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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
# j! B7 P3 Y# z2 N( U& b3 EWhy bank will sell 借據給第三者???& C2 T1 [" n1 `  L0 a! P
I was so confused.....
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講到尾都係賺錢
# c- I8 f7 L2 d8 [  yso銀行可以不斷放款
: p' u  g, z$ u美國的房貸問題散佈到全世界
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( A: u; D) C8 N! Lmortgage loan
8 A) {" M5 n" w>conduit
: I. G% a7 j5 b# i" x>RMBS(Residential Mortgage Backed Securities)$ F0 D" C6 a7 U1 M. p
>arranger
- `/ N3 y# V; S, H>CDO(Collateralized Debt Obligation)
7 w! u& a9 P4 |- p最後去到投資者
i thought it is the reason of rate of return.
4 W$ A* ?) g4 I; J/ v2 O# L  eCDs could have different ratings, AAA -> F,
, T7 g) }, d+ smore risky ones would have higher premium (interest rate) as a compensation for an investment.9 j! Y& n$ `2 I$ R, i' H$ ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) M' A& H3 B6 F: Z7 a
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.  J  o  F# g. j% _- q; d
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) b: r. i+ m, H4 h' K
similar to bonds, CDs trading in the secondary market have different value at different times,* V( U$ G; m+ H3 ^& r, ]/ F$ g
normally the value is calculated by adding it's principle and interest.
+ h) t# {* c" n) ]: Geg. the value of the mortgage+the interests to be recieved in the future.
2 u3 w4 @) E3 _0 Q$ S$ Y# ?3 sbanks 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.5 T/ w( r: e7 Y( e. S4 a* F
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im not quite sure if the multiplier effect does really matter in this case.  d, V1 @! X% S1 a/ H: Y
in stock market, it's the demand and supply pushing the price up/downwards.  d& s% i$ @, r8 r6 Z- c& u8 r9 }
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 I  _0 g" h+ Y8 Z2 I
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ w5 S3 a1 G6 j3 p
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 u4 g# B5 O: s+ w# {; D- ~
but the value of their assets did really drop significantly.: {" [" ^5 g  |2 f( C7 A
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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: }0 k3 H& p; y( b  C% U
Refer to last example,! a* c8 s0 i( d% h- H
that means bank A have no money because we borrow 10 dollars from bank A
+ U& W( w. e( \2 g' ZBecause bank A doesnt have enough cash on hand / f7 y: T; F' S/ {; i$ r
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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9 W2 q( I$ Z$ q! O$ o5 kA->B->C->D->E
: D: b' F0 p- ^* Fso does it mean if E failed to pay D,
* Z' H" W$ U6 h& j, K' dall 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, 0 @7 r2 _; R0 z9 X6 F2 n# y3 Y* k
in this case it doesnt really matter how much money is created,
: @1 m7 \6 z9 Q* Z* R2 Jit's the problem of the debt itself.
& C4 J* X/ Z# S2 e  H* ]$ nthe 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
& U3 j+ i( D3 ]( @小弟一直都唔明...2 T% \& K" p3 c+ v  r, [6 b

' a2 _- o( ~/ r5 R* f6 J, j3 e8 T全世界都蝕錢,咁邊個賺緊錢呢?' w% U7 t0 ~& v- A- _

$ l6 O$ c3 p* r9 D+ G3 J無可能淨係有人蝕錢無人賺架嘛...( t7 U; J, ]. I  j
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敬請各師兄解答
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Thanks
0 f$ o& f' F( F1 ]7 F4 j那些根本係 紙上財富  
8 S! K. h% ~1 p- z' ?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0 U! l0 G- }7 [6 j4 P
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高  c9 k+ p1 e% N; s2 A2 |2 R  |  f
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  @9 J! _/ b! |+ W0 q( G" ^6 b1 O5 X
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
; \0 W8 d) j5 C# ^2 W扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
+ m$ X( E1 u9 W9 l3 V8 w計番回報率就已經係50%,所以可以好好賺
  E2 ?9 O# q2 M( K+ d前提係銀行之間要互相信任先可以咁樣借法& [; F& O8 |. T  _/ ^
同埋個市場既前境要係好先得
" R+ `7 A9 z+ v; R; `) A- s但當經濟一差,公司估值趺了,物價不升反趺
# ~& `/ C/ y( [7 T0 B6 o例如剛才說10蚊的, 趺到得番9蚊, - b5 X/ a3 K! Z
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 a) }9 x0 W: K( l
所以你就會覺得D錢好似蒸發哂咁
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: g5 c# K" }$ d* M你都可以當標野咁諗, 個樣野多人可以狂升值,
* t: R$ u3 g5 @6 x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, # E" e6 A6 }, m1 w
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . P: ^1 d- ]5 Q! U0 Y( }5 s9 S# e! K
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: l7 T$ O. 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 }8 m8 _4 P  i  T6 h( Y+ a" {! ~唔係d錢蒸發, 而係比美國佬洗晒未來錢,
. H* O0 |9 @+ m" \6 l$ I1 ?; |2 N淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, m3 s5 B) J; l: L0 v" ?% o1 I) O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! a3 {" `. o7 [$ D
咁你話d錢蒸發左去邊? ...
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' [2 z% n2 V9 I( w* S& b- V正係咁樣( e& A7 Y% Y; h5 |  j4 k
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
9 w8 \8 g, ]+ I2 [* E5 y分分鐘佢地唔使還錢
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7 w* @+ |$ l9 }# z) E) r- j# }+ N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,/ C, M9 b& _2 d( F$ t1 Q
連國家都係問人借, 不停發債券, 印鈔票
' K# e" u$ ^2 j9 Y7 a% M一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
% M+ G. N0 D# u5 {( F" f; _1 o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, y: y. P/ {+ a2 y+ r7 \* Z8 X
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...9 S% o& ~4 h  Z& }: Q7 V% l
因為以前未生產, 先消費% Q! B; w4 g' B! X+ t- U' a
而家就要多生產, 少消費
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