0000001

原帖由 balachiDavis 於 2008-10-8 05:56 PM 發表 http://www.26fun.com/bbs/images/common/back.gif
) B/ ?9 i! @  {" hWhy bank will sell 借據給第三者???" W1 R- g6 }, `- @# ~0 c' y. ?
I was so confused.....

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) y( ]9 m4 j/ g% n5 f/ \講到尾都係賺錢3 L5 h! _' L0 J/ s( q( R
so銀行可以不斷放款
( I9 x& O6 g: ?4 e: S5 h美國的房貸問題散佈到全世界6 a1 K# t" x& t9 v
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)
( N% O6 E; G$ X( @) S5 R$ w>arranger
2 `9 f/ l# [1 F4 B>CDO(Collateralized Debt Obligation)/ k& v. R) V) G
最後去到投資者

Kev

i thought it is the reason of rate of return.3 m3 U0 }* K& @) G5 t. ^+ j2 R( l
CDs could have different ratings, AAA -> F,
5 l0 L3 u( z/ y) emore risky ones would have higher premium (interest rate) as a compensation for an investment.
2 b7 j* n/ `3 ~: D  s5 |main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; S! o3 Y5 t) c: z' [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 F0 {: j" d4 L3 h9 sAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 H8 @" x$ |/ z0 ^9 _: Z
similar to bonds, CDs trading in the secondary market have different value at different times,- l$ `7 K$ z5 j/ n7 v* s4 \" m$ W
normally the value is calculated by adding it's principle and interest.
2 d+ K/ A2 ^  Yeg. the value of the mortgage+the interests to be recieved in the future. * W9 f  h' A1 X$ R) r6 L
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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% l" |1 Z) D9 Q7 Cim not quite sure if the multiplier effect does really matter in this case./ S' x9 }$ J% o3 `# u" `8 q
in stock market, it's the demand and supply pushing the price up/downwards.
" [% A2 k% Y* V4 UFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 m, @' d% s0 q5 m4 i1 p8 D
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) f: ~: p' a* j) e! O/ H  N3 G
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.
8 a5 k) T+ S- \& C& q" O& H& Ibut the value of their assets did really drop significantly.
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9 P$ }5 P6 S# h) |: E, l( [/ q[ 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
8 y9 m6 _* h, f. v0 f. n# w. cRefer to last example,
: t$ A# v4 l- I' e# Wthat means bank A have no money because we borrow 10 dollars from bank A ) W+ u. `  p: `, X
Because bank A doesnt have enough cash on hand 6 ^* H; L9 w; i0 T  l
therefore bank A need to be bankrrupt ??? Am I right ?? ...

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A->B->C->D->E
. e; j+ Y& G0 L; O. lso does it mean if E failed to pay D,
1 K2 ]+ e  L* ?3 K1 Call the B,C,D,E have to go bankrupt?
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3 W1 _: e# S5 Q3 ?# A( ithe multiplier just tell how much money created in a whole economy,   @; v) ?2 U+ R# ]( y  H
in this case it doesnt really matter how much money is created,
% [& h8 L3 I; a" F- W1 o) B; Fit's the problem of the debt itself.
, r- L1 {, F' \$ I6 ^/ zthe 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
: B0 I# c9 }8 }( Z小弟一直都唔明.../ y- J6 @/ G% |9 ~2 t9 k0 M" B- U

/ y7 \) R; U' r3 w全世界都蝕錢，咁邊個賺緊錢呢?
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( P* P* R- p( n2 R& u無可能淨係有人蝕錢無人賺架嘛...
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  G8 r: a0 i7 c2 X) D( a- O+ G- s敬請各師兄解答
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6 O: f1 x( }& f0 E4 }; jThanks

& c  v1 r' i8 X: X那些根本係 紙上財富  8 Q. r1 |2 v& [9 _
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
; l, X$ m# N( ^5 U" m當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ F* R% g3 K1 _
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; e! Q) U3 V/ _, |! b) J
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% [# c+ |- O: z, a0 D! w
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,! H6 D2 B5 t6 _8 g
計番回報率就已經係50%,所以可以好好賺) p  R1 M9 J9 ]8 }1 ?
前提係銀行之間要互相信任先可以咁樣借法
1 W% U# Y$ \$ r6 Z! N" }同埋個市場既前境要係好先得
$ p3 f+ f8 e+ A% C8 V) b$ Z; q* \6 D但當經濟一差,公司估值趺了,物價不升反趺, {! d& L4 O# e% O! p8 Q% W4 n' f
例如剛才說10蚊的, 趺到得番9蚊, + z" I+ h- ?; ~  f& r2 ^
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) x! t7 [3 ?4 E3 @2 b
所以你就會覺得D錢好似蒸發哂咁8 S  k0 K) }3 ~, k0 z2 Y# o: \
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你都可以當標野咁諗, 個樣野多人可以狂升值,
7 \0 p9 l) `: M  T- P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, 5 b$ i" n# z4 ?' a/ u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 N/ c; U' ^2 z
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 ^/ F. B  B' l" E4 n
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
9 A8 m; Y+ X1 B% g" d" |5 H+ Y) b唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) k1 U1 f, t' X. c
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! |5 V6 N+ @5 ^5 T2 r- ^& ?% p  g' `
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 k5 n" u9 B+ b! r
咁你話d錢蒸發左去邊? ...

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. ^5 |& T8 |8 J3 y9 k正係咁樣
' f% a  G) b5 m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0 S. q* w" E( b* \" x
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,' V; \) X0 _; k& n8 j* J  j2 b
連國家都係問人借, 不停發債券, 印鈔票) `/ R3 ]6 `, c; Q% L6 T& G# X. y
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
" O, p, U; k" O% O) L& D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& T) `# ~/ I2 j3 e; J# c3 g4 ~# T
咁而家"爆哂煲"算唔算先至係變番"正常"???

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其實係...
! X( `; X3 h# v4 N+ w; [, \因為以前未生產, 先消費: w+ i- F2 N" n) d6 x" F0 u% J
而家就要多生產, 少消費