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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
" p6 C2 ?7 z5 D4 ~1 v, \Why bank will sell 借據給第三者???$ M4 I4 K- P2 _- H7 m. \
I was so confused.....
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1 Q! o! p' I( X7 C講到尾都係賺錢
" O( c* r. E7 z8 kso銀行可以不斷放款+ _& H: |* z2 m
美國的房貸問題散佈到全世界% G9 w2 z: `. F- L, d, k( t
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mortgage loan
& y; Y# ^8 ^3 b0 e$ G" S>conduit
. r7 l4 o& w; o4 U) I' R7 e>RMBS(Residential Mortgage Backed Securities)( q  `* E: v: W" l; V
>arranger6 Y& A4 j6 q: B1 @, h
>CDO(Collateralized Debt Obligation)7 b0 |  l+ p1 [7 S& J3 F3 X
最後去到投資者
i thought it is the reason of rate of return.
* P$ }5 V- e& c: u8 r9 @: h1 XCDs could have different ratings, AAA -> F,
$ t) x2 S' |; q( hmore risky ones would have higher premium (interest rate) as a compensation for an investment.+ P( g' R3 c, a7 q% h6 B
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 Y3 x# p" u; O" U6 D
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. Y; q. {( E4 y( SAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) p2 @3 S* u4 x" l+ fsimilar to bonds, CDs trading in the secondary market have different value at different times,7 W3 ]( K! J) V8 k7 G, W, J
normally the value is calculated by adding it's principle and interest.
/ a8 D: _( T7 reg. the value of the mortgage+the interests to be recieved in the future.
3 x! A* D( D  B- ibanks 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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6 u9 ~/ X, r8 x# w- Z/ J8 Lim not quite sure if the multiplier effect does really matter in this case.
7 x$ X) r" c' D/ N  d; W5 Y; bin stock market, it's the demand and supply pushing the price up/downwards.
, U- g/ N: O  @2 Z1 lFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) I  t% J! J( u8 i9 ?/ @8 KA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- j# \- Z1 C, z0 G0 }6 s, E0 a0 g5 w! TThe 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.
) H' s) ~1 L2 `8 F: z' Ebut the value of their assets did really drop significantly.5 V  h. M1 W& F; c$ i2 B9 k7 T

( Z! h& {) s3 j  x  }- V, f[ 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
/ }  F5 b6 ?: ^$ M/ IRefer to last example,. b# K# j& v! \1 B, n+ g6 i
that means bank A have no money because we borrow 10 dollars from bank A
' g6 }1 H& W9 [) _: \+ `$ S( xBecause bank A doesnt have enough cash on hand
% o, Q6 b0 `* W' g' I9 l' }  Qtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E4 E2 o: z9 p1 _( _
so does it mean if E failed to pay D,
4 @" D& n4 x7 b! Gall the B,C,D,E have to go bankrupt?  K! _: S& T7 ]* v2 c: n* p; l
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$ _+ U( u3 F: ?+ t+ Hthe multiplier just tell how much money created in a whole economy,
$ T; R, F( w4 s: B9 iin this case it doesnt really matter how much money is created,
3 x/ ?7 H' Z* H6 Iit's the problem of the debt itself.& W" j' ]3 H# I# c0 s. p
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
9 D; A# J. d2 e5 ~( G1 Z小弟一直都唔明...
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$ T  z6 j& `" X6 P( V8 b6 ~- N全世界都蝕錢,咁邊個賺緊錢呢?
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' s9 T# p5 @2 |1 P+ z無可能淨係有人蝕錢無人賺架嘛...: N. a# K) e0 t! P: @

9 N  ^1 t' V. x% [敬請各師兄解答$ C8 i# H9 m( O$ X

7 J3 T% i/ y  l/ a) k" QThanks
6 X" I- P- D% t( C: g4 E( d9 g那些根本係 紙上財富  2 D9 D' }# {8 s- Z4 W8 _
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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  F2 U. M/ m+ N8 `+ i: _1 @http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產. `9 V. L- k& w+ L
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& U1 G3 K/ ~& ^  o5 B: Z& r# `
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 g+ A1 e/ G! D& R個件物價係市場好既時候升, 例如15%先算,變左12蚊啦9 `& s2 y. q3 a) \
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
1 Q3 h; A) d, s* ]2 [8 C4 i計番回報率就已經係50%,所以可以好好賺
, }' _' _( K- ^" F$ N. e前提係銀行之間要互相信任先可以咁樣借法' M$ \/ t2 r$ ?  N; \3 A5 m
同埋個市場既前境要係好先得& p: H9 j4 ]4 S  ^% W8 b5 |- j, m
但當經濟一差,公司估值趺了,物價不升反趺
) [) T2 q) b; c" x8 [7 Q7 x( k例如剛才說10蚊的, 趺到得番9蚊,
2 K% @) E) S9 V3 H9 I6 u5 C咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! g& w# C/ Y7 X% S% `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,
7 B3 g0 R+ c. t' L7 i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,
4 q3 n! N$ ]# |淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 O( c: J+ _4 N; @- O& V, p% ]# [
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 j/ n# j: P7 f  b; u4 l: m3 t! s
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$ W; O; q" ]" S( W
唔係d錢蒸發, 而係比美國佬洗晒未來錢,   c5 d. p+ @' j5 w
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& Q$ D2 L! Z4 b- k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# ^+ E+ _. @1 |  X5 X+ ~6 J- L9 C
咁你話d錢蒸發左去邊? ...
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: ^( c' H  {& _9 E正係咁樣
& I/ n8 o+ i2 x* m% _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
' k1 H% E) P0 ~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,
" R1 U- }: |2 f) k$ l連國家都係問人借, 不停發債券, 印鈔票/ @* |4 n! [6 D/ @. @! V- c  v: Z
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( a1 k8 U5 @. g' k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' B: a# S6 K& v2 b
咁而家"爆哂煲"算唔算先至係變番"正常"???
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. P- _8 K4 N# F. F* }9 V" U  \! m其實係...
7 D9 i: ]- }/ l% B8 G因為以前未生產, 先消費9 Z/ c: \. C/ l0 c" W
而家就要多生產, 少消費
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