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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.gif9 c- U9 T/ B7 o/ s  n1 v
Why bank will sell 借據給第三者???
0 F3 p' P5 C) j) k; a. M5 kI was so confused.....
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: P+ V7 `2 v1 T/ ^; M講到尾都係賺錢
- ~/ W0 B* V7 U. wso銀行可以不斷放款3 _  H! d1 Q7 F7 F2 C
美國的房貸問題散佈到全世界- L3 O+ e; c2 N2 `* ^

! c0 [$ T6 j; G0 xmortgage loan ! O: }% l: [$ L. U" s: S$ m
>conduit
- d9 ~2 j* Y: |% {7 T  G# H>RMBS(Residential Mortgage Backed Securities)
2 T; }0 e! M# `0 \>arranger
" x- R0 E# X8 p9 V# M7 P, K>CDO(Collateralized Debt Obligation)
) J  Z3 R1 x/ p' V2 |: v3 t最後去到投資者
i thought it is the reason of rate of return.
, h2 I7 h) N! ?& wCDs could have different ratings, AAA -> F,
0 b% j# ^& b0 `1 Y, k# emore risky ones would have higher premium (interest rate) as a compensation for an investment.' x0 S2 n, F; k% E, m
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, M+ g% h# a. [* i* Oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% N0 ^6 U1 F1 [4 ?; G: jAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ r* _; n" m+ z3 e- _5 O" y4 l
similar to bonds, CDs trading in the secondary market have different value at different times,) F% j% @  w$ }+ W
normally the value is calculated by adding it's principle and interest.
: y) S, v$ [1 M1 `3 T$ A7 u- y. X9 meg. the value of the mortgage+the interests to be recieved in the future. 4 K9 Q3 }% B! t) q
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.1 }' \6 c" X/ b, s; U

5 I( m, b* b. ]$ S, b' f( a2 Y: }3 aim not quite sure if the multiplier effect does really matter in this case.  ~8 [; R7 M. U- j" Z6 x; G
in stock market, it's the demand and supply pushing the price up/downwards.
2 s# D7 L1 t0 [/ `0 a0 {1 TFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' X7 W8 k% |/ D! ?. F: M5 PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 w8 U9 P& L3 y2 cThe 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. ; J& K3 b3 H8 L5 g& H7 e# f% C
but the value of their assets did really drop significantly.3 w! B9 `2 y  n0 Q3 X6 `
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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.gif0 _' B" g8 u" M3 ]
Refer to last example,1 A  P. g; _+ V5 x6 N, ~
that means bank A have no money because we borrow 10 dollars from bank A
8 h1 f/ o5 Y4 _/ EBecause bank A doesnt have enough cash on hand
- M+ i, X0 p) }) B3 Rtherefore bank A need to be bankrrupt ??? Am I right ?? ...
( p7 v$ A$ n: @* }; N5 `' d+ f2 D+ K3 n* o# s% V1 N' g$ d6 ?
  |/ e9 z4 {1 q
A->B->C->D->E
) J4 A6 _. O! q  w+ R! Q/ dso does it mean if E failed to pay D,
" U# x, d) P7 A( i, n; u& kall the B,C,D,E have to go bankrupt?
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4 l) j0 k" @# Qthe multiplier just tell how much money created in a whole economy,
( ]( u; O# O# ?6 B, o, min this case it doesnt really matter how much money is created,
: b: a, b9 o  Q* Vit's the problem of the debt itself.9 }& `' ~) x' I' D) c" U/ @' E
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
9 g+ R. u0 ^/ r4 ^  d) R小弟一直都唔明...6 ~9 z1 z' B( f2 e8 g( K

/ B% ^4 z6 O4 C- Q7 Y3 T全世界都蝕錢,咁邊個賺緊錢呢?' j- y8 _) `7 v7 w; y5 k8 _5 e. Y

* M1 a1 x1 ~5 x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
- c3 l  L% G6 A/ h2 s那些根本係 紙上財富  
& E  X/ ?; K$ m% h. r; Z' Z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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1 `1 }" I$ p1 v& xhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
( q$ X# @. x' w9 u! G0 B, [: C. S當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- e% }2 `2 r$ y: |& \! a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
3 d% k4 s+ l( t( {: h& w% H4 S個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
3 j% g0 X5 |- A6 D, @扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,$ z( c8 s- o' I5 W
計番回報率就已經係50%,所以可以好好賺
4 ^5 {5 v& |; A前提係銀行之間要互相信任先可以咁樣借法, O/ q+ |- x. m$ |# C5 M
同埋個市場既前境要係好先得. {) g: P* H( ~# p
但當經濟一差,公司估值趺了,物價不升反趺! m$ v4 G$ C# B8 ?- R* _  m
例如剛才說10蚊的, 趺到得番9蚊,
' G1 K! V- o3 J: H' \9 h咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
5 T" Q) O, L5 C* N2 A- c6 q所以你就會覺得D錢好似蒸發哂咁
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: l" O/ V& ?# m& S你都可以當標野咁諗, 個樣野多人可以狂升值, 9 M0 Y3 E- `1 f0 S) X, @. h: c8 ~. m; s) x
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,
+ X- Q# s& Z3 i2 l9 V6 W淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ x& ^. Q& R" s0 [( 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/ R0 k4 M4 H; s
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& o0 z9 V$ Q1 q5 p0 I% I- w, X) E
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 1 u- L3 C" Q4 \) P4 U; O
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 g& B$ P/ y! D0 S: 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) `5 x! U$ Y( v6 u$ y0 ~
咁你話d錢蒸發左去邊? ...
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% @" C" O. }5 e. g- J( P正係咁樣4 F2 t# b# i: G) K2 q
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
8 \7 ?$ p% {$ q" H7 ^分分鐘佢地唔使還錢
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8 E. S  u; e/ N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,8 U/ J2 a; v0 D& `
連國家都係問人借, 不停發債券, 印鈔票6 ?0 {1 s( ]0 ]4 k& w% e9 E
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; L! }: a! X+ h, D. Q
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! J, W7 D: m# l
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...& S- d- j4 y7 F5 r# L4 X
因為以前未生產, 先消費
( Z% X1 @4 F, T0 r' K6 Y& [而家就要多生產, 少消費
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