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原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 l  r4 ?4 k$ s% P* ^1 J6 g0 ?! w7 PWhy bank will sell 借據給第三者???
' q% N: ^; P1 u7 Z8 zI was so confused.....
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" C. r8 ?9 |% G2 z5 r講到尾都係賺錢5 Q! B0 a& i8 p* Z4 c5 J
so銀行可以不斷放款: b! o  `% G0 b
美國的房貸問題散佈到全世界
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- n+ {/ ~' y0 K* H4 Ymortgage loan - K3 d  K1 S2 n
>conduit
7 I2 h0 u) Q- S  z' f) d# t>RMBS(Residential Mortgage Backed Securities)
( T) J9 N" ~' J, L% U; C>arranger
! o' i: ?: n$ v- O>CDO(Collateralized Debt Obligation)4 b3 @: M, a( H1 T  u
最後去到投資者
i thought it is the reason of rate of return.5 ^; `% P7 i3 \
CDs could have different ratings, AAA -> F,
, q1 V6 p: P. ?1 W, Xmore risky ones would have higher premium (interest rate) as a compensation for an investment., M% ^% y+ L* N* T& D3 |7 D: s
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return," p9 e/ n- y( F( l! H
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' _/ V1 X5 a: W0 D* {
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.  D$ D& l0 F- s
similar to bonds, CDs trading in the secondary market have different value at different times,
. ~8 w! T7 U* ], _# \$ ~. Hnormally the value is calculated by adding it's principle and interest. $ X: N0 `; h7 C2 F9 c) p" k
eg. the value of the mortgage+the interests to be recieved in the future. ! @& a! a( m' ?& Q- F
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., Q) I5 X$ h( U+ X( F  I
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im not quite sure if the multiplier effect does really matter in this case.
! \( B% T2 D; q% `# ein stock market, it's the demand and supply pushing the price up/downwards.
, _1 O3 Z% R9 ]For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% t. J6 a6 y: o9 O3 q2 q+ `A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.7 |0 R2 u( N# D" m' a; K1 ~
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 J% Z6 x" n/ Sbut 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 ]
原帖由 balachiDavis 於 2008-10-8 04:09 PM 發表 http://www.26fun.com/bbs/images/common/back.gif+ I# U9 {" O- S$ j4 g
Refer to last example,- Z5 T$ K7 q; V
that means bank A have no money because we borrow 10 dollars from bank A ( @8 q5 a, \4 C7 O# N
Because bank A doesnt have enough cash on hand
* @) V, l" J( j6 ?6 W& \therefore bank A need to be bankrrupt ??? Am I right ?? ...
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( b! k5 `) Z3 ]& `, K, H) g( N& \+ B) lA->B->C->D->E4 E9 v5 G/ C* g3 r* C9 [$ i$ \
so does it mean if E failed to pay D, ) Y+ ]- }) ~' o  z5 r
all the B,C,D,E have to go bankrupt?& I0 f3 G9 r* W% |. b  R( p  O

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the multiplier just tell how much money created in a whole economy,
" ^! z6 m6 F8 E/ t# V  @* D  `* ain this case it doesnt really matter how much money is created, ; W" I5 y3 h, P- }2 _6 ~; f$ k
it's the problem of the debt itself.
6 p" @9 o! _9 qthe debt(securities) is bad, faulty, that harmed the whole system.
原帖由 kerr12ca 於 2008-10-8 02:44 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
3 H0 p! e* q% r5 [% Q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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7 s0 l. ]. O$ o: H  S無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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Thanks
, z) O6 w7 T- d/ U+ V+ H( `6 F那些根本係 紙上財富  / u8 N4 ^. {4 W/ O) Z$ c& \% K, J) H
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
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
其實個D錢係你可以當係虛擬資產- a+ K  b$ _7 }  x; B
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
4 l3 b/ _  L9 v* I# ]3 Z3 U' }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
2 s+ s$ q) h/ M, H5 B6 Y# N, M個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" B2 N/ P1 q5 T% d. Z扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,  @$ Z3 q- T4 Q/ o; U
計番回報率就已經係50%,所以可以好好賺; n, ~- p1 h. ~5 I
前提係銀行之間要互相信任先可以咁樣借法
1 ?4 i5 g* }) b$ X& a同埋個市場既前境要係好先得' i' p* s2 w1 {7 D
但當經濟一差,公司估值趺了,物價不升反趺
3 v% {; q( t: E" D) F0 y% [2 ?例如剛才說10蚊的, 趺到得番9蚊,
2 n  O* l; J- K% J咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
) h4 X/ v, n: T/ \% J" J2 O4 t' 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, * d6 w% f+ x5 F1 f% j
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~
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
7 ?. y, u' y/ b# j- _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 e" z( o( Q* i/ g; 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
/ S5 b6 P1 ~+ |2 U咁你話d錢蒸發左去邊?
原帖由 kuru 於 2008-10-12 05:08 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
2 i3 q  H, W; |$ O3 S唔係d錢蒸發, 而係比美國佬洗晒未來錢,
% I( I. X0 N$ n8 b9 |5 z2 I淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' b( z3 m- K& b) ?
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 Z$ @( a0 U3 P1 ?
咁你話d錢蒸發左去邊? ...
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1 u% D% t& J  ^' u2 R正係咁樣4 x* o* `" \( m. O/ E6 X/ b
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 R+ r/ Y  ^. q% i! D+ x/ ]/ A, z分分鐘佢地唔使還錢
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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,4 B  Y. z0 N: Z+ R+ }' W) |
連國家都係問人借, 不停發債券, 印鈔票! w7 ^6 x6 R! @+ \
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' M$ E4 q; q9 ~! U- d
編編唔生產又使用物品使用得最多, 美國就係咁既情況
咁而家"爆哂煲"算唔算先至係變番"正常"???
原帖由 Jk 於 2008-10-22 02:15 AM 發表 http://www.26fun.com/bbs/images/common/back.gif
9 w- i( N& Q2 y咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
7 E& k0 E" i5 q4 i因為以前未生產, 先消費3 g0 k: a6 b  w
而家就要多生產, 少消費
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