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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.gif2 R4 \2 y- h- f( H( F+ D  u
Why bank will sell 借據給第三者???# B' B% }  _- F! S% g8 T, C0 h; X2 j
I was so confused.....
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7 a6 t( _- \( i) p9 p講到尾都係賺錢- F, V, R* f4 N6 z* D
so銀行可以不斷放款) T/ I8 h- M1 h9 U: W' O
美國的房貸問題散佈到全世界+ D+ j; z0 c! k# `: }9 \2 j
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mortgage loan ' k0 v; v5 |  w) k" }: \# M
>conduit
/ V4 Z  u- U. K4 Q7 R: P% c9 \2 f4 Q>RMBS(Residential Mortgage Backed Securities)
9 y5 l5 b4 A' G8 E. u>arranger
3 |0 D) H0 t1 G1 V+ y- k& s) o>CDO(Collateralized Debt Obligation)
0 j6 B! u, P4 ]% ]( O( s最後去到投資者
i thought it is the reason of rate of return.
* E& ?% i( x( \. n+ e, aCDs could have different ratings, AAA -> F,
) n; I4 U+ u# lmore risky ones would have higher premium (interest rate) as a compensation for an investment.
. w; t8 g. M( `1 Tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 P; p: }+ q' M. x; a7 G! c
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( s" `; o2 Z  }- ?) e) [+ l- yAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ A8 `' N8 d' V- asimilar to bonds, CDs trading in the secondary market have different value at different times,
6 H4 I' {# M( Z7 M! h! g, Lnormally the value is calculated by adding it's principle and interest.
7 ]$ K6 z# B- Y* x( p6 k% L( \" ?eg. the value of the mortgage+the interests to be recieved in the future. , m1 z7 Y2 |* y7 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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im not quite sure if the multiplier effect does really matter in this case.4 f  D1 l7 R5 ?/ n; C5 U& ]
in stock market, it's the demand and supply pushing the price up/downwards.
# M+ C  q5 i7 iFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ L8 {, {: _3 ]  o; r& C
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: p9 o. O% D# Z6 e: ?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. ( b8 u, ~) k4 X* ?& y
but the value of their assets did really drop significantly., ]2 S; K, ^% {  M/ `* t- n

+ I$ h/ x$ H: k5 o2 _: _4 I4 E[ 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
4 t1 i% o7 o- q# J* m. YRefer to last example,
# \0 ~3 h# b- z. O8 c: Lthat means bank A have no money because we borrow 10 dollars from bank A
9 @# o' J: ^/ a& p+ A: FBecause bank A doesnt have enough cash on hand
* N: x2 ^/ w$ Z# Ntherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
5 u: T( l* }. ?$ {5 H# U: Zso does it mean if E failed to pay D, 9 `  b. P0 h! y0 j3 C. d2 j
all the B,C,D,E have to go bankrupt?  w- f: f  n" N8 |. m/ a- q
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1 @% D8 e" u+ s1 j3 s: T* fthe multiplier just tell how much money created in a whole economy,
* k0 g7 |/ l, ^- b6 J3 H/ lin this case it doesnt really matter how much money is created,
8 A! S' G% K8 @. M! eit's the problem of the debt itself." m. v9 o  C4 G! |6 N7 Y
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) a, y# i& b/ X+ ?" `$ P  T, F
小弟一直都唔明...
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/ U1 g# f  S* W' A# X! ]; g全世界都蝕錢,咁邊個賺緊錢呢?
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/ c5 e4 d' y% h  k/ q4 N2 {0 k無可能淨係有人蝕錢無人賺架嘛...% Q! w) v) \$ d# K9 C& W# O( P
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敬請各師兄解答
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Thanks
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那些根本係 紙上財富  7 l9 L/ U2 E7 x& ^, R8 m
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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" O( P! e" [5 }3 L; f: Rhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產# Y  ^. a1 g# B; S# P( z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, K' s0 ]* L  c  ?$ g# k* t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- V4 k( a* f2 m
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦; L. O7 e. z! r# d7 @" O) S8 i
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,! V' U& b0 H- y1 }4 a) T9 l- t
計番回報率就已經係50%,所以可以好好賺
* j5 q5 C/ |" [' }+ _8 T! O前提係銀行之間要互相信任先可以咁樣借法% I; w& h3 L: H) ]) b. M7 u
同埋個市場既前境要係好先得
3 V" V. y1 r/ r# m. t9 ^但當經濟一差,公司估值趺了,物價不升反趺- O) X# G$ r7 ~, V
例如剛才說10蚊的, 趺到得番9蚊, " ]& q& d+ q6 r* z( k; n9 E
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%  \! h# b, B: L1 Y
所以你就會覺得D錢好似蒸發哂咁
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& a6 o7 J" R0 C) ^你都可以當標野咁諗, 個樣野多人可以狂升值, 2 ~1 ~7 t0 g/ ?" Q* x$ W& a3 s
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, ' J& f7 H( Y+ D+ N- L% i  s
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
9 t0 n  l. N3 ^) L% P0 \! Z4 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6 @7 q" B6 u. N( u9 s2 w. o
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
. H' F5 m; d, K1 J! _7 l7 R- w唔係d錢蒸發, 而係比美國佬洗晒未來錢, " U3 v2 k% x. j* k0 C& d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . U" ~$ {+ o$ G0 h8 _$ 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7 p* b2 j3 I+ x3 Y0 N$ R
咁你話d錢蒸發左去邊? ...
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7 r* n& S# v1 \, Q5 h2 d正係咁樣5 r" C: D* z) A- b0 J$ W2 T
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
2 W( H+ N; `  |分分鐘佢地唔使還錢
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6 F3 N. i) Z+ r. O9 x/ [: v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,
4 k- \0 s) ~- ]! q& @連國家都係問人借, 不停發債券, 印鈔票
* D! @6 \! A# b# z5 g+ }一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
; u/ Q7 j% _2 @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: q$ e; B9 h! i# F0 g! q$ z
咁而家"爆哂煲"算唔算先至係變番"正常"???
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9 N' R: n  r% ^其實係...
: G: N- ]$ U( j3 U1 M因為以前未生產, 先消費
9 Y; ]( V- F' }而家就要多生產, 少消費
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