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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/ t5 i( Y: D; ~1 B& S
Why bank will sell 借據給第三者???8 H6 j1 e: K1 k6 z5 S: E' O: ~
I was so confused.....
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講到尾都係賺錢7 V4 S2 q: R1 B3 P+ y4 K' U0 O( f" `
so銀行可以不斷放款
: P7 C' ~0 u8 ~  O美國的房貸問題散佈到全世界' M; Z3 |5 j( v( k9 Z: P4 _9 `
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mortgage loan / j$ j2 g' V+ b7 {
>conduit
4 p2 J& W! n; J' u; C>RMBS(Residential Mortgage Backed Securities)' A- T4 l+ V6 Y  _# l
>arranger4 r1 c* Q% W& X4 ^" m3 S( J' a
>CDO(Collateralized Debt Obligation)* F+ D3 W$ y+ O- T
最後去到投資者
i thought it is the reason of rate of return.
! p0 X4 y) X: ~" T6 e, q* T/ TCDs could have different ratings, AAA -> F,
. ^: i) e. _- ?8 v. b; O  emore risky ones would have higher premium (interest rate) as a compensation for an investment.7 G7 L3 }5 o  {
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, q( x: B# J7 e& G  u. ~
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* v: q4 g* @1 v
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; _* [% y6 p9 u$ D2 A
similar to bonds, CDs trading in the secondary market have different value at different times,* T' T- O9 G% [) W: W; R
normally the value is calculated by adding it's principle and interest.
- e, n/ P1 k) Z) }) N8 b; jeg. the value of the mortgage+the interests to be recieved in the future.
5 N$ e8 M7 K; Y# q0 }) ^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.( N" |0 Y- n5 {: G
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im not quite sure if the multiplier effect does really matter in this case.% {$ C8 `" y: k1 A
in stock market, it's the demand and supply pushing the price up/downwards.3 a! z3 w* g. Z0 m4 T& I/ Y1 w
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 H4 g) N+ x: B  i& R: XA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 Q; N# [7 s  `* a; Z
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.
4 q, K* `8 L$ a+ ?  V% b. A+ Obut the value of their assets did really drop significantly./ W* w/ J+ C# v

& X( h) X% [: x$ Z[ 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
: r/ d" e  M9 x+ i7 ~* {* ^Refer to last example,
6 @. _4 Y( @. O! b4 Othat means bank A have no money because we borrow 10 dollars from bank A
( I4 w' P* ~, X5 I9 \Because bank A doesnt have enough cash on hand
; n8 X  O& K1 E# Z* D1 Ctherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E0 _. ?" ^- V- C, g  S/ M
so does it mean if E failed to pay D,
  F% c" c5 O0 ?/ c& n. Z4 Tall the B,C,D,E have to go bankrupt?5 Q3 T# `" Q' s% M! [' I

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the multiplier just tell how much money created in a whole economy, ! k) f8 Q/ g. q$ x
in this case it doesnt really matter how much money is created,
4 v% N. p$ y3 F+ Q$ F" X# w5 nit's the problem of the debt itself.
" z: @: z& U/ I" fthe 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
4 t( P* c) |) b3 p0 Z小弟一直都唔明...3 a' J) w" T7 B( }
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全世界都蝕錢,咁邊個賺緊錢呢?8 W% I: R. U' j" \$ W

9 i: }$ k% ~, V: n# J4 Q* e: ]無可能淨係有人蝕錢無人賺架嘛...
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3 B+ `, }% U# f+ n, q敬請各師兄解答
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0 _1 q3 T. ^2 V" p# O8 o# eThanks
) `4 I9 L; v0 i( s3 c+ W( b: I+ u那些根本係 紙上財富  ) H) }. b: Z, ]. U0 @( @
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' W0 D2 [; A% j) M* C6 l9 I

" P# S! j, {0 n/ J1 t- Chttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產7 y+ H: Z3 J* m/ Y# s4 K
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
( G/ Z! s4 {7 C6 E! G" Z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
# e5 {: t, M# H5 [個件物價係市場好既時候升, 例如15%先算,變左12蚊啦; j# D1 p- r/ _
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
0 U: m2 N4 E& Y. k! K% k計番回報率就已經係50%,所以可以好好賺( y" C7 G6 [. w$ w1 K. ?, k7 G
前提係銀行之間要互相信任先可以咁樣借法
+ R% c- \2 D1 R/ u4 D同埋個市場既前境要係好先得2 W+ L5 p6 d, Q! t7 Y4 T
但當經濟一差,公司估值趺了,物價不升反趺
" K8 p; |* {# I: F9 j例如剛才說10蚊的, 趺到得番9蚊, 8 M4 H# }, p6 F4 M# G
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%  g1 B; A* v; ]/ s; q( [
所以你就會覺得D錢好似蒸發哂咁( \0 G  J8 W& ]% X: o: J" ^1 T

5 m1 O2 }/ L* O- _, k. i/ W& _你都可以當標野咁諗, 個樣野多人可以狂升值, $ n! L( `8 x4 t1 w& Q
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,
4 E. _4 B; O4 K& e- v3 l. \* R淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 Q- d3 b1 ?: o5 }# F7 T5 T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
9 e: V0 y1 i; y0 X. ?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
, n7 J1 E6 w, x2 `! l1 ^5 {唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 p8 p6 m% ~/ @4 z1 R# k淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 I  c" R3 I& u: F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" K8 l5 U0 I) v6 l- T
咁你話d錢蒸發左去邊? ...
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正係咁樣" g7 P* Q# |. W( P# ]2 j: L  {; i
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3 G2 p* U6 }8 u7 H- ~) G. o7 S  _, z( @
分分鐘佢地唔使還錢
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1 `( \$ Q+ i+ R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,* A0 ]+ `6 {; o1 W
連國家都係問人借, 不停發債券, 印鈔票# e; x/ N! |0 q- s' W" L
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產& k' o1 h9 q, s* @5 Q
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
% k3 }8 Q! z; i/ ^4 ^$ v* W3 P- I咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
4 M! g* W' i  z! M  J* K因為以前未生產, 先消費
9 P0 y7 J6 g6 p3 e# {而家就要多生產, 少消費
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