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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.gif4 ]5 _8 C9 J: d( y* z: T. C1 e
Why bank will sell 借據給第三者???
4 y1 G( g+ S3 G( y, C4 w2 A# k9 WI was so confused.....
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- v; b. {  r  [講到尾都係賺錢6 N& e3 z4 ^8 {% `* ~2 _; I  V
so銀行可以不斷放款; ]/ d+ |0 l5 t  }) N
美國的房貸問題散佈到全世界
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6 S. S. i" ?6 u; Z7 w; c* Umortgage loan
9 ^2 i7 {0 E* v6 n" q>conduit
$ p0 Y6 c; t" h9 a/ h3 S>RMBS(Residential Mortgage Backed Securities)3 j' O, t% q# E4 @0 M* b" F
>arranger- v4 V2 R: [2 s
>CDO(Collateralized Debt Obligation)5 n2 ?- r, @$ _& I( E, o3 N
最後去到投資者
i thought it is the reason of rate of return.
' k1 v. j5 C! Y3 N! h5 ZCDs could have different ratings, AAA -> F,
! l: |% g0 Z$ g5 Omore risky ones would have higher premium (interest rate) as a compensation for an investment.& J6 j. S- N1 U9 x3 o; O! U: m
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 q: K: u# t, \) h0 i% nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. b% T* d! k3 n! x5 l' k
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., C6 `2 p: {* k- A* Z
similar to bonds, CDs trading in the secondary market have different value at different times,
2 h! k0 O3 r: O% P# N6 p& Y5 t: Ynormally the value is calculated by adding it's principle and interest. 7 k5 G: n* k, C
eg. the value of the mortgage+the interests to be recieved in the future. / W% q9 v6 F$ n# R5 y# B; Z* 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.* n  l- Y! V( Q
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im not quite sure if the multiplier effect does really matter in this case.
. W1 Z4 W) C; w$ K( {; ^% Kin stock market, it's the demand and supply pushing the price up/downwards.
$ w, T. q2 f9 f! gFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) b/ E% i, q- t2 }- o
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 `/ G" B- s  PThe 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. 2 a. N9 j2 y% L  h- n
but the value of their assets did really drop significantly.' ?1 Y$ V# m& [- i

, Z+ G* g0 [* n- J" a2 ?[ 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.gif6 e0 `6 \# {9 O6 B2 _
Refer to last example,# y! ]! M- u; L: `  E0 K! M2 {; K) L
that means bank A have no money because we borrow 10 dollars from bank A
5 i( h* e' v5 X; C/ SBecause bank A doesnt have enough cash on hand
4 j( H* K' m/ Btherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
0 ]2 U# s' P- l7 ]4 C2 [, G' _2 f" yso does it mean if E failed to pay D, : b) l1 y5 A- M0 \* i& d! F
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,
- j8 x: w8 y5 N3 O6 \9 B5 C1 tin this case it doesnt really matter how much money is created, 4 ^5 d( B% n, y6 c
it's the problem of the debt itself.
' T; K3 \- ?6 ^9 h, J  Athe 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
" ^' _6 s6 u/ E7 l( t3 p小弟一直都唔明...
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7 O; h. `: |4 Y1 z. L全世界都蝕錢,咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛..., v9 J: V+ |% i8 ?) ^
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敬請各師兄解答
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Thanks
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那些根本係 紙上財富  
) ~1 K& A6 m& W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/ n2 b2 J9 `: u4 @
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
9 u8 r; p' |% 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& x8 m1 `" V. i# B( r  O
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦1 q# x  r; K; u
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
+ |+ x2 J- Z8 ^; |! |計番回報率就已經係50%,所以可以好好賺
: ]9 S# T1 d7 |! u. e; W8 p前提係銀行之間要互相信任先可以咁樣借法
& Z3 e" y1 O. _% j$ D同埋個市場既前境要係好先得
- o9 @' U/ `3 S7 W' H% w9 }) O9 E但當經濟一差,公司估值趺了,物價不升反趺
- m$ }7 f- e* C例如剛才說10蚊的, 趺到得番9蚊,
8 n. t5 J2 t1 v9 b" S咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" }- d- p2 Y+ g: H2 m5 Z
所以你就會覺得D錢好似蒸發哂咁
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& n2 @! y7 w, _4 P5 L" H+ `5 D你都可以當標野咁諗, 個樣野多人可以狂升值, 9 g4 W, h6 |) h. x8 z, g4 K
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,
, i1 |9 r. K+ Z$ ?4 \8 p! Q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 W! m1 p2 L! ?9 `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; X1 w, s8 p( \6 q
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 s* T6 `, |  d1 M6 g* Y8 R
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ( A7 O0 D- T' Y
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - h, {/ _, z+ O; n( R6 P
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* a+ ~* l1 G* c4 f* m- y) g3 u
咁你話d錢蒸發左去邊? ...
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正係咁樣( S/ }  _4 f2 c' N# U
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  U2 a6 |  _" i+ k* j
分分鐘佢地唔使還錢, c0 t4 J! i* W' g0 M
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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,
$ m5 Y7 r( U2 P連國家都係問人借, 不停發債券, 印鈔票
* T7 g# Q9 I3 z, }& _一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
9 e3 g/ H+ [/ J4 r' Y( u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.gif2 I  u+ `9 L/ o
咁而家"爆哂煲"算唔算先至係變番"正常"???
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3 ?% x, x: `. _: v0 Z其實係...) z# F0 \6 M2 {% h. n$ W
因為以前未生產, 先消費8 m+ z# C$ i1 R! F% d
而家就要多生產, 少消費
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