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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.gif9 x: O- u7 y8 I$ `2 R8 W* F% J7 Z
Why bank will sell 借據給第三者???5 r# D2 A, C. l9 l5 O% k0 k
I was so confused.....
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講到尾都係賺錢
' _; b1 n4 ?& p! jso銀行可以不斷放款
3 c' V7 i  K( p% a8 `- H美國的房貸問題散佈到全世界2 j6 W. p! t! Y# @- `" P, `8 ^( R

, a) Q, @# |. n" ~: c5 Bmortgage loan 0 o7 R2 j! w$ R8 b& y0 B
>conduit% U7 z6 V6 w8 O% `2 t& h* x
>RMBS(Residential Mortgage Backed Securities)4 G5 Z! \. T* u: |9 O
>arranger2 C9 E: c8 C0 {8 l3 x; U9 s
>CDO(Collateralized Debt Obligation)( I& `% o2 Y0 X7 k4 X
最後去到投資者
i thought it is the reason of rate of return.6 O  e& i4 `6 ~: L) F
CDs could have different ratings, AAA -> F,0 w+ x$ h0 l# n' u; _
more risky ones would have higher premium (interest rate) as a compensation for an investment./ a  q! J- C3 n1 h! M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( I, U9 {/ z9 [5 c; W" V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
: _6 ?" e4 B4 S7 _. w# F7 RAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 \4 M2 X  k# w, `) }  X0 X5 v
similar to bonds, CDs trading in the secondary market have different value at different times,
' B: q; u! z4 c  ]0 wnormally the value is calculated by adding it's principle and interest. 2 Q+ V3 C" k) l7 K4 y
eg. the value of the mortgage+the interests to be recieved in the future. $ d* i: f) [, q% T' K2 d
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.% }: ?; @, o. O3 N; r
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im not quite sure if the multiplier effect does really matter in this case.
# K) O: G  P$ n9 m5 f4 F* y7 pin stock market, it's the demand and supply pushing the price up/downwards.
2 I+ o3 M: ^% _' d$ d, gFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ r+ W/ J0 D% T1 x
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 M  N0 K8 h+ _/ ^. q, `) JThe 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. # F  i+ x! b/ v* n2 t
but the value of their assets did really drop significantly.
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7 f8 D& i6 [- K9 y, |) T0 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/ _: i3 }( `4 x/ P
Refer to last example,
! p& s& Q& E1 @, d/ e, hthat means bank A have no money because we borrow 10 dollars from bank A
, Z" A; l/ l! W% n8 oBecause bank A doesnt have enough cash on hand
6 L! i* y7 m$ B% n' E& btherefore bank A need to be bankrrupt ??? Am I right ?? ...
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% h' _; O2 v+ x% C8 f* _8 x2 wA->B->C->D->E
# N  b0 z$ V1 p  Y4 `; p9 e0 bso does it mean if E failed to pay D, ; A0 E, n, z" O
all the B,C,D,E have to go bankrupt?
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7 z+ s9 K6 d- ^" y9 r# {9 \the multiplier just tell how much money created in a whole economy,
  B8 N# x3 a% U# j6 l' A7 Min this case it doesnt really matter how much money is created, 0 j( R8 b4 K0 u. T
it's the problem of the debt itself.) P) C4 }0 a) I9 o  y$ A
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
2 q( k! c! q! P  }. n& Y- ^0 b小弟一直都唔明...$ k& `& B( P9 u2 @! W7 H

) [3 w8 z* z$ Q全世界都蝕錢,咁邊個賺緊錢呢?0 l9 M5 }- s* o5 s6 H

- U* k* G" {, U- L) [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( L2 W4 M- A: j9 K4 ^" x
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Thanks
. t& n$ M. d. g8 r那些根本係 紙上財富  
7 {7 F$ N" s5 J3 E& D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$ @5 S  j0 X# A" l, e0 s1 \% {

+ z. w0 d8 z% T" y+ B9 e6 d4 N1 o& bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
1 ~; ~2 W8 x. u% D* j5 j當經濟好,投資銀行相信會賺錢, 物價既估值相對較高4 D# g  l. P. J9 X" P0 i- j9 s
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
: d! L. n3 P. X3 Q個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! e& d# ?4 E* A扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,) h0 M8 V9 G; L/ y/ H& ]; L5 R; Q/ G
計番回報率就已經係50%,所以可以好好賺
) f" h/ P4 x& l前提係銀行之間要互相信任先可以咁樣借法
9 ?/ t/ H& ]) D# U: T% K7 C( p同埋個市場既前境要係好先得( A. E9 e7 `! C2 e9 R
但當經濟一差,公司估值趺了,物價不升反趺
4 Y' I( ?, J& r( h例如剛才說10蚊的, 趺到得番9蚊,
# C% D: c# H* ^7 s- @咁投資銀行一下子就要還11蚊, 一來一回變左虧200%7 V6 z% _3 P4 l0 b
所以你就會覺得D錢好似蒸發哂咁+ q2 S, k" Q4 y( _/ r* n% w
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你都可以當標野咁諗, 個樣野多人可以狂升值, 0 H: S* W1 Y0 I/ N3 @9 w5 D8 z4 M$ \
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,
& d6 T4 P2 z- c0 z& e, a. C7 I$ E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 H3 r7 d8 x' O
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 X0 q5 K+ e. c
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  q' r6 {' Y& a4 b, O1 K( I+ L
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) [/ d" e) N$ o5 A( Q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ V* |+ p) F: q6 |5 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
* s7 `4 I3 u* h4 j咁你話d錢蒸發左去邊? ...
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正係咁樣) ~3 x5 a( a& O" H$ g" v! 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
: z3 |# }+ G: l* _0 ^9 A分分鐘佢地唔使還錢
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5 q/ a+ N& E# N, D8 P* 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,7 _5 m# {, m5 k7 s# L0 b
連國家都係問人借, 不停發債券, 印鈔票0 ~2 r. ~4 Y  W8 T' r; v7 X
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( a; M: E8 l, n
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.gif2 \# V* i' y; ^9 t* L8 O, J
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...9 V* w( f7 V; O! O0 h8 A2 Q; B3 b
因為以前未生產, 先消費
' H5 @$ [) ]- b: V而家就要多生產, 少消費
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