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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 ~5 z1 c. E" b$ LWhy bank will sell 借據給第三者???' H* d/ J% {2 w" M+ D( B
I was so confused.....
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9 M% z# E$ L& z( a講到尾都係賺錢
7 [" Z4 W. d: {8 H) ~. c1 tso銀行可以不斷放款
: Z5 P: V& Y" T5 M$ t( m美國的房貸問題散佈到全世界
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* z0 h4 _$ {/ @3 zmortgage loan ' S7 j+ S; N! _% \4 C* t' o
>conduit
9 }1 n0 u2 u* S; b/ Q>RMBS(Residential Mortgage Backed Securities)9 d' w  i+ d3 I# L
>arranger
8 S% K" w; D" [, E" l) a>CDO(Collateralized Debt Obligation)
# T' R7 Z+ n9 u/ e. |, M最後去到投資者
i thought it is the reason of rate of return.
8 p4 N, F8 s: }" j8 yCDs could have different ratings, AAA -> F,+ U5 S% Q) z; u0 j- g
more risky ones would have higher premium (interest rate) as a compensation for an investment.
/ M7 k. Z1 P+ ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- {2 X# ~: ^2 s9 Y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., @; m3 K8 C- O. t( a
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
8 N1 T) e# m7 h2 l# f: t, M* c- Q9 [similar to bonds, CDs trading in the secondary market have different value at different times,
+ y. k- Q) d  i) Enormally the value is calculated by adding it's principle and interest. 0 b: }2 T1 \. p( i, G
eg. the value of the mortgage+the interests to be recieved in the future.
- H4 v5 P) B8 w3 }( f1 c0 Abanks 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.- X( O) U& _" n* S9 K

- a0 O) }2 F. G4 Mim not quite sure if the multiplier effect does really matter in this case.' s8 \5 F; J" Z( E" B5 j+ {/ ^- D3 e
in stock market, it's the demand and supply pushing the price up/downwards.6 ?$ T) u; K2 v: [  m" t
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% m; R' J8 Y3 ^: G# \6 c4 GA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 ?" I7 V: m2 W; w3 A* X! ?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. - f1 ~6 z( U" S# P
but 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
4 j4 x6 B$ \9 s& _8 N+ o' ?9 E  l5 yRefer to last example,
% n0 {; W5 c, L; J7 q8 ], vthat means bank A have no money because we borrow 10 dollars from bank A   X, Z' V# g  x% s- c
Because bank A doesnt have enough cash on hand ; Q1 v! d, B$ `
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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; D& O5 e/ J# p* B2 a! p( T- ^& a$ PA->B->C->D->E$ l: D4 D3 U5 n9 k7 _
so does it mean if E failed to pay D,
- [5 R; F# ^' x( zall the B,C,D,E have to go bankrupt?
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9 }& L3 [; T) @  Rthe multiplier just tell how much money created in a whole economy, 4 G; U  ]/ c( ]  D- k, y0 f
in this case it doesnt really matter how much money is created,
! c" c  R( t. h0 s0 fit's the problem of the debt itself.  [% Z- u/ d7 b" D/ c  G
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
' l% Q9 @+ `4 \! J小弟一直都唔明...& L$ b# g3 t, M
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全世界都蝕錢,咁邊個賺緊錢呢?8 K. g& M% K1 p* n$ F
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無可能淨係有人蝕錢無人賺架嘛...+ |. }5 r& j5 ^9 w' P/ k

: ]6 d% k+ s/ K0 `& N+ f. S% W. k敬請各師兄解答  B; ~2 ]5 g9 }# B

. X, y; r/ c- L9 D4 g# g2 KThanks
+ y1 W( G, }9 g  y: n2 K那些根本係 紙上財富  
" ~1 i, N( u8 |) d: D: ^/ M# \8 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
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' b; a3 I: t; D2 o, G. F* S7 |& {http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產- X) K5 G  Z% v6 ]
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
0 ^' G2 C( Q% }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! p- x5 C2 a- O/ n  l! h: ^( v, l
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
+ c* M- U2 k& U! ~. ~扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,( N& m" I' g! D# l. a: @& {0 j
計番回報率就已經係50%,所以可以好好賺8 J- M. C0 K: h6 b; B
前提係銀行之間要互相信任先可以咁樣借法0 S. ^+ i( y( O! w+ ]( Q6 ~. Q
同埋個市場既前境要係好先得
2 }2 i) z% l) \: D( B& Q但當經濟一差,公司估值趺了,物價不升反趺
9 Y, f  f1 m5 N* y4 J例如剛才說10蚊的, 趺到得番9蚊,
0 y7 D$ S/ a' m" [咁投資銀行一下子就要還11蚊, 一來一回變左虧200%3 O- u* Q# T! V* K
所以你就會覺得D錢好似蒸發哂咁1 I3 Y9 y1 {) Y6 S2 @( i
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你都可以當標野咁諗, 個樣野多人可以狂升值,
% }* v+ t9 L& @8 K7 i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, 4 Y  |0 x1 v' m) ?4 L8 N
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) s4 t; I3 Y+ }% d5 g# Z
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
1 B9 V4 G8 \9 U3 i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
, b' M6 I: b( \3 U- ~) p% r9 {' P唔係d錢蒸發, 而係比美國佬洗晒未來錢, , ^3 v) e& H  t. M  F
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : ]) ]2 ^) n* Q1 w
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# R) S* D" U7 U8 B. L2 Y
咁你話d錢蒸發左去邊? ...
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正係咁樣
$ T% m. o0 c% c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
0 i( R( D7 M0 y( m* v; K) f0 w分分鐘佢地唔使還錢* w( ~- M  U3 l  d/ w. V3 c
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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,
1 W* U+ g! }# y, q+ V連國家都係問人借, 不停發債券, 印鈔票
8 @1 }. c* E+ m4 l( p6 y' S' S: U一個國家好少出口, 而又大量入口 ,反映到佢唔多生產# X  ~/ [9 L0 M3 S5 c+ h
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
; C+ \1 F* m# I4 I: w咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
) b& p  A* x( Z3 H0 h因為以前未生產, 先消費
  A* [2 _( I" M% P. m8 o7 @! h而家就要多生產, 少消費
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