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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! d9 K# E9 z9 |: [8 \  M
Why bank will sell 借據給第三者???' W# W( Y- y! S1 T0 Y( Z
I was so confused.....
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講到尾都係賺錢1 y0 ~4 U; s8 q& E/ X9 W4 Q2 k
so銀行可以不斷放款
# X! g- J' Y2 `4 R" B0 J美國的房貸問題散佈到全世界
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4 D  l0 ~! N2 k- \8 D0 }7 S5 ^mortgage loan 2 {" u* r2 w: h: j! X
>conduit
/ P0 @3 C9 P+ N4 Z. e0 M: B8 `8 k>RMBS(Residential Mortgage Backed Securities)4 c8 e, l# w6 h0 D* O/ V/ R8 o0 A  `+ K
>arranger# `! r/ A, R" `# s# ^% i+ g
>CDO(Collateralized Debt Obligation)  f9 ]4 C" n1 ]  D1 z3 y6 ~
最後去到投資者
i thought it is the reason of rate of return.
0 Q- D; D# b" n3 ~. D! c  D, u! CCDs could have different ratings, AAA -> F,
! o4 B6 W. q" |2 X2 ^1 z8 Wmore risky ones would have higher premium (interest rate) as a compensation for an investment./ P1 }* v, V; E* D) C4 S
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,  Q  Q1 w+ z/ ?, b, n
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 V6 s2 X) `7 l2 M
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* n. c' l7 Q- ~' b+ C, {/ C7 C
similar to bonds, CDs trading in the secondary market have different value at different times,3 H; X" ^' @; U% ?3 O
normally the value is calculated by adding it's principle and interest. : c+ V3 |7 G7 J
eg. the value of the mortgage+the interests to be recieved in the future. . [/ u, _: s% {5 e5 g. 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.2 o- `! B. t: z; N' Q. Q
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im not quite sure if the multiplier effect does really matter in this case.5 P! X7 f+ d$ i/ B5 Z& R9 C, ?* Y
in stock market, it's the demand and supply pushing the price up/downwards.
1 y+ F, n, N% v0 i) @7 M3 }For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 }6 a. p1 X3 [. ]/ X, |1 C$ F
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: Y6 `. B: I0 p. o
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. ! c5 c: ^1 s0 F& x' p9 m5 `* s
but the value of their assets did really drop significantly.
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. T. _3 }" s& \7 O+ |[ 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
: D) k  i" H$ X' E9 R/ j3 XRefer to last example,+ j5 M& y: v, i# S2 f0 K+ L
that means bank A have no money because we borrow 10 dollars from bank A ! D+ Z) m. q' c1 h8 R1 L2 Y
Because bank A doesnt have enough cash on hand ( u1 K. U3 N. Z! m) [$ l1 P- ?+ b8 r
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E" I! S" Y; i  K6 `
so does it mean if E failed to pay D,
% s7 X# W0 Y" n5 }' wall the B,C,D,E have to go bankrupt?' n) h4 m2 V( E, ?9 A

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$ I. c, j0 g5 m- P: gthe multiplier just tell how much money created in a whole economy,
* c0 T- v& Z. U9 V/ j& ~  g: iin this case it doesnt really matter how much money is created, : u* d! |5 W$ Z. _$ ?& x
it's the problem of the debt itself.
6 u& R- z- u5 O6 Pthe 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
+ G6 L& `# R. e& S1 R! B小弟一直都唔明...4 q- ]: P( h6 x# p

- l! m8 V/ J7 V8 q全世界都蝕錢,咁邊個賺緊錢呢?
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# N6 H5 g' G! _7 l& t3 s無可能淨係有人蝕錢無人賺架嘛...& j: Y  V' f+ c0 }. I1 K2 d
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敬請各師兄解答* q, \5 C# f8 y. o
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Thanks
7 {, L. X. |% Y) G4 E那些根本係 紙上財富  * E! e# Y" ]0 x- R! I; B7 N* j
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 graphic7 b$ H  m+ I& Z

/ w/ f+ L/ f+ b8 rhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
: S- d: l3 K3 h- [$ V+ D當經濟好,投資銀行相信會賺錢, 物價既估值相對較高# `7 ?$ Y- q+ K9 c' ^; k
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5 Y& C% u1 C7 n7 D
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" ^& S& c- w, v0 J( I$ o
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% Y- @+ o) u- a+ s計番回報率就已經係50%,所以可以好好賺- X( K8 J9 h5 l- L- w" G
前提係銀行之間要互相信任先可以咁樣借法
5 @/ y$ U; p9 {; C同埋個市場既前境要係好先得; v+ r4 P2 _+ A) r5 L% q' h
但當經濟一差,公司估值趺了,物價不升反趺, d" t( L8 o8 V( m# t& b5 X
例如剛才說10蚊的, 趺到得番9蚊,
( [7 h2 b! l+ d4 Q# h咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 R" L# f+ C5 W! t7 T
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,
$ h+ U9 ]) i- A  U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, 2 L9 r/ D7 J% g" P
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; T* d& @/ f7 H3 i6 j: [* j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 X, _. P4 ~7 _9 v* z' M& n  T$ Y
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.gif8 o* ^, W( N# s) J  U
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 5 B, @% a5 B/ F! v
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: z+ D( H* \! I- h. y9 u! 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 t" ]5 [: Q# t9 I4 ]) A咁你話d錢蒸發左去邊? ...
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0 s/ G! q" u1 T" E* @8 L8 @正係咁樣
9 I/ ^4 U0 ]: \8 k: \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 P0 V9 c  }; H: K- k" s3 [分分鐘佢地唔使還錢4 E3 T/ Z% t0 Q& w% `. s% p

6 K/ }2 u: ^* j. F/ i+ K8 p' R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,
- V- N- i" d6 f2 D& y5 Z3 @連國家都係問人借, 不停發債券, 印鈔票, a  g  y' f( C$ w
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產- v; I) a% n3 I
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
* U  D: t) s. h. O$ U1 }1 ]' v咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...* h7 B3 _0 O9 i0 l  [9 \
因為以前未生產, 先消費, N. Z3 G% E2 b, \5 n  B& d# y
而家就要多生產, 少消費
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