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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
+ _" [; m2 r! }Why bank will sell 借據給第三者???1 x" H, o' c+ j. K% a- n
I was so confused.....
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講到尾都係賺錢
4 C4 T( j) L' Dso銀行可以不斷放款
5 x: j& Q6 N- y6 A' E1 V# O美國的房貸問題散佈到全世界0 K. m* C8 g1 W, n& }4 |
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mortgage loan 5 [$ F+ W, P9 n+ d- h
>conduit: n, Y: L: n0 D0 I2 V8 X
>RMBS(Residential Mortgage Backed Securities)
( b6 Q; m% E" i7 Y& W>arranger
0 |( ^6 u: ~" k$ g" J- h0 {7 b4 O>CDO(Collateralized Debt Obligation)4 J3 I7 T  K8 f2 x1 Q7 E* O' f
最後去到投資者
i thought it is the reason of rate of return.! r5 {2 G) H+ t, Z
CDs could have different ratings, AAA -> F,
5 {2 \0 V  K% f9 L3 z# Q. f1 nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
' T% g0 ~, `2 Y. g) |' I& Y9 mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( F3 }4 {$ |+ Q# I2 b! Q7 Vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 w, X! v: B# ?  }$ ]Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 e: ]/ R9 B0 h6 jsimilar to bonds, CDs trading in the secondary market have different value at different times,
, o6 d8 l5 @1 Y2 F8 ynormally the value is calculated by adding it's principle and interest. # e; d5 I" E8 q( t! u. m5 W; ~
eg. the value of the mortgage+the interests to be recieved in the future.
3 {* u. m$ i  _+ q- Y, n& h" X7 ubanks 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.
3 f' T& u+ q" x+ I) N/ Fin stock market, it's the demand and supply pushing the price up/downwards.
7 ]/ m9 v6 D$ z) j  u+ R2 h* tFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: Q5 q0 f# _4 S$ z0 o
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- \# M7 t2 L6 l- ~7 c% 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.
9 `9 W7 }- u  G& f5 C* h4 `but the value of their assets did really drop significantly.6 ?' j" K% x7 [8 w# H1 `
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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) t& P2 R0 q, r6 Y
Refer to last example,) b& Y% O9 Q! B" i2 p- {7 b$ p7 i( x
that means bank A have no money because we borrow 10 dollars from bank A
4 i, J) o2 `; `0 a8 f+ GBecause bank A doesnt have enough cash on hand
" q% b  w, T9 h* s1 I( ytherefore bank A need to be bankrrupt ??? Am I right ?? ...
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* r0 D% u# z, WA->B->C->D->E
" R8 C3 L' F9 }0 g$ g' N7 ?, S3 [$ dso does it mean if E failed to pay D, $ O: P" O8 ^% v" @" W3 {5 q
all the B,C,D,E have to go bankrupt?  n# K- Z% R: @3 r; O

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the multiplier just tell how much money created in a whole economy,
5 @% ^3 K2 w1 I" F  Pin this case it doesnt really matter how much money is created,
* _- B7 t/ _" n- Ait's the problem of the debt itself.
9 W+ C- t% K+ S6 t* V. v! b# U+ ethe 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 R  Y4 c, `, L: C1 J8 ]
小弟一直都唔明...
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; k0 j# u* K! Y" I7 [- A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
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Thanks
/ \# P( r1 ]' N* ^' n+ l0 r那些根本係 紙上財富  
; I6 t# R: y' u0 {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
, I* \! q  D5 t當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% g' Q+ m7 A& ~+ M5 M2 \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: S: o- g7 X個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 B2 a# O5 t- h扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,. [( |  |5 R: g, x
計番回報率就已經係50%,所以可以好好賺' D1 v/ {( b* H( W; w9 r
前提係銀行之間要互相信任先可以咁樣借法7 ^% ^8 N! D8 ?: v
同埋個市場既前境要係好先得
8 F# Q+ _. j. b% g" G但當經濟一差,公司估值趺了,物價不升反趺
( n5 w' S) v% A例如剛才說10蚊的, 趺到得番9蚊, 4 h! b( T) Y/ p4 B) o- z
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%' T& J/ j" d1 c( k* ~
所以你就會覺得D錢好似蒸發哂咁* x' R( O0 n' l9 z$ l+ k
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你都可以當標野咁諗, 個樣野多人可以狂升值,
) i! O  o" w4 S5 b$ 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,
# I9 H3 E$ w( x/ K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # \' h0 a0 C* x1 K1 u, 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3 h6 w+ b( r& M  g$ n# e
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
, C0 C, q9 h  u2 l2 a唔係d錢蒸發, 而係比美國佬洗晒未來錢, . ^; l, n: I  q( H! ~- Z4 ^" J
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 q' S2 w. q, m
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
. U5 X' ~2 |. b+ `) e咁你話d錢蒸發左去邊? ...
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正係咁樣$ ?$ o3 j6 a# h0 ~
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/ a$ c6 A5 v& q7 A, }' W  K& }
分分鐘佢地唔使還錢
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2 N+ t( P+ w' h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,: O( k3 S3 t5 Q  _% b+ z
連國家都係問人借, 不停發債券, 印鈔票
* q7 a0 H0 Q3 ]/ O  k  H一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
& ]- G0 }/ s6 d; G8 J: u& _  l: z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
8 o# Y  E7 r( z* q咁而家"爆哂煲"算唔算先至係變番"正常"???
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( H- n# e# {+ I1 q其實係...
: h; v4 u, _$ x0 C7 x" x因為以前未生產, 先消費
7 L8 I1 z+ R# s而家就要多生產, 少消費
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