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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
: P( l8 ]7 K2 E: d- Z* Z- f0 q. L2 gWhy bank will sell 借據給第三者???
" q1 Z1 `2 d! j: @, u' vI was so confused.....
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講到尾都係賺錢% F, Y3 x7 ]" f5 ?
so銀行可以不斷放款
8 x7 I1 k. W$ z美國的房貸問題散佈到全世界
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; @/ A& C" \" T$ J9 P0 [mortgage loan
1 ?* T- V5 I+ w% ^! H9 s>conduit
" Q# P3 ?, T2 c1 I( v- l- X>RMBS(Residential Mortgage Backed Securities)' b9 L' I- ~- l% l/ g- p' Y! Q
>arranger
3 l* k$ \2 a" @7 [7 U>CDO(Collateralized Debt Obligation)! o( J3 V  p0 t1 }2 M( f
最後去到投資者
i thought it is the reason of rate of return.
4 k, V: O. X7 F( P& bCDs could have different ratings, AAA -> F,
% j+ W* ^9 r, l1 tmore risky ones would have higher premium (interest rate) as a compensation for an investment.
$ p  r3 T# S( s3 N3 Q3 `main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
' M1 t1 M0 I2 k3 R$ _in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* o! B7 _: B9 m( t
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.; h. j& L) I6 W- f6 X$ P
similar to bonds, CDs trading in the secondary market have different value at different times,
* a; i# \$ M  s+ B5 cnormally the value is calculated by adding it's principle and interest.
; A5 r, S* J4 I% {& u8 Meg. the value of the mortgage+the interests to be recieved in the future.
) A  K0 L# [- [3 r& }, k/ [" i! `2 ubanks 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.5 p# k0 Q  w0 n. N0 Z2 {
in stock market, it's the demand and supply pushing the price up/downwards.
- l" Z1 T6 \3 B9 `) `0 g" a- cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# t/ J" o0 \4 n6 {( c  }4 S
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" ]5 k1 p/ x- P+ H( PThe 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.
" k. ]  m0 p+ u7 R  `6 Ibut the value of their assets did really drop significantly.' V2 J7 l) X( d3 e. t0 F: E( G

9 r$ [8 i. F2 S' T% r9 r[ 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
$ ]5 ]3 a7 B  F5 l% v5 g/ ARefer to last example,4 t3 _0 U$ S9 r" \
that means bank A have no money because we borrow 10 dollars from bank A 1 L" }" O: `1 ?, L0 B; _
Because bank A doesnt have enough cash on hand 1 D) _( E% n; k
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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  K& U" }+ S! b9 k1 y- f* `! zA->B->C->D->E1 i( o0 T- p: G( x8 G/ Z/ `$ v
so does it mean if E failed to pay D,
& b2 M& s8 ~% ~0 _' Fall the B,C,D,E have to go bankrupt?* {5 L1 G2 A, G$ P

5 x/ s1 t, j/ a- ]9 K: R+ {  [; r2 l' G$ l2 y) p
the multiplier just tell how much money created in a whole economy,
/ G1 D( S( J  @' A5 o# C  R( q+ K2 Zin this case it doesnt really matter how much money is created,
/ i* {/ B( v6 `# q# Qit's the problem of the debt itself.0 s+ ?& v! [$ k* U" 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& g) z4 X8 ^9 A1 D0 Y' `" P) `0 W
小弟一直都唔明...
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全世界都蝕錢,咁邊個賺緊錢呢?7 @, q4 j$ r& ^6 C1 o

( s" R$ S, ]* t$ w- K* h無可能淨係有人蝕錢無人賺架嘛...4 Z: ~6 U9 Q$ R4 y+ Y4 A) N. O
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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  ; h7 ]* s. M/ c6 h, B
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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! i, Z* c1 _) ~; K3 j  vhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
" k  l' y; U5 x7 Y' |) l當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
5 o1 ?6 Y- n# j; d" H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
/ \; m( W9 S% I# e0 [  z* u) g5 F# k個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
1 Q1 m  {- N$ l/ m) c- v- K扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,. o9 @; S+ ~8 w4 ^! }
計番回報率就已經係50%,所以可以好好賺
, m: Y8 w  s+ U' Y4 Y+ J  f前提係銀行之間要互相信任先可以咁樣借法
2 b- }8 }  f& f: r同埋個市場既前境要係好先得& I( X( _. }9 ?3 ^" j
但當經濟一差,公司估值趺了,物價不升反趺
$ h% y' u: W8 X0 {9 i7 l# w例如剛才說10蚊的, 趺到得番9蚊, 0 ~) ^" |) V* s# n+ @
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
; M8 w) A; m; |所以你就會覺得D錢好似蒸發哂咁" ^1 R  d6 r1 f2 c

2 w' J' d- N# J你都可以當標野咁諗, 個樣野多人可以狂升值,
8 S8 O) Q( s7 ?( q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,
2 i  q, _& S  x3 V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( v4 I; Z' v3 X# Q2 }$ l2 \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 e% N' t/ T8 k8 N- x- F' u; p% U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  J# l1 Z) k$ u# k1 Z3 s1 E+ \
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) i4 i/ |2 [* Y+ F$ E
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 k. {  e, A! l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# L4 s; S, o6 f. y
咁你話d錢蒸發左去邊? ...
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正係咁樣
  l" g/ b& Q) w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 j8 T" c3 _% Z$ S分分鐘佢地唔使還錢
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' ?; j3 r8 J% ?$ O( j+ R& h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,
" e2 D, O5 X4 u) |7 i連國家都係問人借, 不停發債券, 印鈔票4 S6 u  S0 G0 x
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 u5 l/ T9 Y& P5 ?& @0 C
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
6 B/ U+ D7 m9 y! a7 w- c+ p# X咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...$ \8 b9 O$ s+ @9 g
因為以前未生產, 先消費
" u' z0 }" v0 w: _$ O而家就要多生產, 少消費
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