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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
  D( c7 \2 d# A; j8 g3 L0 p9 X' bWhy bank will sell 借據給第三者???" J8 `. C. |: Y6 v. P
I was so confused.....
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講到尾都係賺錢
# C6 }- k3 }- G# z) \) C- L! W' B% _/ xso銀行可以不斷放款
' f5 K& j4 X6 x( ]! Y9 ?9 S美國的房貸問題散佈到全世界
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mortgage loan
. m0 y' Z/ d' L( g0 r2 F>conduit5 B6 Z/ P4 F! O7 t3 n
>RMBS(Residential Mortgage Backed Securities)( K% M! }* L6 |3 c3 \& x
>arranger4 w/ Q0 v7 L! C, n; _; h! P- Y
>CDO(Collateralized Debt Obligation)
6 m9 n  e8 E$ q4 O3 O+ D  n. \最後去到投資者
i thought it is the reason of rate of return.
  \7 K6 o! Q; }! CCDs could have different ratings, AAA -> F,$ |9 ~* T; X; _2 e- Y+ @1 Y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
; x& C. p+ a, f% E) omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( `- l- X$ Q( U. `; z9 U& K2 ?in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 T+ {  q; ~+ s8 d' j( c
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 [% X$ O% G* N7 F3 Csimilar to bonds, CDs trading in the secondary market have different value at different times,
9 H, m1 m' ]) L; X: u0 i1 Ynormally the value is calculated by adding it's principle and interest.
7 J+ ~& U+ G" E/ L8 geg. the value of the mortgage+the interests to be recieved in the future.
  D4 Q  W/ \' f) n, A: V' cbanks 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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im not quite sure if the multiplier effect does really matter in this case.1 [6 i: l& A% J) k" r
in stock market, it's the demand and supply pushing the price up/downwards.
: J* i- |5 ^1 _8 D" C' y/ RFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ t4 S6 ^& X7 w5 E* M& c0 y& K
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# ~6 z2 q' P, h9 v# p5 t6 B! Y" b4 DThe 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.
0 j6 u9 O: U  f. j, l# ~5 }but 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
* s- n: K: {  ]# {& H: S% FRefer to last example,
/ _& A# [' n7 ?2 K7 e& v$ G9 H* w4 G2 Vthat means bank A have no money because we borrow 10 dollars from bank A , k7 J4 z; J* T" s, ^8 b. m
Because bank A doesnt have enough cash on hand % V/ r) ^/ k0 z6 {7 z2 e
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
( N  q+ l6 f0 Q9 iso does it mean if E failed to pay D, : {9 D+ @( g% B( |
all 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,
& K, V* p. c) ^% J* ain this case it doesnt really matter how much money is created, ' J) B) T; n1 Z( Z! m+ f
it's the problem of the debt itself.
. R0 j! W$ t" m, Bthe 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* E2 [! `7 j1 `
小弟一直都唔明...
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- R2 B1 Y3 p/ i/ n3 V/ i全世界都蝕錢,咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...3 ~8 l( @' X+ n& V) b+ q; u7 g, @

3 L' V0 s3 D' m敬請各師兄解答
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Thanks
2 i# }/ e& ], s- Q0 Y/ c+ x+ D那些根本係 紙上財富  
8 s+ n& k7 s' R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) F4 Q: ?2 I1 h6 W$ g7 {  Q

! ^- y+ Q! i! h' o1 j5 dhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
7 f/ A* Z8 a2 ~1 d! K# D/ Q! n當經濟好,投資銀行相信會賺錢, 物價既估值相對較高! b. s8 j$ i6 i& C% 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, Y7 e+ ]( ~. O
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
' V5 H% d0 j1 A6 [! 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,; p% ?, u# d  }: }" ?- x' Q3 ?
計番回報率就已經係50%,所以可以好好賺% o% Y9 D3 f8 }% h, U. L# E
前提係銀行之間要互相信任先可以咁樣借法
' j( g8 T; R3 G' G同埋個市場既前境要係好先得# {8 B: k* {% A# B2 G: D3 B8 m/ j
但當經濟一差,公司估值趺了,物價不升反趺# B& ?+ g6 K; v* b
例如剛才說10蚊的, 趺到得番9蚊, . y# z& ^3 D/ A4 G0 ^+ F5 e
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%# B% T' K. M8 A. n8 f
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,
  g4 R2 k) j9 d) K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,
/ T& n) Y  W5 q$ g  K' X淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- F/ z) l2 U; e2 H; \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  B- g* w7 }1 c
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.gif6 d& n& o3 {  Q
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" e' D$ U! u; k" R淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  j) J) r5 d$ K, |8 ~- x/ 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* s" C3 ], B# M4 Q* A( j% X$ f$ J
咁你話d錢蒸發左去邊? ...
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正係咁樣
9 K3 K9 t% A, N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
$ F5 [; N6 P- D* C3 r+ ^- W4 r5 i分分鐘佢地唔使還錢
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: |$ c. o7 ~- d# a4 r& `: d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,
' O. s. C% t- E) M- C4 O連國家都係問人借, 不停發債券, 印鈔票
( j9 W* [+ y' l一個國家好少出口, 而又大量入口 ,反映到佢唔多生產" U2 P  I3 k, J( N3 I; \
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.gif0 U# \5 e/ S$ n% b
咁而家"爆哂煲"算唔算先至係變番"正常"???
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1 [$ K8 z3 {% M3 U+ _4 s) H其實係...1 @: H  ]4 Z/ s* T8 {; J7 [
因為以前未生產, 先消費
2 {+ K" j3 V  q$ L而家就要多生產, 少消費
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