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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.gif4 c3 a7 W, z" F, G& ~; U$ W
Why bank will sell 借據給第三者???( D; m2 O6 B% f
I was so confused.....
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3 Y% O9 |* g* O* {' O# B- T* S6 |' z講到尾都係賺錢
3 S% P/ }& p. r5 G2 u3 Rso銀行可以不斷放款
! e) }2 }# a7 h# G' m2 L美國的房貸問題散佈到全世界
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mortgage loan % ~& n$ [. v0 k: [2 P
>conduit
- j. q- @5 e* O6 o& b4 V6 c! T>RMBS(Residential Mortgage Backed Securities)- ^: Q2 D0 R: w' P8 i% g
>arranger" T0 _# I2 x2 B2 W: E; B$ ]$ R
>CDO(Collateralized Debt Obligation): v3 B9 g/ I) w5 \
最後去到投資者
i thought it is the reason of rate of return.% o" g- M1 t4 G5 G0 F3 p
CDs could have different ratings, AAA -> F,
3 g" @4 O- @# N4 T0 |more risky ones would have higher premium (interest rate) as a compensation for an investment.
2 S/ y3 {4 b$ ?! [, Umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, O; ~! O+ ~) p( l% E: y9 Min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 a' }# _0 U" K3 g6 S, f
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ N/ D7 @) N6 Z% x, p8 s; S
similar to bonds, CDs trading in the secondary market have different value at different times,+ n1 C- }" J# y$ D$ F
normally the value is calculated by adding it's principle and interest.
  G7 K8 j3 }9 ~eg. the value of the mortgage+the interests to be recieved in the future. 0 e) Y( X3 L* z4 z0 y+ ]2 w
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.8 M/ h, V  Y& l( |* {: F& L

8 h: r& s% `  D' E0 n& G1 oim not quite sure if the multiplier effect does really matter in this case.& S" a3 N; v7 ]) B3 H
in stock market, it's the demand and supply pushing the price up/downwards.* R+ G7 _0 v9 K0 y- a
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 c2 p  D2 K' v. C, ^' I. K- IA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 `6 }' b. b9 k$ MThe 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.
& v5 g' m/ Z3 n5 _2 zbut the value of their assets did really drop significantly.
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5 A4 J0 ^* i# ^1 G; ^[ 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.gif2 j+ S6 }; u7 d2 A* `' t5 P
Refer to last example,+ E9 a! {/ }4 D1 p- n. l$ F
that means bank A have no money because we borrow 10 dollars from bank A 3 ?( q) m% D* G
Because bank A doesnt have enough cash on hand ; B* v8 G  w  T- u0 C9 a4 y/ U
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E. I; j1 c0 }3 H- p" M
so does it mean if E failed to pay D, 4 P1 L* V! G. O6 ^
all the B,C,D,E have to go bankrupt?( C1 z+ M! |+ Q8 f- u2 `+ w
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1 {2 b; r& g3 C2 |1 ]the multiplier just tell how much money created in a whole economy,
- f5 n/ u: \! V5 Cin this case it doesnt really matter how much money is created,
+ Z/ d" p) q  M7 T$ ]it's the problem of the debt itself.1 F; x5 v! c0 q' y) `1 n
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' {: U0 Q; j8 v8 m; o3 U
小弟一直都唔明...) ]/ D+ K* x1 t: b0 T- T, |
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全世界都蝕錢,咁邊個賺緊錢呢?9 |- S) x' X5 \

4 r9 M8 @+ v+ `% l7 f無可能淨係有人蝕錢無人賺架嘛...& Y: }: E# K. i) j( ?! _3 K

1 j( |0 a& V; B3 @( W4 U; p; k敬請各師兄解答
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' `& Y$ R& T  d. o. Z, k- U/ BThanks
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那些根本係 紙上財富  ) T" l. V# j& [$ l
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& z# t2 T/ n/ D4 F
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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
- u- a" U) L" `/ w& i9 j1 ~# b當經濟好,投資銀行相信會賺錢, 物價既估值相對較高0 U9 {" Y7 \7 ]. k' f. b7 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
5 R% c# Q* ^$ q2 G個件物價係市場好既時候升, 例如15%先算,變左12蚊啦3 g% d. Z) x8 b: Q
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
0 K: d1 N4 Y# ^9 S' t) `' K計番回報率就已經係50%,所以可以好好賺( x' U0 [. }" p5 f3 p
前提係銀行之間要互相信任先可以咁樣借法# M! l1 c  y6 P  y
同埋個市場既前境要係好先得
' L! D+ m1 L; M' l$ v0 B$ D9 E  b但當經濟一差,公司估值趺了,物價不升反趺/ s( R7 Z* P2 L1 i1 P( F& f, F+ |
例如剛才說10蚊的, 趺到得番9蚊, / [& d; G7 T1 q& d% Y" u8 h, t* L
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
! x! ~2 z% _& k  v1 k所以你就會覺得D錢好似蒸發哂咁* y. I, Z/ J- Y" ^- L
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你都可以當標野咁諗, 個樣野多人可以狂升值,
; T& D2 U  a4 y/ w  C' z5 H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,
0 G9 J2 F$ u  a  Q* E2 P5 ^, M淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, * r" a. W% [7 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 i# {$ H* |- n- m; x8 Q! c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
! x3 A1 Z3 Q# N2 R4 A: ?$ ^! P唔係d錢蒸發, 而係比美國佬洗晒未來錢, $ @! G* S, ]2 f2 _$ {
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   K: `  X) r% I8 u2 C
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 @, u/ F, I7 u6 ?+ F
咁你話d錢蒸發左去邊? ...
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1 D* L8 L2 s6 [/ J正係咁樣
3 Y0 q4 ~- k# x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
! Z, E  h' O$ O  u分分鐘佢地唔使還錢8 N3 ?) w7 j& B, z+ a! T5 z

+ f2 N$ A: t: z' i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,
  c' l7 ~( U6 J8 p2 @8 h連國家都係問人借, 不停發債券, 印鈔票" E: E1 |' k0 D' j. ~. V
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產/ l9 y4 l9 R  W  m  E# v0 N
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' ^) e0 E3 K# x& {4 b* s
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係.... b5 P, c; |! F2 M' K( k
因為以前未生產, 先消費7 {! n2 W2 u, [5 V0 h$ Q7 Q- u
而家就要多生產, 少消費
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