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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$ ~0 `- t7 O2 N3 E6 E6 Q
Why bank will sell 借據給第三者???) D3 h7 H& n5 ]4 i; _% l
I was so confused.....
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講到尾都係賺錢
/ v9 A& R6 `: H, m( v) [so銀行可以不斷放款; i' f& n" Q3 a) w: _/ f
美國的房貸問題散佈到全世界
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mortgage loan $ r  }: E1 D9 |
>conduit
  ~3 M: a, l* R; l# F0 C% t>RMBS(Residential Mortgage Backed Securities)
; F( ~. J4 A8 k9 ?2 {8 y>arranger
( w) Z7 j1 x9 O7 A. P>CDO(Collateralized Debt Obligation)
/ w$ y. ~/ s# o6 z, K8 c9 M+ s最後去到投資者
i thought it is the reason of rate of return.
7 b6 |/ U; m) X2 ICDs could have different ratings, AAA -> F,9 s. p6 |3 f+ s! ?- @' o
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 e& \3 G# e$ J& z; c# \2 l
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 q. C/ f0 R5 jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 z  n& M) e- ?
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# ?+ X# y, D- q  X7 }
similar to bonds, CDs trading in the secondary market have different value at different times,, ]% M% A9 t* l8 k6 h+ m; I
normally the value is calculated by adding it's principle and interest. ' g) O0 u. Y. ]7 q% T/ M
eg. the value of the mortgage+the interests to be recieved in the future. ) h/ A8 k% O3 U  _
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.% W/ q3 u+ c) y9 w+ v1 x+ `. Z+ G
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im not quite sure if the multiplier effect does really matter in this case.
9 d. ]9 W& e7 t! I: fin stock market, it's the demand and supply pushing the price up/downwards.) L% W1 J3 ?% ^! i) E# W
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
  \. j- Y, d0 K% O+ hA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 S  f  G$ n1 K) ]' Y& 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.
3 e% G$ m3 J0 F. Q$ L$ qbut 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+ J' \5 v, d1 e- X
Refer to last example,4 i9 H' K7 V6 C; [$ l; p
that means bank A have no money because we borrow 10 dollars from bank A
4 f1 `" v) Y5 w9 u& j8 X1 A" tBecause bank A doesnt have enough cash on hand
* F, [; w- U2 t& a2 btherefore bank A need to be bankrrupt ??? Am I right ?? ...
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7 U4 f" `3 w& k- }9 k" L5 v' ]0 PA->B->C->D->E* U: ?& i& H% E4 I* \/ v8 s, _( k1 T
so does it mean if E failed to pay D, 3 Y; M# j' q; Z& p: X
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,
; y8 Q. u" ]' A: R1 Iin this case it doesnt really matter how much money is created,
2 K+ }3 {2 R* Y; D2 M# J# h4 dit's the problem of the debt itself.
& k5 H0 C3 ?$ R' L+ [5 p* S$ Mthe 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
1 R4 z8 n# l$ m  t! ]小弟一直都唔明...
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( a. R/ s/ v: h$ o) i* Z全世界都蝕錢,咁邊個賺緊錢呢?
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0 w6 z4 U# x; c/ L無可能淨係有人蝕錢無人賺架嘛...) P7 ~! R9 P0 _' ^, g# P

7 j! x: T  h* u敬請各師兄解答3 `7 K. c+ T6 H1 ~3 L- c: ~; K
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Thanks
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那些根本係 紙上財富  ' e" Z" Y5 U: z8 s& B! 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. ^+ k* D8 x. g
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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
! Z* `" c$ e- _當經濟好,投資銀行相信會賺錢, 物價既估值相對較高, f9 b% `2 S7 C+ b
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2 ^1 n, ~6 C$ K5 ?$ e7 o" h
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 c: w1 P9 k) A
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,! S% m3 j* l9 K; M" ^# K
計番回報率就已經係50%,所以可以好好賺
6 i  ~' d) \( Q. w5 R$ V& J前提係銀行之間要互相信任先可以咁樣借法
) Q* n5 \$ a0 w同埋個市場既前境要係好先得3 r3 N/ O) @( a6 ]! @* [7 i
但當經濟一差,公司估值趺了,物價不升反趺" C# m: d1 ]6 j! T
例如剛才說10蚊的, 趺到得番9蚊,
/ T( ?. t* @2 J7 G- ~% Z2 n咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
% M9 X0 D( `4 ]2 C; T$ u0 H5 ~所以你就會覺得D錢好似蒸發哂咁  H- j8 N5 g/ X, h, S) B6 T: o
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你都可以當標野咁諗, 個樣野多人可以狂升值, + T% A/ c! y1 \: g: D7 V! R
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,
9 ]5 f6 l' G) v+ }: k淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- }4 c* j$ {2 i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
* Z" D9 W) [8 D1 F4 t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 x3 g. d5 P5 }; d4 D' S
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
: Q( f7 M" R0 G淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " i! C% d3 @: k! D3 f* `
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4 ?$ d1 D' ~0 f* S2 N
咁你話d錢蒸發左去邊? ...
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, c4 v+ |3 G4 Q9 B% Z0 L* P+ [正係咁樣! Z$ S# ?" r4 H" |
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5 o' ~4 P! `* v0 p' d! Z; a# h9 o; y8 Y
分分鐘佢地唔使還錢
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* v- x  [- P& W9 e+ ^6 K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,. L" E0 w$ ^5 ^# v2 i4 S, j
連國家都係問人借, 不停發債券, 印鈔票. |/ {" F1 _1 o' l: Y$ u
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產0 w3 |( \; }3 r( |  I4 f
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
0 ?+ f/ H: U( N( i) o咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...4 k! M$ p  E& F
因為以前未生產, 先消費& K( Y3 ^% o: E/ @# u( R
而家就要多生產, 少消費
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