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原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif' _  L5 g( v4 W2 ?
Why bank will sell 借據給第三者???' i) k* y9 \0 l7 h' p& `: G
I was so confused.....
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' r2 I+ R: @9 p/ f講到尾都係賺錢
1 m5 W. q5 N5 p8 lso銀行可以不斷放款/ h& D! v0 t0 n; W% Q
美國的房貸問題散佈到全世界
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)
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. }2 B" x8 ^: ?. {) E/ U>CDO(Collateralized Debt Obligation)# @* i" q- S9 u( f% A
最後去到投資者
i thought it is the reason of rate of return.
* l. U1 A8 ^& kCDs could have different ratings, AAA -> F,
8 q9 l$ |: s/ t4 w* p0 Mmore risky ones would have higher premium (interest rate) as a compensation for an investment.: {  w9 R* U1 y4 Y: Q) l
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! z; A, a" I. a2 ~in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( t  w& G! p2 D' RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' A9 f! p0 E9 t9 y/ {similar to bonds, CDs trading in the secondary market have different value at different times,% W* V7 Y$ e( q' w. l
normally the value is calculated by adding it's principle and interest.
: l* t, i& v  g5 P! g) N1 C- Yeg. the value of the mortgage+the interests to be recieved in the future. 2 Q4 f9 C4 B. T2 n& u& m( k+ d* {
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.
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) J! n1 d$ E$ Z" H# B6 p* A: Nim not quite sure if the multiplier effect does really matter in this case.% i9 h5 {# u/ Y8 s8 ^9 d8 [, N
in stock market, it's the demand and supply pushing the price up/downwards.
6 b" U: M& W$ y9 k1 V: Z5 aFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 e. ]9 ?9 X0 l; k. u6 K
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 C7 }/ }7 i9 \6 |
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.
& o3 I* y6 e6 P" R4 `, M4 Xbut the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ]
原帖由 balachiDavis 於 2008-10-8 04:09 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 w* C# g1 ?! B$ e% aRefer to last example,
" ?' \7 ~! c* `# N! j; Othat means bank A have no money because we borrow 10 dollars from bank A
2 ?5 C1 k& r; w' f* u6 ?% J! w3 |6 dBecause bank A doesnt have enough cash on hand 6 R: J3 E6 v$ `# Q$ {8 U, ?% I/ S
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E* E& M' }' Z* w8 L# i
so does it mean if E failed to pay D, * Z  e4 t2 t2 j: x4 M
all the B,C,D,E have to go bankrupt?
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9 o2 q6 G7 @9 ?% a/ ethe multiplier just tell how much money created in a whole economy, + i2 l2 u- K& E) r
in this case it doesnt really matter how much money is created, ) Y* T5 k$ }4 n- \+ w  O
it's the problem of the debt itself.
* I0 P7 F0 ~* Rthe debt(securities) is bad, faulty, that harmed the whole system.
原帖由 kerr12ca 於 2008-10-8 02:44 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
( v9 W9 d3 U' F小弟一直都唔明...
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全世界都蝕錢,咁邊個賺緊錢呢?
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/ s# j7 v! `/ v% F( a無可能淨係有人蝕錢無人賺架嘛...
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0 q1 Y) y; D: p" I; i1 }' |敬請各師兄解答
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Thanks
% c7 S% b6 t% `, L; I那些根本係 紙上財富  + ]- \; ~  [  h& U* \
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
with regards to the current crisis, Chain of fools does a reasonable job of explaining what happened with a nice graphic. y* t! ^" [, g% s
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http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
9 F+ `; k  V6 U. l當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
+ O, o& t: z' _. R7 {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
" @: O5 O) |& h+ l個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
& i, P7 t/ S& T% `( P% j& D扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,: h8 z0 g+ X4 |$ L- G
計番回報率就已經係50%,所以可以好好賺
/ @9 y8 ?  A& H1 B前提係銀行之間要互相信任先可以咁樣借法, Q. x6 q2 |' o5 A
同埋個市場既前境要係好先得! H2 p7 t$ N2 R/ F5 C0 w
但當經濟一差,公司估值趺了,物價不升反趺( V$ J& [' [- Q7 I
例如剛才說10蚊的, 趺到得番9蚊,
: i* X. s8 D) w3 m' S- U2 n咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 P1 P/ M0 z3 U& ]所以你就會覺得D錢好似蒸發哂咁
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( |) \1 ~' y! u你都可以當標野咁諗, 個樣野多人可以狂升值,
* y  p7 a6 x7 {( H/ `# I$ T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~
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ E/ c  t4 {8 o8 b4 X; [淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 ]! l& @9 e# k+ Y
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 n2 l# s) S" N8 L& Q2 r0 f! g4 b
咁你話d錢蒸發左去邊?
原帖由 kuru 於 2008-10-12 05:08 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
. ]; M, u' E& b; z! h0 {唔係d錢蒸發, 而係比美國佬洗晒未來錢, ( b3 w2 _( q0 q& X6 Q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ R& N7 V( N6 m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
  v& |8 d9 M. g; J3 k& b) n" o咁你話d錢蒸發左去邊? ...
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正係咁樣* ~: Q! U2 r, h, D: ~& @! L0 ]
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8 J% T; R2 {& j6 r! g
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,- i1 _; q, D$ C0 ^  H5 j0 `$ h$ s2 j
連國家都係問人借, 不停發債券, 印鈔票
- c% N: j' X! ]3 w( C" z7 s一個國家好少出口, 而又大量入口 ,反映到佢唔多生產8 r; F/ t! P/ f" e
編編唔生產又使用物品使用得最多, 美國就係咁既情況
咁而家"爆哂煲"算唔算先至係變番"正常"???
原帖由 Jk 於 2008-10-22 02:15 AM 發表 http://www.26fun.com/bbs/images/common/back.gif
1 @; ^4 A& E+ A- y2 d/ {: M咁而家"爆哂煲"算唔算先至係變番"正常"???
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0 X  Z2 t5 A+ }其實係...
# Q  \* v3 t( D% N. {% m# ~* l9 R因為以前未生產, 先消費
' n6 }4 ~2 `2 ^1 P而家就要多生產, 少消費
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