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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
# |7 o. l$ M% eWhy bank will sell 借據給第三者???
4 _' `3 I) B. G9 L4 ?8 ZI was so confused.....
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6 @* D4 n3 ^+ h' U! }講到尾都係賺錢" Y- q5 t( k4 V: W! u% N
so銀行可以不斷放款. G# @, b) Z% B) W- Z
美國的房貸問題散佈到全世界
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mortgage loan . {9 O) w6 [' w
>conduit
+ D; O  O9 I! K; m$ e>RMBS(Residential Mortgage Backed Securities)
' P1 i. t8 a) Y% U: ~>arranger
  Z; q  a' z' [9 W" u/ \. L4 L8 e: q" P>CDO(Collateralized Debt Obligation)& ^; e8 f4 W2 ?1 c2 ]) H
最後去到投資者
i thought it is the reason of rate of return.
. C- L* c7 n3 \4 Y( oCDs could have different ratings, AAA -> F,1 p/ M. j3 `# E0 W- e/ Y
more risky ones would have higher premium (interest rate) as a compensation for an investment.
, F0 W& d4 ~$ I8 X, umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 a( f* C$ X- s4 _% H# Y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 G( N9 _9 r7 t" P% }# z1 ^8 DAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) w! Q8 U; t* b( C! H
similar to bonds, CDs trading in the secondary market have different value at different times,
9 U- S3 C8 j/ @* @1 F* Hnormally the value is calculated by adding it's principle and interest. , ?, B+ w+ P; p0 r/ a
eg. the value of the mortgage+the interests to be recieved in the future. % |: q) a/ n0 \( H2 m" ?) A
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.# L# k3 |- j7 O( Z; H1 M, h( k: ~

0 O, x3 m" r" ^2 [- Zim not quite sure if the multiplier effect does really matter in this case.+ h4 W8 P( A1 q/ C1 S
in stock market, it's the demand and supply pushing the price up/downwards.+ f9 v+ n/ _$ B0 C% ^
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 J9 ]! y4 X- T) B0 S  f3 W. mA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.  n) O! e; d: R( q5 f$ k$ n
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.
6 ?% Y, i& _3 n4 A9 Qbut the value of their assets did really drop significantly.
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* c/ t$ |/ B; r+ g& R9 @[ 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
0 f- Y2 k7 K9 A# L% BRefer to last example,; I1 M: w' |$ ?4 X7 J
that means bank A have no money because we borrow 10 dollars from bank A " Q0 M1 i' p5 q, X2 d* ~
Because bank A doesnt have enough cash on hand # L+ C9 @9 r1 s: a0 D! I9 }
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E: y3 S! s! X; M3 Z/ ^
so does it mean if E failed to pay D,
+ e& T  w( u  k' K% Wall the B,C,D,E have to go bankrupt?: M7 g8 s; t5 o% ?- a3 S; f% T- t
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+ U3 v! q4 x3 E" Dthe multiplier just tell how much money created in a whole economy, 7 C3 |, y3 `3 {! e9 f8 u0 `
in this case it doesnt really matter how much money is created,
. c! L& o( K' B% }) V& y6 cit's the problem of the debt itself.
/ Z  c! }" t- E' _1 n2 i7 Fthe 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
+ e4 E  _0 s) `$ T7 p小弟一直都唔明...
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# k# S2 T# ?( N$ b# U, b! g5 d. R全世界都蝕錢,咁邊個賺緊錢呢?- U4 z2 N4 z1 G3 ^
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無可能淨係有人蝕錢無人賺架嘛...
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; @  h* Q1 z% Q! Y. U9 w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  ( u" I' o! G4 E/ ?2 g2 p
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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: c. r5 ?3 {7 i: D, f6 Bhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
- K) v: m9 K8 }/ }9 }# X當經濟好,投資銀行相信會賺錢, 物價既估值相對較高3 [/ j2 {& O. [0 s" I( e, U& I
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& I5 l2 Q, z: y
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
; a% M, i1 `, [) e7 x) z% @扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
0 r# G2 Y1 v2 m& V; @; D計番回報率就已經係50%,所以可以好好賺
/ ^  u% L+ H' ^: t  J前提係銀行之間要互相信任先可以咁樣借法
- s3 o& h1 S0 r0 W& W同埋個市場既前境要係好先得
; w* `' c  g+ f! b* F$ w但當經濟一差,公司估值趺了,物價不升反趺; x8 L: A7 ]- S. l6 _4 }/ G
例如剛才說10蚊的, 趺到得番9蚊, 7 n7 N% j8 c6 O5 W* k" p0 S6 l- g7 f. T
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 p7 L3 d/ X1 _3 m( O/ Y' Z6 y; E所以你就會覺得D錢好似蒸發哂咁* N9 G! G# C. a7 ~( i3 V" b! G- Q

- |0 B. @( g# l/ [3 G你都可以當標野咁諗, 個樣野多人可以狂升值,
$ M5 \9 k9 _6 M8 H( x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, 6 x- z6 ^7 E& C' p5 Y8 i7 b5 f
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 0 B  w0 s3 T; ?& c2 l
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, q7 I$ o" |( r' r5 h8 K2 @; a
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. I- Q# E1 r1 {
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
& p- c4 A3 t) q" v9 h3 f; U% r* D' P淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
: h0 a. O/ S8 B$ z. {# 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
9 O' K6 z- Y! D  i咁你話d錢蒸發左去邊? ...
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正係咁樣. w6 a) Q0 a' ^. w: ~  k
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
, X: s" C/ d* P! E/ M# e& y$ j分分鐘佢地唔使還錢
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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,
* i/ @8 x% i. D: y# S連國家都係問人借, 不停發債券, 印鈔票
4 i" s$ P: E+ V  S+ ~  R一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
1 q/ ^' t5 M5 e/ t8 b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.gif6 P9 h( [+ u1 }0 h/ D+ G: l
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
$ F& n4 F) e2 Z% O" t( V5 Y$ o因為以前未生產, 先消費
* b( [/ X4 a, F8 [而家就要多生產, 少消費
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