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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$ O( I+ }7 j+ ~- H
Why bank will sell 借據給第三者???
+ {/ V5 }* F) W+ s" q' y. p: x0 V( cI was so confused.....
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講到尾都係賺錢
0 B7 u7 `, Q3 G7 m- e7 Sso銀行可以不斷放款6 `( L7 g6 k4 n
美國的房貸問題散佈到全世界& R- X, N0 W" y5 Y
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mortgage loan   ?% C, A! x$ D/ u- P+ |4 f  v
>conduit
8 s; R: f# g( {+ g>RMBS(Residential Mortgage Backed Securities)- Y& b2 D3 L3 C& k4 S' W, u
>arranger. ]: j( v4 E6 s  o( a; ^* v' f! p
>CDO(Collateralized Debt Obligation)+ m7 B0 ]' i$ I9 c& \
最後去到投資者
i thought it is the reason of rate of return.
0 a+ p8 ^; h' e: u6 b' N$ GCDs could have different ratings, AAA -> F,
+ k; S' P( o9 s$ E7 R5 n4 [) F$ imore risky ones would have higher premium (interest rate) as a compensation for an investment.
$ l2 V) x: U, _main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 f1 }. Z' A" q) D5 U4 M( Zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 d5 ~2 ]# j) m- e- o2 I9 KAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 Y( {! {" C6 H9 x# U( D  J
similar to bonds, CDs trading in the secondary market have different value at different times,- w/ p$ W5 u6 g
normally the value is calculated by adding it's principle and interest.
" V( b9 R+ R4 Zeg. the value of the mortgage+the interests to be recieved in the future.
4 H# V$ J; L7 k7 o: J' z0 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.
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! d! d7 T  i( b, Cim not quite sure if the multiplier effect does really matter in this case.
( N8 y! q; ?* O& l$ ]in stock market, it's the demand and supply pushing the price up/downwards.* b; C' ^9 f8 X+ g9 E7 z& ?( |
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
  |' H4 O* Y: T# [" dA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# b7 K" Z5 _, \# X, R$ C
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.
0 [$ f# {- t. r7 Rbut the value of their assets did really drop significantly.4 |+ X* X4 C  h5 e
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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.gif9 ]9 w- G% ^5 ?- E4 W8 J% ]5 p" w' ~
Refer to last example,0 c, C! q5 V( S3 l, r3 K
that means bank A have no money because we borrow 10 dollars from bank A
& B7 F% e' k) U, e) K1 ^Because bank A doesnt have enough cash on hand
6 I! N' E; i9 _/ U+ `therefore bank A need to be bankrrupt ??? Am I right ?? ...
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# T. U  v3 h. r# uA->B->C->D->E. X. I3 }7 P  o& Q4 J4 G- I
so does it mean if E failed to pay D,
5 h' J& V5 d& j2 c/ Eall the B,C,D,E have to go bankrupt?
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) ?- Z& \) G) f! w: n; u+ |6 x% Ythe multiplier just tell how much money created in a whole economy,
% I% {! F8 R  H/ e) u4 N. B5 }in this case it doesnt really matter how much money is created,
, f6 A+ X) ^; C( ?$ Q6 ^it's the problem of the debt itself.& q0 O* j# C0 X' N% T
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
* z" b) e. \, b9 x; S  h小弟一直都唔明...
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全世界都蝕錢,咁邊個賺緊錢呢?
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4 w8 ^3 A4 G- L0 `4 `無可能淨係有人蝕錢無人賺架嘛...0 f; }, J$ ]- H  _: i! X+ v# N
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敬請各師兄解答! Z! |( J/ S/ j% J/ Q
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Thanks
) ?5 z  G* H# B8 M6 M那些根本係 紙上財富  / V: m7 U7 H* w# R3 C3 a" {+ U
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/ @0 }! `0 j; m; Q' D' f8 Z9 r

& J/ Y' |3 h5 Bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產) ^6 a: M$ V1 ~9 Q7 }2 ~
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高% w7 @8 t0 m, R* C9 x0 C
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- X% m8 X2 g* c+ ~3 Y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
' r& e$ o: M8 H" m扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,6 d& y) U2 D8 `  v( q( J' r
計番回報率就已經係50%,所以可以好好賺) w( }3 U$ d, d- |9 |
前提係銀行之間要互相信任先可以咁樣借法% d( Z" U' G9 X- D2 g: B. N0 u
同埋個市場既前境要係好先得: N& O& q# Y0 c, R! Z, G! M1 y
但當經濟一差,公司估值趺了,物價不升反趺
% `# j$ e7 E0 H* w3 |例如剛才說10蚊的, 趺到得番9蚊,
. C8 J- I5 }& ~- y3 Y咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 B9 ?$ m: _& g/ M/ I4 q" @所以你就會覺得D錢好似蒸發哂咁9 G% }, F0 o: D  ?

; z" W. \; `- }2 x; s5 V. n) t4 V你都可以當標野咁諗, 個樣野多人可以狂升值, 8 k8 H$ a, @/ D8 U# N
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, 9 O9 M, y7 X4 Y5 B* u/ O/ H
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   r$ K& d2 I+ y5 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
- j' O3 D% w: `, @' b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: x' o2 f% U9 y% T唔係d錢蒸發, 而係比美國佬洗晒未來錢,
5 X  i  p; S& u& D1 x" y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 ~: E% l) q- R! y% z$ `" N5 D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! T2 b1 J: O( L( f8 x
咁你話d錢蒸發左去邊? ...
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正係咁樣2 O5 U, E. N) m& 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
+ j  `7 o# u' q! F# {* I! N9 @2 ~, y分分鐘佢地唔使還錢
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5 F+ g" L/ H% m7 i+ `( u  I0 j4 H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,$ R& i& X- [7 s" E; l; l( g, T
連國家都係問人借, 不停發債券, 印鈔票
! L! u6 Y5 \3 |$ z* h一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
2 q* H) A; }  b# \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; M0 ]- E8 x! x
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
( g5 i  m( u( c" S) c! C因為以前未生產, 先消費
/ ^. W% |% O* j/ B; e, n而家就要多生產, 少消費
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