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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+ `& f, w7 m* G
Why bank will sell 借據給第三者???) `" L. b, H8 G3 t; s
I was so confused.....
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講到尾都係賺錢
9 W3 Y! @- a& Mso銀行可以不斷放款1 S1 {# r& T7 e% F' i
美國的房貸問題散佈到全世界
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mortgage loan
! {, D9 B) i* V# h3 c>conduit
  p+ S. l$ j" K! X" L) }4 V  _>RMBS(Residential Mortgage Backed Securities)
) l% Q- d. n2 w* f>arranger
. Y+ N$ t6 a1 |& C5 n" J6 h, Q>CDO(Collateralized Debt Obligation)
" R1 Y* O# @7 L0 |' }6 J最後去到投資者
i thought it is the reason of rate of return.
0 \) }' Y7 X! `3 yCDs could have different ratings, AAA -> F,
  b2 o) k8 X- v+ o1 ]6 jmore risky ones would have higher premium (interest rate) as a compensation for an investment.# o, S: c! i7 B/ ]0 u8 R8 o
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,0 r& l1 b) `: `& m6 N' v
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' L  C" p, A# {/ R2 hAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 S& y$ _% Q- J  X8 {  z& [5 `) [
similar to bonds, CDs trading in the secondary market have different value at different times,: M: H* [* \( [$ [( ]( F# ^
normally the value is calculated by adding it's principle and interest.
; ^: V1 ~* h7 z! Q6 \& P7 `3 x) keg. the value of the mortgage+the interests to be recieved in the future.
: ~8 e! ]1 s7 o/ Xbanks 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.
9 w  Z7 S  M5 |' I: ~/ Vin stock market, it's the demand and supply pushing the price up/downwards.
# [' N: Q' ]) G! MFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 n1 S, w$ f$ z2 `: nA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* Q" K1 q$ P6 ^: O, }: A; rThe 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.
* o  H: T# D& }but the value of their assets did really drop significantly.* B+ F& l( F, ]6 p, r/ Q

% p. n2 u. b8 c$ {# r[ 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) n3 b8 o7 c. F5 `6 O
Refer to last example,5 R" Q  b" V- I9 I; z" R
that means bank A have no money because we borrow 10 dollars from bank A 2 ?% s, i. n; A7 X& ]: u
Because bank A doesnt have enough cash on hand ) y5 O# G' t4 Q5 g2 }
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
6 M$ F& g1 `! E+ X- X+ Dso does it mean if E failed to pay D,
  Q* f. M# k  C. Z* |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, * L% W& [. x: k
in this case it doesnt really matter how much money is created, ; [/ I/ F, ]9 m: G5 P
it's the problem of the debt itself.5 q+ q' `  ]7 o) v/ `; l8 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
6 M, P1 Q4 d5 k$ l" A- l7 l  w! c小弟一直都唔明...$ H2 y( Y6 a; z7 c, Q  w

* S, M, x: b! ?; e) d! ^! K2 L- ]全世界都蝕錢,咁邊個賺緊錢呢?; m& g( ]$ U) f3 n7 s9 B6 z
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無可能淨係有人蝕錢無人賺架嘛...
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0 o9 n9 L, [3 B! j7 c3 ~敬請各師兄解答8 g2 p; u. n. L& H7 c( c! O4 y/ y; U

1 \, Q1 m+ Q! ?" x5 }' zThanks
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那些根本係 紙上財富  3 o% x# l( H- Q0 Z0 n
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
3 {: u# y! E1 t' U: s0 a當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
( V, ?7 `( C% V0 x( k7 ]( 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
6 y5 o) x- y) n' w8 h; C/ B5 p個件物價係市場好既時候升, 例如15%先算,變左12蚊啦) z& s. B( H/ }# Y/ ~
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 Z( S8 F; x) h& {計番回報率就已經係50%,所以可以好好賺
- b4 l$ R+ S& e# w5 Q* {9 L前提係銀行之間要互相信任先可以咁樣借法
; ~3 g4 ?; W' \, D" a1 ~$ W同埋個市場既前境要係好先得
) e/ z) z- I; W5 Y但當經濟一差,公司估值趺了,物價不升反趺
  B% T' i5 u. U" K* F例如剛才說10蚊的, 趺到得番9蚊,
4 E0 h& q. h: S- ?- l* C+ w咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
, A7 b3 v9 ]. V  V) l所以你就會覺得D錢好似蒸發哂咁2 {, _: ^# q! Y: ]! p3 O, V4 O

) |7 ?% |& S/ S* s6 o: {你都可以當標野咁諗, 個樣野多人可以狂升值,
$ Y" t: p% O8 m# o. A/ Z3 w. w# D! T5 R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, " b9 l' ?+ I) A5 O- h- n" Q, _
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  m% {' ~& M! \! Y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
- s' i. K/ S, L8 A( D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
7 B' G. g6 E& R+ N9 t唔係d錢蒸發, 而係比美國佬洗晒未來錢,   @9 V9 R# q( [$ p% W( K7 w
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . A9 z. n* l& p# p% P+ K2 }" 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$ {& y) a  S; d) h( }' \+ I
咁你話d錢蒸發左去邊? ...
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' g* B- p% @, U: o2 ]: n0 ^: P  p正係咁樣! M0 t# U; p, _  C$ {
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
+ x% ?# L7 j( b8 {! g0 B5 ?% e分分鐘佢地唔使還錢4 l4 \0 F1 `* [4 Z
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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,
* }8 Q8 H+ k2 y0 L1 K) x& u連國家都係問人借, 不停發債券, 印鈔票
% a$ D0 b* D; c% H9 L一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# D6 C0 V* Z7 j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
/ w: l8 m3 F! [* B咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
4 d" M( K) m3 P% i' l% i* @因為以前未生產, 先消費% u" P; L1 ?4 k+ }5 T0 p
而家就要多生產, 少消費
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