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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( ~& o6 W  h1 J% k1 ?
Why bank will sell 借據給第三者???- L' @4 @. [: ?, H2 t- V
I was so confused.....
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講到尾都係賺錢
+ l3 F. ]  ]4 O( Rso銀行可以不斷放款
! n0 W$ _6 {! e* W) B. Z' B. u美國的房貸問題散佈到全世界
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: |; A/ y1 {( q6 p/ V5 ]8 K3 H# Nmortgage loan * h4 x' J+ j' s: i
>conduit
; Z6 u. N) K. t7 R' L" w/ Z>RMBS(Residential Mortgage Backed Securities)
1 d4 w( r6 t& h$ p& @) d# P7 `% I) I4 i>arranger
  y+ x2 _6 O8 L$ Q>CDO(Collateralized Debt Obligation)' u) b+ w# Y% O$ \/ K' ^  f
最後去到投資者
i thought it is the reason of rate of return.9 G* v0 Q& p# Q( _' a+ k6 X$ C
CDs could have different ratings, AAA -> F,& v; O+ V6 n/ C' ^/ Y$ M3 ~8 N
more risky ones would have higher premium (interest rate) as a compensation for an investment.
  d& v" U" w& C! [7 C4 Nmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# o; u! ?' X$ S: u+ b) E
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# S) Z  `3 ~( v  f7 C6 O7 n, A% v
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! F) e: R$ M8 a% ~# F+ `
similar to bonds, CDs trading in the secondary market have different value at different times,1 c8 n0 \0 v7 ~3 r3 ^% \. }
normally the value is calculated by adding it's principle and interest. 5 a9 F4 R' X. f0 A6 O
eg. the value of the mortgage+the interests to be recieved in the future. + g, d8 p- J7 ]* F( [% A
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., \2 O) p9 k1 i% ]! c* z4 y6 e

4 K, L: x! F5 w: V$ oim not quite sure if the multiplier effect does really matter in this case.
2 p/ x0 N. U1 S6 Y' _2 \* B: qin stock market, it's the demand and supply pushing the price up/downwards.
9 [6 H. d& o0 c5 \/ K* f8 RFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: K$ s1 Z" g' R: k* a* q& o' o
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# ]1 ?7 E0 z4 n8 q) dThe 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.
4 X( |- F3 v$ O+ k' wbut the value of their assets did really drop significantly.
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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
! X! Z' Z7 m+ l. u+ f* [Refer to last example,$ b4 D# z0 b, O% x- l9 j, h: K
that means bank A have no money because we borrow 10 dollars from bank A - G  a2 L4 V2 e2 J1 X$ E
Because bank A doesnt have enough cash on hand $ G* [: r9 _6 z, H3 s; {
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
! V( d/ m5 l: y1 a4 F! mso does it mean if E failed to pay D, 8 W) ]/ `% y4 ?
all the B,C,D,E have to go bankrupt?
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1 e: |: N9 ]- Cthe multiplier just tell how much money created in a whole economy,
. Y# k! N8 C. R; j# D# Tin this case it doesnt really matter how much money is created, 6 C3 w0 z0 [1 ^$ u# j$ S
it's the problem of the debt itself./ F) y( u" g3 i) D- z  H
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.gif6 _7 O/ U- u8 H! P3 X; Q
小弟一直都唔明...: F' }# J' Y7 G0 \

" H( b& [; }' p+ [5 `全世界都蝕錢,咁邊個賺緊錢呢?1 ~( H# Z( c$ k. N% o

6 D1 A' }8 _$ R5 [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" Y& L: d- h: Y- k* M

7 F0 F2 P! X, k' T6 O* d* ?7 CThanks
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那些根本係 紙上財富  / n7 P, s) I8 F/ U, k
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 graphic2 h4 X* |1 {) D* ^

- P- ]) {6 _1 h$ B' U# Q0 `/ {1 ehttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
: T5 v* g9 y; Q5 H! \/ o7 s5 y當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
1 h( F/ _) J9 H9 K, T7 u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' Q6 X' N5 d7 b: f
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% c8 {: k+ E2 B; b2 c
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,1 }3 M7 G- ^/ W3 N
計番回報率就已經係50%,所以可以好好賺' q( \1 j; a; a9 j
前提係銀行之間要互相信任先可以咁樣借法; G% ?- S  e5 p3 K9 L& A' t& w
同埋個市場既前境要係好先得, \- f6 C+ `" u- B$ y
但當經濟一差,公司估值趺了,物價不升反趺
3 i. m7 a! _# `2 v; ?5 P例如剛才說10蚊的, 趺到得番9蚊, $ c% Z! q9 m0 _
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
; n" A& w1 J& Z所以你就會覺得D錢好似蒸發哂咁
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% _( S( |& D$ u  t7 O0 m2 X& ~; k你都可以當標野咁諗, 個樣野多人可以狂升值,
  E: O+ u$ n  X6 o) B9 \! 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,
  O7 y5 A  u- k" s" `# Y3 N3 t1 Y淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! I: {7 M* {0 U$ ?6 F. M8 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
2 s* \4 {4 W+ g1 F  q$ S3 j* X: G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# i+ J3 d' V( d% N: ~
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
5 [7 _- y; ?' e, ~1 Q8 w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ i6 L1 }( D& m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
1 ?+ p  F1 P1 ?; n8 d# s$ E咁你話d錢蒸發左去邊? ...
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正係咁樣
, S+ Q; _2 ~$ s% ]+ g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
" _0 K6 Y# a0 ^7 ~分分鐘佢地唔使還錢) b  ]: x0 N5 k" `

* \5 }5 T1 w, K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,
* A* K7 t3 ]8 s7 o  G7 ?連國家都係問人借, 不停發債券, 印鈔票; h9 L. c/ y( M, n# S' J0 ~# H  D
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產( B# ]: {& M. A5 x$ y
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( c" ?7 O! R4 Y; y+ L
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
, D0 C; Q3 ?; R) ]& P- o因為以前未生產, 先消費
! z' W& z/ }- E' S* G& r而家就要多生產, 少消費
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