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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 c! Z8 J5 c: Z& UWhy bank will sell 借據給第三者???
4 |8 H; @; ^# D1 E' ]' FI was so confused.....
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講到尾都係賺錢5 j: _3 X- ?0 j# j, R
so銀行可以不斷放款9 J; \  G' I* e. l' o
美國的房貸問題散佈到全世界* y! [) f" z4 G* f( e5 W

! C9 [6 {* a5 \/ \! w* ?' a0 cmortgage loan
0 e1 M, a% I, s$ j2 k( C>conduit
/ s: I  f: ], m>RMBS(Residential Mortgage Backed Securities)& F" D" L8 [6 F* m
>arranger
2 B7 J% u- S. B8 N! w8 N>CDO(Collateralized Debt Obligation); x$ T: r4 P3 z. f9 G( L- l
最後去到投資者
i thought it is the reason of rate of return.
( W6 N8 C& x$ cCDs could have different ratings, AAA -> F,
* h; B- E6 ?8 |more risky ones would have higher premium (interest rate) as a compensation for an investment.2 A, x+ b6 y+ Q$ M4 o
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 P" m9 X/ O  n5 l$ R& P+ a" Gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. t: d" A8 T1 n0 J+ Y4 C
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) @- v" a: f3 u$ i8 rsimilar to bonds, CDs trading in the secondary market have different value at different times,
0 Z- D, r( y, f7 p7 i( Inormally the value is calculated by adding it's principle and interest. 4 j1 K9 ^: I7 @0 H
eg. the value of the mortgage+the interests to be recieved in the future. " w: ^4 ~) A, h8 g, {
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.% I7 k1 T2 v' D2 s

0 E6 x: K, E, @' Y. x; Nim not quite sure if the multiplier effect does really matter in this case.
9 ^. }$ z, D" y0 M. l7 Y, rin stock market, it's the demand and supply pushing the price up/downwards.# c2 {; Z) Q) K/ C
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 t' z( k! r5 P$ C4 UA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 ]2 v% M9 G0 j- U9 e; r$ t9 jThe 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. " l9 M8 w7 d, j$ A
but the value of their assets did really drop significantly.
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7 g$ L0 \2 }1 W[ 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( z+ ~) f3 [( c/ \) s7 V
Refer to last example,: T3 N0 N: c) L
that means bank A have no money because we borrow 10 dollars from bank A 8 E0 w9 R3 K2 m6 M! A
Because bank A doesnt have enough cash on hand # u+ Q( `8 Z3 ]
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
+ d* e! {% o4 uso does it mean if E failed to pay D,
5 w& o' D- U: V) S. h! n& p. eall the B,C,D,E have to go bankrupt?3 @% h7 o/ o# ~7 U5 o

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the multiplier just tell how much money created in a whole economy, 7 }, X6 W3 S0 T" m4 z
in this case it doesnt really matter how much money is created,
" @& j* O0 N; u/ ]! v& @it's the problem of the debt itself.% A* M" s4 m0 m( N# 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! j- {1 P7 b: w8 A1 a6 |
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..." |1 ]7 C& V. Y
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敬請各師兄解答
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Thanks
1 o/ e9 x% O+ R& D* ~% m那些根本係 紙上財富  
. j# s( S$ e! O3 m8 c; n1 S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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4 H7 o8 @5 r7 c6 J6 P% g5 }0 [http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產5 Z8 S2 W* e8 {
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
  }! x, |: O) [: i& O% |; 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
% y; f6 `# F  G% I# T* }% T; d) F: z8 b個件物價係市場好既時候升, 例如15%先算,變左12蚊啦& G* w* ?% f% F- B! y+ N$ w
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
- ^( C7 S7 G9 {, X: T. t9 S計番回報率就已經係50%,所以可以好好賺/ q1 `4 o5 z# A
前提係銀行之間要互相信任先可以咁樣借法5 G) m% u# S, \) K
同埋個市場既前境要係好先得" F* J# y6 a; P2 ^1 Z1 y* v% Q
但當經濟一差,公司估值趺了,物價不升反趺5 [1 R1 G0 b/ G. p" n
例如剛才說10蚊的, 趺到得番9蚊,
2 x- ]. v( I. F; x: q; v$ D咁投資銀行一下子就要還11蚊, 一來一回變左虧200%7 R+ i( s' F; l; v
所以你就會覺得D錢好似蒸發哂咁2 Q9 d7 T& V8 h
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你都可以當標野咁諗, 個樣野多人可以狂升值, 1 \$ J& _, p- J9 b4 f  `
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, ! T3 K7 B1 L7 [# q5 m2 S, |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 @1 M5 y# ~& i6 h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
9 W: @( w5 S, u2 g7 D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.gif9 J- @/ b+ }2 g8 Q
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
+ X# e8 t# h7 I+ T% b& z1 x3 f淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, " f, K6 x9 w/ k5 m* F7 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0 C  }# z, C0 b4 f/ X) C; @
咁你話d錢蒸發左去邊? ...
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# J# Y7 K& D* H5 R! D正係咁樣
- P. R8 m% M( Q0 a7 k0 ^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  f# N# j# s) f/ E) o
分分鐘佢地唔使還錢) f  z7 S4 z: \# f
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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,* N) l2 V  X/ x% B
連國家都係問人借, 不停發債券, 印鈔票
3 n+ Z! B" o2 v0 A' ?0 ^一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: N6 m0 S6 @* 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
2 b8 o" C0 y  `/ e0 X5 Q咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...& Y* x9 Q4 k, n5 V
因為以前未生產, 先消費
6 _. A& ?1 b& p: G! R' A而家就要多生產, 少消費
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