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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
# J# X: s' x: D: |: OWhy bank will sell 借據給第三者???
' a$ ~" v! k4 O- t  l  PI was so confused.....
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  e2 e& G! j1 ~1 I4 M* h- o. l講到尾都係賺錢
4 q' V; Q( |' d; Y# rso銀行可以不斷放款& H; C, m  ]/ d9 @
美國的房貸問題散佈到全世界
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mortgage loan , n) }. D" M1 p0 t, l! M
>conduit
  ~+ ^' ^& ^" T5 z* s>RMBS(Residential Mortgage Backed Securities)
' [3 ~) r3 H) _+ x* P>arranger/ W2 X0 p1 C" e5 C
>CDO(Collateralized Debt Obligation)$ H# H+ P1 f% \4 H( U+ W
最後去到投資者
i thought it is the reason of rate of return.
" l9 y  {% q/ a, ]CDs could have different ratings, AAA -> F,
  M; X% F, q4 x* k$ @  p/ dmore risky ones would have higher premium (interest rate) as a compensation for an investment.
3 p4 s  T, ^  O$ r2 Amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' `: ^5 j& p) p! W$ \
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& c" P1 H9 F0 k9 F3 v
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ }( O; S; |- l( }
similar to bonds, CDs trading in the secondary market have different value at different times,
6 b5 x6 \& p3 N5 I1 a  L9 Znormally the value is calculated by adding it's principle and interest.
9 u$ P/ j5 T  b3 neg. the value of the mortgage+the interests to be recieved in the future. % X6 f3 M7 ^$ r  B, v+ h( y. i
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 E% [  Y% Y: M, K# p" H$ H6 l& kin stock market, it's the demand and supply pushing the price up/downwards.( ~+ n! V# g0 c! J5 m5 r' j
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," o( l! q; c9 s" W
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 I( T5 {: i9 _* nThe 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.
/ l5 E0 f( k1 ?" W2 \9 a2 L% {* Kbut the value of their assets did really drop significantly.8 N! W* S- c# V
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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.gif7 s( q) @0 L) I
Refer to last example,
" S- [, X. \4 L& pthat means bank A have no money because we borrow 10 dollars from bank A / P: ]) p6 k2 V
Because bank A doesnt have enough cash on hand
6 b: I9 \  X; I, u+ f9 v0 btherefore bank A need to be bankrrupt ??? Am I right ?? ...
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' q; n  P" Z4 ^4 r; I! a; RA->B->C->D->E  D0 i4 a3 k9 z" t9 {* T: E
so does it mean if E failed to pay D, . A: v$ |& m0 K* F- b1 }6 J
all the B,C,D,E have to go bankrupt?4 c2 i& D" X8 m& V; o
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the multiplier just tell how much money created in a whole economy,
1 L% O* u* r. x5 Din this case it doesnt really matter how much money is created, ; ?. L- ~8 U1 C
it's the problem of the debt itself.
7 F2 v0 H$ a: B* H5 ethe 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% s; b! G/ L& @$ L: W
小弟一直都唔明...
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4 a$ M4 r+ H. d  F0 q全世界都蝕錢,咁邊個賺緊錢呢?
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1 s- \  D& g1 Q' J無可能淨係有人蝕錢無人賺架嘛..." g! w9 \3 H! I( N" S- Y! t# o0 s
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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  
; g3 d. q' z' v5 Z  ~5 y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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http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產2 P7 N) m0 w9 g9 ~1 |
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
* m  G) M, e. ?) _6 ^! U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0 k& p! |7 D* e7 Y. P) b
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( g, L; I2 ~, `" E) q0 a扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
! P- x5 ^2 l" |7 `6 b) u* ~+ D8 u計番回報率就已經係50%,所以可以好好賺* p& Z% @+ |6 W0 i; V# K; ~
前提係銀行之間要互相信任先可以咁樣借法) `$ v8 k+ H8 Y4 r
同埋個市場既前境要係好先得
8 N7 s  Z9 z) E! n. j! `但當經濟一差,公司估值趺了,物價不升反趺; j( i% z9 \( e5 h3 b: K$ ~
例如剛才說10蚊的, 趺到得番9蚊, ; r2 B; o8 b; C" e: h0 n
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 i- w& ^6 Z$ R$ r1 N; n# u所以你就會覺得D錢好似蒸發哂咁2 B4 l; c  }/ N% j! L3 Z7 O
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你都可以當標野咁諗, 個樣野多人可以狂升值, ( O6 m1 y% E3 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, * q8 j1 |) l- [! Z
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 q5 b$ }' _4 v3 ?' L% f7 O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 |) [) d$ L/ q* H1 c0 z, C
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* q5 Y: c( ^3 V7 T; T! v: o
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
! f( K, {  f- }& H, r$ K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
+ S" J% ^0 m! B9 s8 \3 |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  B( `/ n7 O/ p2 h9 `, _
咁你話d錢蒸發左去邊? ...
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1 J( o( |7 D" {) t% B1 Z% x正係咁樣
! I% o/ w# w3 i  ^% ]' u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
% u1 S9 v, z' Y5 Z# f分分鐘佢地唔使還錢! D. ^7 b& [( T$ V* o
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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 \& b; O7 v' V* U! W連國家都係問人借, 不停發債券, 印鈔票& ]' l8 m& `- E% m' z6 J* s
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# o( k) O% p) K* r9 }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% W0 A/ J0 v4 T" ]  R
咁而家"爆哂煲"算唔算先至係變番"正常"???
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8 `# Z6 n" W3 c( p其實係...
2 W; V2 U/ K) H$ k+ r因為以前未生產, 先消費; Y& m* v) I& @4 u+ t+ V! p
而家就要多生產, 少消費
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