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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
: ]$ J. j6 {' W6 \0 u" TWhy bank will sell 借據給第三者???
; G  K" C# w2 C# i3 i% W. AI was so confused.....
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講到尾都係賺錢. u& S/ a, I( k: R9 `
so銀行可以不斷放款
* i! W# w  ]' A/ f3 h+ {% P美國的房貸問題散佈到全世界' C7 W+ I" B- a9 @8 s5 M. _8 j

" g; B: N- W& y( {: [mortgage loan ' y, e. u8 o* T5 h9 B
>conduit
( R4 p" p! Z! a- W& R>RMBS(Residential Mortgage Backed Securities)
  P) q% V, W0 z. t: i/ L2 Y>arranger
) o5 P3 M9 m2 D>CDO(Collateralized Debt Obligation)& D) [' [( S& S+ q* i4 X" C
最後去到投資者
i thought it is the reason of rate of return.+ c- }$ c# J/ P7 m4 u  K, A$ C; A$ b
CDs could have different ratings, AAA -> F,
- ]" D7 n+ F' H# ?, l3 Pmore risky ones would have higher premium (interest rate) as a compensation for an investment.
  O2 F( k& v& |8 zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 ^6 a' O* h, P+ gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ W' l4 o! F1 kAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 q' I, z; B1 V% ]
similar to bonds, CDs trading in the secondary market have different value at different times,
: @' Z& _7 K: @  J9 S$ Hnormally the value is calculated by adding it's principle and interest. 6 v( u9 K) `- |8 S) [- Y
eg. the value of the mortgage+the interests to be recieved in the future. - s+ `0 x& H* k$ X% _& a
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.
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im not quite sure if the multiplier effect does really matter in this case.$ b, }$ ], H+ \. @0 k
in stock market, it's the demand and supply pushing the price up/downwards.
3 Y* y$ ~& _- \! a7 r" S0 {# P, hFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' r% v  D& i. ?$ b$ X. ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: B0 C) ]8 G3 ]1 F/ J( Q0 }
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.
6 U7 T% b5 l9 Obut the value of their assets did really drop significantly.
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; M& }. @- ?3 ^[ 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
2 _( v1 b2 v0 \' ?Refer to last example,( H) Z1 X' j2 S5 a! K; n$ X
that means bank A have no money because we borrow 10 dollars from bank A
! a6 X9 |  k6 C" i/ XBecause bank A doesnt have enough cash on hand
/ e* [$ m: X2 X+ @/ ktherefore bank A need to be bankrrupt ??? Am I right ?? ...
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3 r- W7 A0 d& m) h, A0 k+ uA->B->C->D->E
! a* f8 ]( U# Y5 \& oso does it mean if E failed to pay D, * C6 R3 ?$ E3 r' J" c7 H  }
all the B,C,D,E have to go bankrupt?( y# v2 {1 k6 E2 E1 L8 ]

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1 K& ^# a# a. ~( F  M: Vthe multiplier just tell how much money created in a whole economy, . |, o- W9 d9 i" ^5 ]
in this case it doesnt really matter how much money is created, 8 ?1 ?: d" N/ s
it's the problem of the debt itself.
. P; R0 J5 Q$ ^5 r3 R7 O; 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
- f6 K. ]1 Z1 d9 i小弟一直都唔明...3 q2 l5 d) O9 P
7 D8 i1 {2 V8 p
全世界都蝕錢,咁邊個賺緊錢呢?6 D3 j6 z. O( I3 x) C( ^" L

2 H4 R# V9 u5 z' v. Q9 W( D* ]無可能淨係有人蝕錢無人賺架嘛..., T0 P( Z3 \: J1 A/ {

* \3 I5 I' n: _敬請各師兄解答4 G9 j& a- s9 w. w: ]' L7 D
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Thanks
# D! t- k- K, p# i那些根本係 紙上財富  $ r! u5 d3 m# O7 k+ P
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; E  p2 E% b+ p; d* Z
9 R$ @, `3 ]( G# I* M7 y. \
http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產% Q+ ]' k3 y8 j% n
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高) W  d8 S: [, A6 i: 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
7 I: j9 T$ o) f; f6 M8 B) g個件物價係市場好既時候升, 例如15%先算,變左12蚊啦% }& C) H, k5 t) A, _8 s, e) U
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
6 c$ Q2 w1 J6 o$ N& C/ v; {計番回報率就已經係50%,所以可以好好賺
$ V3 p" z9 J1 L' A5 L9 p4 Y前提係銀行之間要互相信任先可以咁樣借法& G& P& g% X9 N! g* y8 v
同埋個市場既前境要係好先得7 B8 ^2 K$ g$ w. N6 W; r. _$ g
但當經濟一差,公司估值趺了,物價不升反趺
$ m( H/ i. ~) ]  O6 ]" \# {. t例如剛才說10蚊的, 趺到得番9蚊,
& _9 k7 u$ J: n& O0 T0 d咁投資銀行一下子就要還11蚊, 一來一回變左虧200%% M2 [" g. c+ t
所以你就會覺得D錢好似蒸發哂咁
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4 }0 [0 @# D& @* k$ F# q1 h  d. S你都可以當標野咁諗, 個樣野多人可以狂升值, ) _: a: p6 Y6 k0 K
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, " }$ V& W1 x! A' A
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 Q5 b" T2 I& s* f1 X) f1 _: z2 Z: p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3 {  R1 j$ o% k0 M% B( A' N
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
4 T0 y2 |$ [2 r: H& U/ c, X唔係d錢蒸發, 而係比美國佬洗晒未來錢,
. u- M- U0 J2 a) }! X淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , r' \1 B) ^+ K4 j, `; S
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2 f. W  F) U( ?) v0 W
咁你話d錢蒸發左去邊? ...
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4 U9 |' S, P4 a2 d3 U正係咁樣# R4 ?$ X( d# q
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& ?5 {1 M; a& Y! f
分分鐘佢地唔使還錢
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+ o0 V3 M: Q1 M; X3 H% |$ B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,
; B' c( N8 [- ~8 V( c連國家都係問人借, 不停發債券, 印鈔票& W7 m) }8 z- a$ |! o
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產$ X  m6 G, R) k$ 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.gif7 B  z' ]! I8 G/ B- d; P
咁而家"爆哂煲"算唔算先至係變番"正常"???
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4 u+ _4 y* q# c' j其實係...
* ^! H$ S5 ~' K" a& \: ~因為以前未生產, 先消費1 x5 @9 b- W, t' ^1 D
而家就要多生產, 少消費
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