0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
/ I( o0 q; d5 J, N. cWhy bank will sell 借據給第三者???
( V% Y4 d% \: \. P9 RI was so confused.....

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講到尾都係賺錢& A- f3 r" M# _8 O
so銀行可以不斷放款
$ D$ B  }& b. R& M# y% Y8 y美國的房貸問題散佈到全世界
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9 w' F- G. T( ^+ ~" [8 V: mmortgage loan 4 ^; y5 t/ f6 Y# r3 {; M
>conduit
! D, e) W5 ~: V* G) E>RMBS(Residential Mortgage Backed Securities)
- z% D6 O5 B" Z+ c" S$ @>arranger
) p3 D/ O' V& j; w( t; U, R+ g>CDO(Collateralized Debt Obligation)! D1 @* C! b" t" a, c0 j
最後去到投資者

Kev

i thought it is the reason of rate of return.! u; D/ _' v1 S1 Q, ?
CDs could have different ratings, AAA -> F,
$ Q8 T) N; L" F0 h  Lmore risky ones would have higher premium (interest rate) as a compensation for an investment.
9 J* G+ _$ {9 T2 a7 ~$ Fmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ J8 m0 [; v3 O- ?6 B1 Zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- ^* B: ~( Z; c0 B# H) x
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  d1 P6 H& z$ ssimilar to bonds, CDs trading in the secondary market have different value at different times,
# Z! a0 ?3 Y" T3 [9 q0 inormally the value is calculated by adding it's principle and interest. ( w; @! l1 u: v6 x( C
eg. the value of the mortgage+the interests to be recieved in the future.
% R/ a4 k5 r% w3 v: e7 t  d6 T1 P0 hbanks 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.& S. B: i% ]- l  K" m% Y
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im not quite sure if the multiplier effect does really matter in this case.2 t( j! y; }: A: s7 H; _
in stock market, it's the demand and supply pushing the price up/downwards.' W7 T$ W& j+ r' {) j
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,  b; A* U+ x9 |# z5 X% F" T
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 }; I6 ^# l+ t7 R0 o7 c) z" fThe 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. ' E# ]9 D; U! `* n; u
but the value of their assets did really drop significantly.
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+ A/ K8 L$ _# b! Q. [4 c[ 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
, R6 \' b* s$ A9 aRefer to last example,; a* k; Z, F: ?, U
that means bank A have no money because we borrow 10 dollars from bank A
2 B; C  i/ [0 b- gBecause bank A doesnt have enough cash on hand ! q3 `9 D* i9 e6 q- _
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
; K8 h2 v/ f( n! D# n8 C/ f; lso does it mean if E failed to pay D,
+ f8 F, m( O) `& T8 mall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
6 a. ~+ t6 z- ]. t0 _, z/ Gin this case it doesnt really matter how much money is created, & r- T% i9 b0 m* |
it's the problem of the debt itself.- I+ j9 q/ w* R' W- z
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- R; c4 @) G3 G2 w. l5 @4 f2 \
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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3 q  @# q% Q1 z) y+ Y0 P) ~無可能淨係有人蝕錢無人賺架嘛...! U7 K% |. p) `7 f) I. c, y

0 L6 m1 ^0 q) p+ z敬請各師兄解答3 \9 {4 k, N4 u8 s+ l4 V0 x) ^' k
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Thanks

8 S2 [" u7 o  Q- p' f% v那些根本係 紙上財富  
* k4 F7 g5 Y( l$ k& 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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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& b+ x$ }4 n0 l! ]  i
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高- ~4 ]6 l5 k3 J8 ]: u7 k) J- l
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( s! H7 h6 Q! C# b
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦4 Q0 v& l9 Q% W4 K! @4 F
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,7 ^. R5 ^1 j, g/ V4 @
計番回報率就已經係50%,所以可以好好賺
. Z" L% z1 z( v9 [- \3 q前提係銀行之間要互相信任先可以咁樣借法
' l, M# D$ u! z( `  S: O同埋個市場既前境要係好先得  `+ E8 W7 Y  X8 {% |
但當經濟一差,公司估值趺了,物價不升反趺8 U- p8 Z5 [9 b/ d! T
例如剛才說10蚊的, 趺到得番9蚊, ( f0 p! l" N$ z' ^
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
* A5 a3 ]2 s; W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, 9 Y. f5 q5 _' X+ _6 M5 ^5 d
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, / d" Q$ ~5 A- W/ G4 h9 y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* Y  Z3 F" o& z1 t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9 m4 {. [- L9 W5 Z
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
, Z8 F3 r2 f. f: e/ i& j- V唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; Q$ M/ u4 {5 r, u% W9 G* d. a
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ z8 f8 K' U  p3 }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 u5 a3 ^! N' F( d, u
咁你話d錢蒸發左去邊? ...

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3 ~, q4 {1 d! v# u' }7 }/ q正係咁樣3 L; U2 S! K# ~5 l5 z8 K
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+ I* D/ ?- O. n; z4 P7 ]( R
分分鐘佢地唔使還錢5 g! g7 h$ g* y) x% N" _. [

# r( r' H1 r5 d3 Y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,& o. H: ~2 O& B& Z  @
連國家都係問人借, 不停發債券, 印鈔票
8 c) J% y% S& I+ W! I0 O( o( T一個國家好少出口, 而又大量入口 ,反映到佢唔多生產7 c$ N1 d' ?( Y0 F; q
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.gif0 ~/ K/ M9 y; S7 V* d
咁而家"爆哂煲"算唔算先至係變番"正常"???

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( C2 Y! o' j+ l2 [& `其實係...
" W$ a8 a" @9 V" L因為以前未生產, 先消費3 ]! y# b/ V% O" z7 {
而家就要多生產, 少消費