0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 c8 q4 G* Q: M5 L  S0 V! _" dWhy bank will sell 借據給第三者???, R7 a6 I3 ]) m$ V+ z
I was so confused.....

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講到尾都係賺錢# ]5 h) s) Z. v: v% w* h" n$ W4 m
so銀行可以不斷放款
9 G/ h- {) P1 a1 y3 ?美國的房貸問題散佈到全世界2 k+ D3 e& W; t; T7 {; F

5 Z1 m: L8 c7 {0 ^! ~  Rmortgage loan % d3 R* U* `2 \. v1 h
>conduit1 y) N, b) h0 `4 h- p8 I& A
>RMBS(Residential Mortgage Backed Securities)2 T) R8 O5 a+ T% T( k4 o6 Y
>arranger, B# l! K4 ^* B0 I/ ?
>CDO(Collateralized Debt Obligation); G# u' j7 K( W6 T
最後去到投資者

Kev

i thought it is the reason of rate of return.
5 e* l9 y) f" X* D% K4 ?; H/ wCDs could have different ratings, AAA -> F,3 A7 L' q. W' D! o6 ^+ @$ K
more risky ones would have higher premium (interest rate) as a compensation for an investment.
' h) r8 o& f) @: v1 m8 _3 c* ^main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- Q2 A% A8 G& |% K: ?. M6 y5 H5 Min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; m3 M" t5 ~: G* ~3 z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ r) V! J: Q& t- u( ?0 ^
similar to bonds, CDs trading in the secondary market have different value at different times,
" U8 X' s/ p: S' l9 `% T. L2 [) hnormally the value is calculated by adding it's principle and interest. 1 H8 Z% t' k9 r/ G* @/ j( h
eg. the value of the mortgage+the interests to be recieved in the future.
% `% E* b" t+ d" 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.0 h: _5 q! _% \3 t& \% }) d  B! h
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im not quite sure if the multiplier effect does really matter in this case.
9 |! E5 A/ C3 U+ }' T3 Vin stock market, it's the demand and supply pushing the price up/downwards.
: Q0 P% v8 I" k0 [7 z8 }For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; m7 q3 N8 ]8 p' m, G
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* z* i, c# y/ h- U, }# M
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. + ]1 a8 q* H* z( ?: ?2 C
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- `, s0 D" e) Q' g
Refer to last example,
$ r9 T3 a5 ]7 G1 d5 A9 Hthat means bank A have no money because we borrow 10 dollars from bank A 9 g- W4 N0 e- f. L
Because bank A doesnt have enough cash on hand
. ]# _- f! o" x% q/ ptherefore bank A need to be bankrrupt ??? Am I right ?? ...

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. A0 _2 b/ T" Q6 v! v0 X- MA->B->C->D->E
- ~; q8 C/ i' l' Z0 n1 Jso does it mean if E failed to pay D, 0 u  D# ], E0 e- V# R$ q& i
all the B,C,D,E have to go bankrupt?  D) l1 R, X$ p/ B
$ }+ t  Y  V9 \/ r' N: T

6 Y3 g# B, J( @! Nthe multiplier just tell how much money created in a whole economy,
: f( n' H; D& r  z+ W$ ein this case it doesnt really matter how much money is created, ) Y8 W' B& K, z/ {  f( U
it's the problem of the debt itself./ `! g  y1 T6 k9 n
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- |# e# ]4 j: f3 [/ a+ @- X2 v小弟一直都唔明...9 T- \" J1 U. w; b; n0 q

0 n6 u9 }7 q0 ^, u, N, ?, C全世界都蝕錢，咁邊個賺緊錢呢?
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3 C' F# Y: K. G6 t8 v5 H無可能淨係有人蝕錢無人賺架嘛...2 j9 g$ w# F- |! ~: c, T+ {
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敬請各師兄解答6 v5 w1 c4 w* a' B
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Thanks

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那些根本係 紙上財富  0 f# F1 X$ G0 N9 s" E* V( t6 X9 D9 s' a
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 w6 N9 D! |9 A+ @% M
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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- E+ d% S; Y. n+ x1 h* ]& |
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
/ E% Y! y. l  F% Z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9 `. d/ y! F( j9 a; ^8 \3 u8 `" J
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 X  v* y) i# t' W! V0 l
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
+ k! v- q9 ^. E計番回報率就已經係50%,所以可以好好賺% n1 y* u+ x. H; l
前提係銀行之間要互相信任先可以咁樣借法
: Z5 x1 A. m# e  w5 l同埋個市場既前境要係好先得" A( f3 v- E1 f; U7 L( W! q
但當經濟一差,公司估值趺了,物價不升反趺
9 {$ B8 b5 ~3 E+ N7 Z8 ?例如剛才說10蚊的, 趺到得番9蚊,
) p6 J" m) c5 k) k$ q; R咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
* T1 S/ d8 ~* {( D所以你就會覺得D錢好似蒸發哂咁3 H/ ^1 d6 Z0 C- ?# g3 G

7 Z8 l1 b; |5 n7 t3 C你都可以當標野咁諗, 個樣野多人可以狂升值,
! F/ a) f0 @+ p3 @( N) Y# t" C* g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, 5 G! d  G* m2 n/ g3 C/ X9 A" `
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # z# }# Q; D9 W! I: x; }
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
  i; v( X. ]/ W3 k+ F" \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& z1 I- H8 t3 c8 K
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ! ^' B7 J, |4 |* e; ^1 G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* y+ M2 v  `. D3 W) 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  T8 l8 @% d, x* e4 N
咁你話d錢蒸發左去邊? ...

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正係咁樣
+ ~; H7 _1 x7 E2 H$ \0 J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
" w7 |, k2 y3 c- z- ^) T分分鐘佢地唔使還錢  B9 x( l( [# n% t7 _% j

; [% R# _7 W. H& z" m8 Y$ W' C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 z# R  A& D5 a: e
連國家都係問人借, 不停發債券, 印鈔票
" o7 v5 P4 ^1 Q, d" ~2 @一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 J+ `! s! G* g& l# 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.gif5 W( c9 M5 H8 Q+ [
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...5 d# N; c! ^7 c- V
因為以前未生產, 先消費4 u  i( f/ C2 ?2 A7 t+ p
而家就要多生產, 少消費