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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
5 G& }7 q0 u' p! H% y4 tWhy bank will sell 借據給第三者???
) f) ]+ p4 K" P. r6 Z9 hI was so confused.....
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講到尾都係賺錢
4 z1 g; L/ n; I( xso銀行可以不斷放款
" Z) K5 Z  D1 I- N. N, e美國的房貸問題散佈到全世界6 N5 Q4 u# m3 i3 F
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mortgage loan & ?7 |# x( O2 Y* {6 w2 V8 t
>conduit
* u9 ?+ V. X' _2 f1 Y9 N7 ~! e+ m- D+ `>RMBS(Residential Mortgage Backed Securities)
+ C- {& l2 T$ k9 z0 A* [8 T* @>arranger
* h8 i" K. [3 j1 p, T>CDO(Collateralized Debt Obligation)
" f" @  V! E/ ^  [; y# x最後去到投資者
i thought it is the reason of rate of return.
3 s( Q+ O( }5 ~/ oCDs could have different ratings, AAA -> F,
2 ~" m3 h2 r! P+ L) q: s  vmore risky ones would have higher premium (interest rate) as a compensation for an investment.
2 ?4 ?6 s7 K- h  emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 s7 }: c$ F3 D, _7 I3 u; Din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& v' f9 I) y- g8 w  b0 rAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 P6 U2 N3 t2 C" i: h- w& T" zsimilar to bonds, CDs trading in the secondary market have different value at different times,
% E! @& j; T2 h' U3 Y1 P5 v* jnormally the value is calculated by adding it's principle and interest. 4 H1 B) f+ r. u, l( I" m, H
eg. the value of the mortgage+the interests to be recieved in the future. . l: ~' `: i6 ~
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.7 M( g% \; L8 u9 W, }3 I, n6 v
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im not quite sure if the multiplier effect does really matter in this case.
1 D4 v6 g8 H* [. s2 U2 ]/ N1 Kin stock market, it's the demand and supply pushing the price up/downwards.
' y; ~4 l9 B1 `" T8 m% R: _* k/ m% IFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ s/ Y: Z/ s9 }: C7 b/ X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- }9 O  y% V4 I# z) f) z1 uThe 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.
5 _' {% y5 U5 O# w; u$ m- ?but the value of their assets did really drop significantly.: g# k# ~/ r, q8 I/ M
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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.gif9 b$ @% s. @. T. y' a
Refer to last example,
( F1 u$ Q' A! o6 E. d9 ]  R+ t/ Nthat means bank A have no money because we borrow 10 dollars from bank A 2 s) o: R3 r/ K* I6 o% \
Because bank A doesnt have enough cash on hand
; D! H( p$ H/ h9 R6 Atherefore bank A need to be bankrrupt ??? Am I right ?? ...
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, [( K$ k% T3 h- P( m: ]# BA->B->C->D->E- U  |) q5 R1 j  W
so does it mean if E failed to pay D,
. {* p% @) M0 ~5 d- U: O* `5 uall the B,C,D,E have to go bankrupt?
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" E% s; x- s1 Gthe multiplier just tell how much money created in a whole economy,
4 k: f' K  d5 d* J$ x# Min this case it doesnt really matter how much money is created, + w; }+ O3 _% t5 i
it's the problem of the debt itself.
% d; |' N2 f1 S& S" O, 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.gif
9 T" j! f' e/ j8 Z$ Q小弟一直都唔明...5 j4 H' Q6 a$ ~" \9 a" N

5 w- x# L. h7 i3 w- _7 j全世界都蝕錢,咁邊個賺緊錢呢?
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4 j6 D9 }* }3 T% R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% v$ U- c: A4 Z

. U6 b' |4 t2 a4 wThanks
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那些根本係 紙上財富  
6 D0 I  m, _% Q* s5 C9 N$ d- m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6 Q6 s; c' t3 f2 c1 B' E# w8 q
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; O8 n6 n5 z# m) 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4 t& I8 S% u/ _* h0 X! p
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
7 h3 Q* ?& I0 _3 C) V扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,' k6 H. o' p# ?+ }
計番回報率就已經係50%,所以可以好好賺
% o  D2 f" {- b' t) ?前提係銀行之間要互相信任先可以咁樣借法2 n0 n( g; D6 ^5 [' t  `* [2 J( `% w7 ?
同埋個市場既前境要係好先得5 d# k( E2 x5 R  V
但當經濟一差,公司估值趺了,物價不升反趺* c% Y6 I% m" ~5 N$ h$ ^2 C) \
例如剛才說10蚊的, 趺到得番9蚊, 4 s: T6 r% b. n% ~" ~( `
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
9 X- p$ w3 D5 o" y0 z( l所以你就會覺得D錢好似蒸發哂咁+ I: d" C, X0 X- v
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你都可以當標野咁諗, 個樣野多人可以狂升值,
' \& g) w2 }# Q: F- T' W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, 6 u5 J* g& G! d
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, - Y, H- T) a; {4 r
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
* B) Q7 d' g7 M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
( j( L" N& s2 @& p1 g  B唔係d錢蒸發, 而係比美國佬洗晒未來錢,
* f6 r- p; _# o. `. E5 Z8 q淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . N( K  [+ [/ X$ E; E8 [) z
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
: i3 ^2 Z# w- d' x: R咁你話d錢蒸發左去邊? ...
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: _% e9 }2 J3 A" f5 p正係咁樣
# |: Y9 V5 Y6 [8 Z) E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 s8 F" X+ p( B4 L& y
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,
2 e! [7 N) w: U1 ?% h4 r) F連國家都係問人借, 不停發債券, 印鈔票
2 V. d% x& D6 u1 K一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
' ]1 c' e+ d" X6 f0 E/ ?* t- 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( F4 B1 a% A* f7 N1 G
咁而家"爆哂煲"算唔算先至係變番"正常"???
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: I# F3 k+ A6 z4 O+ ^7 @" B3 t7 W其實係...- e3 A2 r" n9 l- ^4 F, b" |- B
因為以前未生產, 先消費6 }! e* s, k3 a0 e2 D4 Q6 p4 K
而家就要多生產, 少消費
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