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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.gif4 a% K' a; B  m
Why bank will sell 借據給第三者???* o  [4 ]) r2 i! ~% P/ ^7 y
I was so confused.....
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) e: D0 w" O/ B# M講到尾都係賺錢
2 V2 m/ Q( U8 j* L; P1 aso銀行可以不斷放款
  q* e7 s' h. T' l$ n美國的房貸問題散佈到全世界- P- F% G' ?2 J

  j6 R3 }* m# F5 |  Umortgage loan
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>RMBS(Residential Mortgage Backed Securities); o1 k! ~6 |, {! c$ A
>arranger
, t7 A0 O$ |; m+ a& S>CDO(Collateralized Debt Obligation)9 ^: [" j) u$ |1 {
最後去到投資者
i thought it is the reason of rate of return.* }9 i9 z. t; p& ^) j/ p) j
CDs could have different ratings, AAA -> F,, I/ M% Q) _; h6 Y1 g9 p8 f+ w- t
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 w( \& ~8 A- T
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 p) [$ `& L/ j5 C. [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 H9 ?9 s; ?1 `/ U8 QAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 U0 w, W4 N) Q" D8 O; @4 U8 t
similar to bonds, CDs trading in the secondary market have different value at different times,! E# S* W) Y2 ]3 U
normally the value is calculated by adding it's principle and interest.
0 f, K; v% D# e  M( weg. the value of the mortgage+the interests to be recieved in the future. ( N3 V4 S  ]) W
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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im not quite sure if the multiplier effect does really matter in this case.: Z2 S& G* w0 t7 M1 @& x- g
in stock market, it's the demand and supply pushing the price up/downwards.
) j+ `* o& j4 X- jFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 q0 z" n9 m9 x$ S* |
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! Z9 c7 t, [8 v% ^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. - g- b( f/ p9 \' q, z# @) u
but the value of their assets did really drop significantly.4 R4 ~9 w+ Z1 [+ [" m" [! c
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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.gif3 [( H1 [+ F5 w: a" \
Refer to last example,
2 e7 T9 N8 @; O, s! Nthat means bank A have no money because we borrow 10 dollars from bank A
9 k4 X. x) g. u% T" V4 aBecause bank A doesnt have enough cash on hand ) o+ }" Q; A: h( H
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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' W; c# Z" {, f* Q% Z$ W2 h. cA->B->C->D->E1 f# G' ^# g- |  @8 @! V& @3 R
so does it mean if E failed to pay D, 4 }. t4 J$ x. q& i7 B% i
all the B,C,D,E have to go bankrupt?, E% {9 x2 O& i" w

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the multiplier just tell how much money created in a whole economy, ) \( J& M; Q( D. b& g- P: c
in this case it doesnt really matter how much money is created, ' ]! h; s7 h$ U% q3 n5 C
it's the problem of the debt itself.
8 Q/ g( ]/ d2 E0 Y  ], othe 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.gif6 W4 J: B1 ]7 |% u! y# w1 ]0 i
小弟一直都唔明...
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全世界都蝕錢,咁邊個賺緊錢呢?9 ~: ^* z5 R0 h, q6 P. t, M

* G- ]6 m( V9 ?+ V6 d3 S0 |) t無可能淨係有人蝕錢無人賺架嘛...
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- F: U% ?( |$ v敬請各師兄解答
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Thanks
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那些根本係 紙上財富  8 a% x4 g7 U, d
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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9 ^8 ]8 Q+ i1 m' bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產; a6 V7 s8 n$ J
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
+ f& G1 }4 {7 u/ r  ~1 U3 d% T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
' ?' P  u5 N% m* R2 G  s! v個件物價係市場好既時候升, 例如15%先算,變左12蚊啦9 [- M+ h9 h$ u7 w) d  s+ p. A
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
' O5 m8 v3 D9 t. v. B計番回報率就已經係50%,所以可以好好賺
5 w8 O" P; p- L+ D0 R前提係銀行之間要互相信任先可以咁樣借法
  h/ q7 v* K) H同埋個市場既前境要係好先得3 g, O+ I3 G1 c% D7 a  C6 K
但當經濟一差,公司估值趺了,物價不升反趺
; w9 K9 W7 C( O( k. f0 r例如剛才說10蚊的, 趺到得番9蚊,
% g/ j2 p  D% {, ^咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 ?" W5 d# K8 G. A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, ! c& c7 E  ~5 k- y- S/ F
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,
. }9 j" k7 [% n' u淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 N' i7 R, W8 j7 z$ O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4 f* d# W( V1 ], L
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
4 f2 Y5 P6 J3 T4 a# ^唔係d錢蒸發, 而係比美國佬洗晒未來錢,
  D0 b9 F9 X( P! t- S7 i, ?7 l( q; H淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 w- T! n# H1 {# r; i8 ~8 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
+ |% g  L9 v1 l7 d! W3 u咁你話d錢蒸發左去邊? ...
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正係咁樣+ Q' H/ x  Z- l, x5 k3 |/ |
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, m; W( G3 A* _% V: h
分分鐘佢地唔使還錢
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3 E$ v# Z: w/ g2 e% X" j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,6 I# D0 Y. P4 n2 Z5 Q3 Z- G8 O! a
連國家都係問人借, 不停發債券, 印鈔票
5 c/ \5 f% i  X5 p3 F2 s8 F& v' o/ ?一個國家好少出口, 而又大量入口 ,反映到佢唔多生產) N& w1 P: C1 c7 |
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
+ r5 C9 @# p1 c1 a) Q+ e咁而家"爆哂煲"算唔算先至係變番"正常"???
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% x3 }" w6 Q4 O: y1 q4 |" K/ E- E其實係...- j5 {% x  I2 p! r/ z# G
因為以前未生產, 先消費- Y7 I! L" |, f6 S$ `
而家就要多生產, 少消費
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