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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# C3 R# K- h1 l) c
Why bank will sell 借據給第三者???- j6 T. d/ _/ h( H$ E6 f
I was so confused.....
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講到尾都係賺錢
1 y& f1 S4 a1 K8 v; f& Uso銀行可以不斷放款
; q$ F$ m0 Y; F# u' q3 V( {美國的房貸問題散佈到全世界' y0 V4 K; ~% Z4 a( J" u4 |5 [

, y) P& |6 H! r/ G, w* I7 Dmortgage loan , n  h( M4 `8 L: C) C9 X3 H
>conduit' K* A4 t! T: e
>RMBS(Residential Mortgage Backed Securities). c& {6 `) K& Z3 j
>arranger3 v# h- H. m8 h  z+ R, c8 a
>CDO(Collateralized Debt Obligation)
# J- ?' D& u9 O/ r最後去到投資者
i thought it is the reason of rate of return.0 g# v9 h0 {+ ]6 ]5 a' Q+ C
CDs could have different ratings, AAA -> F,
! ?1 }% P' P% x- G" a. H6 f  Dmore risky ones would have higher premium (interest rate) as a compensation for an investment.# o: [9 z- Q9 ?
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# t1 z8 o8 l5 D1 O( [7 }
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 O" O" ?' p" [  n$ ]% l1 ]Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 j& |( f% g0 m+ b; B
similar to bonds, CDs trading in the secondary market have different value at different times,
( T0 s" M" z) y, m! z& vnormally the value is calculated by adding it's principle and interest.
, O& v' L1 f6 ]  z# ^9 e$ J7 yeg. the value of the mortgage+the interests to be recieved in the future. $ I- _6 |9 X) P
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.
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/ F* j2 d2 M4 _im not quite sure if the multiplier effect does really matter in this case.
0 A/ T- V) ?+ @% h* j# oin stock market, it's the demand and supply pushing the price up/downwards.  O' [! _! W, I3 P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* L0 a  [1 J% ?# X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 P' N# y2 l) y4 L0 N7 i. \3 P7 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. 3 K0 l  h9 n- C
but the value of their assets did really drop significantly.; g1 q/ g- [! S5 a' z/ D; V

0 A4 W. t* ?# D+ q# K[ 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
( e( g$ d, b6 T# PRefer to last example,
, B& A" G2 R" t* f7 z, jthat means bank A have no money because we borrow 10 dollars from bank A , ?: @( S) j2 z: S. }" ~
Because bank A doesnt have enough cash on hand
$ [+ L7 \  ~( k% _! ~, Stherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E! T. O/ \2 u7 M7 K
so does it mean if E failed to pay D,
; ~; t0 f& _% j: C( O. W, Q' ?# g8 H. Eall the B,C,D,E have to go bankrupt?
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( b3 C/ u1 H: P" y! K$ tthe multiplier just tell how much money created in a whole economy,
& p$ Z% v% [2 }0 x4 Qin this case it doesnt really matter how much money is created,
+ D2 o) h/ q% Q" g" `it's the problem of the debt itself.
9 ?/ Y- Z2 ^; L% t% ]1 ^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
. A2 |- ?% W6 G) Z% n; N( H. z* U! Q小弟一直都唔明...: T9 h# C4 T2 h6 A

8 O  G) `7 H- Q$ h! S全世界都蝕錢,咁邊個賺緊錢呢?
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& c3 D" r2 t$ m" m& S! T無可能淨係有人蝕錢無人賺架嘛...0 D0 _* ^/ R; b+ g2 i7 l/ [$ W
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敬請各師兄解答, d+ w9 u& z  U2 z

% p* @+ D3 p; ~. @# n8 yThanks
+ h2 h3 Y$ B* z1 U那些根本係 紙上財富  $ Q+ b( d4 t+ n) r4 s8 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- g# T2 \& v" a- l/ e& a) e4 R/ F

3 P9 d' n1 p4 K& a7 D0 `http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產7 e% q, a2 z/ K. K0 u" }7 M& C
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
) o4 u0 A$ _+ Y- e) t5 j8 S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
  i  G; T* {/ F: _. K1 [6 A個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
/ M  g* ^: X$ p7 Z0 m+ R* 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. \9 u. W5 @* R5 ]$ v計番回報率就已經係50%,所以可以好好賺
+ p8 d9 q% R; r8 [) {0 D前提係銀行之間要互相信任先可以咁樣借法% U" g. [9 Z4 U6 T" E0 R: M
同埋個市場既前境要係好先得. @7 U, P- X; S" A
但當經濟一差,公司估值趺了,物價不升反趺
) q0 }! `" r- ^2 q例如剛才說10蚊的, 趺到得番9蚊, 0 m) P6 S3 T9 F" s+ _3 ]
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%, Z& }. M. n5 k4 a/ ~0 R
所以你就會覺得D錢好似蒸發哂咁
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; }. V8 X0 n: s8 K3 M; K你都可以當標野咁諗, 個樣野多人可以狂升值,
5 L  d/ `' n) w* Q4 D1 w3 J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,
# E4 {& |3 W/ t: _淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   k+ E! d& K3 g
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
; d! g, E- f8 H8 B: ^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
1 f- O) o: ?3 ~) [% U5 ?唔係d錢蒸發, 而係比美國佬洗晒未來錢, & W$ X* {6 G6 f: t! G) j
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # d, _, U& X" 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1 O* n  G/ d$ P" }
咁你話d錢蒸發左去邊? ...
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# B9 B5 ~( P8 o$ x# m" P正係咁樣
8 r  K% u1 t( v+ n; f( m/ @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% T! }8 d$ M7 Q
分分鐘佢地唔使還錢$ q) N& O1 X9 G1 ^
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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,
1 `" R# l! |- \! V: ^- i連國家都係問人借, 不停發債券, 印鈔票
6 h" @& ~9 m& m3 u$ w7 c一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# X9 o! g" `# h  ~) R6 h# |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
8 r$ T' X$ @) h1 K" B; a& [1 c咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...; ]7 Q* U. S! S5 \" B  U
因為以前未生產, 先消費4 q2 e& _  u$ r( j, y+ k& w
而家就要多生產, 少消費
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