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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( `/ j8 {- E9 v
Why bank will sell 借據給第三者???5 ^' Z3 N7 |* O" S5 h/ L( ]
I was so confused.....
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講到尾都係賺錢$ h' w. ~' \/ r5 v( G
so銀行可以不斷放款
1 Q2 |5 X+ C% a2 C3 z7 k美國的房貸問題散佈到全世界5 v0 y3 d9 T6 p

4 }& M. v6 i. g! ], T$ V9 rmortgage loan 0 r, Q3 o- X  j, k% K* j1 E( F
>conduit
3 G1 o. `/ K& _3 @  {, b  D& _2 z>RMBS(Residential Mortgage Backed Securities)3 _6 c0 G! g' ^+ T" n% p
>arranger
, F& z/ D1 o6 ?" t>CDO(Collateralized Debt Obligation)
1 F% i4 [4 i2 ], A8 K最後去到投資者
i thought it is the reason of rate of return.
, j9 x) ~2 I( U! H$ @' n2 O( E. vCDs could have different ratings, AAA -> F,
5 K9 S: E3 O" r2 o0 R& l: E& mmore risky ones would have higher premium (interest rate) as a compensation for an investment.) n+ n% o; e7 u. J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* {6 w6 ?& K/ D/ F$ D6 Gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 B( J3 r0 Z  oAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" f" F4 L2 T9 z' A! d" Z* ksimilar to bonds, CDs trading in the secondary market have different value at different times,3 [) _3 Q0 c" Q0 s0 `" l& X! {
normally the value is calculated by adding it's principle and interest.
$ Z9 y* h. f9 _- Beg. the value of the mortgage+the interests to be recieved in the future. 9 Q7 G! P' \6 c6 W' e% C% ~
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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im not quite sure if the multiplier effect does really matter in this case.
1 F# T) T0 X- b& R+ min stock market, it's the demand and supply pushing the price up/downwards.: ?" u, z/ g+ F! C9 ?$ i8 y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 W8 D8 |9 m. q, m
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 K* Z. Q% Z% X- i! B- J% F5 Z6 @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.
  G, |1 i+ i$ J& abut the value of their assets did really drop significantly.: T) J" d% Z& |1 G& R" i, x

6 [- U0 ^- \# X, s4 G4 |+ e[ 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
( H7 T+ e$ i0 U% l; G# bRefer to last example,
( K: }+ ^, Y5 V' [" y5 pthat means bank A have no money because we borrow 10 dollars from bank A ; ~% N1 N' \& \7 w, d" V+ o5 ]
Because bank A doesnt have enough cash on hand
& q4 M& p9 I% _therefore bank A need to be bankrrupt ??? Am I right ?? ...
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$ f% S! R( u4 P% Y) P. s; P& FA->B->C->D->E! t! _( ?9 @& H- |$ _
so does it mean if E failed to pay D, 5 ?, e( [, |1 o6 @8 G. D
all the B,C,D,E have to go bankrupt?' e5 k0 |: ^: T. O+ f
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2 M3 a( c! w$ {; J5 w% e8 cthe multiplier just tell how much money created in a whole economy, , Z; R, F. ]) m. f! f+ x
in this case it doesnt really matter how much money is created, * s1 q% n+ ], B* q
it's the problem of the debt itself.
0 W2 a! ^$ g. W1 q/ J2 O( l: \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$ C; k! |7 Z3 a  E& T' k
小弟一直都唔明...6 S0 |& _# S/ B: n. U& Z
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全世界都蝕錢,咁邊個賺緊錢呢?
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3 o0 j7 P+ \9 o+ N' r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
, x; _' Z# O: c/ d那些根本係 紙上財富  * o2 T: h- B# R, \8 M
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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. q3 M7 u2 E: N, t4 shttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產0 B  D+ T1 ]# a' |3 h# S/ Y5 b
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高2 H/ K) ?! N* K2 v# W
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
# P: A% V' o8 q2 z; _個件物價係市場好既時候升, 例如15%先算,變左12蚊啦7 E( q" s: d' L' f
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
$ [8 n3 A4 X4 a1 v$ F, n計番回報率就已經係50%,所以可以好好賺5 q% `( J3 b2 I; h5 G
前提係銀行之間要互相信任先可以咁樣借法. W5 j: x/ S+ k: @) @/ b
同埋個市場既前境要係好先得( g# v( M% e5 z# M9 U
但當經濟一差,公司估值趺了,物價不升反趺
1 c; H( g: G- I$ J' X例如剛才說10蚊的, 趺到得番9蚊,
  Q( o4 Q: c0 V" W! e; u' _咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
# l: E, ]+ q" `; y. ]所以你就會覺得D錢好似蒸發哂咁3 K. l! D; R* d4 t- L" k9 d) z) G

  f8 n- T! f& B你都可以當標野咁諗, 個樣野多人可以狂升值,
/ N9 Y( l$ H: v" v8 ^9 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, 1 A3 B. n7 J) v2 Z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , j8 l1 e6 F' _: 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, I% h/ p& W' D
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
5 A3 |/ x( F0 S- Q4 h% u0 [唔係d錢蒸發, 而係比美國佬洗晒未來錢, % U' r& U  P- ]1 K" ]- f; d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  S8 r4 {4 T! a9 c+ e' 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
' |& ]# a- X* v1 W7 H) |% j咁你話d錢蒸發左去邊? ...
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* _$ z! ~' B) H( k& t正係咁樣" M/ q: u) Y8 Y6 G9 W5 C  e
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 o+ v7 j) P( c- O  P
分分鐘佢地唔使還錢
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. V2 [7 n, C8 C5 S, t: 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,9 {+ P- m$ {5 v; f5 m# [
連國家都係問人借, 不停發債券, 印鈔票
! {# W" e" v1 n% y  }% G; {一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 D0 c$ }/ C1 O/ j8 W* \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
; P" @5 r6 j/ q7 A& e咁而家"爆哂煲"算唔算先至係變番"正常"???
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! Z0 B! A9 a& f, y# x! |其實係...
+ Z: l( L. }7 e; ~, b5 G因為以前未生產, 先消費4 n3 N4 Y, g0 z8 s1 q7 t
而家就要多生產, 少消費
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