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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
$ o. r3 V+ B1 L# ^Why bank will sell 借據給第三者???) T" \' m7 u. ?3 L4 w6 t
I was so confused.....
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% E2 b" @0 O+ C2 ]7 s# f8 N講到尾都係賺錢( ~7 L7 l! d5 ?7 d) t* q
so銀行可以不斷放款" L, K" o& |9 o
美國的房貸問題散佈到全世界* M9 @' Y* }. t2 W9 p' y" Q9 e
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mortgage loan
8 Z3 I, M# o$ m% G# h' f>conduit
( U5 V0 D& r/ `>RMBS(Residential Mortgage Backed Securities)
# B, t# x# P! L* Q: H>arranger
. X9 q& ~- r3 N8 F) g" O5 r! t>CDO(Collateralized Debt Obligation)
: [: S5 @# B) `% ?' y最後去到投資者
i thought it is the reason of rate of return.
- \5 p- M/ f. ^0 o3 E/ bCDs could have different ratings, AAA -> F,; Q7 G; ?& b" ~6 ~
more risky ones would have higher premium (interest rate) as a compensation for an investment.( H5 [: _8 [, Z, `; @1 k! u0 ~' J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- E) m  |4 v2 \. T% z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; H5 `5 w2 [- b9 v( Q! v
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, h! ]) p: k0 jsimilar to bonds, CDs trading in the secondary market have different value at different times,
  T- |, Z6 z" z' g8 g( fnormally the value is calculated by adding it's principle and interest. 1 a4 }4 ^7 m2 W5 x$ ]
eg. the value of the mortgage+the interests to be recieved in the future. * C0 l* Q  V- [" w# 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.2 Q( o7 g- S$ {0 i0 U* [3 w
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im not quite sure if the multiplier effect does really matter in this case.4 h0 X& C6 V. Y( `2 c5 Y
in stock market, it's the demand and supply pushing the price up/downwards.8 o: W+ x2 i) Z0 c7 |  }) b
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' B: e( }# I; A- o, s
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' K- n0 z, F: x. S- VThe 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. 9 M% S" m3 h2 C( Z+ h/ K% N
but the value of their assets did really drop significantly.
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9 L7 }  A6 i+ f- }6 x1 V[ 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
# s, ]: S5 @' R- |5 w3 YRefer to last example,* F! S7 l% W8 j3 _' E+ d( [7 t9 o
that means bank A have no money because we borrow 10 dollars from bank A . Z. H2 M* p4 c3 D" T
Because bank A doesnt have enough cash on hand 1 g% _6 s0 w( P$ x
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E  s+ B0 @) w2 w. \! J
so does it mean if E failed to pay D, 5 C  E3 E& A& q/ b% D6 Q' ~' R
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, 7 i% s& K: S; }7 m1 y! u1 O
in this case it doesnt really matter how much money is created,
$ I% m2 K+ M9 a9 H. S' ?# A$ S! vit's the problem of the debt itself.
; j$ t; n  j6 v7 r) A9 Nthe 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! n/ P5 d2 d! S$ }% ^* y
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...! D. y; d" Z$ _2 D4 }( g

9 h  j/ t/ A$ |9 A8 v敬請各師兄解答
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Thanks
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那些根本係 紙上財富  
1 }5 G% j0 J9 e9 T, D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 graphic9 r& v, D8 n6 ^9 i

4 ?+ z6 f  W6 G( X! [http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產' L( I+ Y. d2 A1 P) i
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
; v$ H( }/ P% ~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
2 y, ^7 l, O5 ?! g0 s3 @7 p個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
, H$ h) ~1 {3 `扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,' Q+ V/ e  z6 S( d* q* G" w! j
計番回報率就已經係50%,所以可以好好賺3 t: z( f4 _; g4 q
前提係銀行之間要互相信任先可以咁樣借法* [% x/ x# i: f3 ~) d1 Z( U5 |
同埋個市場既前境要係好先得
. ^( s: B4 V' S: K0 X+ `; ]2 o7 H# v但當經濟一差,公司估值趺了,物價不升反趺
; a0 E0 J0 Z) o. O( I/ j例如剛才說10蚊的, 趺到得番9蚊, 1 }$ D1 U" O, O& p! O
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%" l# V+ z9 ]* D, Z. j% Z
所以你就會覺得D錢好似蒸發哂咁$ b; ~7 _7 C7 W2 j( V

& i- F7 ~: t' Q' W- ^8 c- f  Y你都可以當標野咁諗, 個樣野多人可以狂升值,
1 F, H1 N3 c, K. x6 a1 _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,   C2 q- g, ]8 M! ?$ U8 E$ i: g
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* k1 W* _) s5 N" `$ ]4 d* \) n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3 U% N, t& d% Q( o8 _
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! F' W. K+ B% P) M7 J
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
% X; t1 |0 X7 p淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
4 p  d4 V; C2 ]$ 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
! ?. T5 O1 w6 J( [7 F咁你話d錢蒸發左去邊? ...
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" t: q, W7 n. r正係咁樣2 Q/ a* V/ `8 S/ U' ^2 f8 I0 j1 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3 `; N/ l3 P; E# E( J
分分鐘佢地唔使還錢
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( G. m8 o3 c* ]0 U5 z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,1 X, _6 j9 X* D+ y1 g
連國家都係問人借, 不停發債券, 印鈔票7 M8 D, k% Q) v2 k
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產, Q5 t* y  t5 g0 U
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
3 d3 U; E* V* B0 H1 }6 J1 P咁而家"爆哂煲"算唔算先至係變番"正常"???
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/ [0 R5 W( ~7 _; t9 l5 B其實係...- M+ Y7 @1 o! y$ G
因為以前未生產, 先消費
2 n2 M. e4 H% W而家就要多生產, 少消費
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