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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( t! J  @1 J; s3 J/ F6 T
Why bank will sell 借據給第三者???2 O9 F  ~9 H) `; R0 s
I was so confused.....
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) l7 }: ]% A9 H6 n7 |9 T' }講到尾都係賺錢# J2 [4 `# g# a0 Q: _
so銀行可以不斷放款
! |2 E6 w0 t- c+ u: Q5 C美國的房貸問題散佈到全世界
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mortgage loan ; \/ X& ]' @& ?3 w" U8 y+ O+ V
>conduit
- M! [4 g' a2 O% ^1 |9 Z>RMBS(Residential Mortgage Backed Securities)
9 Q; i! A. A1 D* c4 D5 D8 T2 U>arranger" s, u4 m* A6 `
>CDO(Collateralized Debt Obligation)" U! Y( i% k9 V! @6 |! ^/ b
最後去到投資者
i thought it is the reason of rate of return.9 @7 Y, y8 Y& D7 \
CDs could have different ratings, AAA -> F,/ k' K/ D5 ?& s! T0 c
more risky ones would have higher premium (interest rate) as a compensation for an investment.
6 X8 w# o2 X! w# ?7 W7 a# smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; p, h: y* d/ F6 H" c
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 {! ~2 Z  E3 `6 g( y* KAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: y( S; ]# o- w2 {' qsimilar to bonds, CDs trading in the secondary market have different value at different times,
7 B/ w, D- z3 nnormally the value is calculated by adding it's principle and interest.
/ R& i( I; v  P' |7 @eg. the value of the mortgage+the interests to be recieved in the future.
7 O( S6 e$ b' G: {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.  a' ?" j3 V9 D* N

# u" l% S( A* him not quite sure if the multiplier effect does really matter in this case.  x& l! I+ w1 D6 C
in stock market, it's the demand and supply pushing the price up/downwards.: o4 }' {! D0 G8 Q4 T4 O" P$ N
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& {8 ~. s8 d2 _) n( w) k5 A
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: @' h: i8 J/ ^& i* 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.
5 K2 K$ k* m. j: b1 Ibut 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) ]! p! J1 r* Q7 n' K
Refer to last example,
$ L' k4 \9 t1 athat means bank A have no money because we borrow 10 dollars from bank A - A7 t6 q6 G- U3 |, {
Because bank A doesnt have enough cash on hand 9 T' ]; T: m! f5 g  F9 M, \8 {
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
% s0 m1 L9 P: C0 Q9 zso does it mean if E failed to pay D,
! ^# D- K4 f( w9 y. Y  T1 G  `all the B,C,D,E have to go bankrupt?2 s$ a$ {( N( `
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( r+ R( A* N$ i1 \6 X, ]3 r9 Xthe multiplier just tell how much money created in a whole economy,
2 A( V8 P* n: @. i7 `) |in this case it doesnt really matter how much money is created, & P  g7 F, G2 g
it's the problem of the debt itself.* D1 z7 q" v! G! \* B
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$ a! b* p; O4 ?; U6 Q" A
小弟一直都唔明...
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  }, r  d+ d' g: `4 p/ Z* l全世界都蝕錢,咁邊個賺緊錢呢?/ M0 i8 O, n: f( m- C

+ s9 @! R, U: D! x無可能淨係有人蝕錢無人賺架嘛...6 B% _' b6 u4 v6 J# S$ v( O' E5 d8 U! V
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敬請各師兄解答% w# ?0 F7 k; l+ }0 q3 I" V1 a
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Thanks
1 O% k8 m" D- J) ]& x那些根本係 紙上財富  6 f5 X( Z& r6 p4 j2 Z  G+ T
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/ s. B/ G# Q  Y- ~0 J
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高3 S0 K% L/ X# N' [( F
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 B5 f" _3 R" U9 U6 W* X5 Q0 e" B8 n
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
5 i' `* p) Y8 q; ?% ^" l扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,4 h4 U. o0 b5 c: Q
計番回報率就已經係50%,所以可以好好賺
$ F# T) k: M7 h* g前提係銀行之間要互相信任先可以咁樣借法0 u; R& \/ `5 F4 ~" }1 d
同埋個市場既前境要係好先得+ n% A8 V; V$ ^* g
但當經濟一差,公司估值趺了,物價不升反趺. B0 F- J2 e9 l. \5 e" k; w
例如剛才說10蚊的, 趺到得番9蚊, 5 @' Z; `, i# G. D
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 c# B+ ]8 P) w# i4 g! p: W所以你就會覺得D錢好似蒸發哂咁
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+ _6 P9 k/ ?+ X0 L+ ~4 L你都可以當標野咁諗, 個樣野多人可以狂升值,
# L! X! [4 P8 F5 N# |& z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, - O3 o5 b9 ^2 G" g" x0 r6 t% w& v
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 k  v9 N3 H+ r: l  Q! 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
+ O6 n' a0 u' [; 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
8 A# g% i: C/ l7 n# F' v* W唔係d錢蒸發, 而係比美國佬洗晒未來錢,
1 i4 R; K) x$ w. X, \淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 M: G, y/ t3 n" {6 A& }" U7 X1 S. m1 s
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
) S  Z' [0 r2 n, q5 e( r3 r7 m咁你話d錢蒸發左去邊? ...
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1 y- g7 ]0 K( M" k) M* i正係咁樣$ [" J; A* p3 Q& z- I
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
$ Y/ Z5 [# A& D: A1 _3 j& b( j分分鐘佢地唔使還錢1 \- T3 N  |: m* I

. w* w3 U  e0 Y, L/ e; b9 |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,! K* l5 \( S) \. S8 @
連國家都係問人借, 不停發債券, 印鈔票
& h! |3 I: |7 V; u$ v6 {一個國家好少出口, 而又大量入口 ,反映到佢唔多生產9 O6 Q) {7 p% |/ s4 M
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
8 z, |9 D. N7 H& P8 e# K" |咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係..., F4 o) U- D) R" S
因為以前未生產, 先消費3 K% Y) V. \5 s! R# f7 P
而家就要多生產, 少消費
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