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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
9 Q4 S/ C7 g/ Y- mWhy bank will sell 借據給第三者???$ i3 a; O, A! p0 U/ ?; S( V$ F
I was so confused.....
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講到尾都係賺錢$ n6 w. ]& ]' J' e) ]
so銀行可以不斷放款
8 Q% ?- {# z$ {( M  h/ m( w美國的房貸問題散佈到全世界4 f/ B# q( |" x

7 C, H; e) r: S! y  z/ \( {+ H. Qmortgage loan
4 R  \" G4 l1 A/ L" Y- E1 ?>conduit
$ m4 q0 t! }" I>RMBS(Residential Mortgage Backed Securities)
* s+ e& M  O' l4 P4 b>arranger
: Z, i4 r+ w7 x& S>CDO(Collateralized Debt Obligation)% }) n' v- n9 ]) x  K
最後去到投資者
i thought it is the reason of rate of return.
' E7 M/ d( V  B7 u* z. RCDs could have different ratings, AAA -> F,6 v" }& G* |4 e$ G" e( b7 h
more risky ones would have higher premium (interest rate) as a compensation for an investment.
  O* a4 ~; x6 g# o! O$ jmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 O. r! z/ B& o/ C1 I, ^" J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) o/ s' n7 }* p8 F4 k' _$ lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 X9 ~" }9 x/ C# w/ n0 |( ~% X' ~similar to bonds, CDs trading in the secondary market have different value at different times,
! |5 s* Y9 @& ?" t0 bnormally the value is calculated by adding it's principle and interest. 6 A% l, I1 ?2 `8 q
eg. the value of the mortgage+the interests to be recieved in the future. * D* V: v7 _* z$ f' N4 w
banks who sell the CDs, could enjoy a few benefits like, the present value of cash and passing the risk of holding a debt to another party.
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im not quite sure if the multiplier effect does really matter in this case.1 |" A$ E" T: u: i; T1 o, g
in stock market, it's the demand and supply pushing the price up/downwards.8 j, p  {9 g$ g$ S
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 d: h9 w+ o0 D, K2 u- P0 s! c5 iA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 {* \) z  @* `1 t/ ]( ~# A" v, O* @3 QThe 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. / F# v. w3 z+ ]
but the value of their assets did really drop significantly.
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# s3 {0 s) T- g+ _! b4 K[ 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
* H1 Y) t! J, `, J' F3 }, \/ ^Refer to last example,
( t1 N2 z7 ]/ Y0 ~, }" Cthat means bank A have no money because we borrow 10 dollars from bank A
. Q0 ]/ J3 g) b5 g6 ?8 h1 t: EBecause bank A doesnt have enough cash on hand
3 Q5 z9 ^* S  M" Qtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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! q6 ?1 L/ D5 ^- y) wA->B->C->D->E
/ i, N" l, N( E  |0 l& m* Iso does it mean if E failed to pay D, ; S/ T8 Y, N4 G' D0 U
all the B,C,D,E have to go bankrupt?5 l8 E, }; m( k' ~* w, q* y
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the multiplier just tell how much money created in a whole economy,
; V# L4 E* |$ Oin this case it doesnt really matter how much money is created,
! x" x& r" s* G) Git's the problem of the debt itself./ P- b$ i, p' J2 l, t
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.gif9 H. W# |+ g( E" V  Y/ }& d
小弟一直都唔明...
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全世界都蝕錢,咁邊個賺緊錢呢?
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8 w9 C' r, G0 X& R5 b' X, O無可能淨係有人蝕錢無人賺架嘛..., `7 ^5 e7 V4 ]. A* \, ^: E/ r

8 {# f9 ^  d* o% v& @$ T; T敬請各師兄解答
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! X- R/ b; y8 n0 g! {3 PThanks
' b& |7 m4 F# P4 s) _+ O$ \; H那些根本係 紙上財富  : F2 q$ `9 m6 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. I# t7 _1 `' B* \% ?

4 `) Y) Q5 G8 S& F, s$ yhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產2 E! \+ A6 Y* w% i0 z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高' u5 e; i9 H  F( U( L
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. x( q: e8 Z$ U# S4 Z. }3 h* Z
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦, a  A6 c9 z6 {; Z( t$ p4 s8 E% f; u
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
. ~( i# M  h. _1 E2 L3 ~計番回報率就已經係50%,所以可以好好賺/ X5 E5 l% d4 R8 F2 O$ j. A
前提係銀行之間要互相信任先可以咁樣借法
5 B( M, O* q" F' {/ L* M同埋個市場既前境要係好先得
- g, ~# J% H# {/ L) V4 u  c但當經濟一差,公司估值趺了,物價不升反趺$ z* Z5 y0 y, m9 s; y# p
例如剛才說10蚊的, 趺到得番9蚊, : ~" X# S, f: O2 ?/ ~! H3 E
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%. r# V# b; ]8 R) l1 R
所以你就會覺得D錢好似蒸發哂咁! C- A$ F7 e- i

; [  g! B- s2 }3 b" j  I你都可以當標野咁諗, 個樣野多人可以狂升值, $ h6 z: R7 a$ ?: Z6 U
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,
5 O7 @# U* m$ d: A4 K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . X7 T! Z. o- D4 V3 r8 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
) P+ P) B/ v+ X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! M" k. F9 p' r: n% M
唔係d錢蒸發, 而係比美國佬洗晒未來錢, + }( a7 x# ?: W+ [7 h4 c; O0 {; n
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* P2 C: l$ d1 L5 w8 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
6 C( ]; d6 u: M+ m咁你話d錢蒸發左去邊? ...
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正係咁樣
% _; v* V/ j8 |$ I# f- J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
4 o% C1 p; }5 n  v& o. ^分分鐘佢地唔使還錢
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6 C5 v6 D5 X1 h* d! K+ L; f( c! C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,% n! ~5 X1 w" Z# ~' u, w
連國家都係問人借, 不停發債券, 印鈔票+ H9 R* l* G: b, n, W7 }: e
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ m/ M  K1 p, x; f0 u
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.gif5 _8 ]5 y8 t, s: C( t! M4 t
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...) t9 G6 y+ a$ n6 h( P
因為以前未生產, 先消費
# e6 n9 V2 Q9 U" G3 x而家就要多生產, 少消費
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