0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif9 l: V# m1 _$ `) q3 P5 t
Why bank will sell 借據給第三者???0 }5 g7 F% z8 y# r& n
I was so confused.....

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1 @/ o7 K4 z5 b6 p0 Q( h- r7 b: ^講到尾都係賺錢
5 \& |6 T, X0 A4 Vso銀行可以不斷放款
  W7 B+ ?* l( [1 E# R$ D美國的房貸問題散佈到全世界# I% _/ o/ d- ?+ g* o

! ?, x; s6 G& u% hmortgage loan
5 |* C& v, o8 C7 _/ [& s- c>conduit
3 @% Y* r& S. ^, U>RMBS(Residential Mortgage Backed Securities)5 S$ T' F, x! a) S" c/ b# D
>arranger
& L1 u  ^5 \& Q/ _8 l>CDO(Collateralized Debt Obligation)
  A1 T8 y5 j& Z  G9 I4 A; F最後去到投資者

Kev

i thought it is the reason of rate of return.
5 }4 W& G3 l& |. DCDs could have different ratings, AAA -> F,% b5 k% l1 B+ c2 z  Y$ f- C1 [. L
more risky ones would have higher premium (interest rate) as a compensation for an investment.  c% K/ e3 |3 o7 i
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) u6 R; _0 |. w* V8 ]' |# X
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 t7 u* l* c' s6 E$ \Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 d1 L" G: _0 S5 ?4 jsimilar to bonds, CDs trading in the secondary market have different value at different times,
& J/ o3 w- ^4 b& j% M& Unormally the value is calculated by adding it's principle and interest. 8 Y9 ~3 K2 B- t+ g! w* p* b$ \
eg. the value of the mortgage+the interests to be recieved in the future.
, h8 n: ]4 |- Z7 T) f# V4 Sbanks 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.% p! _; l& r+ |2 r
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im not quite sure if the multiplier effect does really matter in this case.' h+ W6 z4 q5 w- z& F; p5 G
in stock market, it's the demand and supply pushing the price up/downwards.
- A4 ]8 `  D1 @# N) AFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& X* R8 Z$ `. u+ mA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 w5 F+ ]1 a) A8 j/ oThe 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.
& Z9 C( n) ]3 y5 L, D3 r% L2 ~  tbut the value of their assets did really drop significantly.
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7 ^# `! a+ n+ y4 Y[ 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# b: a. y4 P; b
Refer to last example,0 O  J" B& C+ r2 |' n: T) e) G
that means bank A have no money because we borrow 10 dollars from bank A ) b$ u2 I  j" m; ^' k4 A
Because bank A doesnt have enough cash on hand
: I0 C) [2 k2 H% atherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E. h% J  T6 Y* c
so does it mean if E failed to pay D, : C( y) k# @' ?: j* U
all the B,C,D,E have to go bankrupt?& X5 m/ }6 v+ I2 A/ L8 \
* u) [5 i- C$ \9 e" z

' g, f# |# u. e' q' mthe multiplier just tell how much money created in a whole economy,
3 o! x  B4 r4 {# @' n9 [in this case it doesnt really matter how much money is created,
% d5 R$ K& h- g# w7 w" v; kit's the problem of the debt itself.
: Q# a+ _/ O1 Y9 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.gif
& C) G8 k( Q* I3 W. n: @7 v小弟一直都唔明...
$ \6 w/ o0 g5 F+ R) `: p2 V" I9 F, ~5 A& X$ Q5 A) J8 u, b
全世界都蝕錢，咁邊個賺緊錢呢?* S& A, }/ p0 L$ b% T

9 p. m' D+ i8 P6 v( N$ _( ], R無可能淨係有人蝕錢無人賺架嘛...+ p/ ?0 V" K* N

' P) x7 v, ~, ~敬請各師兄解答* S9 ?/ J/ l# B: q  `3 j- R! s

( C$ V% J3 d- r' g+ _Thanks

( N& P3 d/ W6 U- [3 ?那些根本係 紙上財富  
5 X2 h  d+ Q6 F) V$ k0 ?1 s" K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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0 u$ M; ~8 p3 Rhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產" S0 R+ V3 L7 Z" [! t& W3 G  s
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" p& a! c0 u* \& 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
2 \6 u" f) X) v$ k5 F3 Q. }個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
$ h& l% D. Y# r. k2 ^扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,4 {+ I$ ?0 D8 R" P  d% ]
計番回報率就已經係50%,所以可以好好賺
0 a2 Y! @( ]2 }# }9 p2 b前提係銀行之間要互相信任先可以咁樣借法; U# O* l; x& @' j5 z, I, _1 t
同埋個市場既前境要係好先得! v( p) r4 e& j, z2 [# b- I: c
但當經濟一差,公司估值趺了,物價不升反趺8 X, w* `" H+ y+ e$ h
例如剛才說10蚊的, 趺到得番9蚊, ' w. D1 b8 e8 y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% K. f' J1 ]/ n' O
所以你就會覺得D錢好似蒸發哂咁
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; G+ p" F: S8 `" C+ q8 N$ W3 a你都可以當標野咁諗, 個樣野多人可以狂升值,
# t( u0 M, \8 X3 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,
1 ?, Y, o, z. V9 v; w  G7 u淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 L2 }. e" t7 G6 x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" U' R' N: {9 W; f) [4 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' S; S- g# s% J" L, @
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
' f, R& [+ w" k4 I3 E* e淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 L* {- L5 r1 ]7 q/ C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
/ X5 h. p* L4 T) k7 P! q: L! e咁你話d錢蒸發左去邊? ...

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: u( i% |; a% x1 P" o正係咁樣6 r6 N0 u" {. ?+ R. i
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1 Q( g0 y7 ~* v. j  p& `7 k5 y/ a$ Y
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,. f7 N6 K  t. u
連國家都係問人借, 不停發債券, 印鈔票( J5 O+ P& P- a. f8 g+ s9 Q8 |
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: O2 e  }8 c! U+ s3 C6 N2 h: X
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 i, e8 N0 ]9 \7 }. Q, Z咁而家"爆哂煲"算唔算先至係變番"正常"???

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# g1 }# A/ t, a. N其實係...
9 e1 j4 F, ]+ p" }9 V9 D因為以前未生產, 先消費
6 W% ?6 ]/ {2 y6 R( `而家就要多生產, 少消費