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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
6 Z" A# I$ _5 dWhy bank will sell 借據給第三者???& s2 Q; T$ C$ P5 q
I was so confused.....
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講到尾都係賺錢+ A- R7 {4 A  R/ `: l
so銀行可以不斷放款- q( z% n& G. M1 V
美國的房貸問題散佈到全世界
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0 f  j. u6 |) x# m6 O% K% @mortgage loan
1 y4 e) |7 \1 K8 x>conduit
" k7 n7 s. K7 o+ O: [% I>RMBS(Residential Mortgage Backed Securities)" H4 B, A3 w0 Y0 y% ]
>arranger
; Q9 L' d- p) t! T7 I>CDO(Collateralized Debt Obligation)
3 p& s4 V8 e& `* j; L" Q8 h! }最後去到投資者
i thought it is the reason of rate of return.
# @$ i1 O6 y7 U" C: n* lCDs could have different ratings, AAA -> F,
- o% E6 K9 q  D: r+ q& |" dmore risky ones would have higher premium (interest rate) as a compensation for an investment.
; o4 b/ v- d. ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 U+ F: j* L0 z& b" K8 P* n$ ~* O
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 N" V2 z( L/ ]4 hAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, i4 X* r# L9 ]9 J. Wsimilar to bonds, CDs trading in the secondary market have different value at different times,2 L" P7 @/ U  W+ x: g
normally the value is calculated by adding it's principle and interest.
2 M, q7 r+ H" e. T+ A  w8 Q- ?2 Neg. the value of the mortgage+the interests to be recieved in the future.
- o* ?" r$ e/ Y; F! T) Cbanks 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./ s+ z# f/ e9 {& I) a
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im not quite sure if the multiplier effect does really matter in this case.
3 e3 g" n& E4 s1 y3 T! oin stock market, it's the demand and supply pushing the price up/downwards.
8 u/ z  T6 F6 K  b& Y; cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) x" q# y, o9 ~, PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# k, ?6 \( ?6 l7 k8 Y! k5 L/ OThe 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 Y' q, n- {3 l+ j
but the value of their assets did really drop significantly.$ g: _, ~) B9 [+ ]# n

1 Q: a/ l' h2 C- D& I# j9 s[ 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
! v$ Z* @4 {4 j2 s* A# BRefer to last example,
4 \2 i/ o  w" p6 ]) lthat means bank A have no money because we borrow 10 dollars from bank A
, W9 C, P. \+ V* }0 o: EBecause bank A doesnt have enough cash on hand
4 H! n5 q. p4 N; t/ m& ?therefore bank A need to be bankrrupt ??? Am I right ?? ...
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* C9 F! R+ Z& vA->B->C->D->E7 R5 J4 m& @: n5 s  S8 p( |+ S; W. Q
so does it mean if E failed to pay D,
$ w( b) D1 A7 L' N! aall the B,C,D,E have to go bankrupt?
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/ V- X) ?1 X+ q7 H  t, Jthe multiplier just tell how much money created in a whole economy, ) f' T7 x5 g9 v  Y& {6 U9 ~' d
in this case it doesnt really matter how much money is created, , y) t* J! r8 R2 Q. P& }; O
it's the problem of the debt itself.1 ?; w% l, c% E# M7 X' [# Y' e
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. R# m. [$ P+ J9 w4 i, `$ H6 R4 r
小弟一直都唔明...$ |$ ^0 a4 D$ G% T0 Y
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全世界都蝕錢,咁邊個賺緊錢呢?3 u) @5 ?  }8 U
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無可能淨係有人蝕錢無人賺架嘛...( a: A+ M! k. ]7 ^  k; {

. ~; L2 x, m7 s# x敬請各師兄解答1 v! P. j2 M8 t3 v( O, N/ S
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Thanks
2 n  `) m3 V8 \( X  t  E9 E. L那些根本係 紙上財富  
; n5 e2 y) u. [: f& I& C& r/ a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% g3 ?. v+ A; J9 O- Q
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http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
' F0 i/ j" @! |) L1 I7 U: o" W$ M當經濟好,投資銀行相信會賺錢, 物價既估值相對較高0 }. i1 d8 F3 o) y$ e* o  V0 o
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
; M0 |# `0 n! ]( e7 d+ ]" |, v# z個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
) Y  {) R( w) L, R% Y& D- E) b! s  w扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
6 y% f2 N* U9 x  b4 A8 C. M計番回報率就已經係50%,所以可以好好賺
- f" i" P4 A6 K7 s2 F* y- ]前提係銀行之間要互相信任先可以咁樣借法) y! q6 w/ O" N
同埋個市場既前境要係好先得, d6 ?* u" N6 E# g# s0 K
但當經濟一差,公司估值趺了,物價不升反趺
) k" s6 |1 R& \$ P% a6 P例如剛才說10蚊的, 趺到得番9蚊, ! V& A& m5 ?* R% V+ a5 `5 R& h
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
1 O1 [. m) D8 X+ d0 O6 F1 x( s所以你就會覺得D錢好似蒸發哂咁7 \2 g5 j, b$ p, P
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你都可以當標野咁諗, 個樣野多人可以狂升值,
; k5 K7 c2 ]- c4 E5 d7 J: e& M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, 9 h# B# Z8 `2 r* [7 ^
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * [; Z% l5 I$ `8 R1 H- r7 T4 C% u
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* r' s) S) L3 a3 g3 t* {; E5 S  |
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
+ t$ `: [! U% l唔係d錢蒸發, 而係比美國佬洗晒未來錢,   S4 a/ m( x- h8 [
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 `/ m0 O7 Q$ p. \& |2 ~9 A6 U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2 z# B* ]8 T' _
咁你話d錢蒸發左去邊? ...
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/ z) j! _) V/ W3 p' D) s9 |# I9 J正係咁樣! b8 V; Y) |/ I5 o! a
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' s: _- v7 N! |9 i
分分鐘佢地唔使還錢7 }% n7 D( `" c1 f% ?

1 r/ e9 f$ ~( w4 e, K1 G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,8 l) d; t" `! H5 d# ^$ E
連國家都係問人借, 不停發債券, 印鈔票1 [2 A7 C: v; w* ^4 t" |8 h% ~
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ Y/ _% g$ X8 C4 |8 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; M4 F. {( j1 j0 k' W6 k! f7 p( x
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...: ^# {% I$ ]7 T! _- p7 q
因為以前未生產, 先消費
# p. C" t5 Z( g( y; n/ Z( m2 ]而家就要多生產, 少消費
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