0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif& `7 `  D+ z& m" h
Why bank will sell 借據給第三者???
# e$ S7 ]3 `$ }/ J8 eI was so confused.....

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3 b: G6 r/ T1 ^9 |4 c" l; B4 U講到尾都係賺錢$ A  n$ ?! S" k! P$ L
so銀行可以不斷放款  A4 G2 |/ p% r( B: S; A6 `9 I4 R
美國的房貸問題散佈到全世界
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mortgage loan
! U6 J  R0 y. V>conduit. X! v$ d1 {2 f
>RMBS(Residential Mortgage Backed Securities)
2 x& d" Y% e0 M>arranger
( A. i! v, h: T& B>CDO(Collateralized Debt Obligation)
3 w6 c+ j; ^; l+ S) r/ M最後去到投資者

Kev

i thought it is the reason of rate of return.
3 o* N7 k2 L$ z) m, [CDs could have different ratings, AAA -> F,
3 r) X1 g9 Z9 p' c5 h5 Pmore risky ones would have higher premium (interest rate) as a compensation for an investment.
* q: X9 h' M3 l6 f% C2 |7 cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- i( y* T6 J, H# \% e) E
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& m' S2 j" N- @# L; y6 jAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. \7 V: G3 Y* M5 zsimilar to bonds, CDs trading in the secondary market have different value at different times,- Z) q/ k* P; ~  v. f
normally the value is calculated by adding it's principle and interest. # ]6 [6 s: j0 y. B, [" j
eg. the value of the mortgage+the interests to be recieved in the future. 6 H8 k6 W. O0 f0 j
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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/ D" q; V5 G" n5 X0 zim not quite sure if the multiplier effect does really matter in this case.
( z# ?% b& c3 x! _in stock market, it's the demand and supply pushing the price up/downwards./ _: ?8 m  z0 d8 x
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 q4 H! _( d+ H5 ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# ?" z, i5 C0 p# E6 V# Q7 ^# @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. 6 s) Y! x& L6 c. J3 Q
but the value of their assets did really drop significantly.8 g; u6 \* q1 [( o. I; h% d& Z4 B

, O" v# h7 O5 }7 [$ r- X  c[ 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, W1 f( i0 h! e
Refer to last example,
5 `" [3 L8 F1 ]* zthat means bank A have no money because we borrow 10 dollars from bank A
2 y- w" n& Y8 w% @9 U2 OBecause bank A doesnt have enough cash on hand : A* ?! y- y7 @# X; X! L# J
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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8 C, j7 O; w5 p2 y1 OA->B->C->D->E! Y4 t8 I8 ]) V: t' c, k8 J9 @% ]0 ]  v
so does it mean if E failed to pay D, / T" I& A  P. t% z: X" z6 x$ w
all the B,C,D,E have to go bankrupt?2 S: W. c. l" E6 s- V% r. J

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the multiplier just tell how much money created in a whole economy, & Y3 c  }( b8 O9 i! ]
in this case it doesnt really matter how much money is created,
2 T. K$ W6 t0 @2 X/ v# @it's the problem of the debt itself.
) x$ e/ D6 I  K4 n1 z3 Kthe 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.gif7 K, U* X' y: P# l$ L: z4 [6 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?8 q. V) K; k3 q1 Q- h4 P6 v" [* f

; R' h8 j2 B; @. o6 D8 ?無可能淨係有人蝕錢無人賺架嘛...# g/ j) w& J9 H2 b
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敬請各師兄解答2 e5 K$ o" D! G& ~0 D7 y
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Thanks

2 J, w  D. I9 x' B那些根本係 紙上財富  
4 R- l+ w9 |1 w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9 u; X1 D9 A0 n! p8 E
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
+ g, u$ i  S& ?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
7 K# Q; T2 \4 I. B+ x6 {個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% N! H+ O- m1 T扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,) Z) M* R, f/ S$ f1 s5 G$ f
計番回報率就已經係50%,所以可以好好賺
0 b; @- q, ]- S7 J: W前提係銀行之間要互相信任先可以咁樣借法
, o) C- `9 n  X同埋個市場既前境要係好先得
8 @" W3 r# J% J. [但當經濟一差,公司估值趺了,物價不升反趺
: N  n3 u3 c: M; z例如剛才說10蚊的, 趺到得番9蚊, 9 Z: d* W6 G) p. e6 H. r+ Z
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 A' v0 o, @2 I* u# H4 y8 @所以你就會覺得D錢好似蒸發哂咁9 V% e- C3 R6 t: n$ T+ k/ [

3 a% w+ I8 V4 p0 X你都可以當標野咁諗, 個樣野多人可以狂升值,
7 P9 s% f$ Y" \3 K- A4 Y6 L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, * M% |) E3 Z7 y$ N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( ^3 u" t1 c" n- c$ U( |
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) T  ?; P) o* @% Y, k: 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.gif7 h  M% Z, y  |# X- Y
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 7 X6 X' W4 b4 u8 w2 A
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 ^1 B  J& O3 [: Y* A4 v# z; ?4 X# F. w( @, 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' _& b. E; B5 S5 S( W* T8 [
咁你話d錢蒸發左去邊? ...

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正係咁樣
9 [4 k; v7 T& t' Q8 [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
# ~5 \% S# ^/ S6 I0 i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,
/ q9 |' N# R. {; S連國家都係問人借, 不停發債券, 印鈔票" l+ ]' M! B# o9 b3 r: n
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產1 ]" R: w. f) P( q5 k1 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; B7 ]! b+ I1 d
咁而家"爆哂煲"算唔算先至係變番"正常"???

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5 g# x2 }" b3 q& ^& z' X4 a其實係...
; \5 m& O6 r" l. C6 P因為以前未生產, 先消費
6 |% {8 R! @& g5 L, \) q6 _而家就要多生產, 少消費