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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
# u8 g, r0 y8 ?8 H# E- h8 M: gWhy bank will sell 借據給第三者???( F4 ~% l( d$ v8 q  g
I was so confused.....
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5 e  A6 F& f. ~! Q1 R講到尾都係賺錢- P7 h/ s* j9 @  c% L
so銀行可以不斷放款, L0 n  f: Y* ]6 t/ I
美國的房貸問題散佈到全世界
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mortgage loan 5 t4 v  K& B1 |3 |
>conduit/ J6 F( ?, w: c  g
>RMBS(Residential Mortgage Backed Securities)- D/ ?5 i2 k( P1 d+ w% H
>arranger9 C: v9 ]' w3 ]7 H+ q" b
>CDO(Collateralized Debt Obligation)
* {5 i  C, f$ v" r2 F最後去到投資者
i thought it is the reason of rate of return.0 T9 r- w8 B5 d2 U
CDs could have different ratings, AAA -> F,! V- Y# Y6 _! L3 ?
more risky ones would have higher premium (interest rate) as a compensation for an investment.% J) _6 s' x: G3 `; @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. o; ~+ z1 c) f, Lin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ J% C. J/ z. F+ r% c8 r
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.- d; s! n9 c; E& g/ Y/ b
similar to bonds, CDs trading in the secondary market have different value at different times,
, t0 c) R( S6 {5 m  M: ynormally the value is calculated by adding it's principle and interest.
" ]0 {) }% g, @1 G7 Leg. the value of the mortgage+the interests to be recieved in the future. 9 j2 u# R7 D$ |. s( f7 [  W0 E7 e
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 e; H* I! y- i4 e3 B8 y! Q

+ y- _5 |3 C' l3 uim not quite sure if the multiplier effect does really matter in this case.
1 e7 X& ?; x3 J% z2 ?- ]1 U. Ein stock market, it's the demand and supply pushing the price up/downwards.
) u( {: V5 O; q$ q" bFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,- h$ p8 N5 M6 }( ~6 }5 W# ^! C( E
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& T& a) v" y  E0 A2 m7 V" U% Z
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. / V; f+ L  D. e! C  x
but the value of their assets did really drop significantly.4 M8 J- Q2 V( r+ T, T3 R) R

$ E; Z4 ]" W0 `$ @7 s0 ]0 ?* S[ 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
- u  ?! u) O4 o9 s4 rRefer to last example,! H& j/ ^5 g7 _5 _" l
that means bank A have no money because we borrow 10 dollars from bank A ( A; C8 F5 z& v+ Z: Z0 V, U. O) n0 h2 j
Because bank A doesnt have enough cash on hand
" t! L# W. P9 G: c& ~$ b$ Stherefore bank A need to be bankrrupt ??? Am I right ?? ...
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& I$ t/ j7 W$ d3 r* h  H  Z* QA->B->C->D->E
. d' \: a) T5 v: n( lso does it mean if E failed to pay D, % e1 L( |& y5 @6 X/ x. Y2 C
all the B,C,D,E have to go bankrupt?
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; Q5 V+ Y2 m: D$ G" v% qthe multiplier just tell how much money created in a whole economy,
  L2 c6 v. u: p: Qin this case it doesnt really matter how much money is created,
0 o! X' ^7 k, zit's the problem of the debt itself.7 \, H: n: h2 n; F% d5 \
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) p# L3 ~2 q3 V( [
小弟一直都唔明...& U/ M: W+ d' ~  @

0 c9 n! v$ W1 m0 u全世界都蝕錢,咁邊個賺緊錢呢?
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* _5 o* ^4 S7 a" S4 Y0 ?7 V無可能淨係有人蝕錢無人賺架嘛...# e! `) P+ e" m  _' O' `5 w
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敬請各師兄解答, J% e2 `* N. b0 T& Y" b

$ j$ ^9 U: E- u6 VThanks
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那些根本係 紙上財富  6 |8 ^' ^7 l/ k. r1 m; y' Q, 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* L. M/ H+ ]' y0 `! b8 Q
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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& ~6 X6 f& c1 H; g
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高! v0 F8 y) c; m/ q6 E
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+ j  e  x3 O* @3 B  C% r
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
& J# V6 @7 J" k5 J; S! r扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 x' H  U0 _" d8 t計番回報率就已經係50%,所以可以好好賺
7 `9 y! [- v4 e7 v6 r9 i8 r+ T1 q前提係銀行之間要互相信任先可以咁樣借法
- V, S7 p9 v" s4 s, [5 [6 `同埋個市場既前境要係好先得
) t8 v9 U* u( u8 M2 R  v7 f但當經濟一差,公司估值趺了,物價不升反趺; q/ j' _6 Y$ Z: i' n* {
例如剛才說10蚊的, 趺到得番9蚊,
+ e, X; G$ O# \咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
8 y$ ?: w4 V; S9 y  |. [$ D$ P所以你就會覺得D錢好似蒸發哂咁$ w+ G; `) L$ \
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你都可以當標野咁諗, 個樣野多人可以狂升值, ( ?! j8 A  O% D: F# T3 ?" L
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,
: i, T$ a( @# P3 I: ^# v淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
6 S3 i. i# k6 a  i, x" r( B# Z# M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
) h8 l, s/ T* \! I( v# I4 g5 l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
7 d8 ]( \/ i1 Y: r, j唔係d錢蒸發, 而係比美國佬洗晒未來錢, " }  p: T9 q& u5 U& T0 ~& G  m
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
7 |. t! I9 m9 e3 z( H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
9 {6 m7 v9 n/ A' H- p1 O咁你話d錢蒸發左去邊? ...
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正係咁樣; A) T  h4 U% M' O, F# v" ]' z1 b
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
$ W$ d, E8 Y  N9 H! z4 Q# @2 k分分鐘佢地唔使還錢
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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,
9 _3 H7 h5 M$ w5 O: h# b連國家都係問人借, 不停發債券, 印鈔票2 `# _4 H8 c& s: _5 g- e7 t
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產8 S; s  h+ o9 H4 u7 m' 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- A9 O, i+ \& q) a8 x" u& V
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
) j. m; ?& P* R5 Y1 b& ^" ~因為以前未生產, 先消費
% P* M+ b. Q6 s$ w, e而家就要多生產, 少消費
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