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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  _  R9 D) i/ [
Why bank will sell 借據給第三者???
" z1 Q9 J; s% D( i' l, wI was so confused.....
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講到尾都係賺錢" X0 G3 R0 `5 s& B/ z! \) F2 N
so銀行可以不斷放款
8 p& u( e1 ^( s, |# ]" m美國的房貸問題散佈到全世界) h) s: b" O/ O% ?
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mortgage loan
2 i; a9 m) }8 c/ E0 f3 L! m>conduit
7 Y5 {/ T+ l4 `$ d7 [9 e) k>RMBS(Residential Mortgage Backed Securities)
, z! d3 `' z. }5 ]& l" ^$ ~>arranger
3 s9 p$ t) F  I$ v6 i>CDO(Collateralized Debt Obligation)- T" f' U5 r% b9 K2 n. U  Z; _
最後去到投資者
i thought it is the reason of rate of return.
% p' E, ]" u) F6 |$ h  y! N2 b2 O( U7 zCDs could have different ratings, AAA -> F,
* `" c. n6 t, e# A5 l* H* z) s7 D% \more risky ones would have higher premium (interest rate) as a compensation for an investment.0 ?8 e) h% Q& v( ]
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 Y3 K" Q' K, f+ _- Win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 U3 V! N8 J" J% ?1 I/ g+ e. I6 D
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 K1 s6 |6 W% _$ N' w( f- E' \" k
similar to bonds, CDs trading in the secondary market have different value at different times,
' S% g5 v0 e& }* d' Knormally the value is calculated by adding it's principle and interest.
9 r1 ~: W" P! J" m5 teg. the value of the mortgage+the interests to be recieved in the future.
" k9 R- K& S& {  I& [$ C# Mbanks 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.4 g1 o& [% B3 {6 m9 D

2 X1 ?7 Z/ T; Mim not quite sure if the multiplier effect does really matter in this case.
8 c, F% Z3 c+ y- |+ Oin stock market, it's the demand and supply pushing the price up/downwards.
8 T$ G  Q7 p$ {/ z+ f( H" KFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 G9 X- @+ @% u7 n3 IA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.' z' X, I$ `5 D' a3 k
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. 0 B* a5 j. N# b+ N3 N3 c
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
/ U, s- \, C% d# e; ?0 N1 RRefer to last example,* q" K: g9 q! L+ f% a
that means bank A have no money because we borrow 10 dollars from bank A , J: J" B5 T& F7 ]
Because bank A doesnt have enough cash on hand
) v% n% S* |% Y4 x9 ntherefore bank A need to be bankrrupt ??? Am I right ?? ...
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" u/ [+ y' d& O9 `& w6 R. G3 jA->B->C->D->E
) E" @2 b4 i) \0 X4 B( d* Kso does it mean if E failed to pay D, $ f  N# {0 L* s, a
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,
: g  {9 }7 z8 g- @6 Z& ?, w) t0 Tin this case it doesnt really matter how much money is created,
9 I# ?0 v0 C6 S0 Ait's the problem of the debt itself.
% _% f  [7 q9 u( }; }- A6 ^the 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
3 r8 o0 J; H& u3 ]1 _  i  Z小弟一直都唔明...
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. k) \  x4 l/ g3 c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...+ y* |; U* `) n

# Z  a6 z, w0 j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  
) G% t* _+ k$ j6 m; i1 t# n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' u* c7 ]; C* J
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高5 n) d! a/ L0 D: X& l' n+ r
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4 \* e. Q4 S- p4 f: N" ~0 c
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦+ D* _/ K5 S3 t( X& v
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 `. F: k, @# y3 G7 x. E, l& v' W計番回報率就已經係50%,所以可以好好賺; P( e4 g7 S1 o/ m! x4 j: L) J
前提係銀行之間要互相信任先可以咁樣借法
& Y7 i" F/ R6 X  i同埋個市場既前境要係好先得& r9 f9 |3 k& y; H- k& P
但當經濟一差,公司估值趺了,物價不升反趺
8 k+ x: L, j. z4 `0 g例如剛才說10蚊的, 趺到得番9蚊,
' i5 A' z# |! v1 K" G, b咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 \: S$ N8 A+ E$ Y) F/ q
所以你就會覺得D錢好似蒸發哂咁, ^; c7 F- C( I! {4 d3 S

6 r" ]5 v) b/ U/ I1 m% F0 W7 s你都可以當標野咁諗, 個樣野多人可以狂升值,
9 r9 F% e7 h! v; g0 E! Z  V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, : g  k1 {. m2 y$ O
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 Q5 J# m/ e( B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
! @8 H- t% Z* m) F# F3 b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& h$ `4 T% F5 A5 Z
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 A8 l4 ?5 x8 q% n, B& q3 p9 c- Z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : V% @5 X; J+ ?6 \9 R
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0 z% t1 w; A# |6 v0 C0 _$ U
咁你話d錢蒸發左去邊? ...
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正係咁樣
8 }" c5 a! d6 {$ d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
- k, f) a6 T. Y  ?$ q7 d2 S% _' E& Y分分鐘佢地唔使還錢
7 Z  u1 O( }, E7 C! I5 n$ @
7 A3 Z7 h( d7 l" p0 L0 v; K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,
/ \( D" ]! h. Q連國家都係問人借, 不停發債券, 印鈔票
6 q$ M% V3 O5 V* X7 M4 h一個國家好少出口, 而又大量入口 ,反映到佢唔多生產3 D7 t- ^. a2 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.gif4 d1 [' m( X/ z2 {; [) p* o
咁而家"爆哂煲"算唔算先至係變番"正常"???
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# Z  r6 t) y2 w) y) H) g其實係...
) \; ]% `& F' \1 l3 c  j因為以前未生產, 先消費+ W8 k6 E) _9 [% K! B6 F/ y% x
而家就要多生產, 少消費
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