0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif; }& k6 u5 [" E$ G
Why bank will sell 借據給第三者???: G, I: F8 e4 q; w: ?
I was so confused.....

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! W; N' Y$ k$ m; I9 R講到尾都係賺錢) ^9 ^6 k1 g% |" X  ?
so銀行可以不斷放款
0 n( _, n/ O5 o' T/ C( u美國的房貸問題散佈到全世界
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mortgage loan   `' U* g' J- X/ W
>conduit
. l/ m: e- W5 a' q$ o, V$ Y  f>RMBS(Residential Mortgage Backed Securities), {' N  z: {3 y& T5 o
>arranger
4 ]6 T+ Y/ G; \; n( d+ L+ L8 e>CDO(Collateralized Debt Obligation)
& K; w& w- ]. c+ i  V最後去到投資者

Kev

i thought it is the reason of rate of return.
3 ^! J* D% M' f6 [- T- WCDs could have different ratings, AAA -> F,9 u' l% {- z) c( ?! i
more risky ones would have higher premium (interest rate) as a compensation for an investment.
# q0 r( I! ?6 k9 j/ [main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 o; m/ M) |' q3 Y5 V( zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- t* g9 `. I( X8 A+ ]8 p0 N' Q5 tAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) o; T9 q* s$ o0 Q3 I5 x
similar to bonds, CDs trading in the secondary market have different value at different times,) H8 Q2 M$ f4 p  p. w+ H' k
normally the value is calculated by adding it's principle and interest.
, V# u; x# h/ \2 y$ veg. the value of the mortgage+the interests to be recieved in the future.
6 H6 S# ?. j. @" G0 q/ ]$ a8 h6 \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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3 B- S& L1 l1 |im not quite sure if the multiplier effect does really matter in this case.5 N* Z1 S8 F( l* @; Y" E* N) l
in stock market, it's the demand and supply pushing the price up/downwards.- M  o( Y. K* G8 q2 y- }! ]
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* i: v: J; A; |1 m& S  H: |
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  R4 m; ?, U8 U5 w+ g
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.
: ]9 N8 l5 o1 L* x. p/ ~& Vbut the value of their assets did really drop significantly.
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; @* B1 F* p! @[ 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( U/ j- P8 B' D& o3 ]7 v3 z
Refer to last example,
7 e5 z1 P- B7 [3 H# m1 {6 N7 l0 ~that means bank A have no money because we borrow 10 dollars from bank A
* u% d6 X0 m; P" E& zBecause bank A doesnt have enough cash on hand : f( ]$ [, S& W' v7 Q
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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& h- m& E1 i( V0 JA->B->C->D->E
9 ~) u: M# j3 j& Q  v, Q. J  vso does it mean if E failed to pay D, 2 I' t" o5 Y5 ?$ @& ^  X$ L
all the B,C,D,E have to go bankrupt?
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" _5 u1 q5 S2 K% xthe multiplier just tell how much money created in a whole economy,
- S6 b, }) s  J, Sin this case it doesnt really matter how much money is created,
& j9 k' k# ~  y8 a! |" Wit's the problem of the debt itself.
9 F5 Q, M+ O! A/ Ethe 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.gif0 R3 Y' ?$ j: Y
小弟一直都唔明...
4 M' {8 T6 D9 o* n9 B4 ^! R6 b7 |  e! ?; B( g' b7 e( k/ y& B% \8 P, d
全世界都蝕錢，咁邊個賺緊錢呢?
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) d$ o9 r- {0 w無可能淨係有人蝕錢無人賺架嘛...
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( V" l4 s# O/ S敬請各師兄解答: b, S5 j: P; s! K; q5 f# u

% ?+ @1 F( C( d0 S; y% B, ]Thanks

' G: t2 \# P" k- z那些根本係 紙上財富  3 T9 \9 ~* v  \4 L; g+ I
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, {/ p0 L. C) ?( v
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" g! ^, [! \8 D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
( d& ?$ C, X2 B! r2 z/ P個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 c* t) r1 x# \" d- M扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# j# z/ W7 n* N* z( m, G; \
計番回報率就已經係50%,所以可以好好賺
4 T, D3 y! J1 E4 H  J' p9 a1 P1 l前提係銀行之間要互相信任先可以咁樣借法. h- c9 ~/ B% Q: E2 _
同埋個市場既前境要係好先得8 j' ]* p% _9 Y) V# ~) X& ?; U
但當經濟一差,公司估值趺了,物價不升反趺
& x1 \; S3 T1 ~  @3 l, Q: k7 c* `例如剛才說10蚊的, 趺到得番9蚊, , d* J' v( ]1 W! V
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 ?! q, V' b6 N8 z) `$ O+ a: L+ [( o所以你就會覺得D錢好似蒸發哂咁2 e  g1 D( r9 U% c

0 Z$ `3 c4 o( V( K4 s你都可以當標野咁諗, 個樣野多人可以狂升值, 3 i! z2 l* F6 ?9 F; b0 r
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,
) a3 }, R( y4 ?淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ G0 u6 @% E! f3 ], F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 U" o3 D+ _5 b- 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
/ ]3 I% m5 \. l+ l/ `. H唔係d錢蒸發, 而係比美國佬洗晒未來錢,
/ \4 L  @$ F( \: c7 V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: O- X8 M& R5 _+ s- [7 o0 q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
8 A# [7 R2 y  r, d% k0 v1 D+ C咁你話d錢蒸發左去邊? ...

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正係咁樣
' T" T6 a$ P  \, o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9 m: O, |3 y) ?8 F% [
分分鐘佢地唔使還錢# v$ U) a! g, m) n$ ^5 v1 W
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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,
5 ?3 @* _/ y3 e" `' ]  l- f連國家都係問人借, 不停發債券, 印鈔票
9 g  L9 n. R3 ~# s/ f, z一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 m5 a( g3 G" C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
8 l+ n; A0 `; H$ O  a9 q; G咁而家"爆哂煲"算唔算先至係變番"正常"???

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$ [& D3 k) l: n$ r其實係...
( v" X7 N& o. s" i' ?因為以前未生產, 先消費8 ?, e+ S# _% R) P, r
而家就要多生產, 少消費