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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
7 k8 j# E; Z0 O  J" \% bWhy bank will sell 借據給第三者???
6 P2 j7 p. K5 |8 _! Z. BI was so confused.....
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7 t& U- V- B+ z講到尾都係賺錢+ f, m- J; }. ~2 R' I6 s% z
so銀行可以不斷放款7 n( c4 V/ L  @# |9 v
美國的房貸問題散佈到全世界
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mortgage loan ; j# Y$ J9 L+ v- _% p4 L
>conduit
5 z- z/ d6 y/ k$ b>RMBS(Residential Mortgage Backed Securities), b  G0 b; k$ {
>arranger% N; m2 ~- a; i$ t  T+ b* q
>CDO(Collateralized Debt Obligation)6 q' j! w1 T# q8 @% B
最後去到投資者
i thought it is the reason of rate of return.
' \1 d6 S$ p8 N2 ~. ]0 I/ j$ XCDs could have different ratings, AAA -> F,
. Y+ }. H: M+ h0 ]* C3 f; Jmore risky ones would have higher premium (interest rate) as a compensation for an investment.- T. o! }$ B. l" [- Q7 `) z. p# W
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, b! x: L. u6 n; g! u% I3 ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 x% F6 U. o, n- X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 F  q2 y! @0 i: ~similar to bonds, CDs trading in the secondary market have different value at different times,, q1 B2 g0 n5 c0 k3 T. G
normally the value is calculated by adding it's principle and interest. 1 |) k1 G: V4 Y! c
eg. the value of the mortgage+the interests to be recieved in the future.
  V1 J& z6 k: Zbanks 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.# x0 J! K! d9 K7 C: `, v
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im not quite sure if the multiplier effect does really matter in this case.
5 ]% k: Z, A" G4 F' W$ P: c$ r/ o  bin stock market, it's the demand and supply pushing the price up/downwards.( T) ^8 R6 H0 o4 ?( c5 c& l
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: @8 q* }/ k. t, O
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.3 {  b9 l9 A$ S& {
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.
! S9 Y, P0 n) s9 \# _9 A* |but the value of their assets did really drop significantly.+ h8 F$ m7 M9 O. B5 p

8 W9 O5 |  ~& z% Z: E9 I[ 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
- e5 ^7 }2 _" vRefer to last example,
; ^, ]; c" h0 z7 B3 }that means bank A have no money because we borrow 10 dollars from bank A
: C) p7 x- f9 O- c( `, FBecause bank A doesnt have enough cash on hand
% r1 x7 X/ j2 J) T# M. rtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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+ e" h2 [- C" j& d" TA->B->C->D->E6 q! |8 [. P* h0 O
so does it mean if E failed to pay D, ( O- K. r1 s* ~: p6 g- Q1 ~) p- B6 x3 S
all the B,C,D,E have to go bankrupt?6 U* ]! h! Q3 D$ u& h0 g( _. g6 t
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the multiplier just tell how much money created in a whole economy,
# r. |* P3 O$ Q% k  Bin this case it doesnt really matter how much money is created,
1 [$ a4 G: Z5 U' T) Dit's the problem of the debt itself./ m& z2 N) R" b  I
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.gif5 {6 x0 E8 Q7 K: n7 D% J/ m
小弟一直都唔明...
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# T. M% |% |- X! u全世界都蝕錢,咁邊個賺緊錢呢?! n  T% r7 _1 w! Z

. {1 S8 @( Q" Y$ p& W& V& }無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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Thanks
* V  X; A! @9 w7 O4 X- [, _; \- ^那些根本係 紙上財富  , O4 w' R+ |) ?" W3 h& R
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 graphic4 h6 T- ]5 Z9 n: G; I, V8 i

$ j0 y4 F! e! g! {. X) chttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產% a9 C% N4 G2 H# Z8 L* \
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高- `, h9 h- t1 y3 v5 u' x: l8 }$ n
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
* o2 S, R6 J2 q7 F% J' V個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
, n  k: E8 Y5 E' E- n扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,; q% c' T4 Q' x8 S
計番回報率就已經係50%,所以可以好好賺
# b( Y2 o8 E3 e5 c- |前提係銀行之間要互相信任先可以咁樣借法* }; S+ E% U- S' c
同埋個市場既前境要係好先得( Y! U) P& t0 k# e. j- ~4 }/ y
但當經濟一差,公司估值趺了,物價不升反趺5 f# b6 u% ]/ \9 t# a& C8 N( `
例如剛才說10蚊的, 趺到得番9蚊,
4 \1 Y8 i5 p4 q4 [, A7 j咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
2 e  @. C8 y% }' G所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,   L1 n. y) k0 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,
8 d$ d! f* T- Q  D7 k6 y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, + D6 e. `# s$ I. q8 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! S9 r, V9 s# K" g5 a
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& z/ E# O2 U4 R
唔係d錢蒸發, 而係比美國佬洗晒未來錢, " t& D& c' _5 }* B( ~: R
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & e! h4 L# \0 X! u( a
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% Q  M2 O1 \* Q) q咁你話d錢蒸發左去邊? ...
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3 c  a8 u" ?- d5 P/ Z5 w' j9 k正係咁樣
0 b0 J4 v0 ~  y9 {% x# S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
7 C( O* _6 V3 b( w" y* q分分鐘佢地唔使還錢: B; l7 q$ H# k: F; k( y
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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,( y; F' h0 u  f6 q+ \
連國家都係問人借, 不停發債券, 印鈔票
: T) h  `% n  y0 k一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% D4 D, {" D2 j( i: }2 U/ v+ P+ ]
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
; A+ D2 u. y9 M1 S咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...( P% K1 E. e% ?' X
因為以前未生產, 先消費% t: \: L2 t; L4 ^2 Y0 P
而家就要多生產, 少消費
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