0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
/ q7 S! X3 n  DWhy bank will sell 借據給第三者???( `$ X; o$ U% o' u) `6 q- L
I was so confused.....

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講到尾都係賺錢
/ {' m) x0 w: U, n! a# l; n9 a9 tso銀行可以不斷放款
  n0 |0 \. ^6 Q  K' x2 c美國的房貸問題散佈到全世界
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3 S& x5 {( i: s2 u+ Z% g1 U8 fmortgage loan ; ^; Q3 f+ k# v
>conduit" X6 y; k  U0 S0 P* ?  [" Q; M' t
>RMBS(Residential Mortgage Backed Securities)
! `, a+ L% V4 w+ s1 L6 C>arranger
! w* c+ J, M0 x; N4 h8 s>CDO(Collateralized Debt Obligation)
5 N% [0 |7 d) }; L最後去到投資者

Kev

i thought it is the reason of rate of return.
/ S+ \( |5 `! D! aCDs could have different ratings, AAA -> F,
7 C6 W. V/ H6 ^1 Smore risky ones would have higher premium (interest rate) as a compensation for an investment.
$ E2 `0 C1 p  A& R( p' amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ d: o0 F& z' n. B) \in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 T1 V' p; }# c+ |3 K
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.1 ]- j, R( r; @) S# C3 a9 a
similar to bonds, CDs trading in the secondary market have different value at different times,
5 ?8 L7 t. O6 h) J2 b3 T1 H- V/ ^normally the value is calculated by adding it's principle and interest. 2 C+ B% m/ B# ^4 ?
eg. the value of the mortgage+the interests to be recieved in the future. " v# u( X. w) P0 t( B
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.
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# Y( V1 x) \" J, z+ M2 O4 Z3 Uim not quite sure if the multiplier effect does really matter in this case.
4 E* R, \: h7 [& N8 R0 `+ x# F9 Lin stock market, it's the demand and supply pushing the price up/downwards.
* p' w4 P) i0 N0 b. @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; J: h2 Z" D  P7 f5 p( |3 rA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! b6 V0 X" ?# X3 V' nThe 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.
. i; X6 s3 Z5 O& qbut the value of their assets did really drop significantly.6 X; M2 @! U0 n5 ]2 b0 f
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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.gif3 L4 @- s$ C  Q* |; G" Z/ [
Refer to last example,. @. W8 u  o! q2 @' ^- I' d: B
that means bank A have no money because we borrow 10 dollars from bank A . y- Q8 d8 u" s3 o
Because bank A doesnt have enough cash on hand
: P1 o. y% @* b3 S6 c# Ltherefore bank A need to be bankrrupt ??? Am I right ?? ...

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' h* C4 V- E5 h9 {" R, c) H# EA->B->C->D->E* G4 y5 }8 t9 X! c6 M
so does it mean if E failed to pay D,
. f/ w2 H( U8 j7 b( pall the B,C,D,E have to go bankrupt?
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( y0 z. |  H2 K0 ]7 }the multiplier just tell how much money created in a whole economy,
  c7 n1 v; U' ]0 t# pin this case it doesnt really matter how much money is created,
* s  d1 o- i- |& [6 R5 J& vit's the problem of the debt itself.( e. R. `# U5 T7 J
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+ u0 X* s  `& }% A
小弟一直都唔明...; i. d' @' e7 K/ f- S* N
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全世界都蝕錢，咁邊個賺緊錢呢?' p/ h6 w# t, ?0 |
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無可能淨係有人蝕錢無人賺架嘛...
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0 N( y' G% w2 m/ o敬請各師兄解答3 \1 K7 C6 W% s+ P

1 `  k* E! n& z" s# y+ n' JThanks

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那些根本係 紙上財富  + o8 @5 y. ]: n" u: `1 a  I+ i8 |
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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0 h: t( a0 q, Q" h8 thttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif

fderek

其實個D錢係你可以當係虛擬資產$ j) C2 w* l# h' I# b8 C2 _; Y
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ [- j8 d$ C$ {# s+ o! k# B2 I
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
! g! v4 I7 \" X! v7 R9 P' j7 o, M9 }個件物價係市場好既時候升, 例如15%先算,變左12蚊啦$ W9 y5 t* B' n# E* Q: Y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
+ a4 u. U$ [: O) C計番回報率就已經係50%,所以可以好好賺
4 F; V6 m, ]4 s% J2 D7 b前提係銀行之間要互相信任先可以咁樣借法
+ ]. z; K* w, n0 R同埋個市場既前境要係好先得( B& E7 G( \- t# |0 u
但當經濟一差,公司估值趺了,物價不升反趺, w- d+ G* K" I
例如剛才說10蚊的, 趺到得番9蚊, : @$ b% i; U# z, ~% \4 \
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 O  r1 _( W7 X* g$ x2 S! R+ _% l所以你就會覺得D錢好似蒸發哂咁* d" L' H, E5 N+ ^: c

$ V& W' F6 s, ]/ k4 U1 f: g你都可以當標野咁諗, 個樣野多人可以狂升值,
2 l$ Q1 l3 o- f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,
7 i/ d- b0 Z: S; |淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 K. z( \" q9 `/ B- j& o3 _# o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$ ^5 a# C8 t8 Z$ D5 d8 b
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.gif5 s. ]0 q$ u7 y
唔係d錢蒸發, 而係比美國佬洗晒未來錢, % _1 {! M- i6 W& ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , r0 V5 a0 C! V3 P
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
, @: ]$ k( o" P$ B) m8 }3 P2 x+ Q5 Y' y咁你話d錢蒸發左去邊? ...

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正係咁樣
7 }" t  y6 g' D! l) b3 b0 t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
/ H9 S+ v( \. s; n分分鐘佢地唔使還錢, h: c* K* {3 F8 L9 ?2 ~6 k
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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,7 C0 X5 p4 g9 n4 F8 K4 a
連國家都係問人借, 不停發債券, 印鈔票
. e  X3 t# y& f) A% s2 G1 |一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
) ~$ H1 h; L) d1 m$ _. U8 Z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
9 D* I6 \% P' C咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...& M* d$ o6 G. M+ l. ?  O
因為以前未生產, 先消費
; j4 E. ^0 l  o/ n) s而家就要多生產, 少消費