0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
. N3 a" ^# p, T$ W( Y5 z9 o6 NWhy bank will sell 借據給第三者???4 P8 a0 e- t% T, Z* a
I was so confused.....

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5 `6 s  w5 N3 N- J; X! o講到尾都係賺錢
5 {3 k: I- y8 e7 Z2 n" |so銀行可以不斷放款
" I: f: {0 C8 A5 g3 b. Y7 }美國的房貸問題散佈到全世界
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, ]7 E5 F' c1 S7 d3 N" O  C% }mortgage loan
0 |* A- g9 a9 o$ y. `>conduit
! ^+ S" z2 f+ r3 A& q- h+ |; C- {>RMBS(Residential Mortgage Backed Securities)8 }1 p! ^# _7 V; P/ y9 B6 e
>arranger
2 s8 g/ c0 I6 W8 d0 j. |$ Q>CDO(Collateralized Debt Obligation)1 c/ [/ j3 V* q- ?+ q5 s
最後去到投資者

Kev

i thought it is the reason of rate of return.9 E2 d0 e* n6 }' W/ ]
CDs could have different ratings, AAA -> F,
4 W8 b4 x7 J0 B1 z9 y4 Wmore risky ones would have higher premium (interest rate) as a compensation for an investment.
9 f; I3 N. k* t- ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 B$ T! e* Y: E% p# B$ D$ a# ~: {9 S
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& e- S8 R0 I4 c1 J% f+ C9 R
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 t, h* v6 X6 K" d' t
similar to bonds, CDs trading in the secondary market have different value at different times,; _, l  @. I9 P
normally the value is calculated by adding it's principle and interest.
+ N* T% V2 B9 ~$ Oeg. the value of the mortgage+the interests to be recieved in the future. . o; |) j( F% W5 I- F0 ?% Z
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.5 W! L5 L. x/ B& q9 y2 c
in stock market, it's the demand and supply pushing the price up/downwards.
! n+ |  o; A; Y3 hFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ S' n5 ^3 i7 }3 p5 @- p7 z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  W0 Z) t6 c0 {7 @+ B( u' h
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. 5 e+ \. K! h  {8 F% Z* i
but the value of their assets did really drop significantly., L( ]2 u  ^& `2 j
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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. I9 |7 N) g/ Z9 n# m/ N
Refer to last example,: O+ m2 Q6 N6 @
that means bank A have no money because we borrow 10 dollars from bank A
5 }4 N  z2 x8 `1 R! S$ YBecause bank A doesnt have enough cash on hand
, w! Z7 |1 Z1 P) C2 a& z2 atherefore bank A need to be bankrrupt ??? Am I right ?? ...

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& i8 A" K5 m# }; t/ J  s+ ?! {$ B
5 R/ {6 i- ~/ \A->B->C->D->E
$ ~, K( h1 `5 a7 ]: K- xso does it mean if E failed to pay D,
. q* m0 r# N1 a1 y* uall the B,C,D,E have to go bankrupt?
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8 r5 c* }" q  c: V. F2 f5 `7 P: ~- [
" B0 V. k$ p8 I$ v: g6 T! d( G/ A* othe multiplier just tell how much money created in a whole economy, - {/ ]5 C! q" Y* v& }
in this case it doesnt really matter how much money is created, 0 Z3 @6 Z' @6 d0 @5 Y  j
it's the problem of the debt itself.2 [# j  t- [% x7 n3 @  w
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
7 u4 [. P7 O6 q+ C0 p: [小弟一直都唔明...8 j5 i; M+ `4 c0 X8 b
2 p9 ~# @! x4 ]' O' z: a
全世界都蝕錢，咁邊個賺緊錢呢?1 ^* Q# l7 W* w1 Y+ @
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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) ?# c  |  _3 W# ], W

2 {6 h- F1 X6 [3 TThanks

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那些根本係 紙上財富  ! ?. o! p$ l' M+ x
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/ f9 Y- _- N8 K( O9 r

+ I% E+ b0 k- `8 Yhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產, d0 A7 J8 s& v9 t' U" N" M1 ~) b
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
& p, N4 `- F: m/ C, [0 s* L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
  v2 Y, n- U/ ?( R* Z" ?個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( y- b8 B+ U! x. w3 Y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,; ?1 f6 ]+ a3 p# l
計番回報率就已經係50%,所以可以好好賺: t* y( ?9 h" s$ q2 X" m# I- j2 ?5 d
前提係銀行之間要互相信任先可以咁樣借法
! B6 W5 d2 i. w3 M同埋個市場既前境要係好先得
( F/ Z7 c; @3 r' W但當經濟一差,公司估值趺了,物價不升反趺( F0 [9 q8 X. C* Z& Y3 W
例如剛才說10蚊的, 趺到得番9蚊,
& \# D4 D3 M- l咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 S; \4 i) l0 _5 I& v1 u! o
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, - y, W6 C3 i5 H
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, 9 Z! |& O$ @- i4 X! z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* Q% P) Q7 J+ Q1 M) O! Z' _+ n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
' G/ F. k. R# s" J1 k. o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( U2 O7 h; B$ f9 r8 ~5 q- r$ i
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; I( F. P3 D, C( c* g淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % a- ~7 h4 N9 `7 T
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
4 L- [6 j. v. X# s4 }. Q& M8 O咁你話d錢蒸發左去邊? ...

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) M* H6 i( U  S- A  c正係咁樣
# e7 |8 r9 ]5 D: n. Y0 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
' Q3 K' Y  \8 a9 E+ ~分分鐘佢地唔使還錢  f1 r! g! w/ e3 ?

% v) ^+ O& L* U3 I, U2 E2 ~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,
- v  C1 K9 e: o4 |  B9 n連國家都係問人借, 不停發債券, 印鈔票
1 V* Q" Z  R$ u0 I2 R" D, a4 r* [一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ a1 u+ @* y$ A- T# 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$ u$ R& ^2 V0 V, y6 M
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
# J$ c, A# N  X3 K/ i( J, b- }2 E  \因為以前未生產, 先消費0 n5 f( W) M% `/ \6 t6 m- ?7 K7 D
而家就要多生產, 少消費