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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
: g- k5 G8 m$ S& w# n1 N( m, lWhy bank will sell 借據給第三者???8 v* i% Y. B' p) l0 g
I was so confused.....
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講到尾都係賺錢8 ?" ^% p3 d, h* e
so銀行可以不斷放款
5 U: i3 w) K. ^# J6 O. _. K美國的房貸問題散佈到全世界
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; V6 p+ {& U) g. k) f- D. O4 rmortgage loan   z% \6 _! I& d
>conduit- R0 V6 A& v0 b3 f; E2 q
>RMBS(Residential Mortgage Backed Securities)7 v9 \  c; z; Z9 x  ?- `4 e# S
>arranger
1 k# O% S& ~: c1 u>CDO(Collateralized Debt Obligation)' J3 u" T0 x9 X0 ^% [
最後去到投資者
i thought it is the reason of rate of return.& [1 Q( `8 K' S: m& h
CDs could have different ratings, AAA -> F,3 D+ Q( {2 |; [, j3 p
more risky ones would have higher premium (interest rate) as a compensation for an investment./ A7 J$ @7 H4 O2 G; n0 T
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 `- z9 y2 O$ i% G, T
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 l1 n0 o7 I* jAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) }9 i7 ?3 h" m' V
similar to bonds, CDs trading in the secondary market have different value at different times,1 D: J& b% K( p# l1 v0 M
normally the value is calculated by adding it's principle and interest.
  n+ y8 }. p, {. G& p$ Qeg. the value of the mortgage+the interests to be recieved in the future.
0 c9 J1 k* M/ g) nbanks 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# I* s& F( C
in stock market, it's the demand and supply pushing the price up/downwards.
* T; I; X  L' s" j4 ^( @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! z9 g( W: _' `# N
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# |& p4 E( h+ x0 Y! T5 W
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.
! J* H3 u. V9 n7 Vbut the value of their assets did really drop significantly.! x0 I0 m: s# z
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[ 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
, v3 e* k  B3 ?+ g0 c7 K# RRefer to last example,- D( x+ r$ J: U
that means bank A have no money because we borrow 10 dollars from bank A - ^$ x2 v! {( e
Because bank A doesnt have enough cash on hand
5 Q# Y# w$ ~; Y4 |3 I+ Mtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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, z- Z& Z" E2 @, {A->B->C->D->E
) {9 X6 i8 P1 S1 C& ?* w, |7 w6 T, Q$ ^so does it mean if E failed to pay D, 7 Z; H, l# {8 X
all the B,C,D,E have to go bankrupt?7 f. W' p5 H  F) H2 s2 X
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the multiplier just tell how much money created in a whole economy, - o* n$ V; s( j7 ?, i8 C
in this case it doesnt really matter how much money is created, , O* K) y" a/ H& N6 G" P
it's the problem of the debt itself.
& t$ p8 t4 S! `, }+ `% hthe 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.gif7 ~* J4 a& v  R6 e# x. x* x- j0 O5 |
小弟一直都唔明..." n9 c6 u' V3 T* f9 _

( @( i, W3 S/ S! U/ m全世界都蝕錢,咁邊個賺緊錢呢?- X! Y  z( f9 C

6 S8 J, C( v% 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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1 E6 P7 b: V# J- P. u- }8 I2 f) dThanks
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那些根本係 紙上財富  * n' k: `6 Z+ 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 graphic1 c: K. k$ i2 S+ A7 k

; @, l+ I  O$ o+ y# P; ^* a& Q$ jhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產% q0 i8 i  m: z* M  M
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
, ?5 R. z- [# n! ^# 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8 [/ D8 ^- T% [! S
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
2 t8 i- T& N# D- Z- i! A* p5 i. p扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,3 o6 v0 L8 b. s7 |) j$ v5 W
計番回報率就已經係50%,所以可以好好賺, ?9 ]/ [" n/ E. R* B
前提係銀行之間要互相信任先可以咁樣借法4 p0 B% H$ F1 g' L# K2 A( f
同埋個市場既前境要係好先得
5 h$ u2 n$ P$ ~) v3 }但當經濟一差,公司估值趺了,物價不升反趺
: c$ p% B4 U" b) b例如剛才說10蚊的, 趺到得番9蚊, & Y4 l; |9 _* t- o% H6 M
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%& U. b4 i$ A3 L% o! D/ W
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,
3 G1 H8 [7 z) S( G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, ; z8 T( F5 v0 W4 [" n7 a
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 I8 ]2 z' K% U& _6 i
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8 q& r& W: w% D) o' G/ d& ~) f
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
6 {/ G4 E. i7 a+ H$ r7 O; V唔係d錢蒸發, 而係比美國佬洗晒未來錢, / |: [& f; _* f; P7 L& }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
8 ?/ S& B' p4 x1 ^3 V, R3 h+ T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 D; m" K- @, Z/ E1 ]1 V3 m# q咁你話d錢蒸發左去邊? ...
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3 p3 \- i( Z* B3 b) r# h( G正係咁樣
$ M9 {1 c' _  l5 a5 E5 s/ y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( `* H+ y3 a7 e
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,3 M% e2 Y1 D5 ?+ a7 [/ Q# |
連國家都係問人借, 不停發債券, 印鈔票* N: P! T2 ]# M3 E) E% z
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
: o% k2 n, E! R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  g: @8 R5 h: Q
咁而家"爆哂煲"算唔算先至係變番"正常"???
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  l5 [% N! N; j& Q& b2 F* @其實係...- P! ^: a6 d# Q
因為以前未生產, 先消費: U5 a4 H5 s, M' p2 m" c2 w
而家就要多生產, 少消費
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