0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
5 a7 {( f8 Y4 z  _$ _. e# ~3 d7 L1 MWhy bank will sell 借據給第三者???
/ y+ Q  V4 w& Y( A3 F* h4 M  _I was so confused.....

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) C" E' }4 ~) r6 s+ U3 A講到尾都係賺錢1 N7 i# D/ y8 u. j
so銀行可以不斷放款& E4 W, d% w4 l* `
美國的房貸問題散佈到全世界" @7 v" b) H2 Z
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)
! \2 X5 Q1 j, _: L3 I>arranger
8 C6 E4 _3 X! R0 a9 N$ q>CDO(Collateralized Debt Obligation)( l" x5 z: |0 o  H$ ?# h9 @
最後去到投資者

Kev

i thought it is the reason of rate of return.
1 P6 {( s% D' j4 {3 z& T! \# hCDs could have different ratings, AAA -> F,
$ Z0 ]6 Z4 F; r1 ]/ b  lmore risky ones would have higher premium (interest rate) as a compensation for an investment.8 n) N. d$ D7 _
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* V1 z: a1 N9 M" m( f
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 l* k! b% u# w. s  d0 H- zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 p7 S# X6 a) F( ?$ `$ jsimilar to bonds, CDs trading in the secondary market have different value at different times,3 @, H0 x' ~; i7 H
normally the value is calculated by adding it's principle and interest. + R, T4 p, f* x4 G5 L
eg. the value of the mortgage+the interests to be recieved in the future. - m. V. t+ U2 Z; [. D. I8 ^# |1 ^
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.  |7 X/ ]6 |" m" G9 m2 H
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im not quite sure if the multiplier effect does really matter in this case.
" L5 ~9 F2 \2 X1 d; m/ s5 Win stock market, it's the demand and supply pushing the price up/downwards.0 S8 Q& L5 ?6 L) i2 |. n
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# K1 \# P3 B) ~; ~
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., c5 z6 v& h$ N# R4 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. 1 k1 o  p" [: {0 t7 h
but the value of their assets did really drop significantly.
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% B7 `1 y8 B- ]2 `[ 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
! ^& d3 F: c5 W8 X* ORefer to last example,
# W+ B5 x: m. G  ]( J3 h/ Z  Z! nthat means bank A have no money because we borrow 10 dollars from bank A
; q, w" _7 B) X0 G1 T+ wBecause bank A doesnt have enough cash on hand
8 ~0 R# t, T1 g- H! z% S  btherefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E& A9 j9 t& ~6 a9 q, @( g
so does it mean if E failed to pay D,
6 X) h+ A3 P* x, Y' k. ~all the B,C,D,E have to go bankrupt?0 a! y  e0 u# |) y% |

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the multiplier just tell how much money created in a whole economy,   p# `; C0 o2 G* j, K1 {; ?
in this case it doesnt really matter how much money is created,
( o7 ^% }. m) b) d  y. @- ]/ jit's the problem of the debt itself.# ^& R" O$ [- W) k
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
  n$ N- R* Z/ y4 g: X' `8 T小弟一直都唔明...
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全世界都蝕錢，咁邊個賺緊錢呢?7 v6 X( B! m# i: F) [# a* k5 }
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無可能淨係有人蝕錢無人賺架嘛...& O* W( s4 Q; ?  m- ^$ ?, j+ e0 k

. g! W0 z5 E  Y敬請各師兄解答
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Thanks

: D8 y+ r3 r3 E7 n. B7 x- p那些根本係 紙上財富  % V9 `3 X  ^( H+ C! t+ e$ o8 |! Q
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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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
2 Q" t& ]% i( ^4 j: }當經濟好,投資銀行相信會賺錢, 物價既估值相對較高- d" J( T, P; _3 J) T: A
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/ {- Z: u% g4 q1 t
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ ^4 A- B# @% X* C9 C+ g! C; B/ J扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,! w0 l9 x- z2 J0 C
計番回報率就已經係50%,所以可以好好賺( R5 b! c- B4 A- `/ \3 E
前提係銀行之間要互相信任先可以咁樣借法" c- H& C9 i1 o- |
同埋個市場既前境要係好先得, C. ]* z+ p' c% m
但當經濟一差,公司估值趺了,物價不升反趺9 x4 n5 E5 |& i6 _  ]9 O" i
例如剛才說10蚊的, 趺到得番9蚊, / n8 \, p6 S% v$ \: N
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%3 P- z5 d/ r* `
所以你就會覺得D錢好似蒸發哂咁; x7 ]* _- R+ U  Y0 b

3 L- q5 R* z+ @, r/ E5 [你都可以當標野咁諗, 個樣野多人可以狂升值, + C) j8 q5 u) F4 h' u2 I8 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, ! [! F: a4 `5 R3 j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# \. S  Q% f9 S" w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  |* f" l' ]8 O: m5 k
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
1 a2 T) a- \6 Y: [& v6 q3 Z: |唔係d錢蒸發, 而係比美國佬洗晒未來錢, . |' N; T2 k2 h4 }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 \! W$ M  t( f! 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6 _2 B$ Z$ S1 c7 _, I
咁你話d錢蒸發左去邊? ...

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" e8 @7 \. ~. v1 ?正係咁樣
, u3 l. o8 ?2 z  ~4 c3 Y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* X* N5 _8 c0 U
分分鐘佢地唔使還錢8 |* h1 \7 y8 C( y

# E3 z3 I& X% 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,0 n) m  {, U3 m2 G0 e/ f3 u1 |
連國家都係問人借, 不停發債券, 印鈔票
8 F/ b* {4 l. d) C' y一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: s3 W$ `/ y, J* C! M3 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
$ z4 G! N  E, q, w咁而家"爆哂煲"算唔算先至係變番"正常"???

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) n- I+ m3 b" E$ b4 U其實係...
" ?8 t$ D. G% \3 U- l% O* c: r; q) y# C因為以前未生產, 先消費; U$ B0 s( V  [  H2 ]) S. N9 ^
而家就要多生產, 少消費