0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif6 _2 `# I. @$ V1 u
Why bank will sell 借據給第三者???
" p" j9 J9 e, Z+ O9 UI was so confused.....

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- F( \, {6 k  [6 O( a' I講到尾都係賺錢4 X2 s6 x) r. X
so銀行可以不斷放款% c$ W/ T1 {' q
美國的房貸問題散佈到全世界
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mortgage loan 1 s2 o# v- o" F* D! S- Z. I
>conduit5 n$ X; l; W+ m2 H8 t2 v0 a
>RMBS(Residential Mortgage Backed Securities)# T, ~  f5 ~9 N% ^, v6 p
>arranger
$ `- s2 C. H6 x( G4 {& M>CDO(Collateralized Debt Obligation)3 l3 Q& m6 U8 |& @' E. E" k
最後去到投資者

Kev

i thought it is the reason of rate of return.- _$ b. F5 }+ ~. O7 p
CDs could have different ratings, AAA -> F,' l  A. ^4 W$ o* q; d
more risky ones would have higher premium (interest rate) as a compensation for an investment.
- x& p1 T' Y( e' L3 Bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ Z. t+ n& n0 j9 O0 w5 ?5 xin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& z) G0 R& _; n3 {" }6 w6 ]% xAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ {5 u1 D$ S) G& G0 [
similar to bonds, CDs trading in the secondary market have different value at different times,
# x/ D* [( Z5 C  s8 x6 X# Fnormally the value is calculated by adding it's principle and interest.
% d5 F" v9 m, e6 [1 C4 y# ?eg. the value of the mortgage+the interests to be recieved in the future.
: i8 k0 t: f) J6 l" v: n1 kbanks 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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0 e: w5 q7 I. \: iim not quite sure if the multiplier effect does really matter in this case.
2 T9 s& f6 }' g: q/ @in stock market, it's the demand and supply pushing the price up/downwards.
* s' |3 ~9 Y& u( O' Y# J7 ZFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ u. K; ~2 K) d' L' X) i
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) w* Y1 C; u/ i
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.
. w) T2 i" t' U3 t6 q2 Dbut the value of their assets did really drop significantly.
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# W; z; Z0 Q/ b8 `[ 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
$ ?$ L9 a+ T4 O( o3 c1 Z  sRefer to last example,
% ]2 m/ Y0 q4 d' ^8 U+ x' Dthat means bank A have no money because we borrow 10 dollars from bank A
+ n; p- s$ R: h, W4 I$ OBecause bank A doesnt have enough cash on hand - ^6 F/ J1 ~" n0 O4 N
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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% I' ^* t3 z' y. q/ hA->B->C->D->E
( I2 \& S# o1 m* m/ |# O& @& N- ^so does it mean if E failed to pay D,
5 G* E; {0 B2 K0 x; Dall the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, & G' n: E: e: Y: q4 ]
in this case it doesnt really matter how much money is created, 0 H) g' ^2 G0 q! Q
it's the problem of the debt itself.
" [' O# n9 Z: o( L* L" sthe 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
% X. U" z7 c6 |+ t6 c, u4 x0 _小弟一直都唔明...
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) E# ^% c6 S: v2 X0 g' J全世界都蝕錢，咁邊個賺緊錢呢?- Y0 F* @% @5 m( C5 u. l
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無可能淨係有人蝕錢無人賺架嘛...( ]+ \' y( q- l" b

; I8 X$ O- J6 \6 V8 X8 t' ~敬請各師兄解答
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+ U( U0 R- Q$ A% t7 CThanks

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那些根本係 紙上財富  1 W7 K0 \3 }% o. T$ i% u: l
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
: P7 }8 R, x1 j/ z) t0 k當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
3 K$ t& l" z3 x5 g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
: t9 ?+ }+ H& D8 [個件物價係市場好既時候升, 例如15%先算,變左12蚊啦. B5 |& |1 ~4 A4 N- Z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
' ?3 v9 Z0 i1 x9 H9 s計番回報率就已經係50%,所以可以好好賺' V; o  @9 C# r* j/ n
前提係銀行之間要互相信任先可以咁樣借法0 M3 w5 @& C% z
同埋個市場既前境要係好先得9 E$ ]) K" A+ e8 G
但當經濟一差,公司估值趺了,物價不升反趺
3 t: W2 Y8 t/ W3 P  _% |例如剛才說10蚊的, 趺到得番9蚊, ( G1 x- A5 E5 ?" T5 e- B' }
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%  Q% P6 @6 V$ J0 r: ]; @5 P
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, : X4 N; _. w8 Z+ h9 x9 i
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,
2 l. U$ P: g; `* y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 Y# V4 J: f- q0 G: U/ e2 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5 L4 |1 o6 `' `! W5 m" I' \
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
8 `8 ^* T$ x& l( h唔係d錢蒸發, 而係比美國佬洗晒未來錢, 8 v5 [" H% C! s: @, T" O6 F' E
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ( e; m# q4 n3 `& N5 M+ I8 D
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 a& @; }0 G( l, A/ F5 _: Y# A
咁你話d錢蒸發左去邊? ...

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- Z6 ^& D# c' Q* C- I4 D8 E正係咁樣
  K' s2 `6 l. [2 }9 v* u! J; \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1 M+ v2 V) x. A2 ?
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,
* s1 G* j0 E. S0 L/ R; m- p, x連國家都係問人借, 不停發債券, 印鈔票
) ?* g6 {" W3 z$ e  U一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' E7 D% U6 ~5 ?  S0 }  ~
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
# k5 F7 S$ b0 }, F5 p1 m咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
! O0 E" t/ A( ]- D7 w2 v6 O2 h" h因為以前未生產, 先消費/ P$ U) q4 N* V* v+ }
而家就要多生產, 少消費