0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
  t" C8 Y# h! G2 b4 DWhy bank will sell 借據給第三者???
8 P4 v  O5 c: K" A: |  g- II was so confused.....

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( M& o* H4 `8 \) w$ f" ?4 K9 A講到尾都係賺錢3 L1 _6 R/ v5 _8 w) i3 o. u
so銀行可以不斷放款
! S" l# J# d# K" k美國的房貸問題散佈到全世界
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mortgage loan ) Q( k3 C( V2 k$ M2 g; D% N
>conduit
) A3 p- w' ]) w+ B1 d0 O2 M>RMBS(Residential Mortgage Backed Securities)
, K* t+ e$ N: A- N: b>arranger
4 W  Y, q0 l, f; b- K. o' k3 ?>CDO(Collateralized Debt Obligation)
' u) K" M: ~1 U6 L2 X8 Z最後去到投資者

Kev

i thought it is the reason of rate of return.
9 N6 g+ S. X$ L% D; Z* yCDs could have different ratings, AAA -> F,# h  B/ O% A8 Q
more risky ones would have higher premium (interest rate) as a compensation for an investment.
4 |5 v9 s1 B6 @# Z# `% r0 ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- q; R7 Q6 H6 V( p+ ?* P+ P/ w
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 ]. C1 B3 d9 f$ [6 }6 O0 D; ^Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 @/ F$ K8 L1 E2 r$ C
similar to bonds, CDs trading in the secondary market have different value at different times,: r) E$ I. Q7 `0 \. R: D6 ?
normally the value is calculated by adding it's principle and interest. , F- p- x- @: B/ c. I6 K2 W4 l
eg. the value of the mortgage+the interests to be recieved in the future.
" i2 R- e  S# s( W/ n7 t4 `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." y2 l/ e& L9 D4 a; }) l( E+ @% z) x

% m; ^! @( ~* I- |im not quite sure if the multiplier effect does really matter in this case.
( k/ N, L4 g( Q% W& z' Vin stock market, it's the demand and supply pushing the price up/downwards./ S  {  R& Z. @/ U+ D
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ l, M: k0 c* r; P. ~& Z7 zA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. V7 k' h$ T( z
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.
/ V+ b% C4 E0 x0 U: mbut 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 T0 H+ s3 F( @# B' TRefer to last example,
3 h" o, R3 T/ kthat means bank A have no money because we borrow 10 dollars from bank A ( \. X3 J3 i/ x) f& H
Because bank A doesnt have enough cash on hand
# |% \* g& M5 I* r: Ntherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
4 N9 M6 f3 P# j$ B& ]8 Sso does it mean if E failed to pay D,
' {7 _2 T7 w0 N* q. C1 h5 @all the B,C,D,E have to go bankrupt?7 B# R9 T7 r$ L! }- s
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the multiplier just tell how much money created in a whole economy,
' U( p$ r1 J% i3 iin this case it doesnt really matter how much money is created,
3 s& X6 M7 E+ Wit's the problem of the debt itself.9 T: v8 p' e. A: H
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
/ O, k) e5 ?  |3 @! x8 c小弟一直都唔明...
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9 v# t; D6 M! w- F全世界都蝕錢，咁邊個賺緊錢呢?* l. E* q7 }5 g4 k- G% ~9 _

3 l2 R* U9 r" l1 G5 S, M+ n4 _$ @無可能淨係有人蝕錢無人賺架嘛...9 ~  D8 X3 m, A  g( o; H

; |$ W1 m0 U" ~8 m' M敬請各師兄解答
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Thanks

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那些根本係 紙上財富  
, \6 D) s% ^1 R' f2 p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# }; u# k/ D0 C9 f5 B
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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
+ I$ l7 O/ m& o: q/ Z- ?) D當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% K/ g- j8 |& d1 O/ u) V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- k" H# B! c5 q# C
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! m+ Z9 L! F% c5 z& Z" f扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
' q, S4 {( b0 C, ]計番回報率就已經係50%,所以可以好好賺6 `  [" W5 q' u+ J" a
前提係銀行之間要互相信任先可以咁樣借法5 L$ s4 j' E, Z, U$ j  T
同埋個市場既前境要係好先得
1 q$ D" U9 _% y2 T但當經濟一差,公司估值趺了,物價不升反趺4 B- X; U# O! [. J! m& l
例如剛才說10蚊的, 趺到得番9蚊, . N( S8 o( n$ f$ a9 A8 g8 _8 m
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%  D9 B( l2 j$ T+ m- Q6 L
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, ) {4 l! N8 o2 u6 A# h# ]
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, # Q* [! x  k. }. h
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " X* R+ B. |7 @6 b$ G8 p7 [
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
, a0 Q% @1 s' n# P. }" g6 Q3 _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+ K: G0 y  ~  U4 b
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ' M- F: U) e" k3 F
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- n6 A: L  _) S, B: |) Q# W% k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7 a. V6 c. V) a' ]$ M2 p
咁你話d錢蒸發左去邊? ...

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1 f$ C) y3 e- P' X& @7 M& |正係咁樣( W+ t0 f0 d+ {0 s5 i/ 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
3 B4 I( ?! d- `3 H2 e分分鐘佢地唔使還錢$ U# ~$ a# ?: J  K( F& ^
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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,
- ?5 U' V+ U0 ^0 ~7 S連國家都係問人借, 不停發債券, 印鈔票1 ~2 U, ]: N% K' W$ F
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產7 M7 m, j, ?/ z; s
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
# O  D- m. ~1 h% ~$ N) [咁而家"爆哂煲"算唔算先至係變番"正常"???

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5 i# O# V+ [0 ~! i! v2 [2 m  n其實係...$ _4 G6 B8 M6 E
因為以前未生產, 先消費
4 |4 c2 N% o9 e, _( @- @而家就要多生產, 少消費