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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.gif6 k6 S2 h) D( u9 n& w* Q; H: v& J
Why bank will sell 借據給第三者???! d! u$ Q& v0 ]- A- A$ ~
I was so confused.....
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講到尾都係賺錢
# O  Z  o/ M- {- @so銀行可以不斷放款; j$ M( ~1 R1 q+ R' r, J
美國的房貸問題散佈到全世界' o+ q) X# F  x( V8 x
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mortgage loan
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$ `# g  h0 T; q>RMBS(Residential Mortgage Backed Securities)# x" z/ f( q4 Z* u$ D
>arranger
: J  I- W' I' p: W% {3 N) w2 B>CDO(Collateralized Debt Obligation)
# b" o3 A% Z% R+ J( v最後去到投資者
i thought it is the reason of rate of return./ f+ {5 M/ f/ u8 f: e7 I) y
CDs could have different ratings, AAA -> F,( y* W$ A6 [; e/ y. w
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 c" n/ X  ?) B6 c' {  u
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# h- j  k" J% J; h4 X8 Y; L
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& i% b0 D/ G% ?- X7 }
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. D/ P% H8 X4 H% M
similar to bonds, CDs trading in the secondary market have different value at different times,
/ B) {# [, z/ T9 knormally the value is calculated by adding it's principle and interest. 7 \3 t  ?7 ?) e* y( W: w
eg. the value of the mortgage+the interests to be recieved in the future. : P6 x2 C9 S# |) s
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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" n: F: @; K* e2 l) I( |im not quite sure if the multiplier effect does really matter in this case.6 I% x& P9 a4 ]1 }0 p1 \3 K8 D
in stock market, it's the demand and supply pushing the price up/downwards.
( d1 u4 W6 R1 N( s5 m. Q  HFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( O, m$ t% M: n0 jA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ z9 a6 S( P5 [! J- f; `" k
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. . x& l! J6 T* p. Y+ m% e
but the value of their assets did really drop significantly.
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+ V3 I# z7 Q! C; M$ ], m[ 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$ A) F  i2 v4 ~
Refer to last example,+ K0 _- A% \+ v' o; C% }0 X
that means bank A have no money because we borrow 10 dollars from bank A
+ o8 Y9 U" F  x& ~1 ]/ rBecause bank A doesnt have enough cash on hand
' ]" ?' F6 Q! _0 W6 h" {$ N7 ]. xtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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% A6 B6 b( W3 z: o4 nA->B->C->D->E6 `# }& z4 ~% D
so does it mean if E failed to pay D,
' M2 b) t3 \& i+ ~& jall the B,C,D,E have to go bankrupt?$ {; B0 N* [+ x( g9 ]0 o
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) x; ~& a/ k' |  V7 }1 j. athe multiplier just tell how much money created in a whole economy,
% J, @! @7 u; _+ \- n0 v' Win this case it doesnt really matter how much money is created,
# o5 `7 N+ h% G. U4 Xit's the problem of the debt itself.& D/ p3 ^- S! i7 P3 j( L
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
* p, Q/ L+ D5 b  e1 U, A4 F0 o6 W小弟一直都唔明...7 d3 g+ u9 \/ s) t
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全世界都蝕錢,咁邊個賺緊錢呢?. u+ O# j7 w/ z2 B, D

3 z$ ]9 W) S% T0 v0 L' V9 M- U無可能淨係有人蝕錢無人賺架嘛...5 w: I& V% @- P- t& K. M) Z; z
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敬請各師兄解答
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( K# [, t4 [' ?# L& DThanks
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那些根本係 紙上財富  , G$ k$ i; L  p
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 graphic4 b% X# P  M, o3 U% D8 `4 }

7 u  R8 I- K" D7 Fhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產+ A, Z6 _9 K* L. `) |
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) N( ~6 i9 J: y) S' J
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
- ?  F4 h+ J) `' A3 h: Y/ s1 f/ Q: b個件物價係市場好既時候升, 例如15%先算,變左12蚊啦- }7 ?, Q$ _6 f1 e/ D5 Z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 F. q" J* M7 A計番回報率就已經係50%,所以可以好好賺' [3 u1 \4 @9 [" n; ^" y
前提係銀行之間要互相信任先可以咁樣借法- U- g0 K8 ?5 I: ]! A7 S
同埋個市場既前境要係好先得( V- @1 o" T2 `0 j  S$ ^) w3 z
但當經濟一差,公司估值趺了,物價不升反趺8 ]* D5 l! k# c8 Z
例如剛才說10蚊的, 趺到得番9蚊,
4 v1 V7 w0 r9 q; i咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( w. D( y; \) F: U- e
所以你就會覺得D錢好似蒸發哂咁" \9 v# X# W/ w. H6 S
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你都可以當標野咁諗, 個樣野多人可以狂升值, 4 t, J+ O, Y' p/ n9 X
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 X; S, M1 ]2 c3 C
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 ~& g  c/ ^( N; X3 K8 g
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
; @( o" e; O& @  {  b' 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
7 W+ p" y: z* y! K* i* W) \唔係d錢蒸發, 而係比美國佬洗晒未來錢, : H% B% b: x2 ~
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   h  F7 n- m+ W, f/ e3 b' E
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) f% E7 A4 b# m( P% @& o
咁你話d錢蒸發左去邊? ...
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正係咁樣# W# V: u  z' k% [  r) t
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2 ?- ^: I& ^* O$ J
分分鐘佢地唔使還錢7 c' K" F+ q- a" s
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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,
, z. m3 I: _* N( k連國家都係問人借, 不停發債券, 印鈔票
9 t; ^9 o9 k4 g& v# G* ]  l一個國家好少出口, 而又大量入口 ,反映到佢唔多生產6 q+ Y1 [# h: r2 U: E3 r8 F# n
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
3 p, R7 F( C7 ~, j! X5 z& l咁而家"爆哂煲"算唔算先至係變番"正常"???
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% Q* h# ^$ d% f* Q5 l其實係...
& q- \, k6 ]+ Q0 P因為以前未生產, 先消費5 k& p1 J' s$ z- y! ~! y
而家就要多生產, 少消費
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