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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  B# H: s) O! [/ J( i
Why bank will sell 借據給第三者???# ?. v* ~6 H! i# i9 o# _3 N) }
I was so confused.....
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講到尾都係賺錢
5 s6 M2 H5 l4 r# Cso銀行可以不斷放款
# S  c* Q2 a( n5 z美國的房貸問題散佈到全世界
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mortgage loan - o+ D; T9 M1 x& T: L/ s* P/ }* W
>conduit
. O) p* h4 l1 a. U; @; }; B7 d>RMBS(Residential Mortgage Backed Securities)
0 m0 Z/ N/ o' A: |, w2 \& j0 B& Y>arranger! p6 B8 l8 {8 b! L  `
>CDO(Collateralized Debt Obligation)
) l3 n& V) `1 l* B2 c最後去到投資者
i thought it is the reason of rate of return.# U8 X# `  Y5 E' [5 C3 ~
CDs could have different ratings, AAA -> F,
6 \" q& h8 {. n" g+ @4 \& Amore risky ones would have higher premium (interest rate) as a compensation for an investment.+ J. _  v# W6 {2 J6 T% ]0 }" U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 ]; g6 u& E: C- k7 ]+ Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 f+ O3 Q( \$ H+ ?) F
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 c5 L6 e3 |" \  \, P7 ~similar to bonds, CDs trading in the secondary market have different value at different times,4 r( i; o+ I5 J: s
normally the value is calculated by adding it's principle and interest.
6 ]/ ]$ }( K8 g( z& _eg. the value of the mortgage+the interests to be recieved in the future.
: M: G* h+ L, S  ^  C; e2 B; 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.1 c# Y! K! A$ }& x
in stock market, it's the demand and supply pushing the price up/downwards.( E5 H9 n+ r% Q- ]1 Z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' O6 E' l* \0 w) z- r0 F7 ^A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  s: f; B& @% M( D; n6 Y: n& b
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.
4 K/ A* L6 j( f1 N3 ybut the value of their assets did really drop significantly.* E. G- \/ R* `6 t

+ `: }3 F( A, l  U; r[ 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
7 O: ?+ j' x: W5 r4 G. ~Refer to last example,7 L2 r, k! k& C1 m; _
that means bank A have no money because we borrow 10 dollars from bank A ! l% q, w: f/ m! f) H* g
Because bank A doesnt have enough cash on hand
2 D% `; ^8 l" I4 R* a& q& Ftherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E% f( z/ N+ }; `& R. d
so does it mean if E failed to pay D,
4 p% O0 A; U( {! ?; u4 Tall the B,C,D,E have to go bankrupt?) `, c9 Z" h( j! B7 J7 @
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the multiplier just tell how much money created in a whole economy, ' f$ k9 J; a+ G  }! U
in this case it doesnt really matter how much money is created, 3 A% D$ o7 h  `( v3 ?8 H+ b5 q: L
it's the problem of the debt itself.
: b# ]- e: P* y% N7 B  d2 D4 Bthe 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
' x8 G: F7 \* s0 ^/ x# @8 X小弟一直都唔明...
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$ S) }; Z% t5 d/ E# O- b0 c( ~* }全世界都蝕錢,咁邊個賺緊錢呢?- {; }; F4 ]& g' I) x1 k

0 ^, E( @0 Q9 P# v9 M8 R. p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& u" I" V3 F! d" a4 `
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Thanks
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那些根本係 紙上財富  - x, i5 ]# g2 _- u4 f) }) `
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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0 {- h. l+ u) Q  B; P4 E9 S, Ohttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
" a; u1 Z# h% \* s5 H當經濟好,投資銀行相信會賺錢, 物價既估值相對較高/ o2 `* ?) s3 Q3 y! M" k+ @* z( s: V4 E
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
% a9 ?" L( U9 r1 c$ K. L個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! |' d- g* g* o% p扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,  u) v, g2 d5 [5 Z: L
計番回報率就已經係50%,所以可以好好賺
# C% D# _3 t5 R: s* X, D前提係銀行之間要互相信任先可以咁樣借法
9 A7 ?! P# J& U5 L0 J4 ~8 s同埋個市場既前境要係好先得
  A2 m0 @! P' w( k( C但當經濟一差,公司估值趺了,物價不升反趺
0 V7 I6 f7 j+ R例如剛才說10蚊的, 趺到得番9蚊, 9 ~& L. t2 B1 n* C
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%4 s3 w2 p: ]2 t* ^" Q! j
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, % }4 z$ a0 j/ m: w6 i- y  G6 h
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 D# n8 ^3 ~0 [5 [3 Q( h6 f8 j: @
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 Z3 C# b/ \, R" h& q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 Y1 f6 z) S: X" w; c: h" R3 H& d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
/ o9 Q0 `3 i1 t  N6 P  ~唔係d錢蒸發, 而係比美國佬洗晒未來錢, 3 P. Y; S; `9 t) y" q% ~6 g9 J
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, % ]5 V. J4 G' J1 E* |8 w# a# 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
. g) W- o& U/ p咁你話d錢蒸發左去邊? ...
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0 _" }9 j8 W+ g) G* k1 g正係咁樣) G1 _8 g3 d3 N9 K. g  X8 d
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8 V, t" @$ t$ F+ s) \0 o6 c
分分鐘佢地唔使還錢) `7 f$ f" d! {& L( J

+ b: @6 E! W. F# k9 h' }; B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,# ?; n( ?9 Q' l/ z# P/ v
連國家都係問人借, 不停發債券, 印鈔票! J2 m, ~! I( f% @' Q2 y2 z7 R
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產  I$ X* O$ f. Y  \& Q: B& D8 G5 h
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/ M, k  [5 x+ ?
咁而家"爆哂煲"算唔算先至係變番"正常"???
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2 Z5 G: }' J0 j& s其實係..., b( P( t! m! a/ `$ U) f
因為以前未生產, 先消費9 Z3 A6 k  e8 ?+ d! F
而家就要多生產, 少消費
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