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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. e7 H# U6 j& ?  n* I! P
Why bank will sell 借據給第三者???9 G9 h& s: i) t2 V6 ?7 I+ [, G1 W
I was so confused.....
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4 P5 o$ j9 d) U講到尾都係賺錢
3 Y, ?. U$ F! {" D" p1 Fso銀行可以不斷放款
$ A6 t. s2 m9 R5 \) d/ c/ F美國的房貸問題散佈到全世界
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mortgage loan - S2 m1 Y$ [7 L! c) h0 V1 P' u
>conduit
7 Y' Z6 P7 @# ^! L1 ^! O7 ~>RMBS(Residential Mortgage Backed Securities)- `. E) ^0 H! L4 l% @! R
>arranger
  j$ B. c- D4 `! v- ]4 J>CDO(Collateralized Debt Obligation)" \" s" Y6 z. f& \" z
最後去到投資者
i thought it is the reason of rate of return.- _, Y- ?# n$ N
CDs could have different ratings, AAA -> F,
) v* X  }6 U- L% u& R8 k: Emore risky ones would have higher premium (interest rate) as a compensation for an investment.
4 t& c. v3 f4 B  b- ^  mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
' A( j) c4 M3 W) N2 q; C5 r3 |* jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 |. |# c1 I5 d3 E* D8 k- NAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ w6 i7 p% U( V+ z) P
similar to bonds, CDs trading in the secondary market have different value at different times,9 ], _  n' i# P* S/ ~
normally the value is calculated by adding it's principle and interest.
5 ?" j/ o/ [. ?eg. the value of the mortgage+the interests to be recieved in the future. " g: B- W, o6 m* h$ h) W
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.0 }5 V- G; V' ^. m/ [( q! e

4 f" R. c8 G& l/ aim not quite sure if the multiplier effect does really matter in this case.8 H9 t4 s7 J' t3 c/ ?( ~/ w1 C+ a
in stock market, it's the demand and supply pushing the price up/downwards.
) c( b$ J7 z" g) b; KFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! ]3 k+ ]+ U0 s( W* x, bA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ k8 I# U# h+ s5 N6 S- p* ]2 \4 `
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.
3 _7 r) R2 v1 T; Y; z. qbut the value of their assets did really drop significantly.
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[ 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
' p0 i& T+ }' W4 }Refer to last example,0 n" B* t1 r' i( ?9 ]8 Q' m
that means bank A have no money because we borrow 10 dollars from bank A
6 \. _% j; [$ o5 Q' m. zBecause bank A doesnt have enough cash on hand   `6 Q; ?& B- `( F4 y# k# g7 {
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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& Z3 z( F9 q. I2 pA->B->C->D->E- v* e4 \: S8 k9 `
so does it mean if E failed to pay D,
1 F3 t4 o7 L, i$ \3 v- o- R. _6 C, Oall the B,C,D,E have to go bankrupt?' l! E6 d: O* f0 A! v5 R( P; d9 A

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# ~6 `' e6 |1 Z' @! Y3 _3 f. I/ Y9 bthe multiplier just tell how much money created in a whole economy, 2 X" ?6 y; f$ i5 ?& c# Q
in this case it doesnt really matter how much money is created,
' M$ q) k  t* Xit's the problem of the debt itself.
' ]4 R" h3 l; z+ _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  m2 _/ s( }# Z. r3 p' F
小弟一直都唔明...
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6 s% L) |: M1 ?; ^全世界都蝕錢,咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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* p. ?) y" ]* i6 ^" E敬請各師兄解答
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! Y- C2 J, s$ K8 w5 U- mThanks
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那些根本係 紙上財富  
( k) M5 d/ {+ q. v& u0 T& L  \5 T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 graphic7 l( V7 s' r! E, y6 W  `8 V/ j* J
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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
/ w+ y1 `5 G$ @+ ]當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
1 g6 w9 d& W2 R( R5 n. I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
. F# Z; b& z8 A6 T* s# I4 W- v個件物價係市場好既時候升, 例如15%先算,變左12蚊啦* A: Q, u- @# O* M* n* s
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
" S* w( N5 \' G: P+ m8 Z' ]8 p計番回報率就已經係50%,所以可以好好賺
2 O  T4 g/ ~* p5 A前提係銀行之間要互相信任先可以咁樣借法
6 S3 A& u1 n# `9 M同埋個市場既前境要係好先得
- _% |8 W+ h0 D6 s但當經濟一差,公司估值趺了,物價不升反趺: m$ P) K$ g/ D" I8 v& U
例如剛才說10蚊的, 趺到得番9蚊,
/ Y, k' d+ I& A3 i$ O* F0 @# D( o咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' Y9 ^* c: U* u, u" ~所以你就會覺得D錢好似蒸發哂咁
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. i6 l! Q: @. W, N; U你都可以當標野咁諗, 個樣野多人可以狂升值,
* Z! l4 ~5 |2 _3 ?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,
; y# y$ O; X; Z' U5 g& K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& M& F  I2 A& N* o  ?0 t% q! k. 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% G1 T4 B: n" _' C" h
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
4 U& T; N" M5 ?+ y  A唔係d錢蒸發, 而係比美國佬洗晒未來錢,
1 B1 o8 \1 g  k* l, c9 w" Z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; l7 F; o3 a* Q) i  Z* \" Z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: R: ]  V' i2 a* a3 `0 k
咁你話d錢蒸發左去邊? ...
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/ a( i. I7 a' G8 z正係咁樣
. M, l1 @5 |1 H( s% a8 v% R1 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
( }7 s; b$ C& M! `分分鐘佢地唔使還錢. E! D5 c* i9 F2 M+ t

; @9 p" ?% g) 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,7 t* S' E% F$ m0 X5 \$ l; E
連國家都係問人借, 不停發債券, 印鈔票
+ K: x, K3 F2 u, |% v一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
' m5 m  }$ N2 v5 x2 X$ s; Z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- }7 y( b5 m+ U
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
7 C% @0 [" ~9 k) w3 D因為以前未生產, 先消費! m  M6 m' m% Z. Q2 q
而家就要多生產, 少消費
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