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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( Y7 l; v0 @* x+ Q* |
Why bank will sell 借據給第三者???
! C7 B, v, j& D& A, xI was so confused.....
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+ i; f# ]0 Q# O/ Y. V講到尾都係賺錢+ x/ x. |& u1 J( T3 D
so銀行可以不斷放款
+ l9 w7 A6 v" Q美國的房貸問題散佈到全世界6 X8 p( A7 j& ]$ C

$ n) f  e) |; c  Ymortgage loan
: m5 L! t7 q7 d- _2 j>conduit* D3 k8 O" ^! f* ]
>RMBS(Residential Mortgage Backed Securities)# I! P& u% d* r, s/ Z' e! a
>arranger" A* h$ ~' \1 b$ }- l
>CDO(Collateralized Debt Obligation)
# S9 F2 Z5 P( i) M0 {# Z# L最後去到投資者
i thought it is the reason of rate of return.
( w3 {& w0 N: a, |, u* q  {# r. {CDs could have different ratings, AAA -> F,' b: j; n" a" T  w% R& n( [
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 z# z4 {3 {& P0 Zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
& A) ~# ^. ]. J, Tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 v: [+ p5 M: NAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" D% Q/ p5 F3 y9 z* bsimilar to bonds, CDs trading in the secondary market have different value at different times,
6 m: \, F/ V4 J1 y" Rnormally the value is calculated by adding it's principle and interest.
# w, f( q$ ^- n7 |( zeg. the value of the mortgage+the interests to be recieved in the future.
- T! y) O2 I7 c  ybanks 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.' b' V, C* i/ O7 y

, ^1 p% B: T! u: ^# \im not quite sure if the multiplier effect does really matter in this case.) _7 V1 n* p: V0 T
in stock market, it's the demand and supply pushing the price up/downwards.& |% t( R# d# U, q' f) b+ s, a( F  s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# H. y: }7 `! x; K' @$ [A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 G- V+ @6 ~/ R) {
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.
* e4 n- Y, l" G: m/ N5 \but the value of their assets did really drop significantly.
" i: {  g1 u! F) [$ u' k9 x5 F, s, y' q. N6 S( L( ?$ D% F. S% [6 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: _. ~5 E; Y2 a2 U: Q" G8 f
Refer to last example,4 g5 \: N  r$ p: b6 \0 J
that means bank A have no money because we borrow 10 dollars from bank A 9 e! u; e$ c' W; N' q" T  N7 @& h
Because bank A doesnt have enough cash on hand
' s0 ]! f: l* b1 k6 E4 O0 Qtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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0 T0 c/ D% {* p( [3 y) C+ J) b& y' Q0 Q2 e- `
A->B->C->D->E5 f+ j# j, Y0 Q/ Z, y; u
so does it mean if E failed to pay D, + i1 `& B2 B, c; B5 R
all the B,C,D,E have to go bankrupt?
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  ]/ i9 \1 H* L& j# Cthe multiplier just tell how much money created in a whole economy, 4 Y1 Z) J- z9 ^8 m2 _& t+ e
in this case it doesnt really matter how much money is created,
: T( |7 O8 f9 P) p9 c; h+ Fit's the problem of the debt itself.5 \( t: }8 ]. F: T
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  w+ E! c: f  V7 N" w
小弟一直都唔明...
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  d( d$ ]6 ^2 e7 Q+ F2 B+ O全世界都蝕錢,咁邊個賺緊錢呢?, v, m* f; b' n. G" x' V8 X
$ V- I5 A* f5 h; a0 j% m2 O
無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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$ i+ [5 b9 u+ i# N9 {5 ^* h1 kThanks
- ], y, C( B7 L/ V那些根本係 紙上財富  ; v( f# h. F2 \  |+ z
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 L$ C. z5 t* J, z+ l& Q1 x+ y

& e) C! c9 A6 s1 b! m4 a9 f8 ohttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
1 N5 i9 N0 [! m當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
6 W3 [8 @$ T# v- J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
& i" P3 K+ b7 w; w. s0 _個件物價係市場好既時候升, 例如15%先算,變左12蚊啦4 x% @7 Y, ?, h' c  G* N$ Z
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,5 S0 B6 [% I7 R+ R7 S! r
計番回報率就已經係50%,所以可以好好賺7 I$ P& e: K7 L" \) Q/ y
前提係銀行之間要互相信任先可以咁樣借法' B+ `: x  R9 v* ?% A2 o
同埋個市場既前境要係好先得
3 Y" I* m9 ?6 I/ s但當經濟一差,公司估值趺了,物價不升反趺
4 B* f6 D* B  m% ?7 y' e例如剛才說10蚊的, 趺到得番9蚊,   {: D1 q0 g$ g- O+ `& w
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%# N' c, f; \- N
所以你就會覺得D錢好似蒸發哂咁
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$ Z: A4 i! A+ V& \$ V你都可以當標野咁諗, 個樣野多人可以狂升值,
& D  P$ H; g8 X( \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, 0 G2 t' b5 V* o' J0 I
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ ]% I% p# ?$ ^' K# b( `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
4 T9 b3 O+ p7 ?& a! A3 j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
# V: U) z$ O6 ^- y7 O+ E$ G唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 X0 V  p. Y( E2 B$ S7 g
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; M1 C) A7 f4 K+ r+ U
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 J/ v+ D- n+ h" o% {3 r9 b咁你話d錢蒸發左去邊? ...
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正係咁樣+ h4 }2 Y% A; u7 N
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: p  ~1 L* N, J' X' ]
分分鐘佢地唔使還錢( B6 `4 l- ?3 E( }( T7 s# @' ?) ~

. n3 F, d. D1 o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,
/ [& }" z# z; l; [9 V" w$ X  O連國家都係問人借, 不停發債券, 印鈔票' e6 e" {: F, f5 [4 U
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
4 u) t" j/ E: C% ^; ]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
0 P+ C0 a3 c. r) B/ m1 c咁而家"爆哂煲"算唔算先至係變番"正常"???
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% }, O0 \/ I6 _其實係...
4 ]6 p, w- i' {9 C因為以前未生產, 先消費
$ s, I9 Z% ^, k  i而家就要多生產, 少消費
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