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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( U* f2 G2 _3 w6 B$ b# U8 w
Why bank will sell 借據給第三者???
3 [; A+ K4 l# T# u+ }I was so confused.....
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+ R+ }3 H, S  O7 [4 W* ~7 Z4 {2 s講到尾都係賺錢% V) h- Q, Q5 y. W
so銀行可以不斷放款* x9 J- j3 G/ \* e) D' t
美國的房貸問題散佈到全世界
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* M9 q1 L8 k( K2 j) M  C; p' Z; P* \6 G. Mmortgage loan
, l  j6 k. ^: `1 c. v2 R>conduit
( C4 u6 e; g* \' Z8 [* u4 E>RMBS(Residential Mortgage Backed Securities)
5 ~; \0 Z6 ]: y- \- |9 j>arranger
4 q2 e* W$ r( `7 q  x" @>CDO(Collateralized Debt Obligation)* }9 N$ f* Y! k* f: R# X
最後去到投資者
i thought it is the reason of rate of return.6 F2 g8 I; P# P( w& l' A; R3 y
CDs could have different ratings, AAA -> F,
) L' x1 N  o: O7 v6 y' z- nmore risky ones would have higher premium (interest rate) as a compensation for an investment.2 N/ O  A1 P) h( k" t& ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# j7 Y: y6 G3 G3 {6 Min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' p3 i, R& T4 `  V; AAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' Z) R& d2 a0 ^1 K2 n! p
similar to bonds, CDs trading in the secondary market have different value at different times,
5 W$ I7 s2 E4 ~/ U' xnormally the value is calculated by adding it's principle and interest. 6 R: x6 x+ f$ U. k! a; \0 u% j
eg. the value of the mortgage+the interests to be recieved in the future.
% i& L& h( 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.- z9 f  T$ A" s/ d& U7 \3 V, \8 ]1 N
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im not quite sure if the multiplier effect does really matter in this case.  A! j2 ~0 H0 O7 n) ^
in stock market, it's the demand and supply pushing the price up/downwards.; ?  Q$ Q* @' x4 v7 |; h* Z- @& l
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 z$ E" t3 ~3 N6 I; }A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 _2 ]. b1 p) }0 W- ^
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 s6 ~& D' _: K+ z6 q0 cbut the value of their assets did really drop significantly.& I- M! e% I0 |3 l- C

) t2 x" O9 v- m- L* ~! T[ 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" I8 a- Q: A8 O
Refer to last example,
$ o3 L. N+ f: ?  A5 Rthat means bank A have no money because we borrow 10 dollars from bank A
! L& W" E; Y7 b( hBecause bank A doesnt have enough cash on hand
+ u. X( D2 l1 O+ ~8 e' ftherefore bank A need to be bankrrupt ??? Am I right ?? ...
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7 X7 v* z* G7 Y" `2 ?
A->B->C->D->E
0 k* k4 Z& I& y; dso does it mean if E failed to pay D, * i5 s. c+ A) @* g9 i  a( L& k; [
all the B,C,D,E have to go bankrupt?
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4 u+ J/ P) u2 S! t% Mthe multiplier just tell how much money created in a whole economy, 0 I! g. z  |! b0 _
in this case it doesnt really matter how much money is created, - E- D# y, z& w2 Y( K) p
it's the problem of the debt itself.
% ^- u/ e5 j0 i- m8 Ithe 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.gif8 l' z  }* X$ `# p
小弟一直都唔明...
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  b0 F8 e' W$ P  n! W' [全世界都蝕錢,咁邊個賺緊錢呢?
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5 |- ]7 w! F) C5 q3 X5 p6 v無可能淨係有人蝕錢無人賺架嘛...  o; T2 v; n3 g! X

8 g  a1 }9 Z/ V' p" N敬請各師兄解答) T! B- t8 ]* e

/ o4 y# R3 T4 B, b1 lThanks
+ [' M4 P! M8 [$ i+ Y5 T4 }  a, e那些根本係 紙上財富  : `# x) d5 F" ?
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 graphic8 K. R4 P' ?; h/ a. v

, o6 \* t) x9 c. |- `! ^' `7 _http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產5 u2 @! S9 a5 ^4 N" l
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高" `1 V) T, i! z- d; q1 x5 R
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
& I+ r+ e0 m; X( q: m個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
1 C: s. F% C1 ^# {6 v! m扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,# ?" @1 ?1 t/ @7 S' z
計番回報率就已經係50%,所以可以好好賺
: v9 D- Y5 {) ~+ l& J前提係銀行之間要互相信任先可以咁樣借法
0 n! g+ L$ ^4 C: A3 g( ^( s: {同埋個市場既前境要係好先得
2 f$ @0 k' e. W! i. f0 p& M但當經濟一差,公司估值趺了,物價不升反趺9 C' e) E- f4 s
例如剛才說10蚊的, 趺到得番9蚊, 6 L" |; v9 ?; P6 c* D( A8 S
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%- E4 Q6 }* t0 }5 v/ Q9 D
所以你就會覺得D錢好似蒸發哂咁
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4 B: o: j7 m# q: m4 q- I3 z你都可以當標野咁諗, 個樣野多人可以狂升值,
/ c4 }$ n; }, X  g! 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, 4 |( A  N  Y* n& `# K+ N7 R
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 k. D: t! v( t5 C/ e. b2 v
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 z$ E/ I2 w/ e2 L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
" N( m' u2 r/ ?0 r& A; a$ n唔係d錢蒸發, 而係比美國佬洗晒未來錢, 2 z- @3 _4 y5 i" ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 }# ^( B; }8 ?0 E9 K
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/ |! c1 r+ \' i* G
咁你話d錢蒸發左去邊? ...
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, e+ P4 I; D6 x正係咁樣
6 @7 a' M: |' v' i: H' T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
5 `9 T/ q3 S! b$ z: I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,
! ~  {1 }: E" k5 [4 }3 b連國家都係問人借, 不停發債券, 印鈔票
3 x3 H3 J- b6 g+ y9 h( K+ |一個國家好少出口, 而又大量入口 ,反映到佢唔多生產+ C2 L( O" s( n: ?3 \+ Z  V2 x
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' r% l, w5 {+ R
咁而家"爆哂煲"算唔算先至係變番"正常"???
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0 n3 {, S+ F6 L1 w+ E6 k其實係...
7 s# y& E4 _4 N' P* ^因為以前未生產, 先消費
4 K# c; J( q$ p! x  m! \6 Z+ f1 E而家就要多生產, 少消費
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