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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( l* u- Z8 V0 {" {( ^0 t
Why bank will sell 借據給第三者???
, E, C: G2 F2 U9 M3 TI was so confused.....
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. E( b1 G# }6 i& G& }) G講到尾都係賺錢$ i& k" K/ B; L% O
so銀行可以不斷放款' {; l- U& S/ R! Z0 B7 b
美國的房貸問題散佈到全世界
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1 h: X9 Z( x, r, p6 S- e$ emortgage loan 8 p; W0 e+ `# J3 q! V% U/ n# Z
>conduit9 i9 [+ O; H  k- [% [
>RMBS(Residential Mortgage Backed Securities)
: `% }) ?7 J, k/ j>arranger" F$ N1 d( R+ e7 M; x# V
>CDO(Collateralized Debt Obligation)
% s( |5 r4 K4 R" V2 ~最後去到投資者
i thought it is the reason of rate of return.
; [7 k8 M8 U1 j: K9 C' X5 wCDs could have different ratings, AAA -> F,
3 E3 Q! R8 _9 o+ U3 K. n4 ~more risky ones would have higher premium (interest rate) as a compensation for an investment." S% K* M. i5 X" V6 z- g; |
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* D" p$ l" q. p  N2 k# u, P8 J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# G& t1 C- f% N! a9 R# g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* A4 z  w6 ~0 i; J* H' |/ X
similar to bonds, CDs trading in the secondary market have different value at different times,9 c) A# P. A  N* U0 m( {- `! l, T
normally the value is calculated by adding it's principle and interest. ; ]7 S/ e7 E% x" D/ m% d3 }
eg. the value of the mortgage+the interests to be recieved in the future.
$ g2 Z/ A/ _8 j+ dbanks 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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5 a9 M3 E" g$ M% Q) d1 lim not quite sure if the multiplier effect does really matter in this case.
8 x. M; ^, f# E/ b" qin stock market, it's the demand and supply pushing the price up/downwards./ z0 H% {6 J' I! _9 g  ?
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 Q. F/ |2 p: t$ G$ @
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( Z9 P% e- R+ a' 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.   p/ l' C! _; i' ~
but the value of their assets did really drop significantly.
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: o* ?+ i" ~+ w5 F4 e! @% L* w' `[ 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
  p: ?% j' G1 U9 T2 V5 i& Y8 lRefer to last example,
; |* j: @; K7 k4 h1 K2 Dthat means bank A have no money because we borrow 10 dollars from bank A
& n2 ^$ ]$ F) w4 c6 C' y8 x/ [; LBecause bank A doesnt have enough cash on hand
6 l. f: u1 m0 Z, h' S7 Btherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E# F7 g8 Z7 p' {# R) L- ]
so does it mean if E failed to pay D, 7 u; U& V# ]& D+ n- o
all the B,C,D,E have to go bankrupt?
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7 |: `( l( p; L* Zthe multiplier just tell how much money created in a whole economy, $ U2 Q5 c0 L* P- z
in this case it doesnt really matter how much money is created,
& M3 {) V9 a/ O8 N, Nit's the problem of the debt itself., h# L& l2 Z; H* z8 w( c
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.gif1 J1 ~* r- q; p2 c9 _
小弟一直都唔明...1 U' P" Z- g7 `9 m

+ Z: P: s1 e$ [. v& K! ?/ |全世界都蝕錢,咁邊個賺緊錢呢?: V( s3 j  u2 i3 ]- O1 v

% h( }3 l& O# a, S無可能淨係有人蝕錢無人賺架嘛...
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6 o" y- H& }! J4 I; D0 F8 c敬請各師兄解答
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Thanks
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那些根本係 紙上財富  . f/ t) I& R1 b/ }  g* p8 d- `
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' i# O+ }8 Z* g2 `
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. Z! |8 y$ D) A" N7 \
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
2 z( @& O( d% D# K8 L& g" [% {個件物價係市場好既時候升, 例如15%先算,變左12蚊啦3 E& O% k% B, ?6 o3 B: v1 A; s3 R7 d
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
! h4 `. U" J2 ^) V- J計番回報率就已經係50%,所以可以好好賺- J0 ~/ G, e% d' M. v8 T6 k+ ~+ u
前提係銀行之間要互相信任先可以咁樣借法: [- Z2 J8 x' k3 W
同埋個市場既前境要係好先得
) y4 \7 C) t) }0 @' _5 H2 O  m但當經濟一差,公司估值趺了,物價不升反趺
" \0 B, o9 f4 ]$ u: m# z例如剛才說10蚊的, 趺到得番9蚊,
! g. U( z' y2 b8 r: j/ L咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 S+ s: v0 w% @2 w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,
9 N1 Q3 \+ K# c0 S( d3 _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, ) t0 J% J4 F4 Y, o/ S  Y1 s0 P
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
/ Z8 \2 t( L8 @& n: R; L9 W' q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
. L6 g# k2 t! s$ O, Y3 @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 H3 i' s" a0 k! d; ?  G& `  f
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
0 n7 I+ l1 q: T1 X2 e淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - }' a* A1 ]- x1 g' G/ Y" X
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6 e2 a0 H6 Z! f' \- p7 G
咁你話d錢蒸發左去邊? ...
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正係咁樣' p2 T# T* n# i: D0 j. h6 n
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
, O2 @, c( B7 V$ a. F9 L: s+ I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,' `! X3 k, `+ x7 G+ v' ^
連國家都係問人借, 不停發債券, 印鈔票
9 Y% [2 T( U9 n一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( L& h: y* H" X; D- t+ M7 _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: z( v$ X0 ]" r: k$ n8 S, {
咁而家"爆哂煲"算唔算先至係變番"正常"???
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5 Q! |, o4 Y- w: w6 e2 b其實係...
# P/ w8 f' p( Z4 U0 k1 W% ]因為以前未生產, 先消費: c  p  z$ w7 I) Z( q
而家就要多生產, 少消費
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