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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; h3 I1 b2 l5 g
Why bank will sell 借據給第三者???
' W4 B( Y& `& q7 b8 zI was so confused.....
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/ _: K( j1 y0 h3 t講到尾都係賺錢& B' A1 ~7 w/ d7 O
so銀行可以不斷放款
. r; L5 |  s9 X6 g; X, ?0 y美國的房貸問題散佈到全世界
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+ b3 n% N* m* b( P7 x+ g  amortgage loan
2 f# n+ D! n* a% u2 f>conduit
/ ^# l! F7 q$ Y$ ~3 s! i>RMBS(Residential Mortgage Backed Securities)1 S9 f3 \6 w; k2 W7 c# N2 P
>arranger
- X- z8 u1 i9 u+ U, G$ F! e9 ]>CDO(Collateralized Debt Obligation)
5 D. l6 z- r/ [# h+ ~0 ^最後去到投資者
i thought it is the reason of rate of return.3 s( f7 _! k" _3 \& `
CDs could have different ratings, AAA -> F,
' @% s2 y/ S3 \* K7 Imore risky ones would have higher premium (interest rate) as a compensation for an investment.
2 D2 W; y* Z& r1 ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ y3 k5 m. H3 v8 cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- f; B, w3 \" _
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, n5 T' b: @% R  U' {; a3 msimilar to bonds, CDs trading in the secondary market have different value at different times,
% \) [) x& n6 r& D( m9 C' v; jnormally the value is calculated by adding it's principle and interest. & D) }5 F" a2 v% D' v' F
eg. the value of the mortgage+the interests to be recieved in the future. & H" `) i8 ~2 z* O7 h5 J6 M$ G
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.) H$ }! _7 S5 Q& [

7 n6 Z1 y6 F; [; u: ^im not quite sure if the multiplier effect does really matter in this case.
! Z3 @7 v/ M$ E! A5 j/ x9 Cin stock market, it's the demand and supply pushing the price up/downwards.6 _$ Q: `0 d1 Y# Q' T
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' Y4 ^6 Z2 {  K* S
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 s8 A% P2 I: b6 `2 w4 B9 r
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. 3 B" q- V1 v% V9 B, o
but the value of their assets did really drop significantly.
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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.gif8 q  j6 |, [  i5 @0 U% s
Refer to last example,0 B/ L' t7 y5 Z+ X9 @$ t8 {0 g+ X
that means bank A have no money because we borrow 10 dollars from bank A # M0 f1 s) u2 @7 r
Because bank A doesnt have enough cash on hand 3 \/ h' i9 `7 e8 p) H. s; K* H
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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5 Q1 z; w: L6 Z/ kA->B->C->D->E
+ _- j9 T1 Z3 J1 Q8 O; {+ kso does it mean if E failed to pay D,
( q6 C+ g9 X/ ?0 ?2 O: Eall 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,
6 M/ \& a* @- q9 v- T$ P3 Pin this case it doesnt really matter how much money is created, 0 T) f" w0 A  I  u1 _! C. w$ s$ c0 j
it's the problem of the debt itself.2 B' n3 E  R' k; Q4 p
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
' W! P4 v+ V) Y2 T4 C$ I# Z/ V小弟一直都唔明...
8 w8 k) k& @9 U3 w. L& J1 i+ {& Q& Q) \" v; {7 c
全世界都蝕錢,咁邊個賺緊錢呢?% e3 @# j" K! @9 ^& {( _; Z

$ T) A2 X' m! K3 i& w' m/ ]. C無可能淨係有人蝕錢無人賺架嘛...
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6 k9 c& @) w) E0 B' A敬請各師兄解答% |- k2 X/ R+ D! n- P' b

. K' Y+ X$ E3 _' \% Y: ]Thanks
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那些根本係 紙上財富  9 H* f* W; [# T1 \
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$ ?8 b) w) H) [. t7 {. l" G

) t, c' o# N) s) I+ P0 F, zhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產+ c4 d  K( J4 j1 r/ I
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" V- x. D- B- W" J& C1 h+ v8 R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& \1 g: r1 `7 \0 h$ r0 R
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦1 B, \* f# I2 ^6 t: `
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,1 K) i9 S0 i* O# H8 A
計番回報率就已經係50%,所以可以好好賺& W9 L% b8 T+ x. v! S5 l
前提係銀行之間要互相信任先可以咁樣借法5 e  T  `9 H6 _5 P$ v0 d
同埋個市場既前境要係好先得/ \, |% ?8 n) t; g; f) [" V- ~, y
但當經濟一差,公司估值趺了,物價不升反趺
' l0 v3 s- j  F' ?( n( X- `" ?例如剛才說10蚊的, 趺到得番9蚊,
* V- t# E/ G9 q/ {7 p咁投資銀行一下子就要還11蚊, 一來一回變左虧200%: u! z" J  Z" E4 N- c. S$ H3 w
所以你就會覺得D錢好似蒸發哂咁: ?  i) B) x  R- z7 V
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你都可以當標野咁諗, 個樣野多人可以狂升值, 0 {1 R; |, s; ^# m/ }$ Q+ e: v, @
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, ; P9 T3 ?3 N# M( \* K/ a
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' h; L2 C  U) H2 O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) k9 j. V( z* y! v
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
* E. g! p  R% ]3 H唔係d錢蒸發, 而係比美國佬洗晒未來錢, $ [  A6 B) L; t( x; S$ |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + t5 Z+ l* f  j4 c( J9 t2 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$ L/ s6 m  W: x) T
咁你話d錢蒸發左去邊? ...
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正係咁樣
0 k. Z2 U& ~' `# l! H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 J9 O0 t8 B  U
分分鐘佢地唔使還錢* k' h4 B# f# H  a$ I5 D1 C
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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,6 W# s4 i' c( e  @3 o: a1 K
連國家都係問人借, 不停發債券, 印鈔票
% G! }! Y) F; y2 A, u一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! V8 Y/ o/ Z( R8 g! r# D
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- k' j6 m+ D3 b$ ]4 F$ w( D- ^4 V
咁而家"爆哂煲"算唔算先至係變番"正常"???
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. w* g2 k3 _3 K* N( T! ]6 p; e其實係...) v, i) D- [4 a. ?! r
因為以前未生產, 先消費
4 D8 }2 P- g5 X  `/ @; a! P) m而家就要多生產, 少消費
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