0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif; J+ u/ e3 h0 d6 G
Why bank will sell 借據給第三者???
8 {) t5 P% J6 @* dI was so confused.....

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講到尾都係賺錢
! t4 B  Z9 Y$ G. R3 eso銀行可以不斷放款
4 Q! W2 ^  p3 s" r美國的房貸問題散佈到全世界
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mortgage loan # C+ e, C: X% b7 ~9 T
>conduit& D/ D6 |& M% V' r2 I
>RMBS(Residential Mortgage Backed Securities)9 ^: `  n* M) J6 L- H, V
>arranger& X8 Y  E- i* a% _2 L
>CDO(Collateralized Debt Obligation)+ b' E2 B( g/ [7 `) ]
最後去到投資者

Kev

i thought it is the reason of rate of return.5 A# [2 a2 A$ v( m" X3 ^
CDs could have different ratings, AAA -> F,1 g9 w# w7 L' H9 V* z8 p. y/ z# v: `- q
more risky ones would have higher premium (interest rate) as a compensation for an investment.
; E+ o: |1 B2 |( U- bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- Q# j8 r/ d7 d& w. R$ G( _" Sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% ?& [# ]% z2 K5 C/ b# f0 C- nAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- R; {( d( @  T5 g
similar to bonds, CDs trading in the secondary market have different value at different times,# m2 g. N/ J9 m3 T( ~
normally the value is calculated by adding it's principle and interest.
8 N9 o5 U+ n  p1 k% beg. the value of the mortgage+the interests to be recieved in the future. 6 v* e, ], c/ 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.
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im not quite sure if the multiplier effect does really matter in this case.
/ z& H* d; d# Q* c( n8 q7 [in stock market, it's the demand and supply pushing the price up/downwards.
2 g' p; T1 G3 L3 u) ]2 v; Q* TFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* Y: U5 M/ K, b+ c$ A' n
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ ]$ H  o. e) d& O0 Q2 o
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.
- Y/ ~( Z. w5 v9 Q! H% {  mbut the value of their assets did really drop significantly.
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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; |8 g8 u5 U7 X) t% I) @, R
Refer to last example,
' |$ Y2 L, {; b! e; D3 Athat means bank A have no money because we borrow 10 dollars from bank A 8 w' W6 u3 u( `
Because bank A doesnt have enough cash on hand
6 f! T# J- E; J, I3 p3 ztherefore bank A need to be bankrrupt ??? Am I right ?? ...

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3 ^0 |! k5 b) ^0 iA->B->C->D->E
  t) Q/ s" S- T% N6 Mso does it mean if E failed to pay D,
, M" n* d' B3 X+ y$ E: y7 _all the B,C,D,E have to go bankrupt?
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3 x* q. s- a5 }3 R$ k9 M# k5 w. D0 Cthe multiplier just tell how much money created in a whole economy, / K, L9 B: F* A! A4 T+ R
in this case it doesnt really matter how much money is created,
! h8 R8 s0 n% iit's the problem of the debt itself.
4 g0 `+ a0 u2 I$ p+ H% K& C' Dthe 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+ Y# Q9 m1 ^" i1 h& c' W' ^/ `
小弟一直都唔明...3 I5 g3 B2 V$ _: G' v" G
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全世界都蝕錢，咁邊個賺緊錢呢?; T5 C, c2 `( B4 e# h( y
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無可能淨係有人蝕錢無人賺架嘛.... q) c2 P; x* K" V$ T$ H/ o6 T! y

+ @; v; h$ G) n敬請各師兄解答+ e! {0 I/ [2 B  z+ x; S

. \+ _- J! T' R9 BThanks

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那些根本係 紙上財富  2 t0 I8 g, {) i1 B
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. F5 n' p( q" i$ G4 N+ h5 O
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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8 n; }$ Z! S: e# o; M! f) y
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
$ K$ W' W+ y- S* y3 }1 f- j9 [( y3 J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
/ M6 z3 y1 [$ J0 Y8 d! e4 b個件物價係市場好既時候升, 例如15%先算,變左12蚊啦1 r# u& a( c1 b$ h) u3 E: a
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 K; P$ A6 V/ ?4 ?! [
計番回報率就已經係50%,所以可以好好賺" V6 J: o0 L8 J2 s
前提係銀行之間要互相信任先可以咁樣借法- }$ z2 c. V: I, V2 z
同埋個市場既前境要係好先得" `$ [* Y1 k8 M8 U/ x! V
但當經濟一差,公司估值趺了,物價不升反趺! ]( |$ P7 h, U! P: n( Q: [
例如剛才說10蚊的, 趺到得番9蚊,
- V5 l. ]3 x1 y/ `咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
) D6 c0 S, J4 F2 b所以你就會覺得D錢好似蒸發哂咁! ~* D3 p. d  k1 |* ]0 w

+ d0 `& ~: j) G6 D! N7 r你都可以當標野咁諗, 個樣野多人可以狂升值,
( P+ o# ~0 v7 V# j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,
2 c! V+ [* r; t9 I* s. z, K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * X, X- |6 D# [2 R: t, z+ `/ ]7 a
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
  C% V. k. h5 s. _- }* w4 L# T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
8 F9 e& G( }# v9 W唔係d錢蒸發, 而係比美國佬洗晒未來錢,
0 ~1 {9 O/ h7 I淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 X& C8 c% H4 o+ 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: v; `; M. z6 U# A- N0 k% k5 B  X
咁你話d錢蒸發左去邊? ...

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$ G4 I$ b, `2 O正係咁樣! K4 y/ a% g  n
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" A" r  e# [  V  n8 U
分分鐘佢地唔使還錢8 G% y& B/ H; N  e9 g; e7 n) B
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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,
1 Z/ O' x4 D8 Y& q+ {* S* s; ?8 U連國家都係問人借, 不停發債券, 印鈔票' w. ]0 y" C& |, ^% O
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
, }* l! G' k& D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. ]5 z! S; W7 w* t- `' H
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
: `" i9 \8 g, ?! ^1 K. l3 ^因為以前未生產, 先消費6 o) [" G: v. x/ a
而家就要多生產, 少消費