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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
8 t5 `6 K* s  F& `4 q' K8 u$ oWhy bank will sell 借據給第三者???
! e! K) t' X; BI was so confused.....
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9 p4 a- ~- X+ B4 j0 A1 d講到尾都係賺錢( P! ?5 U8 f  E% P" E# i: P* _
so銀行可以不斷放款! j! d8 v" v1 y- w: z
美國的房貸問題散佈到全世界
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mortgage loan ' C' Q! ?: o4 E# v' p
>conduit
5 a; K8 c8 Z+ M* H$ |3 @" U) n9 r5 C* t>RMBS(Residential Mortgage Backed Securities)2 ~5 u% `0 n. r; D
>arranger$ _: U. X1 ]( ?& A1 c; q2 q9 O0 {
>CDO(Collateralized Debt Obligation)
" ?, }/ u: d- |# g( v/ j; _- m4 N# W最後去到投資者
i thought it is the reason of rate of return.
' O1 Z$ a  n( m1 ACDs could have different ratings, AAA -> F,
% n" R7 e" I0 N/ b6 i( K$ \& Dmore risky ones would have higher premium (interest rate) as a compensation for an investment.( X6 b8 @% y* V- L8 E4 Z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* M% F6 y" j: ]" z; ]& g$ J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: }  S; g8 L* ]6 t: x
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 H7 {. z# S3 {, S0 J# T& s6 s9 lsimilar to bonds, CDs trading in the secondary market have different value at different times,
0 ?4 ^6 S+ X6 [+ {2 P: \, F  @/ qnormally the value is calculated by adding it's principle and interest. 9 c6 L- A6 U2 P4 m
eg. the value of the mortgage+the interests to be recieved in the future. 6 u! x1 H# c2 ~
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.
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im not quite sure if the multiplier effect does really matter in this case.
8 e% t8 o% D  z+ Z  {in stock market, it's the demand and supply pushing the price up/downwards.
4 n6 i9 f& }3 c8 YFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 V9 W5 |" h4 j/ ~1 t
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 P+ }: V4 `' g  T) G% S1 @8 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 U2 C0 F! ]  E/ ~% v. Jbut the value of their assets did really drop significantly.8 c, }, N9 b9 Y: s6 i! I' l) C
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[ 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
! w6 T# M1 T2 D/ bRefer to last example,
2 v: a3 ~& i" F/ l( [that means bank A have no money because we borrow 10 dollars from bank A
" ]9 I- }7 I3 A+ y5 dBecause bank A doesnt have enough cash on hand 7 `! {* a1 C% x5 t/ z# ~
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
9 s1 {4 `' e" ]3 v2 Nso does it mean if E failed to pay D,
  s; x* s3 K7 M4 H" Hall the B,C,D,E have to go bankrupt?( B0 F2 Y! p: K5 {# P

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the multiplier just tell how much money created in a whole economy, 6 J3 t1 ~6 p4 V* v
in this case it doesnt really matter how much money is created,
8 M' z" ~6 N4 |" [  {1 Y8 D5 kit's the problem of the debt itself.( B; @. U% I6 Y0 Z
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+ N$ _1 ^  b* {1 z, B0 X! F: M
小弟一直都唔明...0 W0 u) G0 y1 m( z' u9 m# T6 L

& o4 w4 i# H  g" M! H/ J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...
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4 R" F4 ~2 Z, y1 Z, L: |# v- M敬請各師兄解答4 ~# x# X, y. m6 f! W7 K$ L

2 c+ v' M3 `$ `# ?Thanks
( c0 Y8 S! C6 W- p那些根本係 紙上財富  9 `' C! j1 P: @8 \# C
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 graphic4 R/ F! ?- b. |9 \, A
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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
7 _' D/ J4 w* m+ c6 c3 g& d% C  d# l當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
9 P; e0 l: l( L4 L" d+ N) i2 }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% V6 w7 i6 W# m* V6 s
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
1 |& _; D4 @- a' ?8 T扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,/ b7 w6 C, ?1 r  S* L
計番回報率就已經係50%,所以可以好好賺" {* e' h1 n% C" G. K6 t
前提係銀行之間要互相信任先可以咁樣借法
3 j7 R% k# w3 I同埋個市場既前境要係好先得
4 U" l* F; k$ K( [3 X0 _+ ^/ q但當經濟一差,公司估值趺了,物價不升反趺
; k3 X% R: Q$ ?" \; O+ }( k' U8 i例如剛才說10蚊的, 趺到得番9蚊,
3 ?1 @. {  W6 T3 j  m* m咁投資銀行一下子就要還11蚊, 一來一回變左虧200%( B$ b/ A: M; j* h
所以你就會覺得D錢好似蒸發哂咁5 J2 ]3 F& v% [! c

% i5 Z, ^# h0 f- k* X  S. @你都可以當標野咁諗, 個樣野多人可以狂升值,
6 c' [6 K* \$ l8 V0 k8 N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,
2 v3 Q  T7 J$ N7 `! g7 d3 e, C, y' z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
  A6 G5 ?% J; H1 Y! f; t; 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( I) d- |, u0 s3 W, g
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.gif0 f" Q2 x- g- Z+ P  w5 g  O
唔係d錢蒸發, 而係比美國佬洗晒未來錢, ) a( R& K0 E1 e' ?5 z( q
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, : |' }* Q. R. P* t9 W% n# A- 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
1 v0 V0 U/ D% z* }) j1 v咁你話d錢蒸發左去邊? ...
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正係咁樣
. S+ H( ^$ V% _& h" u& i. k% D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  d" O2 Q) v) i1 k* w1 N" z3 W
分分鐘佢地唔使還錢+ p3 d5 z! \+ h+ R. L* \# n
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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,3 c, o7 n& H% }" ]) K! b
連國家都係問人借, 不停發債券, 印鈔票4 [$ C5 @2 V& U; U
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
. a1 Y9 {5 @( 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.gif3 [) {# P9 H# Y4 \$ C2 K' t
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...2 T" ]% {. @" N! r. Q
因為以前未生產, 先消費0 ?, U# ^; @: g( ?
而家就要多生產, 少消費
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