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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.gif0 l* L* g  p' `6 F  S
Why bank will sell 借據給第三者???/ n  E* j( ]2 a0 }: ]- A
I was so confused.....
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講到尾都係賺錢
2 Z' G% C! C0 k4 `7 rso銀行可以不斷放款
# i' ]- O0 J& C: d$ l( H+ F2 j美國的房貸問題散佈到全世界
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, K" B' [9 Y2 V8 |) pmortgage loan ! C  A: u# t) c7 ^4 c& T6 V) Q
>conduit
) T+ S" P* }" S& }8 C>RMBS(Residential Mortgage Backed Securities); c" [. J/ Q4 x6 o" L& G" }" N# w
>arranger
0 e% x7 X. l* G8 a& d7 R$ n% z>CDO(Collateralized Debt Obligation)) Y9 l) |  q& @9 s6 S
最後去到投資者
i thought it is the reason of rate of return.$ }" t% T$ f8 ?5 ~$ |+ H$ _  [
CDs could have different ratings, AAA -> F,; s' O& r* B6 D$ H5 B0 V
more risky ones would have higher premium (interest rate) as a compensation for an investment.+ `. M" H. t, ~! L0 u; ^- T
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 D0 G# {/ c  w7 P! ^# }6 Ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 b1 ?1 s" S9 g$ `& L+ ?0 r6 ~
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
8 M6 e% V9 j5 D& ?6 I4 Ysimilar to bonds, CDs trading in the secondary market have different value at different times,3 A4 F1 O  c5 M+ ^
normally the value is calculated by adding it's principle and interest. 7 M! `0 \7 t  v' `0 C5 R
eg. the value of the mortgage+the interests to be recieved in the future. + d; n7 l4 V* f: T
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.
; S% T5 z, _0 }; A3 rin stock market, it's the demand and supply pushing the price up/downwards.: z' T, q, @1 p7 l7 Q6 b
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) H) C. P8 z6 r' L4 w2 ^8 }
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 ]; B4 S  h# j# NThe 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. " N/ s) ~5 \: W7 T0 p8 {
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.gif
6 ]4 a! `/ d$ w" {' P4 V( vRefer to last example,: ~6 L4 ^- d1 H/ X$ B0 g* o, P
that means bank A have no money because we borrow 10 dollars from bank A
& f% n0 l( y8 z2 oBecause bank A doesnt have enough cash on hand
! z* I) H% O* ~% b  htherefore bank A need to be bankrrupt ??? Am I right ?? ...
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+ c6 g  h. O# k0 p9 q9 e8 ~A->B->C->D->E
* \( j- ?/ i6 N  p6 a5 n. U& x' Xso does it mean if E failed to pay D,
( L5 g# Z; x9 x) ^% Oall the B,C,D,E have to go bankrupt?+ r8 ]( _6 Q+ {& \; B* M: u
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) G9 G5 p. j7 N1 dthe multiplier just tell how much money created in a whole economy, 3 i  z+ S, Q) ]4 a7 N) c- q5 `% g
in this case it doesnt really matter how much money is created, 9 a% ?: K" w* P* ~2 @
it's the problem of the debt itself.
3 _# G' T9 p2 ^7 I* l) G; jthe 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
: N' }  B/ C  |  F/ t9 S8 X0 B小弟一直都唔明...# L* ^( M* V, T

4 ]: t2 ^7 M9 q8 N& S; L全世界都蝕錢,咁邊個賺緊錢呢?
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) ~. u% T) ~+ z9 S% k無可能淨係有人蝕錢無人賺架嘛...# @- b$ C- `1 F7 Z, E4 X! ^+ m

& A8 U$ s/ f& ]# Y2 N& r" A( _, B敬請各師兄解答/ S) Q* ], S4 h8 W
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Thanks
1 o9 [  w3 o! p( `那些根本係 紙上財富  , }2 k. a# `; l8 ^* n9 Q3 Z
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 graphic0 g: B; G9 N9 k2 M2 g- U- L

! z. a6 J: O, D+ S. Bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產  ?; i& s% f: F" v" H5 y/ o
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% n3 V5 n: [6 e; H/ G/ P* g, X; 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
0 F+ s: g) E( n( Z, W/ F2 J個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( Z; Z6 e- p( Q( x6 ^扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 O5 X4 {; {" \9 |, y/ ?計番回報率就已經係50%,所以可以好好賺
& c% X  N. g& C! N% [$ s% {8 c3 {前提係銀行之間要互相信任先可以咁樣借法( Z  S9 f4 b8 R4 |* x2 V/ V
同埋個市場既前境要係好先得
) J9 T* E* {- [8 S但當經濟一差,公司估值趺了,物價不升反趺5 j9 W8 z, T8 ~0 o7 ^, k
例如剛才說10蚊的, 趺到得番9蚊, # r$ W& ?: K3 Z$ j- P( w
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%- ~- M7 c; a! e* s2 o/ m( s
所以你就會覺得D錢好似蒸發哂咁
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% f7 z" h8 @$ E  N% q你都可以當標野咁諗, 個樣野多人可以狂升值,   m1 Q  t' d) q" s" @7 j
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,
4 X9 L: D: Y. z+ E/ _  x) P. o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# x6 f3 g+ o/ V+ J( [8 v- ?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
% Y, [8 q0 C  @+ Z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.gif2 i9 ~5 Q; e$ o" S
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 5 R; ]. j1 W% r! }' r7 a! m
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 L7 z1 |6 O4 Z& O1 e3 p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  q5 g8 a9 @& c+ P
咁你話d錢蒸發左去邊? ...
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3 ~0 X+ r; a" T正係咁樣( {7 U9 q  l' ]! n: P
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
3 a2 v" o6 B7 \1 f8 d分分鐘佢地唔使還錢1 ?! `4 `' ?+ W

: X' e) E" H) v# [- K1 f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,
( m5 O3 d% A1 r" Y, m& Q9 E連國家都係問人借, 不停發債券, 印鈔票
% Z  \1 Q, J" p5 J) O一個國家好少出口, 而又大量入口 ,反映到佢唔多生產, \# M. E+ o/ ?& Z
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.gif4 q3 M$ z6 x* I# F7 S( C9 y) _0 J
咁而家"爆哂煲"算唔算先至係變番"正常"???
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! N) }+ R3 O* F. g& k  f其實係...
! h  z8 z; C$ b7 Z7 D% j  q因為以前未生產, 先消費
/ L/ p1 L+ u8 d6 B而家就要多生產, 少消費
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