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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
/ R% B( F3 i+ @8 K6 }+ AWhy bank will sell 借據給第三者???  t) x6 F  b0 T! U* P% f
I was so confused.....
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. @8 `( Z* G- h. o1 z" v5 p講到尾都係賺錢3 r3 o2 ^; k$ p5 _2 f
so銀行可以不斷放款
$ _5 q' U/ y3 I( _0 _美國的房貸問題散佈到全世界$ I$ V. @0 o$ q7 \
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mortgage loan : {4 \; m) [7 c3 A- A! `
>conduit% S* Q( N/ f6 N$ u
>RMBS(Residential Mortgage Backed Securities)
$ t5 s$ W7 @6 @' `% _>arranger
+ @* A0 m8 K* q* t- Q. L>CDO(Collateralized Debt Obligation)- E; _" o& y% r- p7 \' |/ l, U2 M
最後去到投資者
i thought it is the reason of rate of return.
3 G* T3 N0 `' M; B% |( W. MCDs could have different ratings, AAA -> F,
. C. i0 Y+ ]( W' j4 d$ v+ Zmore risky ones would have higher premium (interest rate) as a compensation for an investment.
2 e$ h5 \! R7 ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return," s* l( y# A; U
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
* Y, q' Q' b. k2 Y5 h: j5 }Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% |; B. c3 X0 h) N) psimilar to bonds, CDs trading in the secondary market have different value at different times,
8 H7 l% q6 @( P% l/ E8 dnormally the value is calculated by adding it's principle and interest.
) c# U9 k& c! Eeg. the value of the mortgage+the interests to be recieved in the future. ' A5 [/ s1 v' J, L1 B5 z
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.
" x# X3 }( K$ p. E6 f* _in stock market, it's the demand and supply pushing the price up/downwards.
  X4 l8 y/ n% @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' H2 s: a8 s; c9 kA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 G! U$ L& S- w% oThe 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. # @+ t# ]' x- R6 D  C
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.gif5 G$ w) i/ D9 Y7 A- Z
Refer to last example,2 s8 `- u( x* s  |% K6 E
that means bank A have no money because we borrow 10 dollars from bank A 3 ^, K3 I# Z: H) q
Because bank A doesnt have enough cash on hand
8 v% l: ^; A1 V: w, S4 ?' E# Dtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
  X7 F6 Z* v$ q: [, H8 G! x' ~so does it mean if E failed to pay D,
4 |% ~2 l5 c3 a7 E+ Jall the B,C,D,E have to go bankrupt?
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0 u8 H* [3 a) y0 ethe multiplier just tell how much money created in a whole economy, - O, l, E$ R- d+ V
in this case it doesnt really matter how much money is created, . L2 E* Q! u) U$ ]: t& N
it's the problem of the debt itself.3 G7 j0 I9 G* r/ P; K- ?
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. c3 y6 f) T7 Z& p
小弟一直都唔明...' r. m5 F; ]+ A  }2 D7 ]& b$ r5 r+ b

" J, l6 u9 d" n$ o/ {, y: v! ^( j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...
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7 ~4 [2 V) n/ l6 e2 p9 J敬請各師兄解答5 p* ?5 B* a4 I, B- w9 J) \
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Thanks
# i* R, d; e; T, R那些根本係 紙上財富  $ c. L" `. T! b) }7 v% e
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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http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
9 L2 d8 ]* ]0 F8 A% B$ h2 |. @當經濟好,投資銀行相信會賺錢, 物價既估值相對較高! L/ E4 ~2 C2 F$ @5 w& 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5 p  L; n9 `2 Y& q# k7 I# r
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 P, O; K! X4 L( M# E5 q' R, g扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% n: b, o; W, x. t6 |計番回報率就已經係50%,所以可以好好賺4 \! q2 U* m- H5 }
前提係銀行之間要互相信任先可以咁樣借法! n8 {2 U" Q* J0 K# \8 `
同埋個市場既前境要係好先得, l1 \- H7 Y4 w. |( v) S( D& ]; r
但當經濟一差,公司估值趺了,物價不升反趺
: B( T2 _2 N# Y5 I# F例如剛才說10蚊的, 趺到得番9蚊, ! ?/ c& m/ L4 V' j  {$ U! Z
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 M$ N3 p9 r6 c& h所以你就會覺得D錢好似蒸發哂咁( C( M* J+ x; r5 ]4 I7 ~

! Q/ v+ w5 g; t2 ^$ h! d你都可以當標野咁諗, 個樣野多人可以狂升值, - N" ~% v  I6 |$ F& d* T* ?
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,
3 d& @: h" ~( ]4 K9 j+ N" n3 Q" m淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , |5 Z( Z  f2 A
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/ V/ e3 o- S9 G/ j! L! i
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.gif8 M8 a& z! G" z4 K  d  T
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
/ q* U. R4 X# m4 o8 K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 P4 Q  e$ h# a6 u7 p& Q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* c( B; a7 |5 Z0 n/ i" ~3 N
咁你話d錢蒸發左去邊? ...
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7 @" M, M7 u  U) F4 z正係咁樣9 c; j% S# [; x# v1 `
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" P4 W( t& q7 U% k
分分鐘佢地唔使還錢1 w, M4 F  q$ K9 V+ `4 A0 y( n

( L- a( t$ |0 v, R  Y3 c8 w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,  j# K0 q4 e& q# ^& O* m8 N
連國家都係問人借, 不停發債券, 印鈔票
3 }! g" ?4 `7 {) V一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
6 L5 U, H9 Z9 ^% {0 M) C$ u0 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& d! F: M+ x/ k% v
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...8 f) u/ G( F/ @5 K/ O; U
因為以前未生產, 先消費/ S5 @5 V& n* X# a9 R8 [
而家就要多生產, 少消費
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