0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
! _' Z' z6 [6 X& J1 i5 ~  D- g4 TWhy bank will sell 借據給第三者???/ @2 ~& l- q6 w! v+ b
I was so confused.....

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: J3 J7 L; ?% d0 f* }' o9 `  N講到尾都係賺錢; }& X* j/ f  q) T( ^
so銀行可以不斷放款1 W# O& |5 d- `0 \
美國的房貸問題散佈到全世界2 u. n3 s2 A# m+ V+ H- Z

# V( h6 G* G3 t$ @mortgage loan & l4 j$ ]6 f# H1 @1 R% K7 ?6 [  v& K, g
>conduit% A0 S2 ^3 c* @) K: R" C
>RMBS(Residential Mortgage Backed Securities)
+ p9 X% z" B8 [/ y* L7 W' j>arranger" E5 y7 D% k8 {4 B$ n- X: s
>CDO(Collateralized Debt Obligation)
8 B# O! H; ~5 _* ?最後去到投資者

Kev

i thought it is the reason of rate of return.# @  U; I2 q. y3 F5 Z- @, _' W
CDs could have different ratings, AAA -> F,
* g  g1 q. Z% c( ]) `more risky ones would have higher premium (interest rate) as a compensation for an investment.
- |: T; q2 j9 c, S/ Smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,  B/ c2 h/ w& l/ z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 a5 T( n! n" u6 `Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- J  j  u, a* W4 p+ B7 K
similar to bonds, CDs trading in the secondary market have different value at different times,% ?$ N! i- T+ x' t
normally the value is calculated by adding it's principle and interest.
: U( m+ l( R6 [& p9 r1 Q! [eg. the value of the mortgage+the interests to be recieved in the future. : g  q9 _( ~* _+ W1 ?! U8 c( b. {$ Z
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.* j, Y1 l$ D6 R- o7 H# t4 H
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im not quite sure if the multiplier effect does really matter in this case.
8 A; G; C) O5 {0 e0 [# e& Yin stock market, it's the demand and supply pushing the price up/downwards.
- ^: f' f; x+ v& ~4 h8 ^For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 K# P% c5 R, L9 M; v6 ~: `- h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ F( {" p/ T4 \% D1 H# ^0 XThe 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.
5 x; K5 ^9 K9 s, C+ pbut 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
2 ?4 Q$ y  v! C: v2 T0 uRefer to last example,
; b9 V& Y# j' P1 X  I' sthat means bank A have no money because we borrow 10 dollars from bank A 9 g3 \, P- p; G( @* P: [. u
Because bank A doesnt have enough cash on hand
8 T) y/ ]  ]# {2 ?( m! ]- A' w1 J( etherefore bank A need to be bankrrupt ??? Am I right ?? ...

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2 i+ c5 ?# H% u- }+ u% Z3 n) iA->B->C->D->E
0 }. ^5 m  A+ i' S) B4 oso does it mean if E failed to pay D, + t/ ~# Y" T6 g% s# ]
all the B,C,D,E have to go bankrupt?+ }. ~- [8 O: E0 N) T6 K3 m: H

2 S6 J& \+ ]8 Q( o4 z3 r% U
( Q/ ]. U9 h' Rthe multiplier just tell how much money created in a whole economy, & j) m% J, [( N" L
in this case it doesnt really matter how much money is created,
! R) e5 p) o9 kit's the problem of the debt itself.. p# O0 \+ ?7 ^0 h& C
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
$ l8 }: q$ ]2 {9 ]. r/ E; b小弟一直都唔明...
- U' z) A0 W* g$ b- z) X) s. E3 b" D4 ]5 E+ I) Z! q- h: o
全世界都蝕錢，咁邊個賺緊錢呢?7 T6 c  x% G: w) y; @, `4 v- y

+ m5 d1 g6 P7 r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
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& j# @' X' l& ^! DThanks

" t) ^0 t& D5 C那些根本係 紙上財富  
! j9 [' o' f8 C* 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 graphic7 K" C0 P* O* m, f$ m3 k; r: F- p

" l; s) w7 G: ~0 R; jhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產
# h, y7 L' u9 W% j& d當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; J. {# F- j/ t0 A7 S! J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/ @1 i2 C; _. X  k* s; E
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
2 \. X$ `; _+ H$ _扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,+ j. k  x4 Q! T* m
計番回報率就已經係50%,所以可以好好賺- u! K) @& M- j6 D
前提係銀行之間要互相信任先可以咁樣借法
* x  b* e* J, T! F( A同埋個市場既前境要係好先得% h" |5 s) a# o( X# l; Q# |
但當經濟一差,公司估值趺了,物價不升反趺
3 V3 i' N1 R; N# T0 Z" ?例如剛才說10蚊的, 趺到得番9蚊,
) y$ @! B5 \# H8 c* P" ^( z咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 z0 }) Q9 i4 p9 a. U( U! [* G# c! G0 P所以你就會覺得D錢好似蒸發哂咁$ @" H% i- ]  M7 W5 z6 E* P

0 O* K+ U0 |3 G6 ^) P你都可以當標野咁諗, 個樣野多人可以狂升值, ; \. n6 q1 h- F0 M' R7 |/ Z. R
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,
$ p/ v4 v% E+ a' @淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( _* l& j$ y, P3 i2 d0 s) a
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
8 ]' w# p, E2 E2 G9 t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.gif0 V% \) t" I! K% K: R. y) d
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, K/ q% I3 I8 _6 o+ W# J1 Q5 b淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 s) L  Q7 D4 @4 c) z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
4 g' O4 F* o( M! y% c4 N咁你話d錢蒸發左去邊? ...

$ @; W( K- d+ b" k" E

$ g' y/ \+ t! ~; ]$ h3 G正係咁樣
/ w% u6 L1 L: [: q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* S& w$ A6 Y: Y" n" n- N
分分鐘佢地唔使還錢
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6 N$ B& {6 P) ~# G5 s/ f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 |6 `$ t# G" I, H1 Q: a連國家都係問人借, 不停發債券, 印鈔票  @9 ]9 t* f) Z4 _2 m8 s: L4 G
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; [2 Q4 k: h  j
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
8 y3 @& C' `! R% M0 h7 \咁而家"爆哂煲"算唔算先至係變番"正常"???

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% }# \3 C+ e" D  F* \  G1 C# j其實係...: \' G% }  c# A4 `6 q: ]$ b
因為以前未生產, 先消費
" q) K& M3 }# V" C4 t1 n5 L1 E而家就要多生產, 少消費