0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
7 x5 o: x: R9 ?. PWhy bank will sell 借據給第三者???" h  i2 ]# b9 u( G* P
I was so confused.....

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講到尾都係賺錢& j/ D8 z: @- w5 }/ m- W. j
so銀行可以不斷放款6 ^8 ?: j& V7 A
美國的房貸問題散佈到全世界6 L2 E' R) G3 t2 |
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)# {. V% f% z. S4 ?: [- q8 r
>arranger$ T% W7 D2 l7 }! K8 R5 C
>CDO(Collateralized Debt Obligation); s  V6 w1 ?* G0 K" I( D% V
最後去到投資者

Kev

i thought it is the reason of rate of return.
# J& j! ]! n9 _8 L0 _CDs could have different ratings, AAA -> F,
5 m( m3 N4 k$ u# U, [more risky ones would have higher premium (interest rate) as a compensation for an investment.$ L, C5 c  ?7 r( y& E, T/ ^0 w
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- c' S  ?. z* p6 |in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% m) `6 Q7 T3 z  q4 t- f' Q
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% G3 }" a7 e5 z/ r! r8 Q
similar to bonds, CDs trading in the secondary market have different value at different times,
. R( g1 p; m1 y7 d4 H. V* `+ d# b" Qnormally the value is calculated by adding it's principle and interest.
4 `( z( ~( |$ C/ J) ]eg. the value of the mortgage+the interests to be recieved in the future.
( ^% Q5 j5 D: Q/ x' O) D* c% Zbanks 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.
, R: S% \& z. _7 z& N, l- yin stock market, it's the demand and supply pushing the price up/downwards.
" t9 ~6 x2 }( Y% @' o( {$ zFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. S: `* U% w# N/ g
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 c+ j5 j3 e' I. Y$ N) ?9 r3 f/ ^. w
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. ' D4 L: ^- I# [! _. r* W4 ?
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
( ?- z' j; K9 X+ xRefer to last example,
/ A/ S! G& Y" J7 `* o) [7 hthat means bank A have no money because we borrow 10 dollars from bank A
( G  T5 Q& ^$ y8 Y$ I7 }Because bank A doesnt have enough cash on hand 5 U7 u( _; m/ A, Y2 S! l: u% x
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E1 M  h8 |# v' w2 [& _) ^
so does it mean if E failed to pay D, 2 J, r  ~( R9 ^( R; w; v$ E! X, i
all the B,C,D,E have to go bankrupt?; F' m% C! G+ I4 O0 v/ k

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1 D5 n" Z& M# [" P& Y, f6 T- `9 ythe multiplier just tell how much money created in a whole economy,
& t' O- \  g1 r: W  @- E8 Uin this case it doesnt really matter how much money is created,
* x, V& {/ ^$ K8 b# m/ r6 x, qit's the problem of the debt itself.
' T* G1 E3 V- Q% X# ithe 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.gif6 t& N7 k/ u7 x, m
小弟一直都唔明...
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+ ~/ ~' _4 ?4 j全世界都蝕錢，咁邊個賺緊錢呢?
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8 @3 I* s1 E& Z. C9 E無可能淨係有人蝕錢無人賺架嘛...6 z& o5 V& Z3 m) E7 R
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敬請各師兄解答' n5 i; b, \" b+ q( a6 t
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Thanks

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那些根本係 紙上財富  5 Z: h( G5 p2 B" J: z" A4 a5 Q( v
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 graphic0 x4 b* }, ?# C" R, D
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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% }3 r% D9 H當經濟好,投資銀行相信會賺錢, 物價既估值相對較高! d; G/ j4 H+ F0 d& b& e
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$ U- ?( C5 `& ~, B" T, u% l. C
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦4 [9 }, ^. S2 x5 S% T& h9 E! n2 z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# I5 c  T  Q% q% r/ P9 r
計番回報率就已經係50%,所以可以好好賺0 u) N% E. W6 G/ w+ L; S# t
前提係銀行之間要互相信任先可以咁樣借法
+ Z& A9 S; i: O! M' P同埋個市場既前境要係好先得/ B4 h8 E1 G9 W3 _' j( m# C
但當經濟一差,公司估值趺了,物價不升反趺
4 u2 l) _" S# Q/ ~例如剛才說10蚊的, 趺到得番9蚊, 1 q7 g4 k; n# i. P" M8 H
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' V7 x8 ~& Z1 A! Y. F0 v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, " g7 H  ]# d) @# Z5 m7 I& 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,
0 v. o) ^: J8 M& c0 h. R' U. w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ w4 Q, {. E% i5 J$ c7 I# n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 n9 p9 ^/ j- 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.gif2 y- Y/ f8 \: }  [' r4 p
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, Y# n0 E, K3 ?' y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; M/ Q+ R, ?8 r, l" a) H" J& `( \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0 i& o; @/ ^8 W8 F. B/ f* h; R
咁你話d錢蒸發左去邊? ...

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正係咁樣
$ L" M# F4 n7 [  l! O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5 G1 q1 Y, o6 l( r8 A
分分鐘佢地唔使還錢3 X. n  Y* r4 `! F4 |' o

. |6 G& J$ A% Y3 t9 X9 r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,
- k% D: ~0 Z# o$ y+ M% Y) w連國家都係問人借, 不停發債券, 印鈔票
1 s4 [! I, @, O一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
- G2 ^' U  y4 L! k& U% 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
" k/ r& _4 c8 M! p. J' u- T咁而家"爆哂煲"算唔算先至係變番"正常"???

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) F  z4 G& B  x5 w: x其實係...
- K* L+ K/ H- s" j5 w$ i因為以前未生產, 先消費
4 r# n7 W3 @  u9 l5 u而家就要多生產, 少消費