0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
% \" k8 j3 e% _9 Q: Z( A" b+ e! cWhy bank will sell 借據給第三者???& u* @' J* z  X; f
I was so confused.....

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- u5 q2 ]3 e& `$ v1 L$ z, h講到尾都係賺錢
) a) A( L- o7 @) F" j) gso銀行可以不斷放款% r% [/ y9 V: q  Z
美國的房貸問題散佈到全世界
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mortgage loan
4 {$ m% A, D  H& `! a>conduit
7 u, m+ ^" x- }/ p>RMBS(Residential Mortgage Backed Securities)
$ k- o0 o7 E: a2 U6 R>arranger
: ]6 l# j/ B0 N% V>CDO(Collateralized Debt Obligation)$ }) \1 I6 @6 W4 m" J% Q( C6 f
最後去到投資者

Kev

i thought it is the reason of rate of return.
4 e5 j( g1 Q8 \/ O5 {CDs could have different ratings, AAA -> F,
- c& x$ w7 f' p( m0 |: b/ amore risky ones would have higher premium (interest rate) as a compensation for an investment.
9 n0 w' C: j. n5 q4 cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 v2 h( Q0 e5 u7 ^( k- y. pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) u) M+ n0 p. t  z% {Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; R1 ~3 M) l8 i. l
similar to bonds, CDs trading in the secondary market have different value at different times,  l9 Z" j, q  \' V: J  ?1 @
normally the value is calculated by adding it's principle and interest.
5 d; a5 z" T4 M  g& J0 Weg. the value of the mortgage+the interests to be recieved in the future. ; H$ X: N& e6 z& `! Y7 M, i
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.- P( v( j( X* B" |+ w

% D* \: m6 ~$ Pim not quite sure if the multiplier effect does really matter in this case.
0 l$ W8 e1 m- I5 R9 p$ K( _3 B3 Y) |9 i& vin stock market, it's the demand and supply pushing the price up/downwards.
; v2 p) W" d8 kFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# ?8 a! _% E9 J8 i2 T% P: @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., p# I0 v" U# C% P  m" p2 B6 l5 _
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. 0 i( S4 A  @; a* l- H
but the value of their assets did really drop significantly.. M5 l. w5 H! ^/ [

( i1 L- Q8 {: N* v  \[ 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$ ^/ ^( f. n5 _* |
Refer to last example,
! ^- J4 F" k* Z; P' g; m* {. V! Hthat means bank A have no money because we borrow 10 dollars from bank A 0 O* x: ]. S5 S2 u
Because bank A doesnt have enough cash on hand
( B# ~3 P5 Y8 b9 t: a0 F, J0 {: P4 dtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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* ]. P6 g' P6 r: w! M. f: nA->B->C->D->E
1 E  ?! w& y% y0 gso does it mean if E failed to pay D, 0 d) |2 e6 I  B9 x% e: e
all the B,C,D,E have to go bankrupt?& T4 j$ k- t6 S; w

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the multiplier just tell how much money created in a whole economy,
/ ~- V: K$ o! \& V- W' Ein this case it doesnt really matter how much money is created, + M7 K0 l4 e5 S1 k- L* @
it's the problem of the debt itself.
- U6 N! f+ q9 a6 Q+ }# D9 I& ]1 athe 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' R1 N* z, d5 n
小弟一直都唔明...8 r: ~1 Z- i) b

0 M7 `3 e" H8 f+ @0 K& C( H全世界都蝕錢，咁邊個賺緊錢呢?
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  J9 |1 Q; p; r" z6 o無可能淨係有人蝕錢無人賺架嘛..." J: m' Q( Y; h% W$ W8 W. I

/ }* S3 L  Y. x7 E% a8 v敬請各師兄解答
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/ a9 z9 h' p$ t5 y2 a/ X1 B& ZThanks

8 n2 V& e7 ~$ X1 F& m" b0 m' h* g" Q2 M那些根本係 紙上財富  
% [' p& m3 }" z' U/ Y% c. C# x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 graphic4 W' b, q$ r6 p# k; e" S

9 O( n. v8 }" z2 R( Nhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產* I$ ~: C6 r2 {4 X
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% W* W8 U3 C4 G6 L) ^
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& F; m+ [/ H, E. |% e& f2 B6 \
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 s( Z9 t+ U4 {6 W
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
! p# U* B) \7 i! R% `0 A計番回報率就已經係50%,所以可以好好賺  j' W% o' W3 c. [8 x
前提係銀行之間要互相信任先可以咁樣借法
6 N& q* ]' b( D同埋個市場既前境要係好先得# t+ n' ?3 s* J7 |3 t/ ~5 v
但當經濟一差,公司估值趺了,物價不升反趺
/ B# I4 i. a8 g# d( T' J+ @例如剛才說10蚊的, 趺到得番9蚊, * f! `% ^2 r  }" I# d5 r
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
4 Q8 K& N$ ^0 o. j& x6 \/ v9 G7 f& a所以你就會覺得D錢好似蒸發哂咁! M6 R( v/ ^7 q8 `1 x

& i& M: g% h  R# C3 I0 m你都可以當標野咁諗, 個樣野多人可以狂升值,
0 l" \% Q+ h# t, C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, , h; j5 L' m4 `) K* ~1 ?( I
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 E2 c% d$ ~6 X. L. ?/ K( {
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* K% k4 Q& {# B7 {; b
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
! l* V/ Y: `6 O+ G8 V* l唔係d錢蒸發, 而係比美國佬洗晒未來錢, 0 `+ U1 d# N% L+ \5 ]6 U- ]
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
) x- Q9 Y# ^! N( W9 W# _$ w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3 m, N7 l6 K5 l- E3 M3 v
咁你話d錢蒸發左去邊? ...

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9 p* D* b' N0 s2 L正係咁樣& s' j3 V% l# y- ~( 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
0 v$ T% W8 D! a6 K4 F+ V分分鐘佢地唔使還錢
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- u' @1 Q1 B+ b9 {* X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,( \8 C. x" [% f, L1 g
連國家都係問人借, 不停發債券, 印鈔票
. k2 b+ K8 h" o; ?4 f一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: B6 l; O( O  ]$ t8 |( M$ 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
4 i. u4 n3 w6 d1 Y( `- a7 Z* s: y咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
& ?" c& B% a5 e1 m因為以前未生產, 先消費
4 o- S4 |2 k- A, [/ U而家就要多生產, 少消費