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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" R1 h) t2 z! VWhy bank will sell 借據給第三者???
# x. Q; @/ B$ D) |2 Q3 \( JI was so confused.....
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講到尾都係賺錢1 Q$ A3 P" ]. \: S
so銀行可以不斷放款0 T) |+ p% K' U' D6 W/ j
美國的房貸問題散佈到全世界! ^, _  }% g( W; A$ Q0 L2 a
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mortgage loan ' q$ f' s1 m* c! \9 M, b3 I3 ^
>conduit
( y* U) a3 j2 y8 o9 |+ S>RMBS(Residential Mortgage Backed Securities)
0 a6 g4 p0 R9 x% O" p/ n; S' N>arranger' o5 h' K$ @3 j, G' Y5 ~4 _4 L" E
>CDO(Collateralized Debt Obligation)- R7 `" r/ N3 @! A# e4 z9 U
最後去到投資者
i thought it is the reason of rate of return.
" U( m3 v3 ^( W+ q) KCDs could have different ratings, AAA -> F,) w: P6 A) c0 B; p5 W# w, M, D
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 L; s: A; i  m  X1 P2 _
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 T, r+ R% T0 b; Y4 H. V' y% P6 d% ^! o
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 m9 N- n) A6 q0 j3 R
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
. J( r4 Z* I) Vsimilar to bonds, CDs trading in the secondary market have different value at different times,0 I% _  g. Q# ~8 |
normally the value is calculated by adding it's principle and interest.
  G( k; T  K5 Reg. the value of the mortgage+the interests to be recieved in the future. 5 L$ B  j6 e( P7 \
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.
8 v: A  B; h2 u6 tin stock market, it's the demand and supply pushing the price up/downwards.% p' m7 F# R5 D+ F; K) o5 s  H
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# i0 v8 [; [$ o  z- n" g) L: i
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# }. a% h# k" M& `1 }. F- n& wThe 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.
( T3 V4 w9 w8 {/ c7 t: _but the value of their assets did really drop significantly.0 L" ~& z  N  h2 n" s  o1 U
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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.gif7 |+ J/ c, |$ Q0 H; `9 K
Refer to last example,/ ~' ~9 U' U8 V# O
that means bank A have no money because we borrow 10 dollars from bank A 9 O8 g& K; X, i3 @
Because bank A doesnt have enough cash on hand / W3 a7 P! A8 l7 P  D
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
" _% {* }5 d8 S& rso does it mean if E failed to pay D, 1 `+ J# D4 _5 F, F& K8 H0 I+ f" _# F
all 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,
( j# ^/ y/ f) e0 g% gin this case it doesnt really matter how much money is created,
; Y4 A/ g5 s7 T$ Zit's the problem of the debt itself.
' ]/ J; K) c& J+ C9 mthe 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
) D( d3 Y) j) X: a小弟一直都唔明...
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4 x8 ?8 i1 j3 W0 }/ L0 l3 U全世界都蝕錢,咁邊個賺緊錢呢?
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: e) R. [8 Z3 L% I1 r無可能淨係有人蝕錢無人賺架嘛...
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9 F* D. {1 F7 q  y$ V( G% \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  
" e+ X* r' w; i; U& v. }2 p- D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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! j: Z4 `( k7 B+ }* Nhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產, [! X' ^; Z1 s, I: |! s6 _4 Y
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高8 D5 i, q: F5 f: {) r% m
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
8 C9 s' Z4 R% I8 V( g/ D7 ^6 ~個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
5 d# ?4 U2 h$ z2 x0 f扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# B$ v5 V) V" F+ @: r& U8 S6 y
計番回報率就已經係50%,所以可以好好賺
. ^4 f' y' \( [2 f' O! k5 m# ?2 g前提係銀行之間要互相信任先可以咁樣借法
$ m% V3 H7 Y/ m- }. j0 V/ A% M同埋個市場既前境要係好先得
! M% X1 Y) t# e但當經濟一差,公司估值趺了,物價不升反趺
& I- M: [+ ?5 p0 d1 L' N; [2 c例如剛才說10蚊的, 趺到得番9蚊,
) w6 p4 J3 p3 ?. E0 a8 K: t2 ?咁投資銀行一下子就要還11蚊, 一來一回變左虧200%: t- o; j; {& P" e0 I/ E8 M
所以你就會覺得D錢好似蒸發哂咁) S( e1 H3 v2 C$ u

/ w: L+ n) K" `" r( I你都可以當標野咁諗, 個樣野多人可以狂升值, : z& ^+ Q; L) v8 _) 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, 3 I) P3 Y6 N: G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( p/ f. Y9 c7 l1 [, {' {" 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$ d8 h4 u; Z8 Z8 m+ |8 l$ ]' K  Q' O$ k  l
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
2 ^" ]* e- @. U4 h. {" Z9 {( C唔係d錢蒸發, 而係比美國佬洗晒未來錢, 9 K  Z2 Z) r- z: C
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 t6 Q( @  H" [+ I
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
4 {! [* M2 S# g3 K  A咁你話d錢蒸發左去邊? ...
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) q9 h. U( y3 R! D" U( I6 Q& N8 r4 D正係咁樣7 d+ r- D  P# @) b, E
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
- G% P- |: h0 O! w) l分分鐘佢地唔使還錢. @& V; F2 k6 Y, E: y3 R
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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,
2 i  e4 a- U& o2 B( x4 {! P) B連國家都係問人借, 不停發債券, 印鈔票
; {4 v$ Y7 x# J一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! D% ]2 |$ p+ R- Q9 z. E2 v
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$ y" ]/ T: p8 M/ r0 m9 A
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
6 H9 C: g* m7 c因為以前未生產, 先消費5 r/ A7 f( W3 a  d9 ^
而家就要多生產, 少消費
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