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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# W& E: k1 F3 A5 d, U
Why bank will sell 借據給第三者???: t! [8 f& A5 {6 r" W: C
I was so confused.....
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講到尾都係賺錢5 J) n+ D' ?1 d+ r* w) ^: `2 D1 a
so銀行可以不斷放款
0 w/ s& L* ~( s: B美國的房貸問題散佈到全世界
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mortgage loan
$ ?) E6 ^( S4 V5 C- m" R. x>conduit# K1 Y" |" o' M3 F$ q# L
>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)1 u! I. c3 [0 ^4 u
最後去到投資者
i thought it is the reason of rate of return.
% L0 ]: E) q3 f- d5 |CDs could have different ratings, AAA -> F,0 _# B; M" h( f. H# N/ l3 N1 Z
more risky ones would have higher premium (interest rate) as a compensation for an investment.9 @1 o4 Y+ K1 b3 M8 Q1 ^
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, h% T- P3 W5 X! X# Q8 hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 ~9 B& T, O* h7 U8 c8 m/ ^$ d
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* H% F) r; v+ c) J; q( T
similar to bonds, CDs trading in the secondary market have different value at different times,- E3 u! ~8 V% V& f8 E; @6 h, I9 G
normally the value is calculated by adding it's principle and interest. 6 X- g8 B* n2 ?
eg. the value of the mortgage+the interests to be recieved in the future.
) N( P: h3 {8 c1 k$ D/ Qbanks 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.
6 G  L2 ~' y; d2 G* }5 yin stock market, it's the demand and supply pushing the price up/downwards.
% z! z' \7 V  D$ ^1 zFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% a: @4 v& Y% X8 {$ m7 ^$ _8 O! nA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# z1 m0 E& o  D+ |$ ~% 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.
5 h- ?8 Y( z! B* }7 @7 w# u) M3 ~- {% Lbut the value of their assets did really drop significantly.& G& p1 |/ \$ Q3 R5 Z

: g7 q+ n6 W  J6 S* T[ 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
6 b1 Q, P$ }8 h* x5 A' X2 r. `; zRefer to last example,
1 W+ b; H7 y; @) ]( Bthat means bank A have no money because we borrow 10 dollars from bank A
% q5 i6 s- V: E: q& m9 EBecause bank A doesnt have enough cash on hand - K& q' i: S+ l
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E7 w5 e, v/ A/ R8 K1 S7 c
so does it mean if E failed to pay D,
8 q1 I" o1 d: n" I' _6 S5 F9 Q4 Ball the B,C,D,E have to go bankrupt?2 N, h% ]2 x8 A+ \& w; t4 E
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the multiplier just tell how much money created in a whole economy, . g: D6 x& f7 B$ c# ]: C
in this case it doesnt really matter how much money is created,   u5 i* k+ ?- c& i) u
it's the problem of the debt itself.
, g) g. W) h8 B& Dthe 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
. d/ q. Z9 i" y! r小弟一直都唔明...
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- z+ M0 I& k3 y8 o, W: ^全世界都蝕錢,咁邊個賺緊錢呢?
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5 a) k% e! h, h1 g8 G3 m+ H% ]無可能淨係有人蝕錢無人賺架嘛...1 a: o2 s2 |0 T

' ~4 K6 S2 r4 N) }% B4 N# g敬請各師兄解答
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4 d- x/ M# C. U6 J' _7 M- gThanks
$ P9 X# {" l* g* l/ Y4 z那些根本係 紙上財富  , |: ?* f" @. s7 |! {1 O
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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http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產* K5 P. \! w7 ~- n' G( J, q1 E: E
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
$ j% `2 g" N0 a$ ?* P  j  S1 N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
  B4 z! X8 R2 s* f; ~% [6 Q個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
" `; d! Q; l0 j6 W扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
& O( B! }% M' S9 V' R" m7 l計番回報率就已經係50%,所以可以好好賺' |7 r; l( Q& T' x0 [6 ?7 E
前提係銀行之間要互相信任先可以咁樣借法( r. e, q8 ?& f7 f  k3 G
同埋個市場既前境要係好先得8 I3 A0 T- R& r/ _: b
但當經濟一差,公司估值趺了,物價不升反趺
7 A* x0 k" M2 C# `( f1 I% n2 a例如剛才說10蚊的, 趺到得番9蚊, 4 h, p# ~$ h& o  d& ?: K
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%7 ?. m; U7 r' l
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,
0 o) R3 H' M* [' z+ n4 Z( ~. A" y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, 2 l! ]) u( L# K  @( k, r* h' E( r* @
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + a8 F  `# ]- ~9 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
+ s- {( L$ G) W+ ?3 O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/ R) ~8 I5 @1 j$ P" C1 q
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 V0 `8 Y# P4 e1 L
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 a8 K# E0 X7 o4 t5 G1 c
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 V2 J) O# j4 x" ]  U咁你話d錢蒸發左去邊? ...
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正係咁樣
) b+ {  T3 G) {  {" {$ e) t5 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
% H# J) W8 g7 M. C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,
6 z9 o3 Q' |; j. x0 g% O連國家都係問人借, 不停發債券, 印鈔票
( Z/ v0 I2 x, q一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ J) t/ b# y( L3 A' M! P# _% i0 g
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) f# I' p4 ]# c) G$ E- s& \+ c
咁而家"爆哂煲"算唔算先至係變番"正常"???
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/ J! E, h9 p. N  q) a其實係...
& \( `+ E0 U9 w8 h; Z$ F$ Y因為以前未生產, 先消費7 q5 d  ?* _' J
而家就要多生產, 少消費
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