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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.gif1 n3 J2 e9 M1 U6 ^4 f4 C. e
Why bank will sell 借據給第三者???" B, Y' v% b. k
I was so confused.....
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講到尾都係賺錢/ A+ ]) o# |4 Q
so銀行可以不斷放款' k( }) v  V: w& ?, [. e
美國的房貸問題散佈到全世界
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mortgage loan
8 g" S% a9 j7 F" L>conduit# R/ z3 V: a" {* D4 ^0 K
>RMBS(Residential Mortgage Backed Securities)$ x; f' _! i3 f8 w- T5 w/ ^
>arranger: U6 n: U& D  ^1 C; J4 e- h! l
>CDO(Collateralized Debt Obligation)
1 c% {. P7 ^& n最後去到投資者
i thought it is the reason of rate of return.
! {. E2 X8 s/ c  o( c; eCDs could have different ratings, AAA -> F,6 _3 h$ G+ T0 A9 ]0 |
more risky ones would have higher premium (interest rate) as a compensation for an investment.$ {/ ]. \8 G) \9 ?, A
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) E% S# z+ B7 }% I( [2 j
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 L, ?" v/ w+ f- x! e. f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 _% ^. y; f, ^2 ]+ Z& l/ }similar to bonds, CDs trading in the secondary market have different value at different times,5 M8 }, o8 y1 p( k' ]
normally the value is calculated by adding it's principle and interest.
( ~  A3 ^* H1 k* S1 Yeg. the value of the mortgage+the interests to be recieved in the future.
$ n4 g( g% G6 y3 y5 p1 Qbanks 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.3 f/ o9 M6 a( M. C
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im not quite sure if the multiplier effect does really matter in this case.
2 y. x3 N5 R! C1 f% C% Z" iin stock market, it's the demand and supply pushing the price up/downwards.
, u" T0 A7 y2 Z. cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 j" [! h+ {5 p0 h* C( l6 _
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# c' K" J* a  z% S5 D" d$ E1 u) s! QThe 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.
% z6 v% T# X2 g- h1 }$ L) ebut the value of their assets did really drop significantly.
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) T3 a/ M% v2 z! }) 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
* ?$ ^( R2 P: d% J0 s/ aRefer to last example,
: c2 g! b; Q0 o/ _1 R8 lthat means bank A have no money because we borrow 10 dollars from bank A . R# n* ?) C: D* s- B) a+ [+ t
Because bank A doesnt have enough cash on hand % S$ z& l9 Q' b: d& ^; S4 V# l
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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" C$ d* O4 @* ?A->B->C->D->E
# \' N3 f* R/ M* c$ @3 Jso does it mean if E failed to pay D, 1 _- _) c4 ?- P; T  f
all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
5 d- G0 ]4 H  oin this case it doesnt really matter how much money is created,
( b* F  j8 E# q) |it's the problem of the debt itself.
9 [+ k' s. P/ ^5 X9 ?8 X" qthe 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
3 k5 h) `" F) c& o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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4 K3 A2 R$ K: t無可能淨係有人蝕錢無人賺架嘛...
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6 _+ E3 i$ M7 ^& B/ d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  
: i: Z1 p. j: x+ y, Z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# j! _+ S0 m+ M" B' Q  b+ j
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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
; U3 y1 x2 ?- i( I當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
& z9 o7 }+ H* a% r( A& O7 D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
: I7 y$ K. H: m5 x# x6 g個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
( |  `: Y' M( g: X9 w) k扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,! K) o* v( G) M
計番回報率就已經係50%,所以可以好好賺
: |% ~2 |- B1 N$ h3 _' c* L前提係銀行之間要互相信任先可以咁樣借法9 }2 @" W) B6 N; x  }' H
同埋個市場既前境要係好先得% x3 u' ^' Z7 \" V
但當經濟一差,公司估值趺了,物價不升反趺* R9 }. O+ @) F! u; J9 s0 _
例如剛才說10蚊的, 趺到得番9蚊,
" O& {( u6 L9 \) ?' c* p咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) G0 Q, ]9 e4 l8 _2 X* F2 E9 z
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
' [5 B. \7 r  z8 {1 V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,
8 n2 v1 y  w; N# r9 s淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
! H0 d& h; ~3 ]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 J  I8 P3 \* o* T& U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
5 f$ t* {% V  D唔係d錢蒸發, 而係比美國佬洗晒未來錢, ; q* q: u0 G1 f0 ~. F  r
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
; c/ r7 l( P8 g& G4 Y8 D+ F4 ~; i3 O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' j- b1 y( B1 Z
咁你話d錢蒸發左去邊? ...
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3 p- @5 v" ]) H+ e; x) n$ l, R3 @3 j# U正係咁樣' }* L' f9 x3 r7 \: a* I
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
: l& u1 Y8 @1 w3 X! v4 G分分鐘佢地唔使還錢6 }' D1 U% j% O4 d& e* _5 b2 D

& r" N. u8 Z4 f0 f, V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,
( l5 ]" X" o5 c6 U& j' i連國家都係問人借, 不停發債券, 印鈔票5 v7 a& m, d; |9 E& L* o
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# L$ V; _2 l* Y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
( z5 S- Q5 N' ]咁而家"爆哂煲"算唔算先至係變番"正常"???
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& M& m1 L6 B" V! M# b2 `2 j其實係...
9 C0 B* P7 `4 l因為以前未生產, 先消費* R# |( B6 G2 e& z9 [
而家就要多生產, 少消費
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