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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
* P! p. y! u" m7 K+ h& @( N4 U2 ?Why bank will sell 借據給第三者???
! I1 u/ B6 z- jI was so confused.....
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, |/ ^0 n; e6 G4 z講到尾都係賺錢3 n2 q! L/ i5 B0 T- M2 i0 `  ?
so銀行可以不斷放款* R" H- ]) v5 V2 k/ i4 F
美國的房貸問題散佈到全世界
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# \  q; q# V; E, wmortgage loan
( |* N/ W# y/ J>conduit" v: d: H* K# n) F) `
>RMBS(Residential Mortgage Backed Securities)
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>CDO(Collateralized Debt Obligation)1 r. W( ~- C! `2 o6 i. ?+ G1 w4 e
最後去到投資者
i thought it is the reason of rate of return.
+ d. t5 b+ z; ?' s+ {CDs could have different ratings, AAA -> F,' ^! W( R, x) O4 E  [
more risky ones would have higher premium (interest rate) as a compensation for an investment.7 _$ J" j$ ^: }3 z* V1 G
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 D  w' _+ x% e0 E/ w# D
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
# I% y, t/ J, X- H8 ]+ R6 c# [- PAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 ]: \7 y& l! w! b
similar to bonds, CDs trading in the secondary market have different value at different times,. S2 Z( k8 F* |$ g" t
normally the value is calculated by adding it's principle and interest. ) n7 U1 t7 T5 ]9 Q  b
eg. the value of the mortgage+the interests to be recieved in the future.
0 Q, S- N& Z* f0 N- \8 `, {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.- j* V: b, Y9 L5 t: S* V
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im not quite sure if the multiplier effect does really matter in this case.+ H6 z4 v- p& L
in stock market, it's the demand and supply pushing the price up/downwards.
+ N& d2 ^  x/ S7 D" m+ \7 SFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; u  S, ^8 I1 b% T$ o1 X/ YA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 z- {* f+ M0 J) R2 ]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. 1 M$ f  U+ k( V( S' p- R% F
but the value of their assets did really drop significantly.
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7 I6 s' b# i- N6 N* x: Z" T: I1 h' a[ 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, a0 h( E; i7 ^0 |8 U) i
Refer to last example,2 H7 m$ N4 F5 C- A
that means bank A have no money because we borrow 10 dollars from bank A * Y6 k+ V4 o0 l, t+ C: W
Because bank A doesnt have enough cash on hand
' U0 Z8 Y1 ^* p  g3 |9 Mtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
" ?  z) `4 p6 }* R- lso does it mean if E failed to pay D, . o! \* B+ d! b0 }" ?
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,
" @2 w; J4 `. H( K2 U4 b2 g" r' xin this case it doesnt really matter how much money is created,
: i: c: f# Q! |7 d2 Y. |it's the problem of the debt itself.! B* q) A. x/ [' _& `  N0 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
2 c7 G2 n% h  B# i7 V% _7 Y小弟一直都唔明...7 c% {# P( r# K: p# `4 C/ F  b9 L

5 E% L6 T: @% q7 i* j% e7 |. u全世界都蝕錢,咁邊個賺緊錢呢?3 m6 }+ {0 ^& G, m% q6 K! o- E
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無可能淨係有人蝕錢無人賺架嘛...
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# c3 E7 F" a* i3 b, i& n) s8 J; c5 D敬請各師兄解答
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Thanks
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那些根本係 紙上財富  . a) s) T/ B" x8 c* V  d( @
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! c! x8 P5 L* z* l9 N1 o

+ w3 F# t9 x2 M6 [9 Mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
! u& E$ M* l8 s當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; k8 C: U5 T7 j6 m$ Q' G) x4 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
( `' G- B9 T7 h# I個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
# F5 O5 C- A2 ?# Q. y; @" a扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# F& Y* I; N. h" h0 R
計番回報率就已經係50%,所以可以好好賺, f; @* ]/ y+ W7 |: ~3 j
前提係銀行之間要互相信任先可以咁樣借法
# G) P, k* z' T6 ?" }) ?同埋個市場既前境要係好先得6 X) j5 Z8 ]; D# ]# z! O1 g
但當經濟一差,公司估值趺了,物價不升反趺' s- F/ K& J; `  J. W2 Y! m2 x( B. L
例如剛才說10蚊的, 趺到得番9蚊, / ~$ y7 `) ~! ^- g, E  Z7 l8 S
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 ]/ d6 S/ m+ s4 ~% S* Q) S% `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,
- Y; H5 P, W- K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,
/ ]5 x2 D2 r- J1 D0 |淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 X, D  I- Z- T4 O' a' 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
. d# K0 h0 s+ [- Y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
# Y4 h9 M8 z1 ]/ ~$ L, u- u唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 u# \6 c% e, T7 O- V+ R( d) f7 Y3 C淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # l# M# J5 }. A5 G
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
9 W# x! X% ^- J* ~, H: a咁你話d錢蒸發左去邊? ...
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正係咁樣5 k9 h5 m2 \3 f0 l1 v( Q/ D
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( j9 y7 C8 x# Z# X4 Y" G0 @: X
分分鐘佢地唔使還錢
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: \- I. g% z3 h9 ~0 ^, b+ u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,! C+ }( a0 _1 Z: Z/ f4 `& e
連國家都係問人借, 不停發債券, 印鈔票
# B3 @/ h/ s4 [一個國家好少出口, 而又大量入口 ,反映到佢唔多生產8 y2 w; F( x/ o' @7 G
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! }  S- y1 G( o) I8 _% i1 ]
咁而家"爆哂煲"算唔算先至係變番"正常"???
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: k1 l$ E' K8 |7 z4 f# _* X' D其實係...
3 a' n2 g6 h0 P' v# }. i! U1 F因為以前未生產, 先消費
1 C# j* x9 M1 h( l4 n8 Z+ V而家就要多生產, 少消費
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