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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.gif1 i! X8 s2 ?, q; C5 U+ L5 z" ~) ?
Why bank will sell 借據給第三者???. }8 R4 ?# Q' Z: \8 K
I was so confused.....
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! R; }# e. ^( r6 W3 n講到尾都係賺錢) O2 y; D) X# B7 N" j
so銀行可以不斷放款: q7 ?3 ?3 v. h5 J3 H8 L' s
美國的房貸問題散佈到全世界
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0 `2 N& L+ E" O! b( _mortgage loan
" x/ O( |' G) V( b>conduit
* w$ I( ^' i5 z; V0 A% i+ a>RMBS(Residential Mortgage Backed Securities)
! G' ]# m: h9 H; x1 p>arranger7 o+ d2 l# u7 E" L
>CDO(Collateralized Debt Obligation)/ M  `7 M4 Z. v+ o: \
最後去到投資者
i thought it is the reason of rate of return.
; O* d1 }9 O  ~% t5 W% Q( ?! J% _5 LCDs could have different ratings, AAA -> F,
- h) G2 ]8 Q$ Pmore risky ones would have higher premium (interest rate) as a compensation for an investment.# f: V7 T8 i4 D$ m, B3 @: L: t4 e) C
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 X5 D1 C% ^+ m, `6 k% min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 p! }, ?# H- S& A
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ B. M5 p5 |* Esimilar to bonds, CDs trading in the secondary market have different value at different times,0 h6 S1 O  H( T7 }' I, D7 v
normally the value is calculated by adding it's principle and interest. ) `0 D+ x& X  Y" ^. O7 _
eg. the value of the mortgage+the interests to be recieved in the future. 6 T& F+ Z8 h4 J* G1 t: b$ V5 B
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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  G: U. k( d! J( P3 S  q$ r+ F% Rim not quite sure if the multiplier effect does really matter in this case.
  p* z) |$ V1 V5 z* l$ e# y% gin stock market, it's the demand and supply pushing the price up/downwards.5 k' [4 O& d7 L* e/ W
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, ]$ b% I( V0 D. Z* |% T! i' d. O; wA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; Q) i5 U% |# C' G# s) v* V; `, ^
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.
& o  e3 @1 ]4 z7 h0 q, mbut 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.gif3 o& f, p% y6 B- ^. H, {6 @4 ]
Refer to last example,
4 T. Z" G; e) v  w5 `that means bank A have no money because we borrow 10 dollars from bank A
# @! _2 s0 d7 m9 N& ^* K4 L* G3 lBecause bank A doesnt have enough cash on hand 4 \, O. o& b: y
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E# N5 u" e, A$ P, c
so does it mean if E failed to pay D, + Q8 F9 @) L# m1 S. b
all the B,C,D,E have to go bankrupt?0 m) Y2 \: f: W' y

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the multiplier just tell how much money created in a whole economy, : V% S1 [& h+ L
in this case it doesnt really matter how much money is created,
( _0 j( V0 `' ~$ [4 Git's the problem of the debt itself.
7 g+ c. n4 y" T7 I$ {8 S0 Q/ ]& \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.gif6 J5 x  r% r; A0 H: |
小弟一直都唔明...
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( H' ?* X( x' ^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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" Z6 D0 A* a# b1 c, z敬請各師兄解答2 ?9 i; b# \7 j0 V: C  q

) c3 q2 {2 Z. o4 x& iThanks
* \$ {% A4 |4 C" p* u那些根本係 紙上財富  
; x: \1 Q$ o9 X2 r4 q2 Q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
) g% z8 ?4 w" f9 O. J0 B/ U當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, i# d  i( g! Y- A- P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  j1 `1 V3 C- @
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
7 z$ ^# t) U& I  `6 f1 W扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
- T% ]. J1 [; p' Y6 q, [計番回報率就已經係50%,所以可以好好賺
) ]) r( R7 g8 V+ h前提係銀行之間要互相信任先可以咁樣借法4 L# r- m; V8 k9 A4 d$ m
同埋個市場既前境要係好先得, ^/ e4 d( X7 t# S* R. z' t
但當經濟一差,公司估值趺了,物價不升反趺
+ V0 R7 |8 Q5 z1 R( d例如剛才說10蚊的, 趺到得番9蚊,
+ u, g/ A( V! x2 J6 ^+ W咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
+ X0 o8 c" I* H! {1 C所以你就會覺得D錢好似蒸發哂咁1 c; M+ Z7 B; s: {
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你都可以當標野咁諗, 個樣野多人可以狂升值,
+ F( Y" w- t) d+ |% a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,
. T- P9 _( @; w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 M  Q4 g8 h. ~- d2 [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
- _8 M5 C% D& ?/ f: D2 e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( B; f( @9 ?; I4 P9 w
唔係d錢蒸發, 而係比美國佬洗晒未來錢, $ p6 u+ v  ?3 u5 l1 O! p
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 H2 C9 o. \  l9 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
& I, q( n" i* h7 N0 q1 P咁你話d錢蒸發左去邊? ...
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正係咁樣
8 _6 o& g& a! c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
1 G/ U. X. z9 W# }分分鐘佢地唔使還錢- v; o' {' ~  Q3 d. A6 @: _

3 J  O$ t) _# h5 e" @, P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,1 s# s' d( r* M. @
連國家都係問人借, 不停發債券, 印鈔票
, i6 V1 L$ K+ A5 F% c* D一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# {, o! [8 s6 H1 D& S+ s# c; 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
. C" v* |! P& k咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
0 `% I7 x% f) r0 g! {: }1 ~因為以前未生產, 先消費+ H% z( {4 `/ D9 c+ z/ ^
而家就要多生產, 少消費
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