0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
+ n* A- S* a2 j8 @Why bank will sell 借據給第三者???
: d7 w5 ~% K, F. g, {' XI was so confused.....

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講到尾都係賺錢3 t7 o9 ]9 @3 z. T
so銀行可以不斷放款
' x: c. e3 p9 c/ v$ }, l美國的房貸問題散佈到全世界$ D) [1 U% V7 A& d3 B6 h1 u: `
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mortgage loan ; d& g/ m5 u" e$ T4 L4 M' v" d
>conduit
7 w/ t0 [1 I/ |5 Y* J>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)& K1 F4 _. |2 A) V( S
最後去到投資者

Kev

i thought it is the reason of rate of return.
0 b1 z* f  i( N- Q! X2 G% D: y9 sCDs could have different ratings, AAA -> F,
0 m7 ]6 D; m' }more risky ones would have higher premium (interest rate) as a compensation for an investment.
7 D! v/ H0 m. ?2 ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; s# ~  |4 g: @5 l- h5 I# M
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ A0 B( ^8 E" m9 o0 cAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ o) ]: \5 t% |! c  g; [# k6 z: C
similar to bonds, CDs trading in the secondary market have different value at different times,) A! ~7 f9 M" ]/ J$ F
normally the value is calculated by adding it's principle and interest. ( k- u0 S! e- {
eg. the value of the mortgage+the interests to be recieved in the future. ) W' D8 o; w4 H$ n& n' ]
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.  Q, p8 }8 Z$ G, S1 W2 K

; R( Z5 U( ~5 ?& l8 A) wim not quite sure if the multiplier effect does really matter in this case.$ S3 O0 b6 P  w( g! K$ f
in stock market, it's the demand and supply pushing the price up/downwards.
; J5 h: ?$ ^7 o. }9 X: aFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% I, c& V" ]$ ?8 E0 w/ ?
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  S9 f0 l8 U! mThe 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.   g! X0 D7 W1 Y7 t2 W
but 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
- r" z# j' T1 q. w4 HRefer to last example,
; f  ?9 Z! r* U" s9 zthat means bank A have no money because we borrow 10 dollars from bank A - V7 u# E$ a' @! `$ X  J! ]- d
Because bank A doesnt have enough cash on hand
  q$ |, v# S* M1 a! Gtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E$ X' U3 W/ E) ]6 L2 X; U: b
so does it mean if E failed to pay D, , f  a8 C$ I$ g1 c8 j. m5 M" D
all the B,C,D,E have to go bankrupt?: G% G8 z$ ~& z# }! A2 m

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the multiplier just tell how much money created in a whole economy,
4 t0 d3 A1 }+ Z# }/ lin this case it doesnt really matter how much money is created,
0 x1 ^+ }  W; `9 R/ @' J, Tit's the problem of the debt itself.% \* W; s% z5 z: j6 \) [  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
2 \9 k$ \- [# I* H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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無可能淨係有人蝕錢無人賺架嘛.../ x! r! Y8 B; `. d; k

# _% @2 w/ Q, u1 M: U/ v" q敬請各師兄解答9 s; Z4 b" u% I& o7 ^! N3 R, S

; e' m$ Q/ Z: G; TThanks

! j! w$ {- W0 G$ K那些根本係 紙上財富  
: Z& T3 f  h0 h: I: q" b: 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
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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
! p+ Q( u+ L/ p& A3 _* _" F8 U當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
& G6 F( _/ h3 E& f0 g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0 P. u# M1 O' |; D8 |& m. A2 N
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 Z1 }) Z  y. _- L6 j+ K# G
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 ^* `7 R" N' @; I7 E
計番回報率就已經係50%,所以可以好好賺* q/ V  u8 [$ T1 I- T' S
前提係銀行之間要互相信任先可以咁樣借法% i- P9 g: g# M- h
同埋個市場既前境要係好先得
, _' T) T/ G+ f+ L2 T/ O但當經濟一差,公司估值趺了,物價不升反趺5 }% P* U& {5 Y/ d( ]  Q$ w
例如剛才說10蚊的, 趺到得番9蚊, ) J& Y: t6 X! t' Q& E% m3 B/ S
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%0 p( j% s- ?" [
所以你就會覺得D錢好似蒸發哂咁2 d4 `2 U9 c8 p8 D5 F

& [6 a- ~* j+ A你都可以當標野咁諗, 個樣野多人可以狂升值,
2 S4 e8 G5 R, P# E5 e* t9 B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, ( F" c2 V1 P9 n- s& x$ T7 a
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, / x6 ]/ j1 p6 g; L* q$ w1 j- W
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) N( l1 @: p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. W. I) a- d3 v& d' [0 U! Z
唔係d錢蒸發, 而係比美國佬洗晒未來錢, , S0 e1 I0 h4 C: @/ i0 }# `9 u( C! _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 J( k( k8 D/ I. M  S$ B
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
: T9 @1 a' a4 {: h咁你話d錢蒸發左去邊? ...

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9 \8 w7 O. ]& @, M3 }8 t( M4 V7 @正係咁樣) [9 I( Y. E9 M1 @  _1 \; C
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
' r! S! Z4 h* u  U0 f4 p* u分分鐘佢地唔使還錢( [% S) N/ E1 S$ d

8 k! H1 B8 c4 l- d2 X, }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,0 C" [+ {9 E# @, G
連國家都係問人借, 不停發債券, 印鈔票
; j; O( g6 _6 u, I) e8 G一個國家好少出口, 而又大量入口 ,反映到佢唔多生產) u1 |+ X/ n4 f1 t) Z; Z
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
' ^1 b9 ~% J0 t! u咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
( ^) r+ |+ }6 @因為以前未生產, 先消費  \" P  T0 l% w7 t* U8 Y+ x
而家就要多生產, 少消費