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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
# x& f$ d- M. Q6 K% C( JWhy bank will sell 借據給第三者???
( b" l+ i+ _( O! f7 A/ J1 A: n3 Z; }I was so confused.....
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! J3 o/ [7 b3 L3 Q/ O) J0 C8 r, Q講到尾都係賺錢/ Y' I" f# M, i( ~) t
so銀行可以不斷放款6 ^9 i4 S1 j- X3 i) |/ M
美國的房貸問題散佈到全世界* @" v6 B  V" i: p( \% P7 i5 j

4 _. r6 I  u8 e5 p% [mortgage loan
5 _( x: W  S2 s8 Q0 V% X2 F: \>conduit' x, K% T& P) A4 K4 T% G
>RMBS(Residential Mortgage Backed Securities)
* R  C+ t: H( j. K' a0 Q>arranger0 F: |3 r2 u0 U4 @+ a% y, \, O
>CDO(Collateralized Debt Obligation)
* g4 b5 ^! A! n" i# Z# l最後去到投資者
i thought it is the reason of rate of return.
7 K" S" m! u( eCDs could have different ratings, AAA -> F,8 w# |) a; N3 c& p/ `( Q6 `. m
more risky ones would have higher premium (interest rate) as a compensation for an investment.
$ c( L) e* w$ D. _- b2 k! P* e6 xmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 h* M6 L" b& F# o% P8 P$ Win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 E! }$ Y9 w! B, BAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) I0 f1 ]/ n0 X( V* c0 d
similar to bonds, CDs trading in the secondary market have different value at different times,
  d* E9 _5 b4 I, \6 q! Fnormally the value is calculated by adding it's principle and interest. ; u& M) a9 M0 X' b/ U3 z0 c) h7 ]
eg. the value of the mortgage+the interests to be recieved in the future. 1 ~% _& H5 m5 T( ?5 d+ b+ p
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.; T0 m# F& L6 o, X8 X
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im not quite sure if the multiplier effect does really matter in this case.1 n3 K+ r) O8 W, S
in stock market, it's the demand and supply pushing the price up/downwards.; X: T$ E+ C" A# k9 z% V
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- e" _# m& f6 y4 e
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 B5 Y) f+ y) L- s9 ~# AThe 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.
: G+ S- j. f, v0 e1 @but the value of their assets did really drop significantly.6 y+ [; X8 Y' n. b4 d" ^; L7 u0 e: _
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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# Y' Y  \9 M' Q8 J7 t
Refer to last example,% \( e& m! X. F
that means bank A have no money because we borrow 10 dollars from bank A . d) b1 Z- Y/ e3 t3 N. V' H; O
Because bank A doesnt have enough cash on hand 9 e  B2 M) [' {1 z5 K+ c
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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3 [7 }& o, d; f0 \( M& y( z3 j+ |. G6 }) H7 P4 R% k2 V
A->B->C->D->E, `$ ]/ ^2 p+ a  J9 o. _! W  {' P
so does it mean if E failed to pay D, - L. P" c+ }9 R" x$ {! A2 C% P# m3 n
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
7 C$ a& r9 X7 h$ |5 y/ H  d3 sin this case it doesnt really matter how much money is created,
% d& p2 ]! k" t! ?9 S! m: yit's the problem of the debt itself.
" g# Y! g& a+ Q- _8 h' v5 i. 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& _% ^% ]; ^" X5 z" X6 U2 r' Q
小弟一直都唔明..., |7 H5 N4 z# |( Z  r8 X

& I8 @% x( [7 u8 m' U) T0 [. G全世界都蝕錢,咁邊個賺緊錢呢?9 a0 L6 `1 E2 C  a9 E) c" Z$ ?& F. \
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無可能淨係有人蝕錢無人賺架嘛.../ u: @$ _# G/ {5 v+ K$ r
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敬請各師兄解答2 D, b* \. F1 u+ v8 p
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Thanks
, k9 q! i  N! d0 o! y那些根本係 紙上財富  
' i4 `( T. r3 m# a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) a- \3 L0 Y: ?4 B2 A% c
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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3 N/ C' I% t: b7 ]
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高/ B& @/ W2 W; B" c! U$ _
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
" y7 ?# [% J' H9 c" b3 S! K個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 X6 {$ w: h# Y2 W! E
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
- f" R8 f2 R9 o2 F. D, F. ?* N) [計番回報率就已經係50%,所以可以好好賺) k5 H/ B, `0 N6 f. t/ z* F7 B- b& U3 h
前提係銀行之間要互相信任先可以咁樣借法; J& \" L+ t: C( e( W) S3 Q3 M
同埋個市場既前境要係好先得4 ]6 V4 a. k- A; C  w3 C
但當經濟一差,公司估值趺了,物價不升反趺
; F, _+ }9 a2 ]% P例如剛才說10蚊的, 趺到得番9蚊, 5 U) f+ m* ^! G
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
' `8 y# h- y& s# @- W2 ~+ y" I所以你就會覺得D錢好似蒸發哂咁' d" t: P# o8 d6 E) O5 j* O
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你都可以當標野咁諗, 個樣野多人可以狂升值, / }8 K, ]6 I- i4 V0 [0 B. M
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,
: s$ A" G4 E# U$ A1 V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. `/ W! d- p& ]+ W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  y, ^) s$ M+ 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.gif9 \% O* |6 `. Q( K  o7 l/ p
唔係d錢蒸發, 而係比美國佬洗晒未來錢, / l1 u: E6 |% g& ^) }; v- ?
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# k% {0 C; i9 O; l2 h9 O$ 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
  G" R, z8 _% a8 }8 A咁你話d錢蒸發左去邊? ...
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2 _2 w* n9 N9 Z" R( k. m正係咁樣/ L+ w6 b) d: I; M& r
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8 ]+ E/ L" H, n0 ~* y  Z
分分鐘佢地唔使還錢" `5 G, v. G: a: k0 H

5 a# z/ `1 @# G7 R  {8 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,& {5 r* `* b2 {& S% Z' p+ p( R
連國家都係問人借, 不停發債券, 印鈔票3 y# c( F$ T: G# w5 a
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
. z# N. c' `* F. ?/ c) e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) D; s$ \! Q6 N+ o4 Z0 v0 r
咁而家"爆哂煲"算唔算先至係變番"正常"???
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$ u+ N, c7 B! u+ I+ y( J* c. c6 }: M1 c其實係..., t8 R. \3 c: D5 M$ A, s& H
因為以前未生產, 先消費6 x9 i) J  I* L% `! Y. @' [
而家就要多生產, 少消費
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