0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif2 d7 |; l& g$ y# _# F  l
Why bank will sell 借據給第三者???
/ S7 J( X6 f. U! D+ q% u, }: `I was so confused.....

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講到尾都係賺錢0 ?- G% F% z' n; |8 a# d- n
so銀行可以不斷放款' Z* z- g# M: ^7 F
美國的房貸問題散佈到全世界
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2 w+ m0 k$ r9 u/ @; Imortgage loan
% e# z$ d" g# g>conduit
& t. L6 l6 G" D& y7 L>RMBS(Residential Mortgage Backed Securities)+ e. d* y1 C4 R8 Y, b
>arranger
+ b8 l7 p% V0 O>CDO(Collateralized Debt Obligation)4 I& j& l+ m- b/ s6 h! E
最後去到投資者

Kev

i thought it is the reason of rate of return.% V! k3 k1 r! Y! L; [- w
CDs could have different ratings, AAA -> F,- v- U. o; B0 i/ k" ]; p
more risky ones would have higher premium (interest rate) as a compensation for an investment.
( s; O3 l$ H9 O. I, [& T# Lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% ?/ R! h. o" S1 t+ w' x- v3 r2 A  K
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- v* g, G$ U. Z* a+ x- f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! m" h# n! M/ U' I, _similar to bonds, CDs trading in the secondary market have different value at different times,
& w6 K9 X3 ?4 a: B5 y0 @7 wnormally the value is calculated by adding it's principle and interest.
" i  n8 t/ ?% Qeg. the value of the mortgage+the interests to be recieved in the future. 6 I! \0 X; x2 _' e& @
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.
' x  m4 F* Z9 x" l; B3 Oin stock market, it's the demand and supply pushing the price up/downwards.
0 |( ~% ^/ j5 mFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) T, a- Z  P3 dA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.4 E0 c1 p. ~% Z4 L
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.
) A6 |1 {' h5 s; D! [6 l  J# A: bbut 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.gif7 ^" b) Q" Y1 p. ^
Refer to last example,
0 q# m4 \/ M3 n: @that means bank A have no money because we borrow 10 dollars from bank A
4 v, M7 D4 Q; @) g9 d& Q) LBecause bank A doesnt have enough cash on hand
: E  Z2 K$ B. D" l9 r- a" Rtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E1 @; ]# y+ t. H8 z8 u9 I
so does it mean if E failed to pay D, , x' B2 F; z& D8 {- L
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, # l6 d' x: j- @) M+ P% ^
in this case it doesnt really matter how much money is created, ; Y* {5 \% Q, r9 Y# O7 u
it's the problem of the debt itself.# y. L( h" G9 B0 G( g) ~* r
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( o; m; E% ]+ }2 x, q
小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?
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8 R5 R" F* c- d- O  f無可能淨係有人蝕錢無人賺架嘛...1 s5 ^9 ~- K5 i0 B% \0 M+ f5 W

# ~. O6 F) x3 X6 U& `/ B敬請各師兄解答- \& g& c4 B/ X
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Thanks

+ e  H' a1 g7 G% r$ G+ K那些根本係 紙上財富  
% p( v9 l0 x! p1 H6 z1 d, o7 G1 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 graphic
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& r$ U/ m' d3 h9 t! {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
% _" u* g% l+ K; q1 E當經濟好,投資銀行相信會賺錢, 物價既估值相對較高6 [" f$ |# X. }
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3 J4 S: x9 }* `, U
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦1 Q0 _. P( @; d8 A% Q
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- M. K; }& z$ i: ?
計番回報率就已經係50%,所以可以好好賺
! l: {) F2 @8 Z2 I" Q0 h前提係銀行之間要互相信任先可以咁樣借法
7 b8 ]2 p& ?+ D0 ~! X3 T. I同埋個市場既前境要係好先得9 ]* k: @! P9 L2 Q
但當經濟一差,公司估值趺了,物價不升反趺8 l* q4 P& R4 F/ T+ k" B! K2 y/ u
例如剛才說10蚊的, 趺到得番9蚊, + d( I; y, {  n6 m( }9 V
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%7 ~1 R& ]( c7 l4 N
所以你就會覺得D錢好似蒸發哂咁2 b4 Q2 h" X* Z+ |# {

9 A( R0 ?& i/ f& h; ?你都可以當標野咁諗, 個樣野多人可以狂升值, 5 {5 I" n2 s5 s  s; @8 V
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 \- z6 {6 h1 F9 w# }6 p" R& A* j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * q, g! \$ w9 ^+ @+ R3 q  i
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
& J5 q: T) c7 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& O1 f, X+ W. D& I( B
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
' H( {3 J$ i6 k9 P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ h" W% ?$ S3 ^4 U8 G6 a7 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
  T8 N- c6 p* R咁你話d錢蒸發左去邊? ...

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正係咁樣. R  c' X8 {% ]# n; y
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
7 b$ q& |/ c; P! ~) c+ g  z分分鐘佢地唔使還錢
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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,
, f( G5 o4 ]9 [3 D# g, k$ E% W連國家都係問人借, 不停發債券, 印鈔票
" `# K  N1 s& q8 d) i! ^一個國家好少出口, 而又大量入口 ,反映到佢唔多生產. r  r+ i5 U& ~
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! ^' L; i3 x! }- p; [  p/ f& _" V
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
: E- n. M! t- u3 }因為以前未生產, 先消費
( z& }1 h' M! t) {而家就要多生產, 少消費