0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
. R0 d- f1 J" \) `2 V9 iWhy bank will sell 借據給第三者???! e2 o: |  A5 L2 n
I was so confused.....

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講到尾都係賺錢+ Z' h. G# h4 U8 q
so銀行可以不斷放款- C- K( d( v; L* U
美國的房貸問題散佈到全世界0 J( l  |* S! U4 Q6 P4 @

) u2 j% m& B0 d1 l, cmortgage loan
5 k; G, l( a* n. i>conduit
- \" L3 C. @6 ?% U& G>RMBS(Residential Mortgage Backed Securities)
+ ?4 X: m. c4 |/ X! s>arranger
$ H$ {9 X. F& J1 A' ]>CDO(Collateralized Debt Obligation)' n2 k0 S: P  z
最後去到投資者

Kev

i thought it is the reason of rate of return.6 Q! ?5 H$ a6 l+ p$ j
CDs could have different ratings, AAA -> F,
# Z- D) \( h7 ^more risky ones would have higher premium (interest rate) as a compensation for an investment.5 l7 t7 q* _$ ^6 b# r
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 u1 ~) C6 x  M0 z6 Zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& s* \. r( O- L+ F+ gAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 j- c! `; w. |% bsimilar to bonds, CDs trading in the secondary market have different value at different times,# W7 x1 J. f5 G7 B
normally the value is calculated by adding it's principle and interest. / ^# G7 z8 `4 O9 |% N! E
eg. the value of the mortgage+the interests to be recieved in the future.
& K) @7 j; K: }$ n7 zbanks 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.( V- s$ G& m" s7 F2 ]& X4 u4 {
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im not quite sure if the multiplier effect does really matter in this case.2 I1 M) v  U0 G* S9 I( Z
in stock market, it's the demand and supply pushing the price up/downwards.& N: I: U7 k9 f/ Z8 R
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, M. u! ]8 X6 pA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- e0 w; Q( o; Q; {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. ' Y( o' z7 g7 z9 o
but the value of their assets did really drop significantly.. }4 {/ v& U! ]5 y' E" r; T

6 _4 M. Z4 I/ R7 V& q6 {[ 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
. m9 M! f6 @+ X% k6 e, ]Refer to last example,
5 Q, B  G/ d( Q+ U0 |: U# C( hthat means bank A have no money because we borrow 10 dollars from bank A
6 y7 l: _4 e- i0 t' m; K7 TBecause bank A doesnt have enough cash on hand
4 _9 l3 u8 ]5 a5 u- D' _therefore bank A need to be bankrrupt ??? Am I right ?? ...

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% V8 x7 I2 A* N+ k( S5 n9 F$ [A->B->C->D->E
; `/ [% j3 O: t% Jso does it mean if E failed to pay D, ; S% I( P" \5 E  {
all the B,C,D,E have to go bankrupt?2 Y$ Z  n, O8 [2 {

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) U* i. M$ x" p! Qthe multiplier just tell how much money created in a whole economy, ( d4 q/ R2 V+ K- n5 @1 y4 b
in this case it doesnt really matter how much money is created,
; d" {- p! r+ o9 c8 Tit's the problem of the debt itself.2 v+ z: ^  r( J1 C$ 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.gif! k* S5 e7 _# ^7 C! V, _3 n  \
小弟一直都唔明...1 ^, \0 j* M  V9 f1 j2 k. {
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全世界都蝕錢，咁邊個賺緊錢呢?/ R2 n0 u4 `' k' b" q! N

; B- C  D: s: B: T無可能淨係有人蝕錢無人賺架嘛...
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/ a# Y5 R  ~9 W6 E% R2 j/ q敬請各師兄解答
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# L( ^$ D  p1 c- ]. XThanks

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那些根本係 紙上財富  
! s( l8 K: Y. q4 v5 v* _/ T% 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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1 c+ l6 g+ s1 m, c  [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* Y8 ~* x( s6 `; V2 {( M9 ^
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" C/ R; _0 P% ~1 L  R# q9 `
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8 x' m7 U& B9 S
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 _' Q2 }# s5 _% f1 f! Q* @/ m扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ _' m+ d9 e, ~0 L4 i2 c& w+ D
計番回報率就已經係50%,所以可以好好賺* a) n. ?6 q7 A- {
前提係銀行之間要互相信任先可以咁樣借法( R& L( E+ S0 R6 N& M
同埋個市場既前境要係好先得
8 y- O+ |) S) N! d9 t; ]6 @但當經濟一差,公司估值趺了,物價不升反趺
2 n: V7 @! V1 \' @例如剛才說10蚊的, 趺到得番9蚊, 2 v7 b! k2 I6 C. \0 B
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
  @% Y) i1 T4 B7 V! w所以你就會覺得D錢好似蒸發哂咁( h# x( B# I8 o
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你都可以當標野咁諗, 個樣野多人可以狂升值,
" Y/ Y6 V7 U. q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, - _. C* [/ J1 F5 }- l
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 Z! c- ~+ }& C2 _/ d) p/ o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( x) x" x8 F4 z% E( G
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
. D' A! h, v' ^唔係d錢蒸發, 而係比美國佬洗晒未來錢, % o1 K, a6 ]0 L" w  a
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& ^# S8 y9 D; i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
  \6 c- N$ `+ |咁你話d錢蒸發左去邊? ...

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正係咁樣
! D% J; I# a4 e, 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4 a4 v4 A+ G$ m1 [; j
分分鐘佢地唔使還錢
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( Q# F1 U4 \. l7 j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,( S- r+ p- s. W: U
連國家都係問人借, 不停發債券, 印鈔票
& u. \: E$ s3 b7 S1 r/ i9 s一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
8 N1 u6 t) c+ 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
4 n; @) W3 }! Z: U( d# m$ m咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
# k, W$ U- b0 ]& t0 }1 |( \因為以前未生產, 先消費7 i! O" q- L, u, D# j
而家就要多生產, 少消費