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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/ e  x% n- B3 X: R& o
Why bank will sell 借據給第三者???
- a$ V( F) R$ y! U# e* G6 mI was so confused.....
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8 i1 U( H9 \) ?4 g( r講到尾都係賺錢
+ F7 }# x1 y8 K. M! _: A: Aso銀行可以不斷放款
; G4 ?4 S; b) u& J6 v  V0 H& l美國的房貸問題散佈到全世界! s3 W0 m+ v/ V4 t" ]* }/ z% L! q
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mortgage loan
8 P2 `8 Y; R8 D& @* D>conduit
6 t0 p3 I9 p# X$ ^7 J6 V/ Z>RMBS(Residential Mortgage Backed Securities)' ~, o; O, S1 a" C
>arranger
7 c! Q1 S  X! J& |4 g- I>CDO(Collateralized Debt Obligation)
+ S8 w* M4 q9 v4 d7 ^3 b最後去到投資者
i thought it is the reason of rate of return.+ [# h  ^$ E/ ~
CDs could have different ratings, AAA -> F,
- a8 x0 f7 o; P) jmore risky ones would have higher premium (interest rate) as a compensation for an investment.6 p/ p) e% S9 F" A7 Y+ s
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- F; F) f# b7 m; t8 |4 kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 j( d4 f- ?! r  Z3 o- [
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." ^; q5 U3 E1 U0 F4 C
similar to bonds, CDs trading in the secondary market have different value at different times,1 {9 H) N) {* @1 e5 s- |) E0 V7 W+ A3 E
normally the value is calculated by adding it's principle and interest. 7 R' O6 J4 V0 n0 ?3 r
eg. the value of the mortgage+the interests to be recieved in the future. 7 c, b+ z5 {4 e% m6 g* O* A% H
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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im not quite sure if the multiplier effect does really matter in this case.
7 S9 d# z" R) Z. o1 p6 J2 tin stock market, it's the demand and supply pushing the price up/downwards.2 J1 _, X  U; d: K& U" i
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 `  s" z( U1 jA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ Q" D$ I# }5 m3 U
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.
2 y6 e( m' ^  z) s9 Z' Gbut 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 q+ x" S; w4 K, }  h3 fRefer to last example,$ A8 Q+ m2 F2 F- U
that means bank A have no money because we borrow 10 dollars from bank A   W' Z* p+ s( ^3 j6 W
Because bank A doesnt have enough cash on hand
/ A* H& D5 X0 U3 U! f! xtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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& y4 h  A" f$ ?A->B->C->D->E
* Z8 a& I! _9 J: O, D  W6 J- [so does it mean if E failed to pay D, - [3 M, \, G8 k; D  x5 \
all the B,C,D,E have to go bankrupt?# _: J2 ]$ E# _8 E/ x: I7 w
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the multiplier just tell how much money created in a whole economy,
/ r) V3 u& z& W/ Y+ p& R2 Ein this case it doesnt really matter how much money is created, / M% w2 e; `5 S% ]" A6 U. R. v
it's the problem of the debt itself.
( F+ d/ j, X7 o0 T* S( ythe 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
1 L& t( m* ^# E. n0 ]" ~# C小弟一直都唔明..., q. \) q1 `3 w. P

" Z7 U: X# r0 [' A: o4 r4 z" N9 z全世界都蝕錢,咁邊個賺緊錢呢?
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3 H( R4 n! b- O! a無可能淨係有人蝕錢無人賺架嘛...
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0 {, ~  u4 q5 d$ F敬請各師兄解答' D% w$ y  Z! W6 @  r

' Y6 m1 p: A5 \/ Q) S6 ~Thanks
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那些根本係 紙上財富  
9 x* r3 R+ D+ B! g- w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/ o, m" @# L/ L" g# Y3 h; E/ U8 R

( o% w: m4 \/ j& |" ihttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產6 c1 @+ Z- \. A7 q3 I# v
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
! ]9 m- x$ M1 C* I9 t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4 B4 B( ?& V2 h! d
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
8 _+ s8 `% P; g# [& m扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
) F% o1 e3 t) W0 `6 E3 _計番回報率就已經係50%,所以可以好好賺
; n3 \  G5 x( n5 A1 g前提係銀行之間要互相信任先可以咁樣借法
9 r! |' w0 s% {0 W3 F2 {同埋個市場既前境要係好先得
' W$ x) G0 ^9 |/ d' |  h" H但當經濟一差,公司估值趺了,物價不升反趺1 x# l2 @1 c- A% M' X
例如剛才說10蚊的, 趺到得番9蚊,
) {* e: m6 k1 e4 r8 I咁投資銀行一下子就要還11蚊, 一來一回變左虧200%+ c7 T  i2 W# r
所以你就會覺得D錢好似蒸發哂咁
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6 `) F: P% g/ W你都可以當標野咁諗, 個樣野多人可以狂升值, & O1 e5 c! |4 _  ~& h0 h
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, # d. z" G) j0 z8 e2 u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ' \- Y, u8 r  ?$ K! n
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( d0 }6 I7 q4 c3 b7 Z3 m" 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
# b( I' F, w8 U) a唔係d錢蒸發, 而係比美國佬洗晒未來錢,
1 h6 J3 ]' `9 j9 \( S$ E8 g- L淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 U! Y5 M1 |$ Q! O& R# v3 a* }; p
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" v; p/ L6 A# Z
咁你話d錢蒸發左去邊? ...
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正係咁樣
& D6 I4 s5 h9 N( ~- w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 i: F6 ]0 _  B1 X分分鐘佢地唔使還錢
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' r; a8 r6 ~% a9 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,
; p3 f' B: Z5 S" [! e( [連國家都係問人借, 不停發債券, 印鈔票
3 b7 l% J7 d# B4 g一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
* l( t0 T6 N2 W: r( `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
- E, f1 k+ S, l! Z9 g6 L咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...3 G" o+ _" `8 J( O8 x6 N+ h" ]% T
因為以前未生產, 先消費7 C9 D" ]& v* R5 {9 G
而家就要多生產, 少消費
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