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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& F9 b3 x6 N: b/ A
Why bank will sell 借據給第三者???0 d" N: N  [- n% `4 j
I was so confused.....
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講到尾都係賺錢
) v  n4 j& ]# K  X, [+ y+ Wso銀行可以不斷放款+ R  \! Y  d9 H' ~! p) @0 P1 w) O
美國的房貸問題散佈到全世界
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' W+ z+ Q4 i* x6 {mortgage loan
1 @8 ?8 ]% F" L3 I4 Y# K4 H" t>conduit
- w  u' Y, Z! m  F/ r; _' c" O* I( V>RMBS(Residential Mortgage Backed Securities)
6 A7 S& |5 y0 W4 ^  G1 w! ^>arranger! B9 I, h( D9 H  w
>CDO(Collateralized Debt Obligation)
+ G2 P; Y7 }% o9 l2 d& X9 U最後去到投資者
i thought it is the reason of rate of return.
/ t7 F2 D' y$ H! u( V! LCDs could have different ratings, AAA -> F,1 N1 b- L8 ~/ r! a
more risky ones would have higher premium (interest rate) as a compensation for an investment.
0 V8 ?3 X; ^( g$ Z( Q9 x' p1 cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 v5 R1 d5 C# {/ m9 v$ Rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% H+ y2 Y* K5 ], b" X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' h7 E% F2 B+ G. P) dsimilar to bonds, CDs trading in the secondary market have different value at different times,) ^5 c; L3 R3 h. E$ X& `
normally the value is calculated by adding it's principle and interest. 6 a' H5 K$ c7 V/ ^# [
eg. the value of the mortgage+the interests to be recieved in the future. 9 o0 p: ]$ ?9 L+ A4 o5 f
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.
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- M0 X1 C8 K( sim not quite sure if the multiplier effect does really matter in this case.
2 z$ C2 m1 w# J: `* X, \in stock market, it's the demand and supply pushing the price up/downwards.
2 Q- b2 _: ^& ?( eFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 k1 K+ ?: D/ ~( @* u* n$ p2 lA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; T( v4 m9 R0 s( W
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.
! {: a4 ]4 n/ k5 V  b4 t, Wbut the value of their assets did really drop significantly.
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2 E, x- {: @# D  D. Q[ 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& S" W: o& {, d/ J# d8 e( l9 h0 m
Refer to last example,$ R3 P. Y0 x7 D- y6 l5 P$ F- _
that means bank A have no money because we borrow 10 dollars from bank A
+ p  d0 c  W9 S8 R" i1 DBecause bank A doesnt have enough cash on hand # X$ V( Y) S. a" y- f
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E% P9 w) f9 Y% O$ E2 k
so does it mean if E failed to pay D, , @, g* z6 c* C2 c
all the B,C,D,E have to go bankrupt?7 {5 p4 [  }( F3 L

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the multiplier just tell how much money created in a whole economy,
1 G7 F7 C: |5 S6 `3 Y1 d. [in this case it doesnt really matter how much money is created,
0 m5 z  @6 ]* G! F7 Pit's the problem of the debt itself.
3 S1 a' H' j0 }. N3 gthe 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.gif2 B7 g8 x7 d- p5 Z# p; d4 B
小弟一直都唔明...2 U  r# v' [) b1 Q0 e; @$ i* `
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全世界都蝕錢,咁邊個賺緊錢呢?
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( `+ G9 n. g- s' X0 w5 ^+ @無可能淨係有人蝕錢無人賺架嘛...% L  |9 d! n# A1 {1 z
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敬請各師兄解答) M5 j  }3 |1 x! _" V
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Thanks
# d5 e. N9 i! @" M; O# N/ U那些根本係 紙上財富  
+ f' C, z6 s' i' x3 k4 o. W" 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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2 K( b0 K4 |8 c; c0 Jhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產, |3 G6 o' Q2 y- s$ l
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 h- G2 W, J  R  D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
. @& q, A1 q1 V6 q. D1 K6 o個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
7 ~  k2 K' Y9 Y" D6 k扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
5 W0 d, a% G: c) T4 l7 w- e5 A計番回報率就已經係50%,所以可以好好賺6 B/ {! R1 n$ V# k: ~
前提係銀行之間要互相信任先可以咁樣借法9 I" ~2 O) B9 E7 J
同埋個市場既前境要係好先得
7 n. \  {7 E; O% E) S但當經濟一差,公司估值趺了,物價不升反趺- V) P* l. i# z$ H# Q* ~
例如剛才說10蚊的, 趺到得番9蚊,
' ?8 B/ n" s& q+ J咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
; J: H) b$ u: ]- l3 h( B. v" m所以你就會覺得D錢好似蒸發哂咁. h; X1 G/ D/ l3 J" n: n9 i/ U; T* ~
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你都可以當標野咁諗, 個樣野多人可以狂升值, . k3 c( V6 Z! g; @0 q+ G
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, - j4 M+ x( p6 b# w5 v/ N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; ?1 C5 x8 j$ S7 r# c/ m
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2 A, X: k5 Y& Z. {. S
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
- i% C5 J- n2 M唔係d錢蒸發, 而係比美國佬洗晒未來錢,
% u( D% p8 I" B3 u! `0 q- g淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 k' o/ b" R; ]3 W3 Q1 d+ x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
# a" m3 @2 g8 y3 w7 T咁你話d錢蒸發左去邊? ...
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' v0 h8 L+ h. g+ r; v8 A+ F正係咁樣
# \* {9 l- _" W% q! g8 l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
2 a7 G) ~  E3 |  Q2 K: {+ K分分鐘佢地唔使還錢1 a7 x: c" @% _3 [$ `& C9 s1 f
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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,
8 M! h! r! {9 [: \% o1 O. U連國家都係問人借, 不停發債券, 印鈔票
6 S: L: H" y& n( p$ g( k1 c一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 e' d# K2 [( @3 F+ T
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.gif3 x2 f( _0 [/ Y5 s4 l. e8 s
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
* o$ o- N) ?5 G0 n因為以前未生產, 先消費3 q, Y  |* i. F' B  n' `
而家就要多生產, 少消費
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