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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
' _8 Y- J9 ]+ P- dWhy bank will sell 借據給第三者???( {/ u0 F/ g* e
I was so confused.....
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! P! c4 z2 x/ y2 y- {0 ]講到尾都係賺錢
: S% z  ^4 G! ]% J7 g$ Gso銀行可以不斷放款
5 {' R4 o) r* S% C3 P美國的房貸問題散佈到全世界+ E% Z! s0 J( f- A; f* R

9 A7 B( y( n0 Vmortgage loan 3 i/ K3 X$ \0 M7 X/ @
>conduit+ M' n+ _; p( y: q1 {
>RMBS(Residential Mortgage Backed Securities)
" e3 V* q  y4 _. W>arranger  v0 r3 ?- P9 Y
>CDO(Collateralized Debt Obligation)" I% w( _8 ~- L2 a
最後去到投資者
i thought it is the reason of rate of return.
; r7 w' y, G" X6 CCDs could have different ratings, AAA -> F,7 E* D1 l  U6 Z
more risky ones would have higher premium (interest rate) as a compensation for an investment.: @/ ~) J. P& L6 d8 B
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 h- U" z/ K5 G# u- {. ]/ c
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 `( s- P. ]) |. s9 nAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( ^4 k: G! t, u; }
similar to bonds, CDs trading in the secondary market have different value at different times,/ R- V$ ~( F2 W
normally the value is calculated by adding it's principle and interest. . ~; Z& g; }* K% J! W% b+ s4 h
eg. the value of the mortgage+the interests to be recieved in the future. * e! N) J7 F1 f  m* a/ Q  N
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.* \1 K8 m3 x% J) i" D8 y7 \3 n: I
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im not quite sure if the multiplier effect does really matter in this case.+ N0 G$ B0 ]2 f- P! A
in stock market, it's the demand and supply pushing the price up/downwards.
, [9 J6 M- z7 R* cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 I  G2 }" ]: b2 J
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! g- {& r" N! g( q
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.
& }' I2 X* P) W0 C, `+ Nbut 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& k9 r* R% X# F$ A4 w( X; L
Refer to last example,
, t& t5 w! u- D1 E1 x/ N% Lthat means bank A have no money because we borrow 10 dollars from bank A
1 Y& w; d7 Y' o  Q# hBecause bank A doesnt have enough cash on hand 9 X8 |- Y5 m: \& u" g- p7 K
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
  s* n! k& u& x# M* Q4 E+ Z6 _so does it mean if E failed to pay D, " `1 Y" H4 d9 _. W6 m0 V3 C% E
all the B,C,D,E have to go bankrupt?7 h) k% }9 }! b8 p4 ~
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7 G6 S  T- f$ g) M7 W1 Ithe multiplier just tell how much money created in a whole economy, ) T! k8 [$ k  J" z5 @/ ~
in this case it doesnt really matter how much money is created, " g( y' `3 k8 s: E6 C
it's the problem of the debt itself.+ k. _+ i$ }% M, r. w* M6 w+ }
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
/ i# P  o/ F7 n: ]% ?* X小弟一直都唔明...' j6 {, V' h  L4 @# b$ Z8 d* s; r) _
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全世界都蝕錢,咁邊個賺緊錢呢?
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( w4 [: R& A+ w# [( t" @9 n0 v無可能淨係有人蝕錢無人賺架嘛...) p% m, e; n4 K% [: ]

7 ^, Y8 Z# g3 z' ^( J2 Z6 V# D敬請各師兄解答; Y$ C; X/ @. g+ O' y

3 M3 x7 T0 ^1 `' N. \Thanks
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那些根本係 紙上財富  
' k( h9 ]; S0 D# m' X9 d4 s5 m. ^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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http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
: Z6 h: ]! X6 h6 \! A/ V2 u9 C當經濟好,投資銀行相信會賺錢, 物價既估值相對較高  A$ @- T" A5 }% Z* I; 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
' L5 @) M- M( \% P個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ x: j6 H9 b7 k: d) q$ Y' Q扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% L) r$ {5 s1 z7 Q/ l計番回報率就已經係50%,所以可以好好賺
' t8 ?; N& A8 v& v  k0 m前提係銀行之間要互相信任先可以咁樣借法4 {6 u8 o. V6 F0 S: Q! L( h
同埋個市場既前境要係好先得8 O# k" z( p9 y+ k! R! m
但當經濟一差,公司估值趺了,物價不升反趺, |- b3 g* O( e  f6 f' ], B
例如剛才說10蚊的, 趺到得番9蚊, ) Z1 ]7 W5 g9 s. ^% g
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%7 L- G/ {9 \+ C6 t
所以你就會覺得D錢好似蒸發哂咁9 |7 v# t3 s% y; F" x& f
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你都可以當標野咁諗, 個樣野多人可以狂升值,
. Y, u4 w5 x8 i& B* 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, * a- q' x$ p; }; ]
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 m/ [3 k& j: z
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
& i' F: S( Q6 G: v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
$ a" l( ~/ C+ y# S* }: ~唔係d錢蒸發, 而係比美國佬洗晒未來錢,
- x+ I4 n# q% [' Y# `: s8 S淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 k: L% z! e/ v) |- P: m2 z4 t; e, n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
* d6 E2 `, s1 T# J* M咁你話d錢蒸發左去邊? ...
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( }, I9 D# s* r正係咁樣
; `5 x! l2 L; v4 w3 D; 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
- P  h1 c# N5 N9 ?6 O1 b分分鐘佢地唔使還錢
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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,
% M3 n- V8 P2 M; N連國家都係問人借, 不停發債券, 印鈔票
/ S* o5 C$ ^, h+ G1 {3 k一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( U6 K: F3 A. Y; }. h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 y7 O  T  h" {$ m
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...6 m; H3 ~& C( p6 s
因為以前未生產, 先消費' m( X# ]) E4 L* ^5 a
而家就要多生產, 少消費
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