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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" N0 O8 K2 G! X/ g
Why bank will sell 借據給第三者???1 D: i/ y: J$ E7 x1 ~# U
I was so confused.....
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* P! e; i7 z# ^( n. Z/ H講到尾都係賺錢
  G, D2 C  P! C8 n" Mso銀行可以不斷放款
- C& f  P* }; c. K) ?/ o# F$ @美國的房貸問題散佈到全世界0 e3 v9 y( [1 L2 X6 _
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mortgage loan : g6 t+ |: E5 R1 M, {' T
>conduit
* v, e$ t) T( X! G( Z>RMBS(Residential Mortgage Backed Securities)/ A4 [6 ^; v+ b! q: y6 ?. u% }
>arranger
4 z6 H( u! s: K1 n" j4 O  v  Q; w>CDO(Collateralized Debt Obligation)6 j& A9 x; }5 t6 @
最後去到投資者
i thought it is the reason of rate of return.
4 R1 i2 y) k- h' ^# zCDs could have different ratings, AAA -> F,
- u, g$ M) y' Q. I: U( \* bmore risky ones would have higher premium (interest rate) as a compensation for an investment.4 q2 N' h6 v9 G- o
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) x( k7 o" h( D$ o% ~; Rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.  j& Q# w* z+ G  S, d
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( L, [+ n+ p' q3 S0 w
similar to bonds, CDs trading in the secondary market have different value at different times,+ @% B8 O/ T" t( K: w+ P+ d
normally the value is calculated by adding it's principle and interest. , v# B* b. O8 e4 d6 d
eg. the value of the mortgage+the interests to be recieved in the future.
" B; m( M1 {2 F, z( Jbanks 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.& ^" \( m: W4 T. B6 i  }9 U, V( ]/ a/ i
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im not quite sure if the multiplier effect does really matter in this case.- V. Q' }5 w$ a, s: \
in stock market, it's the demand and supply pushing the price up/downwards.; ]" s7 I! _( M6 }/ l* }& G
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: W* t% k) t# ]/ Y! BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 S% X9 w5 X; Y1 c0 a% nThe 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.
% g& V. r* g/ l( dbut the value of their assets did really drop significantly.. U: T% X! `/ ]" O3 }

5 h; A# N% _: o[ 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
2 C3 R' H7 a5 `Refer to last example,
5 O+ [& w" z' D- g; E. P, Q/ Z0 S5 Dthat means bank A have no money because we borrow 10 dollars from bank A 1 d3 \8 k# s1 S* N* z* ]" e. R
Because bank A doesnt have enough cash on hand , B2 q7 o3 A3 g; }( w, r0 z
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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& m- I6 i9 B8 [( T( XA->B->C->D->E+ N2 i: t8 U& n+ W9 f& s
so does it mean if E failed to pay D, ( `# o* Y3 S) w& C
all the B,C,D,E have to go bankrupt?7 t$ [6 j9 ~* q; r! R, ]! t
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) I8 k7 y5 O1 {5 [the multiplier just tell how much money created in a whole economy,
/ u6 [# Z9 q+ {2 k. ein this case it doesnt really matter how much money is created, 6 C0 G8 }. Q; X- z0 i1 U& v
it's the problem of the debt itself.; ?9 g# l; P8 W/ K3 y& V
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
8 n& x5 t. H& ~6 s8 }( S  w9 w小弟一直都唔明...
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全世界都蝕錢,咁邊個賺緊錢呢?: _) U7 ~2 k1 ]5 q. v, l
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無可能淨係有人蝕錢無人賺架嘛...  Q, y; R4 l$ m  M5 w# r0 F8 ]; l% w

- @, j2 ]$ O9 ^$ D+ d敬請各師兄解答4 c1 p9 s- W/ X8 P  Y

5 Z: s6 b0 @% N. l' t3 Y; b; J$ GThanks
6 P* T. J0 L3 M那些根本係 紙上財富  
, F  a: k$ ~5 u. O" V( L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: c4 f( D% f9 m- o6 N4 k+ r

1 }5 v0 n1 w% l6 P. l/ i' Whttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
( O" j" p% e: J4 H當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
: z. r! q: S" f* V7 l& t  t9 V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
7 z; y% K7 O! e% G7 u: ]; I7 x個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
# r& p* `3 H; Y( v扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,, {7 q' E/ {  r& G5 i  L
計番回報率就已經係50%,所以可以好好賺% X; v! h, p+ L3 k/ i( `
前提係銀行之間要互相信任先可以咁樣借法7 g7 x' ~% [4 ]. `3 n( H
同埋個市場既前境要係好先得; B! c2 u8 O" A: f' d
但當經濟一差,公司估值趺了,物價不升反趺0 y8 R* Y/ Y2 \+ C
例如剛才說10蚊的, 趺到得番9蚊,
& w/ `4 B& U2 I0 m) ?, Z. \: L1 L咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 N0 \! c+ q5 ], \( B* \; O所以你就會覺得D錢好似蒸發哂咁2 A0 Q4 v2 J' U* W9 m

0 ^' |. x' [& l) E- C- {3 t你都可以當標野咁諗, 個樣野多人可以狂升值, * z& I0 h( H3 U
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, 5 }* C& @7 C' y. M
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( S8 }# }4 d. _" 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
( e1 E. H6 u9 D+ p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
9 V3 a6 W% v; i1 T) |唔係d錢蒸發, 而係比美國佬洗晒未來錢,
9 M2 T7 }7 v: N9 f5 j淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 7 X5 T% R( P$ d% _
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8 l( q# \. M. T% n/ Q' [2 B2 @# C
咁你話d錢蒸發左去邊? ...
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: m4 t2 [# J# v7 z. T5 o正係咁樣" S" ]3 e  l% h
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
  c9 P+ }# w$ p' @) a9 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,, L7 c, i  E6 O, p9 K
連國家都係問人借, 不停發債券, 印鈔票! j7 t$ M8 U1 g, b  }
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產9 s6 h, |4 x5 L! r# w! h
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
! K2 U* C1 {. ]+ t( z) [咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
* K. @5 a# e; D- }" q因為以前未生產, 先消費! B& l' J! D8 n3 e: M9 t; }) s" |
而家就要多生產, 少消費
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