Q/ u8 t8 c7 E
>conduit+ A4 S7 C# b5 N  a' ]" G& t( ?$ @
>RMBS(Residential Mortgage Backed Securities)" K# J% Z$ F% n2 c) U
>arranger6 X. [1 t1 \  w: M8 \2 G( t% Y- M* F
>CDO(Collateralized Debt Obligation)2 v- r$ t2 F, b# B6 i4 c  a
最後去到投資者

Kev

i thought it is the reason of rate of return.8 M7 j, D" Z/ X) B4 e
CDs could have different ratings, AAA -> F,
  }! v! ^1 z9 ~8 g6 emore risky ones would have higher premium (interest rate) as a compensation for an investment.
" [& Y! T* y! J  V3 }main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- S$ o, D( a6 u' F; v
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# ~& C/ I% w5 M- V) m
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 \+ ?4 \3 |& B/ E
similar to bonds, CDs trading in the secondary market have different value at different times," [- Y1 ^0 m& @$ @
normally the value is calculated by adding it's principle and interest. 5 E/ N9 \5 y0 U
eg. the value of the mortgage+the interests to be recieved in the future. 4 z4 ]  |. l. J+ [* 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.7 v* O* F4 z6 V5 F( V

- T1 _, M7 ^4 P8 h, L" vim not quite sure if the multiplier effect does really matter in this case.
, \9 ~2 W* O0 w* x; R' `' Iin stock market, it's the demand and supply pushing the price up/downwards.
' l2 H! M+ x0 m4 q- uFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& ~( A2 d5 v$ z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! y' v! {( ^5 L" l; Q
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.   X: x- G; @! h' f5 U0 U3 d% y- D3 v
but the value of their assets did really drop significantly.
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: v, w# _3 {* A3 B+ G5 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  T0 b6 E9 @; w
Refer to last example,
/ @+ q$ y3 C1 T+ ?- }; \/ K4 y) Pthat means bank A have no money because we borrow 10 dollars from bank A
% V% @( Q) F4 f, @6 ^! h+ |8 GBecause bank A doesnt have enough cash on hand
1 \8 C$ M3 w/ O6 |! Wtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
* D* O: W/ y) U$ B& aso does it mean if E failed to pay D,
  ~2 ]0 ^* {* l: F0 @7 lall the B,C,D,E have to go bankrupt?. U9 Q! K3 B4 U# w+ C+ u

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% C  ^& L& q" ^" J$ athe multiplier just tell how much money created in a whole economy, 3 z. [& ]: H5 \7 h0 [
in this case it doesnt really matter how much money is created, , I) {+ H: Z5 G1 R1 O8 \) o/ b  D" T
it's the problem of the debt itself.
/ v! i' h5 n1 F- V0 N. E6 ~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/ m1 o! N' A% I: x$ k
小弟一直都唔明...( t  U0 x0 d' d& I' r% A! w

$ D" _* f  u5 e$ B2 o9 A% ]* r$ o全世界都蝕錢，咁邊個賺緊錢呢?
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& k' Z" w. {; o! H4 o2 \4 D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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1 k: g) E& k- f8 v: u# U1 z! FThanks

& ~8 f( c/ }: Z. Y. o- a. l$ e7 a3 r那些根本係 紙上財富  
1 x& {8 d0 W# j2 K8 O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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: I: q5 z  _) ~: u4 ~; j+ ]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) x5 m: S: J$ F; t- h0 J
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ ^$ l# a  ?: u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
7 P0 R/ L, b2 L- t7 f個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
# s: y- C+ r7 u5 K" r扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% p% D3 I! q! s: m計番回報率就已經係50%,所以可以好好賺) D, u2 M9 F$ o5 i
前提係銀行之間要互相信任先可以咁樣借法: s- L/ v, m# R2 U
同埋個市場既前境要係好先得
) v: h/ }5 Z- @- _# ?7 [2 _" ?但當經濟一差,公司估值趺了,物價不升反趺2 g- k" a5 b0 H! s  R6 V1 W& g
例如剛才說10蚊的, 趺到得番9蚊,
6 r1 M1 H: \2 b- V6 ^0 n" w咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 O) {6 ]2 u: X所以你就會覺得D錢好似蒸發哂咁& A# _: H- i# P% u1 i$ f
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你都可以當標野咁諗, 個樣野多人可以狂升值,
: \5 q: s! B( K# Y. f, i: O' w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, $ x8 k! D- V3 O
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) J( @3 j+ `. i7 K4 u9 l$ R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. @" j8 W8 d; f6 N5 M. 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.gif
9 [$ i6 c9 A# d+ e  V. `唔係d錢蒸發, 而係比美國佬洗晒未來錢,
- @- Q/ z* ~8 N) t; j0 i5 @淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; D: b' }4 e  w+ U/ f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
) B: C: C9 p5 T* L1 o- u$ S, D咁你話d錢蒸發左去邊? ...

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正係咁樣& x) B) A8 W9 _6 [) V* G- Y0 i) g  A
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
; y9 e: @. F; g7 ^分分鐘佢地唔使還錢5 s- n: F; H3 ~$ d/ _: N

% Q! R6 ^# D+ j! u  `+ l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,! ^7 t- k# f. @$ O
連國家都係問人借, 不停發債券, 印鈔票
( [6 p% b& ^5 w1 P' ]8 N一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! i: ]  r. P2 y2 o1 Z) I  K  K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+ E7 S/ g( q- C咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
5 t! h" h" _0 _" Y7 g因為以前未生產, 先消費
+ {9 ?0 g9 e' u6 u; I5 B; _# ]( J而家就要多生產, 少消費