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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
5 ~' r+ c4 W& W6 u: G' n. BWhy bank will sell 借據給第三者???6 a2 A4 N' h# W$ |4 Z$ l
I was so confused.....
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講到尾都係賺錢
7 z; t0 y& f5 }* s5 K" a5 Oso銀行可以不斷放款! X5 J& b  \. U+ y% V: @
美國的房貸問題散佈到全世界6 K- i4 e% \; `; @' W
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mortgage loan
; P5 I: t. f3 ]1 w4 q& n>conduit
' T" h. k6 Q  ~: Q% |4 I5 U>RMBS(Residential Mortgage Backed Securities)
7 a. s7 S# `' G8 Y3 G>arranger
& @# r* Z" d' a. }>CDO(Collateralized Debt Obligation)
, s; e* P, E& ^' O7 S最後去到投資者
i thought it is the reason of rate of return.; L# e9 m! B  r" u, V  |
CDs could have different ratings, AAA -> F,
# k* Q: S! O9 r: _$ r* L5 M3 Emore risky ones would have higher premium (interest rate) as a compensation for an investment.
7 l) P$ o/ H6 F2 q. Jmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! M3 N5 j# Y' H( D; k. R
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 _1 g* r: V; o6 V* f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 ~, Q7 ^8 R1 q# o: n) B( Nsimilar to bonds, CDs trading in the secondary market have different value at different times,& K. _" j* Z+ K% }/ Z
normally the value is calculated by adding it's principle and interest.
/ b/ p6 X* z2 ieg. the value of the mortgage+the interests to be recieved in the future.
& t+ G; U. t1 m$ T+ k  W$ Sbanks 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.0 h, n7 z) n6 C1 a, y- g" c

% x( b4 X7 k* B: W  \0 Vim not quite sure if the multiplier effect does really matter in this case.8 y' D4 H! q4 ^9 u! N
in stock market, it's the demand and supply pushing the price up/downwards.  g' D4 M( n9 I. {% m
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; m$ A4 r' Q8 [7 B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 z; C0 s& w: h& {+ j, i/ F7 V- wThe 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. ! b! e5 r; r; d+ t$ \" M3 E+ C
but the value of their assets did really drop significantly.7 E& s4 w) w6 H% N9 Y

8 Z  b9 R' A! Q9 k" x  `( w[ 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+ C8 [0 v- I& R
Refer to last example,+ J4 K# k/ m2 z4 H. X0 L: j
that means bank A have no money because we borrow 10 dollars from bank A
. l( j& P, |3 n. gBecause bank A doesnt have enough cash on hand % m8 d' s8 {1 V8 [! }4 e+ \( ^' p( P
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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% D. y, t2 N. |8 E6 }A->B->C->D->E5 f! ]0 a% k# A) x
so does it mean if E failed to pay D, 5 |; T$ z% r7 l. ^. w
all the B,C,D,E have to go bankrupt?# D+ K& Y$ R, a8 @% W" z# E4 r, u

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7 j  K) h6 c2 n* {the multiplier just tell how much money created in a whole economy, : K+ p" T' V$ k
in this case it doesnt really matter how much money is created, # o1 ?4 j0 y, m8 F* b
it's the problem of the debt itself.
6 t8 w; f' Y) _( U! B3 Q% u# c6 N0 |7 ?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.gif4 ~' F9 N5 [: r/ i, q+ V  ~
小弟一直都唔明..." C8 U0 x/ X6 K- Q8 M
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全世界都蝕錢,咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...# c8 h( g3 `; x
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敬請各師兄解答1 s- ~& w8 x" x+ o! y

" v/ x* H# t9 _6 C! l3 ~6 o; V/ GThanks
" W: e: l: E1 U. k' \. [7 c/ h( s那些根本係 紙上財富  
. u% r6 a5 n; t6 i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& S7 G7 x9 i$ R- ?& n; {4 y
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高7 i; r3 A6 |8 q/ r% @; ?. w
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% T5 p4 j$ k( f3 C6 p! r
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦* y4 c: B, }  j
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,: N) U& V% m4 }( e6 r7 b7 x
計番回報率就已經係50%,所以可以好好賺
8 r3 [, z4 Z7 M5 r6 L, p前提係銀行之間要互相信任先可以咁樣借法
% `' ~7 x  ?" }( ?5 W* w  W) P同埋個市場既前境要係好先得
2 {# t$ q0 s( R! V3 D4 E6 P  a3 X! |但當經濟一差,公司估值趺了,物價不升反趺1 {( ?  ^% A# z! v, Y
例如剛才說10蚊的, 趺到得番9蚊,
# _0 V: O& Y& V  [2 \  a$ ]7 n咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
7 d* g# s. w. ?1 Y5 F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,
# Z$ Q, o' q- x' ]2 x$ s- p" F9 T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,
# J5 Y5 j& w+ k" M* ]0 \: C" b4 X淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, / |( G, d% a' q2 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
  F) L# K' V! ^# p& A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+ ]! E! Z" H6 [( T4 @
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
" p% C% T5 l6 f9 U1 J; J; M8 E( g淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 9 _/ [7 }! D& j, {8 h6 f# q6 f
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$ _3 F( p, e+ N. W
咁你話d錢蒸發左去邊? ...
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正係咁樣, Q: z4 Z/ B5 W1 D' @5 A
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
2 m# M* v& z4 n$ J# u; Z  }( h分分鐘佢地唔使還錢
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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," {* M* [3 j# |( J3 t/ W0 `
連國家都係問人借, 不停發債券, 印鈔票  \5 A1 w( N) b& H5 Z
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產) {6 Q5 j: i$ h* C. q5 V- l+ N
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$ a& l* _. J% ~9 r4 O( _  \
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...0 g  c) n; x4 E/ l( O2 J3 Q( }8 p
因為以前未生產, 先消費
  l- V- Q4 \1 i而家就要多生產, 少消費
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