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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$ z- V/ {2 l7 z* q+ n
Why bank will sell 借據給第三者???
. ~, x* X! g+ r7 ~* h' _I was so confused.....
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8 F6 J7 S, o9 ?* Y6 S講到尾都係賺錢
5 W) d+ b/ v3 g0 s% Iso銀行可以不斷放款! w/ k' q. B4 _8 }. \7 G
美國的房貸問題散佈到全世界
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mortgage loan
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>RMBS(Residential Mortgage Backed Securities)% i0 `8 L. g* L7 {: s7 G7 u
>arranger
- e8 z; A2 D+ x/ l, H' i! n, q1 V>CDO(Collateralized Debt Obligation)0 f4 [5 I( {" N) W) b; H1 o
最後去到投資者
i thought it is the reason of rate of return.
9 U) a- c8 N: Q$ E5 u0 ^CDs could have different ratings, AAA -> F,: q8 M7 H* p: q5 F' ?! q
more risky ones would have higher premium (interest rate) as a compensation for an investment.) o3 v) d2 j) ]! R/ k
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ z7 W! o+ i. M! ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& H. J% x* q8 E' n! kAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ p& J3 c0 M8 v9 o
similar to bonds, CDs trading in the secondary market have different value at different times,) J/ M9 X* x+ }$ t7 n
normally the value is calculated by adding it's principle and interest.
1 [% Q4 L6 C# ~: a( X; Ueg. the value of the mortgage+the interests to be recieved in the future. 1 q9 s- k- H+ I# |5 K# R; F
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.
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) K4 ~* S5 V1 p/ _6 G3 T6 |3 Jim not quite sure if the multiplier effect does really matter in this case.
) x7 x) O# x) H* {( b+ D, s* sin stock market, it's the demand and supply pushing the price up/downwards.7 f* @5 t; n' Q9 n, p
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 e% A4 A' _- Z9 i! j
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% [! _. P, p) b: i1 r) H6 `" }
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, _: h% M# @  rbut the value of their assets did really drop significantly.
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( R) G  {, s, i6 M0 c' H4 y[ 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
8 \2 G) G6 e$ X! F* wRefer to last example,
$ h4 _1 ]0 j; h4 @/ j8 Dthat means bank A have no money because we borrow 10 dollars from bank A
8 U3 h0 y/ a, N* E: Z% jBecause bank A doesnt have enough cash on hand
4 p# f" S9 V2 ttherefore bank A need to be bankrrupt ??? Am I right ?? ...
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# Y. U& p: [  k( t5 {8 g; M3 |A->B->C->D->E
$ V# k" S. V  S) qso does it mean if E failed to pay D,
1 [% ?4 C, g) m6 R( P9 _all the B,C,D,E have to go bankrupt?3 K3 s4 y* [2 l: [0 G
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7 w0 g3 C: h' c0 h. r, Uthe multiplier just tell how much money created in a whole economy,
& Z, t  q2 {2 bin this case it doesnt really matter how much money is created,
' k! U5 N' {4 Oit's the problem of the debt itself.
1 L0 N3 ]% {9 z; {8 [: {* Zthe 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! ]0 J9 ]$ a8 e, `
小弟一直都唔明...$ ]% g) ^* Y3 R5 |! O2 f

0 D# H9 e6 v9 E3 a5 Z5 `全世界都蝕錢,咁邊個賺緊錢呢?$ ~2 t! e  A$ K& S$ ~4 X8 o

8 l8 }1 M3 H2 c7 d3 N1 N. u無可能淨係有人蝕錢無人賺架嘛...7 S/ V1 Z$ c. E+ S9 q

( Y5 C7 P, Y% N) A& r敬請各師兄解答
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) X- |# c/ k5 `# `8 `Thanks
) b7 Z) Z' t6 o" s4 J( q那些根本係 紙上財富  / c% X1 F) x/ s- m, x1 G
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4 J* g, K% d! g* `% I
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; G8 H3 V1 ]: H" l7 D: N4 d5 [4 }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; _8 o/ m% T3 E8 x9 n' @2 f
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% A; S0 H  \' }" Y
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 k) l. k) j7 R計番回報率就已經係50%,所以可以好好賺
$ d0 W" w5 g7 K前提係銀行之間要互相信任先可以咁樣借法) U8 _( \. j' `. {3 Y% L) ?3 z
同埋個市場既前境要係好先得9 {& h& n2 Z% p9 p+ S% t0 ^
但當經濟一差,公司估值趺了,物價不升反趺! f9 L, x1 C5 C. x# c# `  _  c
例如剛才說10蚊的, 趺到得番9蚊, 6 Z- G& f8 d) e) ?, S1 A
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 d4 D) k9 q; d
所以你就會覺得D錢好似蒸發哂咁5 i- m2 U( U1 B
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你都可以當標野咁諗, 個樣野多人可以狂升值, $ |2 B* D0 @4 s) b& t# K+ j6 A
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" e. y) Y& Y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, v5 a: }; H3 K. }! v6 l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 {8 E; a  L- k7 ~2 m# S. Q
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
" m! Q! X3 ]. N0 ]$ y/ n% r: d6 s唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 n# `% V# t/ A4 q* e
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ p- J6 ?' e; `! ]
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$ V* a2 s) @; A* c% C8 ^, Y
咁你話d錢蒸發左去邊? ...
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正係咁樣
, y, a9 w* e& Q2 S  S7 a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
1 G4 v: _& a  M9 B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,( o, x( d' `) z0 r. ]
連國家都係問人借, 不停發債券, 印鈔票
9 c$ N  A. y  [7 ?$ \一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 X1 V9 m1 ?2 T( L( c0 s
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.gif8 G2 P0 Z; b3 ~% h* [
咁而家"爆哂煲"算唔算先至係變番"正常"???
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9 k3 x2 s' ^! H7 o8 ]其實係...
0 O- W, L# k! Z2 K. A因為以前未生產, 先消費
/ _0 H3 G- v6 j5 G' }而家就要多生產, 少消費
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