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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* A! z* }! [" v0 P
Why bank will sell 借據給第三者???0 K( t7 P  `1 K6 n
I was so confused.....
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7 h# @1 ^! ^( I% g* q  \- J講到尾都係賺錢. ]) d3 d! |- \0 z( [3 |
so銀行可以不斷放款( O/ i% u, A, v6 _
美國的房貸問題散佈到全世界2 ]- G' d3 M( f$ W. s
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mortgage loan
. L( `0 @) X& E* l>conduit/ u& u- e  Y% F* D
>RMBS(Residential Mortgage Backed Securities)* s( w; _9 {9 Z; `9 L  T, l
>arranger4 @7 m7 E. A0 A
>CDO(Collateralized Debt Obligation)9 b9 }' P. O  T* `4 |6 c
最後去到投資者
i thought it is the reason of rate of return.2 w1 d" k8 X) w! E
CDs could have different ratings, AAA -> F,3 h: k1 e" n! j. `/ y. n
more risky ones would have higher premium (interest rate) as a compensation for an investment.
0 \* W2 |% f5 Q0 D- S; kmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, d' K0 K1 ^7 V$ L
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 ~8 p& V9 r) a, R  h/ ?% AAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 a; K8 j+ Z6 q0 M! r8 C; [
similar to bonds, CDs trading in the secondary market have different value at different times,
2 l/ s/ z0 p$ ^9 ynormally the value is calculated by adding it's principle and interest. ) }- A, r# c/ M( T, p+ j2 @/ _
eg. the value of the mortgage+the interests to be recieved in the future.
. r0 j9 Y. H/ B" {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.7 w, R4 z" k5 e% U0 h& \5 U
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im not quite sure if the multiplier effect does really matter in this case.
  q2 [: A% k; F5 T( }in stock market, it's the demand and supply pushing the price up/downwards./ o* g1 k) N( Y/ w! s; T
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& B: p2 u/ {0 w* k9 I4 VA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 u# n5 N% Q% t9 NThe 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. 7 R3 _# ?) @8 E; [) J; `+ ~+ v
but the value of their assets did really drop significantly.
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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
: m( X* V5 x# tRefer to last example,
/ K. b! x, I" X6 U2 ]; G" }that means bank A have no money because we borrow 10 dollars from bank A - X* u! a, T* J/ h% Z
Because bank A doesnt have enough cash on hand 8 R" I# T8 l. }
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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6 j* N) B3 _. n( }% ]A->B->C->D->E
: w# l; V8 ]! nso does it mean if E failed to pay D,
" M% p7 F* C: D  E2 x4 v# Pall the B,C,D,E have to go bankrupt?$ I! ^/ n% ~& z4 F. Y
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6 W! V/ b3 s( u8 L7 T, |' e5 Lthe multiplier just tell how much money created in a whole economy,
9 h$ B' a! L0 jin this case it doesnt really matter how much money is created, 9 q! C/ |: c) E; d
it's the problem of the debt itself.# Z" Y( P/ l- p0 e# x  T# u
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.gif8 ]8 Y$ f& l+ `) c
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...1 C$ s9 Q" ~& X; q9 |1 f4 y
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敬請各師兄解答0 e9 Q8 s: [$ l; n
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Thanks
) w/ Y7 X/ b5 [* b那些根本係 紙上財富  & I7 @1 d9 u7 `0 g
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# B3 K7 F) b* e' c1 |7 M

. p% ~  X' M, mhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產+ x& v' p0 _% ~; Z
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
0 p  t9 d: t* w* O7 Y6 x9 D" f" d5 q1 f) N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  Z* a+ I' W% r0 d/ g
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦0 _: T& W! o" h) H7 {! l+ l
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,) W7 v, ]' @- U- g2 `6 j
計番回報率就已經係50%,所以可以好好賺$ V5 V: ~; L! [/ I' p0 \
前提係銀行之間要互相信任先可以咁樣借法
: y- F" R& \- u4 d3 J/ \% B同埋個市場既前境要係好先得5 x4 U( u& m+ n, F* j- f
但當經濟一差,公司估值趺了,物價不升反趺
1 \0 \5 }8 x; }2 [例如剛才說10蚊的, 趺到得番9蚊, & O, w. Q- G, N8 u
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%4 V& h% C; p5 }% T2 |' O
所以你就會覺得D錢好似蒸發哂咁0 \  U8 [: _) {9 E9 S' }) V9 S

* [0 e# c; i. W% c; q+ F5 H( Y你都可以當標野咁諗, 個樣野多人可以狂升值,
+ P- H7 i: Q2 p3 }7 d4 ?7 e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, , n- N  O7 L" f  e4 S; ^1 [2 W
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 ~, W; `, G  K% V& O# d* A1 Y, w
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
6 K$ {# ?1 b- N$ L: ^9 n1 W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
9 B) a4 W% d; v/ ~" l. s$ r唔係d錢蒸發, 而係比美國佬洗晒未來錢, & Y' I# [/ f% M; \' g; Z' t2 D0 r& }
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
# _$ E& r3 m1 J9 j. r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
" z0 c! z, D4 ]: Y: p% J咁你話d錢蒸發左去邊? ...
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3 Y% o* D; s. a* f3 F' F6 Y正係咁樣
: e1 H! R' b- M/ s5 `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# g0 m! e1 E& }分分鐘佢地唔使還錢  S" {- p* ~4 C

. R8 F! O- E0 T/ W# @! z2 X! |* s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,& z/ ~& F/ D' F; v% p
連國家都係問人借, 不停發債券, 印鈔票' J. I- {. X7 j/ \# E
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產" {. o9 ]3 b% _4 _
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
0 c9 Q4 y: g- c% `咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
! I& k; V# q8 `  q$ [# W2 Z. I: U: a* w因為以前未生產, 先消費
5 B$ z% N0 I6 Q1 J% K6 U3 a7 R而家就要多生產, 少消費
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