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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
6 B9 i6 O/ s, A- I) wWhy bank will sell 借據給第三者???
4 }; d7 D0 ]% s5 SI was so confused.....
8 A3 _9 }5 J" r5 [, I& F' G+ o6 a& H  H9 R: ^6 p0 Z
講到尾都係賺錢* `( N* y5 @6 o- i7 C# o
so銀行可以不斷放款
7 y; k: X3 F; F, l& G- u美國的房貸問題散佈到全世界2 |$ s' z" ?% c$ S  k( V

+ W. T; @8 P: |( wmortgage loan
1 B* m! J5 S* h$ D' L) I1 x>conduit
9 |( J% y: ~, p- M>RMBS(Residential Mortgage Backed Securities)7 |+ a# D5 n! O
>arranger
  `8 L7 _' D% T5 v8 T8 H>CDO(Collateralized Debt Obligation)
/ B! A2 J2 a  J/ ]* r2 t6 z最後去到投資者
i thought it is the reason of rate of return.5 w% [9 O$ N6 [" H, I
CDs could have different ratings, AAA -> F,
7 E5 @/ r6 a- [4 U" T; ^6 V5 Nmore risky ones would have higher premium (interest rate) as a compensation for an investment.3 Q7 Y2 ?, I3 c; n+ ?" ?& t  B
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, ~9 t0 @& G" u. V) L! N- l5 y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& K' V1 z: n+ ]0 ~& ^9 ]. T
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- S! R/ c* E+ v; k+ z7 W9 w' d* G
similar to bonds, CDs trading in the secondary market have different value at different times," G5 u1 f: `% B- v
normally the value is calculated by adding it's principle and interest. 8 `1 B( T# h9 o- P; d' N
eg. the value of the mortgage+the interests to be recieved in the future.
$ c/ h+ {& b( D+ N; S* u- r; rbanks 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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im not quite sure if the multiplier effect does really matter in this case.
+ _# u0 Z8 H8 E4 Jin stock market, it's the demand and supply pushing the price up/downwards.4 @2 H" l" n# X3 W
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ i& k! c, L$ y, k  x, fA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: |/ L) D8 ~. r! O6 a0 R3 _" c
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 |+ p' k. E! [; e5 ~/ n, L3 Wbut the value of their assets did really drop significantly.
9 @9 V6 T# M8 o3 }- O. a/ S9 E/ K+ @4 |! Y* }
[ 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
$ N* `5 M# \# i' S( {Refer to last example,* O2 S6 }( t' N: ^& ]( \( U' _+ u
that means bank A have no money because we borrow 10 dollars from bank A
5 J- A" u6 ?4 P, QBecause bank A doesnt have enough cash on hand
0 p) P4 o& B* I/ d! Ztherefore bank A need to be bankrrupt ??? Am I right ?? ...
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, p0 i3 ~/ J) B; e" V$ q: hA->B->C->D->E! u7 z. c7 ]# ?% z/ `  D) k
so does it mean if E failed to pay D,
* R$ Y+ R; Y5 k+ I* Mall the B,C,D,E have to go bankrupt?+ V, N( ~& K8 m& v& D$ h0 Y! K
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) b1 N9 _2 A% {! ?3 L; @) U9 f- ^, p
the multiplier just tell how much money created in a whole economy, 2 c- E. v" @# E
in this case it doesnt really matter how much money is created, % ]# b/ @9 i5 ~* z1 M
it's the problem of the debt itself.
+ N* Z9 B4 w" M. @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 A. m+ O$ C3 Z% d1 w
小弟一直都唔明...9 F: L( q  i2 Q2 Y

  {) n7 a  C9 x0 b* A  I; Q全世界都蝕錢,咁邊個賺緊錢呢?
8 C* f: D8 k3 u8 W2 b% L# Z
. Z- F- ~8 q# D$ z# l& ]無可能淨係有人蝕錢無人賺架嘛..." j+ W. W$ T; _; p: n

" L1 l. f" V; l敬請各師兄解答5 c/ T& g* ?6 U# u# F) D3 Z

  a  A: v# g$ O% d; l  D( lThanks
1 E4 W% _9 X* m& u
那些根本係 紙上財富  
; F$ d% r6 L* N/ U0 n% `' ~/ g0 b3 z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( z& s, [* h* `, ?5 f6 f4 a/ \

, T# i3 H: W2 O% Vhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產6 \( \  d! f+ j9 |
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
1 r5 H' I; X9 g4 q# _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/ t( f5 I; x4 |2 f) [
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
4 b! ^/ N4 Z: I' Q7 Z' [7 i扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,- s% ?8 y& D( Q% Y3 d) ~" p4 e
計番回報率就已經係50%,所以可以好好賺
! `3 D. Q2 I6 @3 `# |" }前提係銀行之間要互相信任先可以咁樣借法
. b! h0 v8 G& ~' q5 I+ ?同埋個市場既前境要係好先得
/ M8 ^* b  h1 {" b7 Y" n2 Z但當經濟一差,公司估值趺了,物價不升反趺: x2 C; t: {5 V
例如剛才說10蚊的, 趺到得番9蚊, 0 {  Q' R* A! P2 {! T# T( i
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%8 ^8 I$ d1 p" p
所以你就會覺得D錢好似蒸發哂咁# ]4 e' u8 c4 ]5 ~
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你都可以當標野咁諗, 個樣野多人可以狂升值,
. r, F; c+ e  T" a( N6 @; X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, * K" A# i- P. p# F2 K
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
' J8 V8 a4 g& 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
" i. S3 c0 b0 D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.gif0 c( ?7 W# T: V" @4 v2 z9 J
唔係d錢蒸發, 而係比美國佬洗晒未來錢, - l0 o" N: Q' Y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! e* U1 }6 z& R' R( N3 k/ 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+ a8 }0 h! h" m
咁你話d錢蒸發左去邊? ...
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正係咁樣
( P0 G  t  g9 ?2 r) 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
1 D$ u4 C, A: q4 U+ `分分鐘佢地唔使還錢
8 I; B: ?2 O( M6 ~: C% e1 q  ~/ i9 h+ G1 T+ {: p# `+ S
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,
$ @! @$ E! L9 o; w+ {連國家都係問人借, 不停發債券, 印鈔票% _) p  H5 e# ]9 M
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
$ S) A- m+ Q0 J& D* d$ \* A' A5 c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
: w/ ?) w! w4 ], P8 m* a" S, h咁而家"爆哂煲"算唔算先至係變番"正常"???
9 P# [( c$ q8 z" c5 z% Q- X
  G+ g6 i4 j/ _: {* R, ?+ L- h* p其實係...
7 X# y# ~5 c" K4 l3 M0 }) T- F2 C因為以前未生產, 先消費  s* b/ i: w. V
而家就要多生產, 少消費
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