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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
' e5 ^+ I7 V  q: K0 |3 x- G$ A; v* z: W2 OWhy bank will sell 借據給第三者???2 F' m  g' M# k0 ], U
I was so confused.....
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講到尾都係賺錢
/ u3 \+ L/ h# }. S, O! W' Q* rso銀行可以不斷放款- [; ?5 {9 J. p: I0 w2 ^9 u! ]
美國的房貸問題散佈到全世界* T: K4 _* L( _( ?! a: u
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mortgage loan
) L& F* u7 s- c* U7 l>conduit# Z1 {) j$ }" s, \$ c
>RMBS(Residential Mortgage Backed Securities)
. t* z( V7 T" k) R- w) Y>arranger
2 E4 ]" N' X3 f/ w9 V) O( f% z>CDO(Collateralized Debt Obligation)
$ U& G! R! h9 E3 Y% P9 K) _最後去到投資者
i thought it is the reason of rate of return.7 q5 S& \3 y8 N, Q  s
CDs could have different ratings, AAA -> F,6 n9 [3 }+ z. V
more risky ones would have higher premium (interest rate) as a compensation for an investment.; m$ k% y; N3 p! R0 \9 Q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 \5 u! y( q1 _  ?2 p) U
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 u9 Y' ?3 B' }
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( H- s* T0 Z9 F  R/ H$ U
similar to bonds, CDs trading in the secondary market have different value at different times,1 i0 P9 z/ C2 a7 j
normally the value is calculated by adding it's principle and interest.
+ n# |6 d% @" l( g  g8 ?( ~eg. the value of the mortgage+the interests to be recieved in the future.
% D; Q2 |! F7 M, s5 Obanks 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.8 l% w( O! U! Z, X& T1 i  H$ W/ ~
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im not quite sure if the multiplier effect does really matter in this case.$ D" e( j! n2 e5 G: j9 o
in stock market, it's the demand and supply pushing the price up/downwards.8 _+ I  i6 K4 Z4 o, v* s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* a+ m/ Z* o) Z; z6 I& c+ HA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 M6 n! t/ F$ ~* y" [3 mThe 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.
9 M: l3 C0 ]1 o* [2 p) j+ X0 ?but the value of their assets did really drop significantly.4 G/ K! I) l( R& h, ^% Z

6 @6 i! d+ H$ g2 F' c/ M9 [: r! _[ 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" [1 L. G; t6 [
Refer to last example,
4 v3 W6 i, b. a) t/ k: nthat means bank A have no money because we borrow 10 dollars from bank A 1 J$ w5 }! j7 ~. Q1 _1 H1 \9 H
Because bank A doesnt have enough cash on hand
/ X) a9 o& u* y# T6 htherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E6 a, ]( z  ?/ B+ \1 P+ X5 Q4 q" a
so does it mean if E failed to pay D, : r! ~6 f, |5 v9 B5 n3 `
all the B,C,D,E have to go bankrupt?! C/ {* L& E# Q

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the multiplier just tell how much money created in a whole economy, ; E" j3 k6 P) v6 X. g7 ~9 v
in this case it doesnt really matter how much money is created,
  o0 D. V, p4 K: zit's the problem of the debt itself.
/ Z; [' c4 o' o9 M, Kthe 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.gif5 B% S( Y/ m: |1 p4 R4 b3 P
小弟一直都唔明...
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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...
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敬請各師兄解答. p9 E, f2 {  r/ h& {6 K- V% C

# ]1 }! b- C9 o  I. t/ BThanks
' W5 v6 {& k$ b) d3 z2 u3 F# c% K那些根本係 紙上財富    U, E1 d! p8 e- u3 Z# V. S
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
$ v- v. J; [  R  h- D當經濟好,投資銀行相信會賺錢, 物價既估值相對較高2 i2 ?4 L, ]3 q6 f6 Y6 d! F9 R/ 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% r- P' J, ^+ ^- l: m; w5 x
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 A( ^: z7 x* ^3 F# b7 w1 Q扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 Y2 n% y; w5 Q. u- O& n" O計番回報率就已經係50%,所以可以好好賺, k; X( n! _9 [
前提係銀行之間要互相信任先可以咁樣借法
: X6 k/ H& V4 r/ V2 u同埋個市場既前境要係好先得: |5 F1 F; `5 _' C4 i4 x( `
但當經濟一差,公司估值趺了,物價不升反趺- l/ e8 M. Z& J9 U; v
例如剛才說10蚊的, 趺到得番9蚊, ; M# u# W+ F4 D% b* e* \
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 C( c* @5 E/ z& g+ [
所以你就會覺得D錢好似蒸發哂咁. U) n" ~- r- `: V) i4 u% z
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你都可以當標野咁諗, 個樣野多人可以狂升值, 4 r9 H2 f7 h- ~$ ]) Q1 {
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, 5 H( }: u" J  k4 J; [/ ~
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 L. j0 H' @' U5 C# e0 ?) ?+ _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7 r0 a" F! `# b7 U$ b5 G8 h4 F
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  B$ M# n- a/ u  R% [$ A; d
唔係d錢蒸發, 而係比美國佬洗晒未來錢, * O: f; W) t) l  J1 k0 e- b
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 K8 I$ ^+ h: k5 g0 Y' c1 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
1 f: S) Q: N3 P6 k( a9 y) O咁你話d錢蒸發左去邊? ...
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1 g( e% z3 U4 z" y9 T正係咁樣
$ J5 [4 x* h! ?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- }; e9 a0 z. h$ @1 q0 P, h. q
分分鐘佢地唔使還錢
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! @2 o0 }5 J/ l; ?3 [! Z8 j* z0 B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,* z. M( a/ T: T* N
連國家都係問人借, 不停發債券, 印鈔票/ X5 G  v2 _- o5 c' T$ i/ `8 l
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
9 ?+ V7 L6 ~1 Y( T5 A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
+ F3 f. q% M" [& Z咁而家"爆哂煲"算唔算先至係變番"正常"???
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& s# e5 e$ R6 ]" d! v) o" o% G其實係...( \5 H# w: y1 T4 g
因為以前未生產, 先消費
/ A1 _" n6 k* H# q' d而家就要多生產, 少消費
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