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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.gif0 ^  @1 V6 x! {2 g: y# y
Why bank will sell 借據給第三者???
5 j9 K- G% H' X  z* cI was so confused.....
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) @# V% p5 I1 N4 M# h4 ?/ Q8 y% Q6 _講到尾都係賺錢
" p" y! M6 I) Q0 ]: F" T* l. k/ zso銀行可以不斷放款% r- d1 H- F! P9 Q4 i, k
美國的房貸問題散佈到全世界
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2 B) _" ]9 A$ `8 }mortgage loan 7 i. q2 U" p4 o
>conduit
  j- |5 e# d; X>RMBS(Residential Mortgage Backed Securities): m' ]0 V4 w+ b" S* B, e/ ]$ {2 L: i
>arranger( S% o$ M# D0 D, N& R/ `) @- ~
>CDO(Collateralized Debt Obligation)1 o; D" g: |. v+ P6 H6 f3 X
最後去到投資者
i thought it is the reason of rate of return.
9 U* F' Y$ Y3 ]# k' y9 ACDs could have different ratings, AAA -> F,' |3 `8 A1 |6 O  [
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ l/ _# l- G& ]. P: E) i" q/ ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,& [" o" Q! c9 t! c% W" `+ t5 X9 V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- O& m/ }8 v0 x  i( M0 AAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 r, W, Y2 U( ~, ^% g6 ~similar to bonds, CDs trading in the secondary market have different value at different times,
9 O7 R) d. t3 O) S; z9 pnormally the value is calculated by adding it's principle and interest. $ G1 {) {/ c& H% m5 H3 z( a8 o) y
eg. the value of the mortgage+the interests to be recieved in the future. + X* c( ]9 b3 u1 c4 X* }! |# f
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.* T* q9 [6 J2 l; i) c- L

1 Z1 ?2 I/ a2 g& H5 Lim not quite sure if the multiplier effect does really matter in this case.
' c/ N$ `5 F4 F: @2 win stock market, it's the demand and supply pushing the price up/downwards.  H& b* w& ^, ?" ?2 n( [) r
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! R+ f& y4 u$ i4 x: {4 U
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ A1 i7 m0 K, e, C: Y6 t
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.
! W' t, X5 o9 Z1 j' s& mbut the value of their assets did really drop significantly.
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# v2 U2 L8 t1 \5 j8 j[ 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$ i4 d) M1 h% f
Refer to last example,
9 ~3 ^% Q2 t$ b# F2 {1 Kthat means bank A have no money because we borrow 10 dollars from bank A 9 H' U5 T8 f" D; n8 o# X
Because bank A doesnt have enough cash on hand
. s/ X. W, l8 Q5 ]5 j" Ftherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E' M( ?' V, ^! u
so does it mean if E failed to pay D,
9 ]5 g1 w9 e& w  P$ xall the B,C,D,E have to go bankrupt?( E! h: ~: a, |# D2 `
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1 Z7 R6 K' M" c. `; Lthe multiplier just tell how much money created in a whole economy,
5 C! N8 e* h/ R7 V4 Vin this case it doesnt really matter how much money is created,
: I: z' I: b4 ~! o* r' Vit's the problem of the debt itself.7 R1 X7 G" a( |5 S1 M' E0 }: C% g
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
: e) k# {9 H  K  C% j3 ~小弟一直都唔明...& p5 s5 F, T1 B8 k- R3 G
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全世界都蝕錢,咁邊個賺緊錢呢?9 n# p: [1 S; z, A+ v

" N( Q. R! Q, x: s6 P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' ~* I1 V* `9 G- e7 @

3 }7 `, V" a% g' `% }! w- D# XThanks
' J/ {# z- E9 b1 x! K* ?% b8 h那些根本係 紙上財富  3 N: x  y) t- q
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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; L1 F/ ^; L6 W" F0 }http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產" d9 q% H% A1 R+ D
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高; h; }" J, K& K5 H. 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3 a9 P) J" |% L' }9 k+ [
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 V2 H6 i0 Z) F' t8 Y9 k
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,4 [: L) x+ M, B& [( R1 k; u
計番回報率就已經係50%,所以可以好好賺
$ t" w! n8 L. A1 L; w+ J, H# j) O前提係銀行之間要互相信任先可以咁樣借法
# N+ D+ l+ D0 T! g2 e# h$ M" _+ K- c同埋個市場既前境要係好先得, }9 x) A: h+ I" {2 l( H
但當經濟一差,公司估值趺了,物價不升反趺8 A  R( o0 I3 J7 |- o  t
例如剛才說10蚊的, 趺到得番9蚊,
( m. j3 g% F+ u9 z: S+ Z* R  E咁投資銀行一下子就要還11蚊, 一來一回變左虧200%# T4 Y/ g1 M5 f0 e0 o3 {
所以你就會覺得D錢好似蒸發哂咁: m- t3 v; q8 h4 |5 ~8 ~
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你都可以當標野咁諗, 個樣野多人可以狂升值,
- [. N7 ]" v6 R3 e) j8 O. B& ^, q- T% 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, , d/ ^% L% u5 b1 a* ~% ~# m. u* {
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
$ x& S( b5 a3 v7 V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% o( O) n3 N: S: E
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
, M- C4 d$ L4 }8 \唔係d錢蒸發, 而係比美國佬洗晒未來錢, : |, A, J* N' U. |
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; g1 {$ ^  d0 L/ A. L! ]7 J* Y
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% _+ n6 D8 L4 D& l8 F  |6 J- o
咁你話d錢蒸發左去邊? ...
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正係咁樣$ C  B! b& b4 ~4 l% B
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# c" z1 O) |( y" n
分分鐘佢地唔使還錢5 d; Q3 m' |- i' f

7 O6 ?) M6 ]  G/ c- o4 k) K' ^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,9 s  }' w0 {3 |7 {7 Z
連國家都係問人借, 不停發債券, 印鈔票: D- Y% s6 N) }) C% Q9 b+ y0 L
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: c& H6 y( L1 D
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
* W8 k  t9 b4 y咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...9 x; y; F- J+ ]9 _
因為以前未生產, 先消費
9 A9 L: k5 Y6 U2 x而家就要多生產, 少消費
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