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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& }) W$ H1 x2 Z7 h! q' N
Why bank will sell 借據給第三者???' g: F3 z+ _/ n) ~( b; R& J5 {
I was so confused.....
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* U" x7 _6 X8 r+ S& `( y2 a講到尾都係賺錢) c+ H% T# D  ^0 T: y* w
so銀行可以不斷放款
$ o' m; b. o8 c3 W- n8 P; k4 R1 G美國的房貸問題散佈到全世界
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# e- W$ ^/ [$ S# _; h+ Emortgage loan
+ c% R3 g* l: w  t) U# g>conduit
4 N6 V$ P, Z) I8 r" n>RMBS(Residential Mortgage Backed Securities)7 {: }9 t/ S! [+ k4 G4 ]
>arranger
5 t5 L6 e7 i9 i  ]. {>CDO(Collateralized Debt Obligation)! _9 ?2 C" Z$ m8 {6 `5 n
最後去到投資者
i thought it is the reason of rate of return.
2 i+ v# z) J0 s5 }CDs could have different ratings, AAA -> F,1 R8 u) j9 C9 q. z+ o- g
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 |; ~% B. i  l0 o, u
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,% h+ ?+ M) R+ b; g/ m" m
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." @( U  V" |6 ]& l# C, g; O. a- q- c  @
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ Z% r( {& L* e% asimilar to bonds, CDs trading in the secondary market have different value at different times,
: Z4 [5 I  [, Y/ B% O; h7 S: Pnormally the value is calculated by adding it's principle and interest. 6 N, @8 A  o2 ~7 S4 G" b; u  ~, L
eg. the value of the mortgage+the interests to be recieved in the future.
% @8 c% R+ S7 p6 r" Q7 C9 Rbanks 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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! b# |# @0 F+ ~3 q% M+ Z+ Lim not quite sure if the multiplier effect does really matter in this case.
, i3 a7 I( D- G) |1 ^( ?* M  R- Q. _in stock market, it's the demand and supply pushing the price up/downwards.
/ \4 B8 {6 g& yFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% a: m0 Y# S0 f9 o! f
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 J4 V# G6 B. V3 s
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.
% o6 T7 B% M) q! D& z. Wbut 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
: B; }* F# q2 s9 t* x- C3 F- YRefer to last example,/ Z2 E0 u' z$ y$ |, }% w% `
that means bank A have no money because we borrow 10 dollars from bank A ( |' ?: q. K4 m2 S: m: w& C* j
Because bank A doesnt have enough cash on hand
, j9 ^& v% H* R9 [therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E$ N; I7 z. K! |; n( ]* S
so does it mean if E failed to pay D, 2 d7 r* S+ W9 y' D- d
all the B,C,D,E have to go bankrupt?3 u+ b% x+ x( d0 G; J
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3 v) o" X4 _3 ?% {/ ?" K# `the multiplier just tell how much money created in a whole economy,
6 J9 I3 u9 I2 U+ q, K- oin this case it doesnt really matter how much money is created, " Q& p% I- _: P' m+ B9 J, M; b$ w/ X
it's the problem of the debt itself.4 J! c2 p1 E# F& L0 v
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/ |: `7 W% j. @; M4 t7 W$ }) S
小弟一直都唔明...0 b2 W% k+ X* w, |/ ]9 V  I0 x  H3 H

8 D* d& D+ C: \3 [" @9 ]( \全世界都蝕錢,咁邊個賺緊錢呢?0 E! _9 H: N9 i$ E: r9 ^# M' t: X
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無可能淨係有人蝕錢無人賺架嘛...3 C& l/ g1 U# F" A  k4 q/ X3 i

  X; s" Z+ z5 e4 R' C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  , c: ~7 ~; ]8 c3 l, P% a( k0 A2 I, |
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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http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
5 d+ [* D7 q2 m* O- N( Y  A當經濟好,投資銀行相信會賺錢, 物價既估值相對較高& p4 n9 J' [. l5 {% `% b, d( U0 `7 ~
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( x; {+ i5 g- W6 j0 c0 r
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦2 O+ |8 ?7 [6 A$ H+ [2 t, K# N
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
' n  o3 U/ x9 J: f2 B% r計番回報率就已經係50%,所以可以好好賺
% L& C2 u" L6 F! t. u前提係銀行之間要互相信任先可以咁樣借法
' z! S+ K( G4 ^同埋個市場既前境要係好先得% p9 t, R9 C. L' L" M0 u
但當經濟一差,公司估值趺了,物價不升反趺; ^2 L, [9 Q* ~  ]/ K* k
例如剛才說10蚊的, 趺到得番9蚊,
; c3 }6 b+ V6 e+ x/ O咁投資銀行一下子就要還11蚊, 一來一回變左虧200%2 f+ l# d" O* S5 o/ C2 F" F
所以你就會覺得D錢好似蒸發哂咁  ^% o, J. n$ C, f, f* U
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你都可以當標野咁諗, 個樣野多人可以狂升值,
3 e! Q  p5 V. E% k" N$ d0 D4 n( C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, : r+ b; a+ {3 Y' @9 Q, k* h( l
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 2 J7 _* W7 p7 Q! i7 N, t
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
0 P  \: ]7 V0 g6 X2 q8 d6 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
, w; [5 `6 Y' \& S唔係d錢蒸發, 而係比美國佬洗晒未來錢, & t0 D* c+ ?* _1 S
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * ?2 s) L* F" ]( ~- 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5 y8 j5 A) q& u! t, c0 `" F: L5 c, f
咁你話d錢蒸發左去邊? ...
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/ Z+ g: S; b$ G/ `正係咁樣
( S+ J1 w  K$ L. o, C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
  l0 V* k0 k9 a& s0 P分分鐘佢地唔使還錢4 Y. ~. u) w+ B& F

3 `5 s* A* i7 o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,
  r9 A. X& a' O; Y連國家都係問人借, 不停發債券, 印鈔票
2 U6 l. n2 p& u' n& [* I0 }! k9 o一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
+ }9 J- @4 |7 g% Q' J0 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.gif
  }! Q& W/ }6 v6 |咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
5 Q! B6 J4 R  Y7 X6 K) @因為以前未生產, 先消費7 H4 y7 A" r. e& q. F* S* K9 i3 F7 b4 t
而家就要多生產, 少消費
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