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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
  N5 B& m5 v2 P. c# z% F: gWhy bank will sell 借據給第三者???2 V! q. ]% @) _1 v/ L- K: G
I was so confused.....
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講到尾都係賺錢* l2 p! {# v0 o1 x1 W3 w
so銀行可以不斷放款; V. z' Y5 C1 D8 l  T2 K5 G
美國的房貸問題散佈到全世界8 F7 @) ~2 J% [* A" {

" h5 \" d; a) n% O# I* i- S4 p+ c7 Imortgage loan - {6 q( [- r$ t
>conduit
5 w% G/ D# l1 a/ p& s; w& I8 X>RMBS(Residential Mortgage Backed Securities)
: o" E$ P  w% y" A; O& e/ p>arranger' }& B$ k9 q1 n# Z
>CDO(Collateralized Debt Obligation)& @2 x6 [6 F- X9 ^8 Q! y4 Q
最後去到投資者
i thought it is the reason of rate of return.
7 P4 a3 p' ~0 \) N* H& ICDs could have different ratings, AAA -> F,
$ r5 i4 O, n+ n) k! h( Y" |more risky ones would have higher premium (interest rate) as a compensation for an investment.
' H5 E: O) W" Mmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 w5 h; v6 W  E, S# n" x
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% ?; \$ Y; [( xAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 k# k/ a/ P  A4 m6 P! S6 D
similar to bonds, CDs trading in the secondary market have different value at different times,
& N" F9 T5 ?' Snormally the value is calculated by adding it's principle and interest.
4 @6 R7 L* p9 x1 a3 c9 ^+ Yeg. the value of the mortgage+the interests to be recieved in the future.
4 V, @6 y! b1 M: x" K* ^1 t: m4 xbanks 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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& f' c5 f! ]1 [2 y$ ~; k! |0 L: ]im not quite sure if the multiplier effect does really matter in this case.
1 |- V7 g& K' a( [9 A, hin stock market, it's the demand and supply pushing the price up/downwards.2 V& f+ z. p5 e
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. P) x8 ~; j* B" x: O- |, wA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- W7 [. L+ K! b, D6 Z
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.
7 |5 M0 M+ o6 @6 ~5 dbut the value of their assets did really drop significantly.3 v+ w' i; I; a, }0 `* Q

' y, d  s! p9 a, c[ 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.gif4 e8 c& ?0 S% Q, f
Refer to last example,
7 I1 O: J# U; Athat means bank A have no money because we borrow 10 dollars from bank A 6 G1 P2 ?$ R1 a+ |: M* T( B9 n
Because bank A doesnt have enough cash on hand
6 O+ M+ m4 K0 jtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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- H+ ?4 i7 W0 m5 ^* eA->B->C->D->E$ M( u; R& C2 Q1 a% w- x
so does it mean if E failed to pay D,
, ?9 [( B7 s/ B0 |1 I; m. |all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy, ! c& ~* ^8 I( d1 l, [4 q/ w8 s
in this case it doesnt really matter how much money is created,
& x, w5 s) o# Z# Bit's the problem of the debt itself.: q7 U  y( c+ ?, ^% L9 W: L
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.gif3 `7 R2 {7 A. Y1 m
小弟一直都唔明...( [, {/ I/ K6 Y0 Q; ^9 I  }$ }/ U
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全世界都蝕錢,咁邊個賺緊錢呢?- e4 l7 ?8 o! Q! x% w+ \. ]
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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; n( _) v2 E% E7 X+ w" w
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Thanks
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那些根本係 紙上財富  
  N2 B: N0 z0 U& q7 n* x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
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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
, ?3 o7 G3 f6 F6 L, D當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
8 }& V4 `: o8 l$ T4 N: z6 x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
) r3 c& Q5 l1 ^0 ~" ^0 W; h; [個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
: c+ G7 o$ d/ f3 v# Z! x* Y扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 V: y2 H* O% h2 [) A6 h
計番回報率就已經係50%,所以可以好好賺
0 l* v) v( Q* R& e+ {0 J  A前提係銀行之間要互相信任先可以咁樣借法8 x( Q/ c$ ?: O. Y+ D% M' A% I
同埋個市場既前境要係好先得
3 y7 Q4 e1 q/ _2 n7 v+ R; t但當經濟一差,公司估值趺了,物價不升反趺
( k3 B. R  N* c  C6 o8 x0 {5 X例如剛才說10蚊的, 趺到得番9蚊, / y/ Y; F' n" B7 g0 p  b/ S
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ }9 J* R+ M3 t& Y# l. Y- V( d
所以你就會覺得D錢好似蒸發哂咁
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6 I  J1 D7 U' B5 X你都可以當標野咁諗, 個樣野多人可以狂升值, # I/ R# o  B& |+ I; g2 T+ D
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,
+ J: l) I- U9 y/ D6 {淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ f, E+ s$ p* R3 n/ j) {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
& M8 D* d0 V4 i# v* c2 F4 X' {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# y7 c# _% `( B9 {
唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 J( n# M& G# h- S
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . b7 r/ ~. ?0 ~0 `9 A
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. t5 [5 f7 F  f, F6 T% \8 z3 [& m
咁你話d錢蒸發左去邊? ...
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; \) @4 j( }( `1 t$ |: V正係咁樣* a8 F- ~- o  q  x8 ~& h
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
$ t3 F+ L' E  k$ d" z0 ^+ W3 E# 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,! `; n! r. m: n% y
連國家都係問人借, 不停發債券, 印鈔票
1 U# G; Y- j  |! J+ J一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
- A0 U6 Q" M+ v- n4 A7 N) Z6 ^: 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.gif6 E3 w* i0 v/ B6 I/ r) L" C# \
咁而家"爆哂煲"算唔算先至係變番"正常"???
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0 g- F* q  \& A; J# e1 ~9 N0 U! b9 m其實係...$ u+ `) \2 `. w
因為以前未生產, 先消費: ~- y2 u( T# R8 h
而家就要多生產, 少消費
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