0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif# d7 O, e) M) `; d
Why bank will sell 借據給第三者???
- x" n6 S- h0 a' A4 E% B7 I% L- AI was so confused.....

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講到尾都係賺錢% N7 k2 b6 S" q/ \" B
so銀行可以不斷放款9 m. o0 X/ I4 J& k  u5 F' N
美國的房貸問題散佈到全世界
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7 v3 F* V0 g5 V8 }mortgage loan ! d$ H/ _1 ?  ?: m" R% a
>conduit
* A# G! }% _* i+ w9 ]" q/ v/ \* o>RMBS(Residential Mortgage Backed Securities)
/ x. e# U( V9 _2 }- z: ~>arranger6 \2 |3 q- [/ X
>CDO(Collateralized Debt Obligation)$ q0 E' B1 d& K' c, U, ~" V5 ^& _4 `
最後去到投資者

Kev

i thought it is the reason of rate of return.4 j9 i$ `: h# F: o
CDs could have different ratings, AAA -> F,
4 w, t- ~3 C( ]more risky ones would have higher premium (interest rate) as a compensation for an investment.
, @1 Y8 {, K8 Y; C0 _main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" J$ F- G; B" b( ]/ iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., Z: `$ r+ e9 i* N0 l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ [' K2 }" T4 g# E2 }% msimilar to bonds, CDs trading in the secondary market have different value at different times,* z& A/ u( E. D$ b3 r7 \
normally the value is calculated by adding it's principle and interest. ! O" z1 j  l# A  A; F
eg. the value of the mortgage+the interests to be recieved in the future. , L& `' |5 o) S3 k. y6 \
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 r. Y4 O$ f2 E# {/ Q3 }

1 z5 h' R3 z* Y" M7 ^' T8 N& Dim not quite sure if the multiplier effect does really matter in this case.% ]  M5 t6 w" |; O: b& r5 w
in stock market, it's the demand and supply pushing the price up/downwards.
. N6 A$ g; @& K7 S: v! Y  P3 x0 JFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; S6 X7 {; x4 ]4 V  ?8 e; IA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  L9 h; y* f* eThe 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. 3 l1 ^1 v! I1 w3 _: n& K- T
but the value of their assets did really drop significantly.3 F1 g5 Q9 ?/ ~; V* G8 Z4 e( I
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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.gif6 }2 b% g4 s0 P
Refer to last example,
7 ]0 h: r& ?( _' L2 hthat means bank A have no money because we borrow 10 dollars from bank A + |% e) k8 K. A
Because bank A doesnt have enough cash on hand
  F& T: s& f. M. Q4 ^. _. R* ]therefore bank A need to be bankrrupt ??? Am I right ?? ...

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- m3 P# _0 R# u9 m! r4 BA->B->C->D->E
% W8 X; E$ ~2 ^; _" s. }; u: Yso does it mean if E failed to pay D,
' [" |; W* J0 I/ n! y- c/ L+ hall the B,C,D,E have to go bankrupt?% D( H7 ^+ U$ Q# ~! f

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, U: l- F# a2 Rthe multiplier just tell how much money created in a whole economy, 3 Q7 Q' i& Y+ v2 m3 `: F+ [
in this case it doesnt really matter how much money is created, ; R" O5 g$ D, l$ ~% `! b
it's the problem of the debt itself." _8 H9 |7 U+ P5 J$ q$ S: i3 [" Q
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.gif4 L$ A3 p* ?3 U& _
小弟一直都唔明...
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5 b5 P4 {6 Y( Q: y全世界都蝕錢，咁邊個賺緊錢呢?
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% ^# s3 t) p3 F8 l+ {無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答3 \. P1 `# z! m+ K, ]# Q

$ D9 a+ O' E' x! }3 ~! W1 {Thanks

8 \% d) g/ q# B, _# h# ]
那些根本係 紙上財富  ; n  D, C4 f* X: R
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' R; F# o- |( e$ K6 v* ?  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
; }6 |5 K' r0 d8 G9 r' g, A5 S3 Q/ o當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% {  s; G7 A4 Y; X0 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
1 v! A' {4 w% C個件物價係市場好既時候升, 例如15%先算,變左12蚊啦+ @  G  g7 F  ?
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% ^( z. `7 b' s; z6 f計番回報率就已經係50%,所以可以好好賺
  ?- _  H$ Q! Q. A前提係銀行之間要互相信任先可以咁樣借法" b, ?! d. V' f
同埋個市場既前境要係好先得2 Q( `* y0 G7 v6 r1 P
但當經濟一差,公司估值趺了,物價不升反趺
/ n6 ^7 x3 q1 i; B& e) [: d  w. F+ L$ E例如剛才說10蚊的, 趺到得番9蚊,
9 E$ ?5 c2 b0 m7 {( L5 m) _咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" q7 @$ Q  B3 q% y
所以你就會覺得D錢好似蒸發哂咁  c1 ?( R) G1 h3 x; g1 H/ l* B6 C

0 _9 q2 Z$ g' J* q' G- ]; H/ j你都可以當標野咁諗, 個樣野多人可以狂升值, 6 O; [+ G- _  N4 s' A
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,
/ L1 n; C. ^2 [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& P+ A8 \3 G8 b- [" m" B# R+ ~2 j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: \. y  p! y" |  Z) ?! M( \( b/ l
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
' Z9 Q: X# S8 ^0 C$ e/ d唔係d錢蒸發, 而係比美國佬洗晒未來錢, # R+ _5 @9 R: [% A6 m1 K
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 x2 U$ w9 L7 O7 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7 H1 h0 P3 R& u% N
咁你話d錢蒸發左去邊? ...

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正係咁樣
' U4 e! H0 F1 \. q8 R. M: T" |2 t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
' y. m( q5 `+ [+ }分分鐘佢地唔使還錢' J& Q6 O8 [  k  i+ ~/ q
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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," w: L' I( g1 s% Q
連國家都係問人借, 不停發債券, 印鈔票. {6 s: C. x# @* p, M/ Z
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* \/ {, B' V0 V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( s6 j2 m5 P$ S* z5 @6 ^! U
咁而家"爆哂煲"算唔算先至係變番"正常"???

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0 x  Q) j. ^' L# E! @1 w其實係...( }8 C& M# M# R  A  G1 h
因為以前未生產, 先消費% L& R* q, j0 S2 _* p
而家就要多生產, 少消費