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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 l9 n/ l: o& Y- V
Why bank will sell 借據給第三者???) _9 ?6 o: T8 f7 _' Z. Z- J8 Z
I was so confused.....
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講到尾都係賺錢9 J! p5 [5 A; g4 f
so銀行可以不斷放款) \: n4 a9 X/ G! c' R) {! v
美國的房貸問題散佈到全世界
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mortgage loan
3 Q0 _. Y( E. R" H4 @>conduit- T% d1 B5 u: G; k0 S. l
>RMBS(Residential Mortgage Backed Securities)
) h! z$ P: d& ~' x0 c7 R0 ]>arranger; [4 A7 O) |9 P& @$ _* w9 f
>CDO(Collateralized Debt Obligation)7 ^; Y; V" t: w( h
最後去到投資者
i thought it is the reason of rate of return.) L! g1 A; n3 i/ H( ?0 j3 ~
CDs could have different ratings, AAA -> F,
( f! q, T( \5 D7 S5 C( mmore risky ones would have higher premium (interest rate) as a compensation for an investment.
3 ?- T2 v% H+ Smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 E! E$ z& M# j$ W& M
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 j  _* T! v" u7 v& s  eAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ Q* i/ Q/ h+ \& @
similar to bonds, CDs trading in the secondary market have different value at different times,
) t( y" T3 ~8 o! x$ }normally the value is calculated by adding it's principle and interest. 8 D" f9 W& u" p& }3 H& `2 Q3 |3 S( ~) E
eg. the value of the mortgage+the interests to be recieved in the future. * e8 e0 [4 }% ~. \. T
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.% l" {5 M6 Y  M3 v
in stock market, it's the demand and supply pushing the price up/downwards.# N, I% x! u' S0 u  P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, l; I- w# Y8 yA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., N* R1 P2 {/ s9 {3 V
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.
7 D4 {0 b' }5 L6 e9 u) C# Zbut 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
8 n# ~' c9 [+ F& g9 ~Refer to last example,3 O* B! t7 e, @1 K0 G2 j: D5 O
that means bank A have no money because we borrow 10 dollars from bank A & K$ X  s, h% h4 x; p
Because bank A doesnt have enough cash on hand 4 p! r; d& q- A& C
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E, b9 c2 s- N3 q) C3 I
so does it mean if E failed to pay D, * U% X6 _4 b+ G; S' o0 ~
all the B,C,D,E have to go bankrupt?  U: y% \: Y3 [6 R
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; s) b* j: P4 J, f- Z. R: r& i* Fthe multiplier just tell how much money created in a whole economy, 7 |; j! _( Y" W' a. p4 O. K
in this case it doesnt really matter how much money is created,
; P* S, B8 @) D# f# Hit's the problem of the debt itself.7 M6 a& M' c& k+ b: g
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' ]" z& Y  p4 I- f$ b3 k0 i
小弟一直都唔明...% ^( z+ _9 ?3 y% o! D# l# @
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全世界都蝕錢,咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛..., _1 G" |+ s8 |

5 |& }/ v$ ?) ?  x& p" z4 c敬請各師兄解答
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- L! r, q( w6 Z( W) V' k3 q: f+ aThanks
" Z8 H7 s$ j! O+ F0 h# b1 a那些根本係 紙上財富  
! `: C/ J5 n# J- n: 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
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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, q7 h( r1 I7 B* G1 V# V4 F
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
% _, T$ {  N/ a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% P8 D+ h' M% ~- ]9 S5 }$ f
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
0 Y8 X' Q/ E0 u# S7 I  B8 C) _扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
; k" D: |$ f  P5 N計番回報率就已經係50%,所以可以好好賺
9 d  R  a% n1 W! t前提係銀行之間要互相信任先可以咁樣借法
8 X1 M% [6 R7 i5 }6 h同埋個市場既前境要係好先得' ^  R: p. P* ^. o
但當經濟一差,公司估值趺了,物價不升反趺
% x( }+ N  S8 G% A; K例如剛才說10蚊的, 趺到得番9蚊,
' Z: d( ^  T$ [/ t% S咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
0 Z6 A# J3 f1 c$ X9 p6 I; _所以你就會覺得D錢好似蒸發哂咁0 a0 E8 z  R1 o0 _
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你都可以當標野咁諗, 個樣野多人可以狂升值, % ~3 H: S$ f6 B: y4 i9 Y
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, / }2 q9 {' {, E( r) M6 _6 ~
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
3 ?* ]  D) \7 ~3 D+ ]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
& M' C5 B' k8 T2 _. v# A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.gif8 n/ p/ Y9 e& D
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
) O: g8 h8 d! H8 t; W% i2 C! K淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
* Y2 X& J7 `/ Y: 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$ H. |  Z: {9 _
咁你話d錢蒸發左去邊? ...
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1 g0 v/ h) K1 c  a. w5 S正係咁樣
" `5 d  e; R! y+ 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
5 n; a. H7 M5 @! a& k6 o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,4 _& j# @, T& }- v
連國家都係問人借, 不停發債券, 印鈔票  a9 R4 H1 L& Z( Q- _
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產  j5 _& j! Z, B0 s4 E& D
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! w" G; i8 y9 v1 @" b) H
咁而家"爆哂煲"算唔算先至係變番"正常"???
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" F  h2 V$ d4 Q8 C0 k其實係...$ n7 s; H: u+ @9 ]
因為以前未生產, 先消費
' L/ W6 O. K1 ]  R而家就要多生產, 少消費
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