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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- C) H( n& I! s1 \* }, @4 o$ l
Why bank will sell 借據給第三者???$ q" J% Z- s, r: f: D% k7 t# V* [) ~
I was so confused.....
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3 f& C4 E( k( D/ X7 e& m講到尾都係賺錢  g  ~# e; O  [8 P" k" h
so銀行可以不斷放款7 u& m* h% Q- r) D1 H5 w& y
美國的房貸問題散佈到全世界) `/ u6 `- x" g: L
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mortgage loan 8 l* Q& A9 v- y- `5 u+ V
>conduit& O4 V( k4 x# d' Y" q% D$ U2 Y8 v/ V
>RMBS(Residential Mortgage Backed Securities)
& K1 @  Q3 `  D- e+ I>arranger2 H5 c* M0 t& X1 @' }& V
>CDO(Collateralized Debt Obligation)
( z4 D0 [# t7 j& k0 ^1 s8 d最後去到投資者
i thought it is the reason of rate of return.
& u6 O9 ~  V2 T6 dCDs could have different ratings, AAA -> F,
  S) N1 t, J) A3 C% \more risky ones would have higher premium (interest rate) as a compensation for an investment.
( L  Q& }8 m* H4 [# imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 s' b8 W0 C/ ~9 lin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 a& x# j& v3 J/ N
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ I1 v% g3 G) s+ M3 r" ?9 @similar to bonds, CDs trading in the secondary market have different value at different times,
7 o/ J6 q4 V- B6 N& dnormally the value is calculated by adding it's principle and interest. ' S9 F+ M6 w/ U9 R: m
eg. the value of the mortgage+the interests to be recieved in the future.
3 I9 c! y4 K$ }% J+ l- cbanks 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 q9 h. \6 l! {- Tin stock market, it's the demand and supply pushing the price up/downwards.
, U4 j) p% h( u) D. B; CFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 g$ o$ j6 ^2 G% `
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- u7 ^/ ^# f" a6 [" d4 j5 ]% k' L2 B
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.
8 F) ?  W2 X" {: {" Q6 H" t. bbut the value of their assets did really drop significantly.
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) u4 ^) e* v4 S: ^9 g. `[ 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
: a' C. }' F" ?Refer to last example,( L3 e7 U& I! V" J
that means bank A have no money because we borrow 10 dollars from bank A ; v+ k* @3 h( ]  }! p5 L& D9 [
Because bank A doesnt have enough cash on hand : ~/ o3 j) x: y9 d
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E5 z* {  @  y6 j) S1 K
so does it mean if E failed to pay D,
! R% {0 a1 H( F5 j6 ^all the B,C,D,E have to go bankrupt?2 Q7 ?4 n: T( B7 W

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the multiplier just tell how much money created in a whole economy,
$ X' B  v: {5 ^' Iin this case it doesnt really matter how much money is created, % R/ m; ~" C" r$ e$ Q
it's the problem of the debt itself.+ V* H6 l  r9 x$ |4 y
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
8 A7 I$ `9 \+ e- n2 k# I: }' M小弟一直都唔明...0 M0 u7 L2 a4 }* a) }* R

6 \5 e. D" t! P全世界都蝕錢,咁邊個賺緊錢呢?$ X. |. u- Z) k- f! e, _

) {2 ^; P; e9 J+ B+ T; F" w無可能淨係有人蝕錢無人賺架嘛...
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- a/ P* j7 ~6 h; S敬請各師兄解答5 n% c: R+ w6 Q! R! |0 c! F
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Thanks
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那些根本係 紙上財富  
: Z  g9 ~/ m! L- a" j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; P9 b% D3 E; j  ?1 Z

( \) ^8 [% `. {* J5 Mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
1 C' J+ O8 p5 z9 k9 D當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
6 S  A/ j3 x. }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
5 D1 h: C' a, ]4 _個件物價係市場好既時候升, 例如15%先算,變左12蚊啦- B2 V! A1 R$ p' U" S# b# v3 G
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
1 X, N" j* |  d7 D計番回報率就已經係50%,所以可以好好賺
4 Q/ M& X( E$ Q前提係銀行之間要互相信任先可以咁樣借法
' z; n7 i! m7 P2 V同埋個市場既前境要係好先得. L/ f3 T! e4 l3 `; Z
但當經濟一差,公司估值趺了,物價不升反趺
1 u! z  E6 z( E/ t( p' M0 Q9 p例如剛才說10蚊的, 趺到得番9蚊, 1 ]) E8 ~& k, P+ c5 j& ^0 J
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
  V5 H( G3 N$ B7 f. ]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, ' ?8 K0 r8 f1 C  j# ^) 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, , b$ p" J4 ?* P) S  V4 D
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # d8 _3 T4 O3 f1 S
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: f" U8 O; f, e/ Z0 c  x
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
( w& I- o2 I- d唔係d錢蒸發, 而係比美國佬洗晒未來錢, * \( _( D* B+ d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 Y0 R0 }$ k) C
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' I7 ]: @4 z) y6 A
咁你話d錢蒸發左去邊? ...
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6 s, Y9 N! {8 D正係咁樣7 W, `! W4 K# @+ Z: g
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: I0 B1 y0 X9 X2 s1 j) h' ?& I
分分鐘佢地唔使還錢) q0 C6 b) E! A" O! a& x

# c2 D8 g8 K/ K' G" q3 U* V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& R: p; o. K# J連國家都係問人借, 不停發債券, 印鈔票# ?( q6 W3 ^6 W$ q: ?! c
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產& G4 _: n2 b- ~+ r
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
5 D$ Y- S' ~; s7 @咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
% m2 w! H, ?" V' N; }9 l2 x) S因為以前未生產, 先消費
; B- z) h/ k; Z/ c' W/ p而家就要多生產, 少消費
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