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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
* z" a/ Y2 P5 S7 dWhy bank will sell 借據給第三者???8 t; b0 n6 J4 c& u. V
I was so confused.....
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7 n; z" D, L# }' c* t+ L講到尾都係賺錢
8 t+ y  ^" H, @, }5 `# dso銀行可以不斷放款
( c0 m0 r6 q% ]$ x4 p美國的房貸問題散佈到全世界* M  m3 ]1 _0 u( L
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mortgage loan
; m( I# t. d2 N; @>conduit
. P- S6 ]' N9 G* }+ `>RMBS(Residential Mortgage Backed Securities)
% ]1 F# M7 c% M- g>arranger3 O5 @! A2 i" M& V% K7 c* K$ R
>CDO(Collateralized Debt Obligation)
8 j: j  f; w0 Y6 x/ k! R最後去到投資者
i thought it is the reason of rate of return.
0 n& ]" Q9 Y* C& G6 z. HCDs could have different ratings, AAA -> F,
$ ~5 A2 y4 ~. ^9 [1 ]& x7 {more risky ones would have higher premium (interest rate) as a compensation for an investment.. |+ ?; T7 _/ h( B+ T5 M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) N, m# v+ o5 g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! g# h- Z% S- i" B7 Y& `) W( QAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 s! Z" L6 A$ G0 Q, n+ F, F) Zsimilar to bonds, CDs trading in the secondary market have different value at different times,
, X+ Y' }9 s2 ?# Rnormally the value is calculated by adding it's principle and interest. ; ?8 M. u  c8 s
eg. the value of the mortgage+the interests to be recieved in the future.
' A3 ^" P9 h% v, wbanks 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.
( A% e; O) l* v' [1 yin stock market, it's the demand and supply pushing the price up/downwards." \/ A# K6 {/ k, h( I6 H
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 {4 |! ~5 x& O
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# p7 L8 {* i  L  j3 W" _. ]% f# I
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.
8 T8 i1 {! h: Q( J% ibut the value of their assets did really drop significantly.% S# G1 Q. X; b1 o7 V

3 l# B3 O$ M1 N5 d9 L4 ?[ 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; e1 v& K1 `* E$ }% c" U) n% b
Refer to last example,% A1 f9 ]5 F9 {1 `
that means bank A have no money because we borrow 10 dollars from bank A
, u; R5 h2 u5 T+ W9 a2 xBecause bank A doesnt have enough cash on hand 9 S( @+ G" _& s! Y4 Y+ @  D
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
( [* q. C+ l" `& q! _2 kso does it mean if E failed to pay D, ( y# y( F0 ]7 ?6 c
all the B,C,D,E have to go bankrupt?6 w, P, k; `6 o& s$ v+ R+ D5 F1 ]* Z

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* t" h( K: H: x+ P3 Q2 R9 }) N6 jthe multiplier just tell how much money created in a whole economy, * z7 G7 O0 o0 B( F
in this case it doesnt really matter how much money is created, 6 l) z: E7 N$ R3 `# ]/ J9 G
it's the problem of the debt itself.* I  O7 p* K1 [9 f  @
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
1 W8 U+ o; w. s" H- Z% B2 N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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6 o- L9 ^( G. k. |- ~無可能淨係有人蝕錢無人賺架嘛...: j- a6 j& t! J7 F
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敬請各師兄解答9 n: ], E- O; D  R4 p) A& C
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Thanks
; _! X$ c% K# l7 p* {$ s那些根本係 紙上財富  
9 I4 @6 {1 d& J+ v6 j8 ^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 graphic6 z  B8 u7 o7 |4 X; Z' W

" k& y8 b. i. W! y& y" fhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產6 B: V) P& x8 a# o
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高$ a2 {' P; J2 Q. o
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
$ [, C, u9 ~5 N2 O個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
& h; y: R5 P6 l* W扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,: t. W- {4 R* |* c- d2 R6 ~
計番回報率就已經係50%,所以可以好好賺
* G* n5 w5 T! [7 F# v% j2 |前提係銀行之間要互相信任先可以咁樣借法
+ z# r4 X* w) K; [9 f同埋個市場既前境要係好先得8 }; F) b, a( p
但當經濟一差,公司估值趺了,物價不升反趺
9 |. V& i  z& l. r+ n- X* d' i例如剛才說10蚊的, 趺到得番9蚊,
! ^' w5 [6 A, [! u% n3 e$ \9 W/ R6 b咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
) X) t8 N% V0 [1 t9 M/ a所以你就會覺得D錢好似蒸發哂咁  i7 U: R# o4 T+ F
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你都可以當標野咁諗, 個樣野多人可以狂升值, 5 h1 n; v& K# P8 x3 D$ k+ j: w. |
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, " U/ l/ Z$ ~$ M0 I$ u
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& b1 J1 Y* M6 N; B5 [3 n4 S/ N$ W( 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9 R' b* ^' m: z, L- T
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: \( D% E) C. d. n
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
! p6 p  ?/ G" E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 r$ \) @$ b. g& q; L" v' A8 \( 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
; Y* o) `+ A5 M8 j咁你話d錢蒸發左去邊? ...
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  D5 {2 Q1 q# U1 G( K正係咁樣
% w2 t( a  `3 x* C2 R3 t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 Y1 m' f- L1 \# Q分分鐘佢地唔使還錢" _; w. n0 E6 S. U& `  `" p. v

! e+ S6 P+ J& P+ a7 [" j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,* p* \6 i+ Q/ O; d, _+ ?4 j! [
連國家都係問人借, 不停發債券, 印鈔票
. m# k0 n- [$ M4 \7 q8 V一個國家好少出口, 而又大量入口 ,反映到佢唔多生產% `7 z% \) U3 o. e* P
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& h3 i& ^/ S! |
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係..., y2 {+ Q  C  A# Q7 c- g+ Q& o4 k
因為以前未生產, 先消費, F: u9 j" [: F# ^
而家就要多生產, 少消費
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