0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif' t2 Z& n0 \/ G6 f% q
Why bank will sell 借據給第三者???
; T5 j, M  @  Q, L! ?3 yI was so confused.....

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講到尾都係賺錢
1 w) a3 K/ B  b5 [/ h8 Aso銀行可以不斷放款
5 l( \* X' ?+ A2 V) }- L美國的房貸問題散佈到全世界! I9 q$ Q$ L& H- {

' u$ ?/ f0 e! C& Q! t4 l6 v# Cmortgage loan ) ]: N* W, C1 n6 t! ^* N5 K  F8 H
>conduit
4 u1 a$ Z2 y) ?/ o5 \+ B; Y>RMBS(Residential Mortgage Backed Securities)$ t- i+ t& W3 B$ L3 ]6 E2 b# s
>arranger6 t* A* D. Y) V% x8 }7 s9 O" C, |
>CDO(Collateralized Debt Obligation)1 q& K2 p) b# d# @" [& w
最後去到投資者

Kev

i thought it is the reason of rate of return., T8 E# j5 i/ Y  W3 {# k0 x
CDs could have different ratings, AAA -> F,
+ L" p$ W; S( }+ \more risky ones would have higher premium (interest rate) as a compensation for an investment.
& q* H  i, v7 h) c5 t: amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( r2 T: O: z) @  E. D7 R
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 F+ y3 d# L- B( M# g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 _3 k  g, H7 O' J6 f+ ~: l
similar to bonds, CDs trading in the secondary market have different value at different times,3 ~- I$ u2 Q, ^, r" i  b1 x7 O
normally the value is calculated by adding it's principle and interest. * t' e9 i& g5 @) t" C9 B5 c
eg. the value of the mortgage+the interests to be recieved in the future.
2 j) M% o, v& m2 |! A5 y2 ^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.4 u; ?) X' R6 Q4 T+ ?

$ t6 h# F  x4 _im not quite sure if the multiplier effect does really matter in this case.
0 ~2 g8 o: E9 v0 ~% Qin stock market, it's the demand and supply pushing the price up/downwards.
: S5 e, ^" p2 l( }: t8 }0 U$ gFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
$ d: K( N! z& h: uA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) B9 S6 I# V: e7 `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.
/ d5 @9 i3 I4 R' Z4 [but the value of their assets did really drop significantly.( Y( _- t. f0 c6 v! I1 s* v( d

& ~/ b  A4 Z! q[ 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
& m; a- X7 b8 _! \7 W. IRefer to last example,. y; C* J0 ?, G6 p+ x
that means bank A have no money because we borrow 10 dollars from bank A
3 C- t5 E3 a" ?  U( [Because bank A doesnt have enough cash on hand
: m! T5 A) `6 J7 c6 E, vtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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+ T+ x" A1 H' o: X- q$ o) j7 SA->B->C->D->E
) ~1 c, j( V! Q/ c9 Y1 G# _so does it mean if E failed to pay D,
. l% Q# i# M: C7 O2 U* A. F1 T3 o) @all the B,C,D,E have to go bankrupt?( d3 ~$ m# _6 i+ D. I3 r" D

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  n) y8 G# |; t! I  @the multiplier just tell how much money created in a whole economy, 2 D8 i1 G8 r5 L( G
in this case it doesnt really matter how much money is created,
- L. K1 q% l$ P' V2 z; F" @0 k" kit's the problem of the debt itself.
; |) [# X' T8 O0 _* f9 H, ythe 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
+ q1 W% u8 F8 V小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?$ `4 C# H9 @" W# K1 ?$ C" L) ~* w

" h0 d8 b7 f6 h5 E8 d8 P0 ^2 w: p0 w無可能淨係有人蝕錢無人賺架嘛...
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% t- l3 L) i' E) s( q+ g6 K3 u; O敬請各師兄解答) b- U$ @. C# c! V) v- b5 e+ g

% q. T+ Q, p2 k" u. C8 jThanks

0 ]) h/ {" i- ~' m! Y  h& Y那些根本係 紙上財富  
+ t" M# d  O! _' J( W% r1 u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: K  Z- B6 E- u
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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& _5 [0 A8 m8 v: ^4 E
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) h$ t0 K/ K# C" }" p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
' w* K9 X) p, V, ^/ h  E個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! e) l( n) e9 t  ?5 z; x% x扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 Y3 i# h& b8 J. b! J
計番回報率就已經係50%,所以可以好好賺# ^. u3 `6 f- ?. H, i1 }
前提係銀行之間要互相信任先可以咁樣借法
- c8 |. K* @! V; V2 |同埋個市場既前境要係好先得8 Z% d$ K  n1 w8 e# q3 ]  s
但當經濟一差,公司估值趺了,物價不升反趺8 X& ?& ]4 ~7 E& A+ N4 Y4 ?
例如剛才說10蚊的, 趺到得番9蚊,
$ `  w& F  N" s* C& V& D- L咁投資銀行一下子就要還11蚊, 一來一回變左虧200%; f9 m6 v9 n( j, C/ D3 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,
( X8 U+ ]0 M% R+ |' w" d* Z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, $ s$ S$ P' E& V, B0 E% Z. c
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 V8 m: i* P4 U0 H
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
! M* {# k/ X6 u9 h& J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
+ z( s' \8 }2 ]唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 D8 F1 j5 T9 x; h# g$ y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : ]; f* n- f, C! \: g# 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) N1 k3 D! I( {  \, i
咁你話d錢蒸發左去邊? ...

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4 Z; B5 V# \% q4 X9 x1 }正係咁樣0 p3 U) B& K2 `% D9 f2 b$ P
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
+ b8 h/ w8 i# s* @分分鐘佢地唔使還錢
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- `/ b9 X0 [9 k# h3 g2 C; U9 s  K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,
9 R5 e2 X+ w4 m; Y* O6 [% Z連國家都係問人借, 不停發債券, 印鈔票. b1 b7 B: E; J9 R4 a4 L
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 {, ?4 C- D' o" `. Y+ f: W2 q( y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: b. c4 w7 G4 H7 I: ~
咁而家"爆哂煲"算唔算先至係變番"正常"???

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" S! Q1 [9 s; i8 m0 Z' C其實係...
2 b1 j, b/ S# M& s因為以前未生產, 先消費3 ]* l4 A8 Y9 ]
而家就要多生產, 少消費