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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
) Z8 u; M. E- v$ lWhy bank will sell 借據給第三者???' P  ?8 H# N) _8 @: b6 M5 |7 b9 V
I was so confused.....
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講到尾都係賺錢4 H; }0 D; C8 U# ^: S
so銀行可以不斷放款- M7 D: w6 W% Q& d! `
美國的房貸問題散佈到全世界
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9 @- \5 T& y  P, j, c, }3 Smortgage loan
; o: L0 `$ d9 Q- @8 V>conduit
3 V/ u9 S% U4 S) H/ f' F2 M( i>RMBS(Residential Mortgage Backed Securities)
$ U8 O- _" A" N& D>arranger
9 W' G( F' P& J8 J/ [( ~7 j>CDO(Collateralized Debt Obligation)4 C8 e3 k6 Y, Y" _3 U" |' m& N" Y
最後去到投資者
i thought it is the reason of rate of return.
- A- G# Z' Y! n, q) e4 HCDs could have different ratings, AAA -> F,
, E- m2 N2 b; r& }more risky ones would have higher premium (interest rate) as a compensation for an investment.0 K( ?+ L. u4 [- a0 |
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 \1 x4 {1 ]" n6 x, ~in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ I: X7 f3 Z. `( ^
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 r; `1 k! o! z( L2 @% R6 Nsimilar to bonds, CDs trading in the secondary market have different value at different times,, l3 ~0 i, o, Q( M2 g
normally the value is calculated by adding it's principle and interest. 5 o7 g: X2 m% M; U1 o/ t
eg. the value of the mortgage+the interests to be recieved in the future. " z" s0 O" n* g1 x7 Z
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.
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- B; C/ I9 O5 z! P) _0 W  _. ]im not quite sure if the multiplier effect does really matter in this case.
9 @3 X+ c* x" D# rin stock market, it's the demand and supply pushing the price up/downwards.- c5 A- @: a4 _6 h. X6 a
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& y" [; X) ~% L, _/ _8 s
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* `+ o% C) P, O1 P6 {9 Y' H2 ~% 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. 5 {6 q+ H2 \! B  }1 G/ x/ {
but the value of their assets did really drop significantly.( S$ T* W1 K  y- i) n
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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
, Q6 T0 {  i& O$ d$ b9 W. j1 KRefer to last example,
) \/ _5 ]0 Z  e* k. bthat means bank A have no money because we borrow 10 dollars from bank A
- H$ i; y. j9 T  V* n' N9 oBecause bank A doesnt have enough cash on hand 2 `8 {, z1 G- w
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
0 O9 O  |, J6 i/ y- R4 sso does it mean if E failed to pay D, : m- J: e5 z. ], R
all the B,C,D,E have to go bankrupt?+ k, z" X" Z5 ^1 ]! r

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' d5 v% X5 S1 {! i# ]the multiplier just tell how much money created in a whole economy, $ L' T4 n( \* r$ w+ s
in this case it doesnt really matter how much money is created, + n& q! j' g+ M: C
it's the problem of the debt itself.5 R1 t3 A2 D8 A9 C: {% K
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
/ x7 H& E1 t% c0 a7 y* e+ c小弟一直都唔明...
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, ]+ j" h8 t, `, \4 T2 s( c9 e全世界都蝕錢,咁邊個賺緊錢呢?0 T. a: x$ s& Y* \6 p, {- ]0 g7 k

  D6 j. T. m+ W8 B9 H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 ~% M, A+ w# uThanks
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那些根本係 紙上財富  5 B( S3 a1 x0 Q4 \& p
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 graphic6 j2 |/ K/ H* E' Q! a8 j' ]0 {- ~

# z$ r; P1 o# J1 C/ J( w) o) `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 f) D/ F5 {2 h1 h2 e& b當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% _5 V  b3 V  q* {6 Y; 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
5 M- T5 M3 P3 @/ I* N; r" z. P* U  Q個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" Q9 _  h% q" e6 ~
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
  W1 k9 C+ z8 B7 }$ G計番回報率就已經係50%,所以可以好好賺( l/ V3 |, B+ M! X& r: f' A- X+ z
前提係銀行之間要互相信任先可以咁樣借法- _, t) y+ C+ \2 S6 m+ o  S8 x
同埋個市場既前境要係好先得# N/ A! f) c5 P, I/ A% A# D6 `# ~# f
但當經濟一差,公司估值趺了,物價不升反趺6 {# H5 I3 v7 ~" T- ~
例如剛才說10蚊的, 趺到得番9蚊, 8 q# `9 R: ~. z
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
/ e/ |: C* Z! N: J$ O& Y% W1 b& p所以你就會覺得D錢好似蒸發哂咁) q: X- X) C$ h
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你都可以當標野咁諗, 個樣野多人可以狂升值,
% s0 O( d5 g3 ]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, # M' I& L/ w4 ~0 f% |8 i
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * o  F3 S2 F1 k' k# v! H! I% S# 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# i# Q1 |: b) I
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- U5 x9 v% L+ @9 j: R2 c# T8 `
唔係d錢蒸發, 而係比美國佬洗晒未來錢, , p, Y2 r+ K% k: E% {0 B% w) l# Z8 G
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 G  I$ |; u; c, b8 n7 D) r
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
5 y. }4 w# h2 _+ U1 [咁你話d錢蒸發左去邊? ...
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正係咁樣
8 K  L, o7 _4 H. S% o/ 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, Z: @# n9 q& {) q) b, v' [4 B' b2 p& D
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 T7 F/ k/ A( ?5 b1 @* A' g- ~3 r1 z( g連國家都係問人借, 不停發債券, 印鈔票! @) t. J, M) K. N' o4 @0 l/ s7 D
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產; K: o) [, S' N% r2 {2 |
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.gif3 G, p6 t  o* T, E. R
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
1 n9 S+ Z( t( T# s因為以前未生產, 先消費* F4 W8 h, {) E9 ?2 F/ V
而家就要多生產, 少消費
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