0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif! a0 y% k' m. I; l4 H: b! J
Why bank will sell 借據給第三者???
& e, w1 u- T; w. N0 PI was so confused.....

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講到尾都係賺錢
" [* A- G' y: b. h' }( x' `" Qso銀行可以不斷放款
/ ~3 z3 X7 [/ M: n3 j$ D2 m) q1 e美國的房貸問題散佈到全世界3 B6 {- A3 ~$ l- B6 h7 f3 B

) f# Y$ R* D9 \mortgage loan 3 h1 ~7 U2 k$ r( _* z
>conduit
8 C3 @% J1 Y0 F, ~>RMBS(Residential Mortgage Backed Securities)  s: u! \! s5 B: u
>arranger
* \; ?! j7 z  {/ ^( M3 v>CDO(Collateralized Debt Obligation)
+ B" b  a2 G, a- S最後去到投資者

Kev

i thought it is the reason of rate of return.
+ ]3 J( M( t: \7 hCDs could have different ratings, AAA -> F,* A5 S, n+ D/ A8 z' l8 j; B; \
more risky ones would have higher premium (interest rate) as a compensation for an investment.& F0 M/ A; u& h  V! A
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) c- r! b, Z; v5 R/ b! o* B, rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ v( c. ]7 j& Q$ k
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# ]) b6 F4 @% @% V" R
similar to bonds, CDs trading in the secondary market have different value at different times,
, o+ z8 R$ T/ enormally the value is calculated by adding it's principle and interest. + h" g! D6 z% \/ w6 q8 e/ s
eg. the value of the mortgage+the interests to be recieved in the future.
% x+ i# b8 p7 `- a# }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.9 ~8 t$ Y+ P4 B: O' n$ {( l6 z. ^

" \4 f4 |- a6 |) ?  {; Uim not quite sure if the multiplier effect does really matter in this case.% o" r6 C9 z+ h# ~2 k
in stock market, it's the demand and supply pushing the price up/downwards.
$ ~5 e2 ?# \1 w1 T' W7 w& e2 y$ OFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 E) D0 S+ p  {( z( B% pA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" c/ V3 @0 q" aThe 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 T/ k7 [. s9 Qbut the value of their assets did really drop significantly.# V1 d3 ^- f  b; L( \0 l! R
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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
9 R4 R2 K0 V$ p/ _Refer to last example,9 `* ^8 n5 h$ n8 d: |* z7 z. k4 ^: Q
that means bank A have no money because we borrow 10 dollars from bank A
: C5 H$ C5 z" |$ q  A. F/ ~- uBecause bank A doesnt have enough cash on hand
% q8 S8 f% i" J- O, T- Ktherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E) l  \, z/ \; I
so does it mean if E failed to pay D,
% I+ ?0 L- p) P8 e9 Kall the B,C,D,E have to go bankrupt?/ W6 \+ F; K: w& G! a

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' u8 V2 ~8 {5 u0 f: j; `the multiplier just tell how much money created in a whole economy,
2 W+ z: k9 [2 ^  k4 k5 W. ]in this case it doesnt really matter how much money is created,
. Z/ J) i5 R" S2 E/ `8 ?it's the problem of the debt itself., _8 ^# V5 A" i3 a* e" k, R6 d
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
! U! X! ~/ R4 x1 ~小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?7 g, Q4 [7 X, D2 r8 J5 c4 R, m5 D9 ]

$ ~9 ?: _; g$ n$ y! A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
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+ B4 i9 Y  W, y6 o) RThanks

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那些根本係 紙上財富  ( J" M3 y  l2 i0 C2 p) F
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) G; j2 H$ O: m
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
2 j$ @8 ^, y" j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# w3 ~! F- z: y( l; c
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦) d+ R/ U0 J: H* f; Q9 c
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
& \/ S) |9 t/ m計番回報率就已經係50%,所以可以好好賺
2 j# l1 ^2 k! g. a8 v前提係銀行之間要互相信任先可以咁樣借法) K1 T/ R4 a% J. K: I% z- w
同埋個市場既前境要係好先得
3 e3 G( j' @& J  d- f# L' \但當經濟一差,公司估值趺了,物價不升反趺( R, a9 x% f& h! R
例如剛才說10蚊的, 趺到得番9蚊,
0 s3 r1 g9 S- W. X咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
3 m) V7 }) ]# s2 @  Z所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, 8 I0 Y/ \! D. G* d) |8 S
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,
; A6 ~% M' j0 d' M' P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# q2 ?# U( _. g. ~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& r1 @% I" X) _. ?3 Q6 u
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 u0 B$ v4 c1 D) ?  }9 k
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 8 s4 ~0 i( r: p1 I
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   e+ Y* L; u# ?- d( c3 z* n
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
) C" q& d5 n+ F0 O* V- U咁你話d錢蒸發左去邊? ...

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( j5 @& Z) ~- O" H1 d正係咁樣0 K& l$ L. a! v1 l
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' S/ S$ u/ Y2 E/ S2 N
分分鐘佢地唔使還錢
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& T' N0 N( ?; M+ _  u; O1 a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,
2 }% H- q0 ~- ~  F連國家都係問人借, 不停發債券, 印鈔票' l' r( y! T+ v9 K& K0 C# ~
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
0 _: y. [+ N# @# @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.gif8 M0 ]1 q) d; |- o, k4 Y" J
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
% v7 J, c" ^8 m% ~  |  O$ f因為以前未生產, 先消費
/ g/ O( r0 o  Q9 A而家就要多生產, 少消費