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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% [% D& S+ ^: _: X% x5 o- I* [) y
Why bank will sell 借據給第三者???" a' ]9 z9 z" f
I was so confused.....
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講到尾都係賺錢% w2 G. y1 V& A1 `& y
so銀行可以不斷放款
7 Z# B1 N/ g  {美國的房貸問題散佈到全世界
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: w9 u& P3 x5 x# G6 i  ?6 hmortgage loan / W4 X. T: e( ~0 i
>conduit
9 {. b3 p( \( h! i7 N; I% C>RMBS(Residential Mortgage Backed Securities)
& c/ v: T# f+ g>arranger
! T% p% x* a, [0 Y>CDO(Collateralized Debt Obligation)% u9 t2 p$ F! d7 i4 @
最後去到投資者
i thought it is the reason of rate of return.
( ]9 l! C3 w" [: ^1 Y+ Y! B% J5 lCDs could have different ratings, AAA -> F,4 S3 C6 y$ F2 w9 ?3 A# r5 d3 @; w
more risky ones would have higher premium (interest rate) as a compensation for an investment.: V5 S: j! S0 X# O# @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,  k0 v" H& D8 Y/ [4 B
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 {& E/ e6 N$ v, L0 d9 o
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: N) o$ ~* }1 X* n
similar to bonds, CDs trading in the secondary market have different value at different times,9 H9 i* a% ~7 \! r* [$ g
normally the value is calculated by adding it's principle and interest. 2 t$ W, F' Y, w' A
eg. the value of the mortgage+the interests to be recieved in the future. & k+ }7 o6 g; Y& }* r
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.
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- D2 K3 H0 n$ H) E5 rim not quite sure if the multiplier effect does really matter in this case.7 O1 n: H7 o( h" O6 q# ], I6 W
in stock market, it's the demand and supply pushing the price up/downwards.
& Y$ T/ h6 d* A/ H2 `8 {! U/ CFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
  K  v6 _/ W- r0 y, cA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 L) @2 ?! o. r: S& I# R2 z
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.
& Y1 a, z9 L# pbut the value of their assets did really drop significantly.* w) _1 T' c0 P2 F$ h
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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! N# V8 U. q* T! l0 _- C
Refer to last example,# H2 q3 Z7 d* x9 |7 w# R" V/ |
that means bank A have no money because we borrow 10 dollars from bank A ) j% n8 q! ?2 o' ]6 @/ b7 S$ Q, L
Because bank A doesnt have enough cash on hand " G0 J& A1 |: S% k: f
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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: [( @, B+ i. _6 \6 \1 \/ d% a* cA->B->C->D->E
* n; s9 A" e+ A6 n8 K2 O& l: `- [( Z5 T# rso does it mean if E failed to pay D,
9 h; ]& U  L, a! i5 }all the B,C,D,E have to go bankrupt?( w! C) j* C- M& s
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/ j  X: u- O7 X) Q$ G) N4 O$ kthe multiplier just tell how much money created in a whole economy,
) i4 v0 v+ J" ^in this case it doesnt really matter how much money is created, 9 @- a$ h; p1 B) i- X, _
it's the problem of the debt itself.
7 D5 Q  R, c' |$ M5 \( Z( Vthe 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
7 R! ~9 k$ X% y, E. p" v小弟一直都唔明...
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全世界都蝕錢,咁邊個賺緊錢呢?" f6 c2 a+ l2 g( J- {; q

6 s6 z9 E. Z, R1 E無可能淨係有人蝕錢無人賺架嘛...+ G  W3 h& Z: O* [- T1 J1 H

, ]) W3 W2 x2 E* y: D敬請各師兄解答
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9 P4 B7 h( ]# a5 UThanks
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那些根本係 紙上財富  
' ?( _0 Z4 D* a+ N8 c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 ]2 V1 p1 J5 A

4 i* ~3 {' p9 m4 ~; V2 b2 Q% a/ Bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產" q' m4 o. R; N, Y, p
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高- F  |  a; t- ^
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
: N: y. ?7 b4 c0 A- A個件物價係市場好既時候升, 例如15%先算,變左12蚊啦5 I3 H1 u3 c  e  x, f. B
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
& r9 e) o5 J5 F4 h) W計番回報率就已經係50%,所以可以好好賺$ p* H2 l1 B. T% `" n, i
前提係銀行之間要互相信任先可以咁樣借法& J" {& g+ ^* p7 k+ U+ B
同埋個市場既前境要係好先得
9 r/ x* }1 m5 [. P但當經濟一差,公司估值趺了,物價不升反趺
6 K' ~# M7 G8 g9 c$ ]9 x# g- g7 q4 i例如剛才說10蚊的, 趺到得番9蚊,
6 f. c' {* z$ \咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
  a2 B/ s5 t! k( D4 `# o. _# |所以你就會覺得D錢好似蒸發哂咁# v: Y! A8 E1 c5 w5 K2 _

5 N( e$ J& U7 q+ J0 f你都可以當標野咁諗, 個樣野多人可以狂升值,
; S/ D+ w: O6 N) ]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, 2 _: j/ t4 Z4 Y; @9 B
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 x( H+ Z2 S  B% {  V( P2 _6 e! I
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. n* T% M) T& N. l8 p$ o$ N2 r
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
7 X/ u- X" m8 ~( e唔係d錢蒸發, 而係比美國佬洗晒未來錢, ( z* G0 C8 y# g$ i' K
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! {# V1 u+ B" S& {3 ], Q% 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
- U' t% d9 N) @# v. Z  c+ N7 p, \' d咁你話d錢蒸發左去邊? ...
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: H! e( \2 T) w8 e正係咁樣
% w# ]' J) v5 w# l, C0 G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 G6 W8 v! Q. |, V6 `分分鐘佢地唔使還錢4 r2 j+ @9 _8 J9 C3 r: }, \( t

( C  E+ E6 V2 D; n( t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,
& W$ V6 j9 z' U- N" |& S2 C" A連國家都係問人借, 不停發債券, 印鈔票
' p  b' b! O% P6 x# C一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
. G8 \- H! s. H# N. l  P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  e3 S  q" ?$ U& L/ b
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
0 k% H- s- q" e6 K4 W3 S) s( Y6 S因為以前未生產, 先消費
3 M3 r4 O+ t7 C. q8 Q6 ?+ D  p而家就要多生產, 少消費
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