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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% I9 r, z' m! X6 ?( I
Why bank will sell 借據給第三者???
7 m# d4 e+ }3 V, F9 O/ {I was so confused.....
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% f# F/ J& s& \7 u9 r7 N/ Q; o講到尾都係賺錢
; x2 |% q# m) v& Cso銀行可以不斷放款
/ R* z2 m3 r) L* G( ]美國的房貸問題散佈到全世界& F% G2 |7 e9 M% Z

- V# T; w" p% P, R6 F# A* {  }! cmortgage loan 5 e5 K: N, C$ O; l* D; A
>conduit
& z& W/ O( D% c5 ]& M/ o>RMBS(Residential Mortgage Backed Securities)" `- k2 z7 |) y/ t4 H# t% z5 t
>arranger+ I" j# [8 K* i9 ?
>CDO(Collateralized Debt Obligation)
8 F7 n$ F) d3 y  Y5 D$ m3 I% m最後去到投資者
i thought it is the reason of rate of return.3 d3 [  b; f3 T) q" S# c
CDs could have different ratings, AAA -> F,
# o- e) i' U+ @# T2 t! emore risky ones would have higher premium (interest rate) as a compensation for an investment.; J2 j- p4 E) G; H$ T6 F1 Y4 I
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# @! @1 y, }4 x$ p( V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
/ L- j3 g. R" q" f& u6 q, dAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* Y% V) f4 h2 Y/ Z5 w
similar to bonds, CDs trading in the secondary market have different value at different times,
$ v; Z$ Y( O4 H/ d+ I+ dnormally the value is calculated by adding it's principle and interest.
- v! I) D  q5 p) K) N/ C8 v. Aeg. the value of the mortgage+the interests to be recieved in the future.
2 q* K6 Y8 b5 o- K# |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.$ ]4 [7 f( O8 k$ l8 t# s( _# x3 j+ U
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im not quite sure if the multiplier effect does really matter in this case.0 F2 W* f  k. q/ [
in stock market, it's the demand and supply pushing the price up/downwards.
  o+ L) D1 {9 P3 E2 sFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, ?# v( U3 }4 M) H* \9 @, K: G1 XA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
% ], o7 @$ e2 u5 gThe 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. ; H% g0 d+ M, z) h+ h  M# `/ ?, O
but the value of their assets did really drop significantly.
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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.gif- `, Q6 B* i' l: A( t- ~" n
Refer to last example,3 ]" |1 p0 h9 d2 b& M
that means bank A have no money because we borrow 10 dollars from bank A $ `* x8 W: [0 G7 [+ A# O6 }
Because bank A doesnt have enough cash on hand # ]9 z2 ?$ w* `4 M
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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& x7 B" E1 K5 V4 L8 N2 \1 W$ ]4 v' F' v& @6 v
A->B->C->D->E
" P0 H0 z9 a& |  _3 {& Nso does it mean if E failed to pay D, ; [1 {( G) J5 T/ B: T
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,
2 P# r+ a3 A8 ?5 Y2 \9 Tin this case it doesnt really matter how much money is created, - w) j. X% @# h# E; M6 `# s
it's the problem of the debt itself.: x' a& d: B/ ^
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$ \6 p5 s" M- ?% H
小弟一直都唔明...
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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...
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敬請各師兄解答4 q1 ^4 f8 L9 N3 _

3 r& j: w2 M% L1 s" H8 F8 W) Q* KThanks
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那些根本係 紙上財富  + Y( L4 |5 m5 {/ L1 M# {& u
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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( B; K9 C' b- B8 e) p3 Whttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
# ~3 g3 Q8 A+ ^0 f* j當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
0 o" s* I# x( o# S& G( z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% l/ P# v/ W+ K1 L, S8 Y% L/ v
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦) E$ h, X( D8 q9 X: o- V
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
% {" A: n$ I+ L/ @/ b% e; P; h計番回報率就已經係50%,所以可以好好賺0 G9 D, m0 Y1 l  ?& Z3 j0 a
前提係銀行之間要互相信任先可以咁樣借法9 B) c! R. j9 ^4 q5 X3 x: R0 n
同埋個市場既前境要係好先得3 {( c+ p3 i0 B, j: n
但當經濟一差,公司估值趺了,物價不升反趺* G9 a2 @1 R; K1 S2 m0 B
例如剛才說10蚊的, 趺到得番9蚊,
' {. I) q3 l! Q7 p咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 Q+ D1 h; s0 h  N所以你就會覺得D錢好似蒸發哂咁
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. v, s6 f! {. b# v0 D1 M你都可以當標野咁諗, 個樣野多人可以狂升值, 5 b, v: X1 e4 f2 h. S: S
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,
3 o9 v3 f& K: ]淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) d4 I; L4 a+ e8 R/ D5 G
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 s4 V9 z7 E! c) @% d: T/ V
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
$ P: s4 L9 G! W1 q  z% g2 Z6 P+ \( E唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, s( b. U4 _8 |* D. ]3 o淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 3 ?: t" S% H. c7 u* `" w
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
' {; Z" u/ ^% ?. Y咁你話d錢蒸發左去邊? ...
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1 v& g$ u9 I6 t' Z! @) [  r" T正係咁樣' S! J" D1 e  m3 ]  q- K! ~3 I5 \! I
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
/ U. I' [1 U* ?" m6 Z: f分分鐘佢地唔使還錢
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. H5 c* E% V% ?2 R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,
" A' q$ Y$ n' v! H( T) ^  K連國家都係問人借, 不停發債券, 印鈔票+ {( W2 k& O8 N9 [) B1 R' p0 p# g  s
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
  Z6 Z8 X, G. t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. Z' {  K: d) |/ |3 u2 s% \! |" T
咁而家"爆哂煲"算唔算先至係變番"正常"???
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* P  C; ?0 E+ j6 q其實係...- |, \. b- i; ~" c2 }; K# ]( j
因為以前未生產, 先消費( F. Q7 F2 T( L1 `' |7 c9 v
而家就要多生產, 少消費
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