0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
) {( e5 a7 T, D  N7 ^1 G. u9 P' OWhy bank will sell 借據給第三者???5 x- ~* N% w3 Y! ~$ `2 F
I was so confused.....

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2 A3 N* q) Q# @( r講到尾都係賺錢: @) e5 ?7 T* G! v& Y+ N* s
so銀行可以不斷放款
9 N$ F6 p) j* p3 E* m美國的房貸問題散佈到全世界
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: G# m- `6 e) kmortgage loan
" R3 b0 C  W' ^3 b$ i$ J>conduit
: [; F1 H/ \" M2 q9 e+ G>RMBS(Residential Mortgage Backed Securities)& N( u7 q  m; \
>arranger
& }- D. b! `3 \! n% _>CDO(Collateralized Debt Obligation)
4 W0 k, l% E3 r/ }( e4 D0 \7 W最後去到投資者

Kev

i thought it is the reason of rate of return.. _: j4 N7 Q. T# N/ @9 ]# ?
CDs could have different ratings, AAA -> F,  ~& ?: j) p0 i3 A; ^0 h5 F
more risky ones would have higher premium (interest rate) as a compensation for an investment.% Q; `. e% x0 `, H
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* x( D' p: s3 bin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.( x' ?1 A. ^; S" C; b9 {2 t) l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ _" D" d. e* O# l5 m8 @similar to bonds, CDs trading in the secondary market have different value at different times,
9 \8 c$ V! }6 lnormally the value is calculated by adding it's principle and interest. ! _4 D: r# M" z! M, ~& |* O
eg. the value of the mortgage+the interests to be recieved in the future.
! p  o( n: d+ G& [2 g" n* jbanks 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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im not quite sure if the multiplier effect does really matter in this case.# m: E6 k6 S8 P- m; W  O  T
in stock market, it's the demand and supply pushing the price up/downwards.3 Y! a3 g$ {" k" R7 b: m
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: k1 ^) X' b: V6 H& IA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 m3 n7 k, I" L  bThe 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. 2 i( q' k2 {2 @" o
but 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 ]

Kev

原帖由 balachiDavis 於 2008-10-8 04:09 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
" }+ h4 `, c# ^) ]. @) PRefer to last example,! m9 ?/ n! H( }. l" t
that means bank A have no money because we borrow 10 dollars from bank A + H% ]( z# M) Z% T8 e" Q
Because bank A doesnt have enough cash on hand ; S5 y9 s( _+ I0 z
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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+ f' p+ g" t' H  eA->B->C->D->E; N+ r, C0 @, E: S8 {2 I$ O/ r/ ]) G
so does it mean if E failed to pay D,
) L  X- a% K9 A* B1 Z- Hall the B,C,D,E have to go bankrupt?8 R) g) S" \. u
1 Y8 k; z( ~" _* K

2 i8 \3 t: ^2 E3 {% w% H0 pthe multiplier just tell how much money created in a whole economy,
8 M1 P0 a. B" p( Ain this case it doesnt really matter how much money is created, 2 {6 g; s. I+ u1 N: m3 i% x9 p
it's the problem of the debt itself.1 [' n; A+ v( f- M/ W
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, E) y) w8 K# X+ ^
小弟一直都唔明...; I; r( O1 V& i5 `& i2 M

. x6 s6 t% c  M全世界都蝕錢，咁邊個賺緊錢呢?3 [8 }: H% I8 T3 K2 i4 s  U

# J  }3 I: ]" ?& X0 g" t  V0 j6 Y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' r% {7 Q* v' Z  g% k
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Thanks

& ]" Q  B4 l9 H2 q那些根本係 紙上財富  
; n0 ?+ S  O  l, \. X' U& s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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/ X7 B* a1 `+ n- n' \; Zhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
7 S8 H, V! m+ K% t) @, W* J- @當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) w; e& V1 {- P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
7 E* G+ n2 D! O( V. b個件物價係市場好既時候升, 例如15%先算,變左12蚊啦9 z& E% m- X! S% {  c' L; @$ T) T
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
, n, I2 G( E$ m計番回報率就已經係50%,所以可以好好賺2 c% Y; d/ a& Q3 k
前提係銀行之間要互相信任先可以咁樣借法5 C) u2 u) I& Q& F
同埋個市場既前境要係好先得+ w# d$ B9 c" c$ S
但當經濟一差,公司估值趺了,物價不升反趺
2 F/ ^# p: Q' I例如剛才說10蚊的, 趺到得番9蚊, % I& E3 Y$ I& F" O7 h, w
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
# m% t' m3 d% q/ Q4 R" M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 I) @8 V' A6 X+ j; x" _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, , Q  m: v( {* M9 i+ B5 i+ p2 m1 [& R
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ \- R8 |/ ~2 j. {- @* v/ r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
7 L5 c4 X. i+ f% h* a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
$ }( @0 W) Q! N. J唔係d錢蒸發, 而係比美國佬洗晒未來錢,
1 e2 i2 G6 T7 ~) D* p) l淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 b1 Q" H$ v5 e: n# Z  E
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
7 K, q4 I- `( a+ H6 W! k: `( t1 ^咁你話d錢蒸發左去邊? ...

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正係咁樣0 g1 Z: x" ^9 U3 u" {! B  V
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- X0 s, K) x* S7 B) v
分分鐘佢地唔使還錢
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% L6 r2 C& {0 l  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,; D5 w  ~6 H2 d8 E' M
連國家都係問人借, 不停發債券, 印鈔票4 d( w' [8 u' ^
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產" Y) L9 p- c# r( F" m( i
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
) J, b! e8 v5 }& z6 W' \咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...( C( |' x; Z2 o5 V
因為以前未生產, 先消費
. u/ i+ L, p# S) [: f3 k, E' ?而家就要多生產, 少消費