0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
. x, J/ d9 W. i9 d8 RWhy bank will sell 借據給第三者???
( X% j& N! I0 F  T: yI was so confused.....

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9 P; Q7 O' x/ d, E: ~5 N講到尾都係賺錢
8 h; o: D6 _5 A$ q) ]  u! xso銀行可以不斷放款
# ^. N# I, s! t+ U, w美國的房貸問題散佈到全世界+ i4 o5 w0 k" x% Q& f, L
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mortgage loan
+ Y  P6 ]' D0 ]7 W7 r7 R>conduit; Q) |8 f- q' E3 z  Q$ `9 b
>RMBS(Residential Mortgage Backed Securities)( O  \; {5 @( x1 u) c5 K1 G+ i' K
>arranger# c7 R+ T4 K5 T
>CDO(Collateralized Debt Obligation)/ e1 C* S% `+ t1 O3 ]: y
最後去到投資者

Kev

i thought it is the reason of rate of return.
6 ~# o, q% o7 Q1 Z- dCDs could have different ratings, AAA -> F,
' ]5 i7 j9 Z  S; Zmore risky ones would have higher premium (interest rate) as a compensation for an investment.
4 E' \) @) V5 @% M1 imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ ~8 O1 t3 t; p: n$ P8 pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; S1 Z4 O' H- g" q1 Y: ~
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.  m9 _: {$ O+ J& ~# N( K
similar to bonds, CDs trading in the secondary market have different value at different times,
2 `. P1 H. d' D2 `normally the value is calculated by adding it's principle and interest. + g' z! J" g5 s
eg. the value of the mortgage+the interests to be recieved in the future. ! k. S2 g8 ^" s% ^7 b: B; q
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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im not quite sure if the multiplier effect does really matter in this case.3 |. U7 ^+ z" j, w; U
in stock market, it's the demand and supply pushing the price up/downwards.; Z  M: T0 k% E
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& }4 W& l* V( y! Q
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
/ R# ^7 g/ |2 B! g6 QThe 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. ! ~$ H% a4 W' @$ w$ T; h/ {& {7 H2 }
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. G; M% W2 y( N* C! z- a1 ]/ ^" i
Refer to last example,& Z2 K, H1 i; h2 v
that means bank A have no money because we borrow 10 dollars from bank A % y9 E( j4 F9 Q. W  p; b" y( d- i1 G
Because bank A doesnt have enough cash on hand
+ }! M/ [" G) h: d8 _6 gtherefore bank A need to be bankrrupt ??? Am I right ?? ...

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- J( w6 H1 m  N* u* W6 ^4 ~' jA->B->C->D->E
; Z% {% D( f* u* Hso does it mean if E failed to pay D,
5 R; G; H/ S( g  J- ?all the B,C,D,E have to go bankrupt?3 Y. Q7 H0 h* U( b! l$ g  I
0 O) f; f0 I, L  }# ?

  q6 O; B* Z; X" gthe multiplier just tell how much money created in a whole economy,
! z% D) A- w9 Z4 {- Ein this case it doesnt really matter how much money is created, 2 C2 R+ h5 ~: ~- o+ c9 Q
it's the problem of the debt itself.
  a6 n. V; }6 ^: s/ X/ ?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" _5 w7 Z; l+ }) y$ c3 S
小弟一直都唔明..., t$ T/ M$ ]7 w& B9 F1 |

9 [  O, y, P9 c( W1 h全世界都蝕錢，咁邊個賺緊錢呢?
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. s$ F, {) }6 L+ Y  |) m8 q' u/ b" o無可能淨係有人蝕錢無人賺架嘛...& l& ?5 @. v5 D- h) k3 k0 h' E: L
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敬請各師兄解答- y. X& Z( J5 n4 F; Z4 ?) E7 Q
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Thanks

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那些根本係 紙上財富  
$ L( w+ x& B. [+ `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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+ \% u/ I8 q7 P% M+ thttp://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) Z' d6 Y# a) R* K
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高; V) W% Z6 a7 q
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
( {6 h3 C1 d, I: I, k個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
' U- y1 a  V+ g/ }扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
: W" ]+ B' G% q計番回報率就已經係50%,所以可以好好賺+ Q2 B- V: |$ w2 X4 r
前提係銀行之間要互相信任先可以咁樣借法' H. Z! N) i" P" F! e
同埋個市場既前境要係好先得8 Q' t# N$ `; i, D& M
但當經濟一差,公司估值趺了,物價不升反趺9 g3 i. |7 b( F; {  n) s. ?6 C
例如剛才說10蚊的, 趺到得番9蚊, + s* o$ s. c- w, {
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 @2 j' W9 N" B6 D所以你就會覺得D錢好似蒸發哂咁) x/ U7 Y! G) N/ j# r2 U4 b( M
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你都可以當標野咁諗, 個樣野多人可以狂升值, ( F9 I  [2 s+ z) ]( d, G0 n
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,
- M1 P+ A7 B6 ^; N$ n淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! n% [# o0 {6 E6 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
3 T; n( J, u' t& T4 \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$ Y! T7 Q) [2 F- W& ^: Q唔係d錢蒸發, 而係比美國佬洗晒未來錢, , X6 U" w7 _& W- [% }7 w" T
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ S7 e" c: E0 w# V- {3 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
2 f+ q3 ^7 K0 g; a8 R7 z咁你話d錢蒸發左去邊? ...

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1 K- z3 J9 I0 W正係咁樣
7 Z" f4 ~5 `/ H" b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
- ?  v8 Y) O7 [1 C" T" b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,
* [6 ]# G# q0 E+ w! ^$ [+ u; e連國家都係問人借, 不停發債券, 印鈔票
& z' C0 z; M$ f一個國家好少出口, 而又大量入口 ,反映到佢唔多生產/ |8 J6 a! C0 n. s6 l3 T* K
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: M& L6 C4 |0 c
咁而家"爆哂煲"算唔算先至係變番"正常"???

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3 f- ?' u- ^! J9 y, r* w1 `其實係...
% \3 l8 H! f$ E9 _2 L# S因為以前未生產, 先消費+ }+ T- k/ R% j, s! J! `
而家就要多生產, 少消費