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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+ e5 I  E* m$ I7 D6 ?! F6 |5 T
Why bank will sell 借據給第三者???
  \$ S% k+ x0 a/ }4 p9 ?0 u! HI was so confused.....
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# ?# P. m# w5 n講到尾都係賺錢2 r# s! o9 ^7 A$ W3 X1 b
so銀行可以不斷放款5 p( u9 ^, t  T2 B
美國的房貸問題散佈到全世界
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! t+ k" ~7 d0 @mortgage loan
- K9 q, b1 t0 z' q8 N2 b& T& P* z>conduit
4 l  N8 i  M. {' d* p* c>RMBS(Residential Mortgage Backed Securities)
0 _5 G, ^+ Z+ [>arranger
3 M9 h5 n- y, i8 o+ X5 g* I>CDO(Collateralized Debt Obligation)
% X9 q- b6 v1 H+ ^: ?, r最後去到投資者
i thought it is the reason of rate of return.& y1 z$ ^; l$ E* S4 H" Y
CDs could have different ratings, AAA -> F,
, X# j. m  ^! z& jmore risky ones would have higher premium (interest rate) as a compensation for an investment.9 c0 `  R4 s6 q) t* [7 E
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 G+ }& a9 a. r2 ?2 V, k
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 Q& O3 z, ?, h0 m6 pAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) C& d8 d. _6 N/ j: u: fsimilar to bonds, CDs trading in the secondary market have different value at different times,
4 x% c0 M) l1 x; Z, onormally the value is calculated by adding it's principle and interest.
* ^8 @) N5 Q) j- A. X' J# |eg. the value of the mortgage+the interests to be recieved in the future. 3 Q: J; {* }1 A8 G0 x
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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3 {; h2 l# |3 sim not quite sure if the multiplier effect does really matter in this case.
* ?# K' n( e$ h  y( p* @( S1 M  Qin stock market, it's the demand and supply pushing the price up/downwards.
( m. l0 u) T8 }/ WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 g. x- _& Y7 X0 a% W) d0 E: VA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: A. G: C1 o* L) lThe 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.   A% f$ P9 H. G: y
but the value of their assets did really drop significantly.. y  z% f& \" }6 I- z0 N5 p

! `& e# \8 H+ M* k$ g4 Q[ 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% E* Z) ^# @! x7 \" H1 A0 P
Refer to last example,
( C$ M4 V4 B" q9 C: v% _9 Sthat means bank A have no money because we borrow 10 dollars from bank A
$ h& j% s, w5 V( }) G; }Because bank A doesnt have enough cash on hand , p2 R  G& O; \# R& R& N8 U* @9 g6 z
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
: K$ A' \; ~; h  g  }so does it mean if E failed to pay D, * t9 H! r9 d0 {4 f2 t
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, % \7 F3 P" V3 H9 f
in this case it doesnt really matter how much money is created,
/ A1 V2 j* U8 A; \0 y/ pit's the problem of the debt itself.
, p% ^" J. |' z) B5 T  W1 Lthe 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.gif3 o9 i  x8 f. G1 o4 T$ j; _
小弟一直都唔明...
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' D; G0 N- ^  u7 I0 S+ I. V全世界都蝕錢,咁邊個賺緊錢呢?
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; e# X4 E/ n' H2 X# \無可能淨係有人蝕錢無人賺架嘛...; q1 N) ~. A$ w' d2 V' ?' d

$ U# w7 U' U  x& H. y# O( a5 i3 o7 W敬請各師兄解答. r, N2 B  V) p2 c. a
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Thanks
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那些根本係 紙上財富  0 Z% L  G2 i% O4 H
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* u, J! w. i; f6 N

4 o1 l( N8 q( ?8 Y" @http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
9 @0 H, [( W- ~/ T! Y; `. D當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
- c' Y6 T3 T6 T3 @* F  J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
, N$ X6 `$ y" v9 ?+ o個件物價係市場好既時候升, 例如15%先算,變左12蚊啦$ ?! n' `8 Y- @8 W8 k
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
2 ]  I! }2 Y5 h# e0 [8 S, A: l計番回報率就已經係50%,所以可以好好賺
+ G: W( x, X1 U; L0 {0 r  ]前提係銀行之間要互相信任先可以咁樣借法; I. w, c; ^6 r; w0 \
同埋個市場既前境要係好先得( l" K7 h% Q2 o; \9 ~2 _$ b) m6 W
但當經濟一差,公司估值趺了,物價不升反趺1 {- [1 ]. P/ b& F0 @- k- p6 I
例如剛才說10蚊的, 趺到得番9蚊,
5 q' |# F6 t" z$ f咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ `" M& s' o! d) Y4 g& q
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值, - R  p# m) ]7 m5 b* ]2 w# ^
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, 7 H7 ^9 [- F- Q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( T( q( Y0 c% Q1 W: }6 W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 g2 G7 [/ l+ p
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
6 T9 m; y9 w; B. _8 O9 j- V/ k3 ]唔係d錢蒸發, 而係比美國佬洗晒未來錢, - V9 f" I6 \8 M9 @' s
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 L# d+ {* v% f" d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 T. e6 a+ q: G0 c( U4 c/ Q( y咁你話d錢蒸發左去邊? ...
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$ Q) J6 L0 \1 n. u& f正係咁樣: l) n: t4 ]$ J  c% a+ s$ H
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7 ~9 A( H7 D* Z+ k6 d1 o
分分鐘佢地唔使還錢
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" ?: w6 z* s4 A4 C9 M2 u. F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,, b3 g/ h) C7 a8 Q* y
連國家都係問人借, 不停發債券, 印鈔票. [- R1 ^+ Z5 N  ~" W$ j7 H$ E8 ?* u3 C
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 K; K6 e! I  v# C7 u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% |6 s% F: F3 W  T' S
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係..., s: j2 b2 i5 o7 _( s) E
因為以前未生產, 先消費
: M0 L( C8 p' T7 |! @" H而家就要多生產, 少消費
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