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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
+ o5 e2 Y+ e8 LWhy bank will sell 借據給第三者???
' V" C  l$ c* L2 G' ]  FI was so confused.....
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講到尾都係賺錢  H1 C; V% M, G: I! @4 [& u
so銀行可以不斷放款
- z2 ]9 S: V& f  S美國的房貸問題散佈到全世界/ \* q( k2 S8 w' r+ ~1 j! H  b* x& x
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mortgage loan
4 c3 d& G( N( Y0 i* X2 t( G>conduit- ?1 c- A3 r( F, w9 `2 H: b
>RMBS(Residential Mortgage Backed Securities)) m5 Z5 ]0 o+ E/ C+ `" f- H5 [
>arranger
- @+ x1 a8 ]1 T  P+ g>CDO(Collateralized Debt Obligation)2 f" O3 ^% H9 c# E- R$ G
最後去到投資者
i thought it is the reason of rate of return.. ~* _; @* D$ r, F
CDs could have different ratings, AAA -> F,/ a% o5 W: Q+ C
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ k- q% A  D% B( E. g2 \+ y& jmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- c+ c- g7 F0 H. d
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- v. f3 a2 y6 o$ P( @Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 R  ~9 o7 `% m
similar to bonds, CDs trading in the secondary market have different value at different times,
6 h8 P4 X, k  j. hnormally the value is calculated by adding it's principle and interest.
3 {; Z& P7 R8 b" E: i3 Veg. the value of the mortgage+the interests to be recieved in the future. , S8 M1 B( X& [& {, m
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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' }* A- x- V9 S( H* L  Nim not quite sure if the multiplier effect does really matter in this case./ k3 @: a9 l% n8 F  f
in stock market, it's the demand and supply pushing the price up/downwards.
0 n0 _+ [* p# f7 a! a& WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," m; X& y/ E4 r: T
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
& w1 [* ?, h' J0 l* v8 KThe 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. 6 V& C0 u! k! w% B3 a( h: u
but the value of their assets did really drop significantly.4 C% o9 Y8 W8 G; 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( `  \$ M2 A! z+ p- v( f
Refer to last example,
, o  A! b) @% q+ \- C- u+ Athat means bank A have no money because we borrow 10 dollars from bank A 6 q/ F/ C( B! T( w1 Y9 v
Because bank A doesnt have enough cash on hand 1 L. H8 c3 ]: v. I6 f* Y" F
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
% w& O: h0 j' ~. lso does it mean if E failed to pay D, 5 ]" p: s3 c, `+ ]- h6 ]
all the B,C,D,E have to go bankrupt?* x. y  s. M7 O) l

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) D( ^. _& F! d# ^, J' W- Ithe multiplier just tell how much money created in a whole economy,
. a* t5 D# c) y, p/ Ein this case it doesnt really matter how much money is created, ' @3 m' ?8 ^* l$ }% B
it's the problem of the debt itself.
5 ~' _3 g( p/ x# d3 ^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
+ ~) G/ Q7 f6 g小弟一直都唔明...0 c# A+ e6 V. \9 l1 v0 u

  \! X! G, m5 C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...) F$ W4 z5 Y6 K& `. y3 j7 X

5 r& |6 m0 T8 j* b敬請各師兄解答
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( e: R7 w* ^+ q: W4 \Thanks
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那些根本係 紙上財富  
( y$ I7 ]. s/ E/ V5 w9 y6 A& ]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 graphic9 ~% Y  g- ^( D" |& b! _8 @

* a  Y! p3 z7 E8 x  ^) W) ?http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產  L" U+ o) Q0 q* ]  [
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高9 u# e8 R3 m! p6 `' ?* Z* w7 A
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
% t; I% \4 t8 G, E個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
% u0 d4 _+ A1 z) v2 P& D5 G- G扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,3 D) D. W( ]; o* b. x, H
計番回報率就已經係50%,所以可以好好賺
1 B/ y* A9 e, \& A4 N/ I% u前提係銀行之間要互相信任先可以咁樣借法9 X6 M5 u' u$ }# A8 u5 L* j8 X, H- M
同埋個市場既前境要係好先得
6 V# G1 v3 x  E但當經濟一差,公司估值趺了,物價不升反趺! g  x6 \: S9 A; m! c$ k3 h* I- n
例如剛才說10蚊的, 趺到得番9蚊, * r$ [. n8 e& W+ ^) Y( U4 P
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%5 M( f: H( W5 y! }& L. z4 C
所以你就會覺得D錢好似蒸發哂咁
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# v0 m- o6 L' O# K  n你都可以當標野咁諗, 個樣野多人可以狂升值,
& u% L4 W9 v; L$ U6 s* P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, ! b( e% S2 L- Y# ?! ]
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ C; Z& z- ?8 n1 D6 H& [0 a$ N
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
- A+ l& ?) \; a5 e6 X4 ?8 |* }* Z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$ f4 Q( Y9 V3 z$ \) j1 |
唔係d錢蒸發, 而係比美國佬洗晒未來錢, # X* G; _4 R2 R6 R5 J
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: S* T, Z( b! A+ W; b' I6 `/ I* 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% }3 n3 s+ F% a6 t0 T# r2 W+ y- p' B
咁你話d錢蒸發左去邊? ...
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正係咁樣
$ Q1 @" g! s# M0 J' H) 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 t+ A! G, T, w: r9 F6 o0 Q' c
分分鐘佢地唔使還錢9 v/ j" F& }1 g% H. V

( ^& v( U$ I5 X; S2 B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,' ^0 ~' _0 _3 h2 n
連國家都係問人借, 不停發債券, 印鈔票
  C6 k4 A5 P* A: ^一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
$ o6 \1 R( d  ^' u- f1 [: `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: i# ^9 c& K! `/ Y; Z4 W8 y3 b
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
5 M: U2 A8 M) l, u1 ~/ C( v因為以前未生產, 先消費' C+ u1 Z$ ]. f
而家就要多生產, 少消費
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