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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.gif0 G6 @1 K7 F2 G4 J+ J+ `
Why bank will sell 借據給第三者???
, J& a& V- j8 R# W" q6 x0 {I was so confused.....
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講到尾都係賺錢7 Z9 ]' n  I& \8 I; H
so銀行可以不斷放款, d3 I0 ^4 [3 ~* k& [
美國的房貸問題散佈到全世界% F* k5 ^" x, X# `
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mortgage loan : g1 U, S5 P, V
>conduit8 c- d  ?. s' {$ S6 @! M/ ^
>RMBS(Residential Mortgage Backed Securities)4 h8 R9 Z4 }6 @' p" P
>arranger$ f- @/ L  C" k; k; ?1 o0 `) b
>CDO(Collateralized Debt Obligation)! W& f6 V6 F; L/ s
最後去到投資者
i thought it is the reason of rate of return.
, i' Z' W7 i( F3 f* JCDs could have different ratings, AAA -> F,
. ~) }% w  J0 ?# i5 x7 q5 P  Dmore risky ones would have higher premium (interest rate) as a compensation for an investment.
$ O6 A9 v" o- c' cmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; z! O+ I/ m' ]. s3 L/ B
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! h/ r+ R  v& i/ k
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.  j$ @: r# H, F; G. I6 x% m
similar to bonds, CDs trading in the secondary market have different value at different times,' k% M1 v! T/ t1 X/ e- k; {2 v
normally the value is calculated by adding it's principle and interest. ' S  M: N5 X* E6 W  \
eg. the value of the mortgage+the interests to be recieved in the future. $ P* {& c- G, N* n; G9 f
banks 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.  }" ?1 W5 ~" o4 j2 ?7 y
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im not quite sure if the multiplier effect does really matter in this case.
: C: k/ ]' O: w% i, nin stock market, it's the demand and supply pushing the price up/downwards.
+ }% {$ b# V* {% @% @0 [% iFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 {. X- |1 r, p9 z, k. M- U" W
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 x$ Z1 u3 H  [+ G- D
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.
! C( C- \) {" K  Y% }+ dbut the value of their assets did really drop significantly.6 G. W( K% Z. @8 I

4 _! _- B/ x  A7 z7 l3 w, K[ 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.gif3 [' D! D& @. G" M# p+ q# `
Refer to last example,
; ?" ~( M0 C: S  F1 O! j: Y- Vthat means bank A have no money because we borrow 10 dollars from bank A
7 Z/ o" a% J8 G1 s  r. H% r. sBecause bank A doesnt have enough cash on hand & z% B; D$ P9 m- C5 b; Q8 Q
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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- R5 t* L+ z2 q& F! r8 ]( C6 y! WA->B->C->D->E
" i) b& K; v8 {2 q5 xso does it mean if E failed to pay D, ) C4 K% P6 c3 {- Y  S4 I
all the B,C,D,E have to go bankrupt?. ^" A/ v+ W) m& s9 n9 f% z

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the multiplier just tell how much money created in a whole economy, 5 V9 \4 d3 O# E. J
in this case it doesnt really matter how much money is created,
) w/ y, B, h# R, K! w% F1 W4 ]" Sit's the problem of the debt itself.2 S8 v3 r1 A  B$ O1 [
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.gif1 u# a0 b  `  R; F- f: T5 W, {
小弟一直都唔明...: h- w5 C2 I1 Z
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全世界都蝕錢,咁邊個賺緊錢呢?0 w4 d! Q" S% d( J5 x$ G" v2 q/ D! I

2 o- _- N2 o( T- z無可能淨係有人蝕錢無人賺架嘛...
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9 S4 n# K( Z, p6 B: G9 w5 F敬請各師兄解答
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- C7 @2 ?7 A) e: O. cThanks
, e% a1 X; `& y" c那些根本係 紙上財富  & w7 }- m( W- U% I- m" K1 w
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# G8 U0 L7 E. t5 n, a# q" v
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http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
% k, `9 o1 L( R8 q當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
6 o. k+ R$ b  ~8 I5 j5 `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
& p2 N# S9 v4 h$ B8 @2 U% |* B% @個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! y9 R+ W5 ~3 V9 q( W3 A8 n+ F$ u扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
  G: b) F5 _( \) c) }3 Q1 _' P計番回報率就已經係50%,所以可以好好賺
2 v1 E. V) w$ |; i前提係銀行之間要互相信任先可以咁樣借法
- ?$ X0 ]) H. B# @" \5 _同埋個市場既前境要係好先得' y: p1 Z) x5 Y. O8 v" ]
但當經濟一差,公司估值趺了,物價不升反趺# N7 o0 P6 H$ D1 ?
例如剛才說10蚊的, 趺到得番9蚊,
3 {, [6 u, J$ L+ R" p: g7 k' f咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( q- F3 u/ t* V: B  B
所以你就會覺得D錢好似蒸發哂咁" E+ G+ p1 G* D2 ~% f8 c9 D# J
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你都可以當標野咁諗, 個樣野多人可以狂升值,
6 F+ J2 O, s( q! T6 M. p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,
" s) P2 D3 ]! q) C2 n& K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
- \+ g. w& O4 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, g; j) d# A) @# C5 R$ m
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.gif8 C6 D. X0 v, z" N
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 F; O8 ^6 K9 j$ s& U& Z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . N; k8 D$ D; W8 U2 X- N
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 c1 ^! e$ P: A8 r- V' W6 o咁你話d錢蒸發左去邊? ...
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- Y/ J0 h% M5 |正係咁樣0 U0 k9 a8 Y/ f2 j$ P  S' d; 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
5 E: F7 X( d" z/ S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,
4 n8 U  g. J3 t2 w( F/ M' l( {連國家都係問人借, 不停發債券, 印鈔票
  a! L5 a% ], O) l7 M. X; V) k一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
! t. F) K0 T3 c3 U8 G! D! s( ?: ?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
% r! ~; H0 K) r. a+ \) d咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
6 ?- u8 \( r! S2 J- d因為以前未生產, 先消費
6 V( S6 P8 u) s& b6 L; k而家就要多生產, 少消費
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