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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.gif8 A) N2 w7 z; r7 i  ^7 C' i' a8 y
Why bank will sell 借據給第三者???4 m7 B1 t3 j5 {: H/ m
I was so confused.....
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9 \# B( Z9 h' r講到尾都係賺錢1 E3 i/ D. U3 K& p9 j0 v
so銀行可以不斷放款( J4 h* Q! A* U& y1 N" n
美國的房貸問題散佈到全世界. I. [* G; q5 j. w2 G7 r+ M& _

6 n4 x- X7 I- g  kmortgage loan
2 _* a9 V6 B+ @# m) }>conduit$ M! A$ P6 g, I# e0 K
>RMBS(Residential Mortgage Backed Securities)6 e9 K! W0 r$ {3 y$ g
>arranger
2 o/ \3 Z( P8 Z! u9 j>CDO(Collateralized Debt Obligation)
( g+ {. j$ ?# ~最後去到投資者
i thought it is the reason of rate of return.
6 U+ y) s' f6 [CDs could have different ratings, AAA -> F,
) e3 N4 R/ [, {; i& I+ a, Dmore risky ones would have higher premium (interest rate) as a compensation for an investment.
7 T7 y4 x$ S+ Z' N$ I3 wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 U, \: C. y: y) @( y; b
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# {1 W: O- x6 b
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ u& s4 F/ L- v5 ysimilar to bonds, CDs trading in the secondary market have different value at different times,3 [$ e! S0 l, W; P1 ~2 v! ?  ^6 e+ ^, P
normally the value is calculated by adding it's principle and interest.
- f' c! ?; u# P! G& veg. the value of the mortgage+the interests to be recieved in the future. ' F( J, X- _% `/ O" m' N0 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.& I0 i- P* C- _; G. Y3 {

# m+ t! W( D! G& Vim not quite sure if the multiplier effect does really matter in this case.
9 n" |* V9 {: W( {; c: c: din stock market, it's the demand and supply pushing the price up/downwards.1 P, Y  {4 H3 O8 {5 X
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& w  n8 L' G% M/ {- y* M1 A
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 T  S  W, K+ J- e; \; ~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. + A+ J0 Z/ W3 _3 V% N8 v
but the value of their assets did really drop significantly.
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$ f( `3 b$ v# \1 v+ T" Z0 t[ 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
; q' |: h) z2 m$ a* BRefer to last example,
, ~, M/ k- d+ ~2 \! ]that means bank A have no money because we borrow 10 dollars from bank A
- Z) ~: @" z& S& o, o/ A- ^Because bank A doesnt have enough cash on hand
* H+ w, e/ m9 F9 itherefore bank A need to be bankrrupt ??? Am I right ?? ...
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5 M7 L$ k7 K8 ^% v$ g2 @A->B->C->D->E) A0 v6 ?, p: ~6 |$ k
so does it mean if E failed to pay D, 3 |. [0 E3 M' B, s. B& F7 w
all the B,C,D,E have to go bankrupt?7 c- N* w# u5 R

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/ g9 {& D  J$ ~) M/ H% Bthe multiplier just tell how much money created in a whole economy,
. u2 F* M' Q; Z$ f: w, J8 bin this case it doesnt really matter how much money is created,
2 k+ Y9 L4 P# m+ _/ a9 cit's the problem of the debt itself.: l$ a  C" i/ w
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
' A6 V/ T! K5 t( S1 G; {小弟一直都唔明...
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全世界都蝕錢,咁邊個賺緊錢呢?4 k% Y) e& }) a$ D) g- r6 n
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無可能淨係有人蝕錢無人賺架嘛...
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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  
& h) r& _7 t! G( x1 c+ t% x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( a- S& @* ~( [! c2 M7 ]% R

( O- w4 s' M( D9 I, s7 {0 k8 o! Lhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
! e3 k; U; A! V9 d* i當經濟好,投資銀行相信會賺錢, 物價既估值相對較高. l% }1 n0 I" x% Y. X
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
$ K- y) P5 h9 [, Z$ d個件物價係市場好既時候升, 例如15%先算,變左12蚊啦: x5 ^6 F5 f& a7 \; h4 G$ l
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
0 C0 @# u, b& W" s3 {計番回報率就已經係50%,所以可以好好賺/ n) w6 T; T/ e  k8 {1 M
前提係銀行之間要互相信任先可以咁樣借法- [8 a+ U& i6 z/ `- S' J
同埋個市場既前境要係好先得
1 ]9 e+ Q9 x/ q9 z但當經濟一差,公司估值趺了,物價不升反趺
( V% k5 ^% V( s. F/ J2 U- _( p例如剛才說10蚊的, 趺到得番9蚊, 6 Z, g$ X& c5 G( E3 U0 @
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%$ k' c! V# r7 O3 I; f
所以你就會覺得D錢好似蒸發哂咁
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你都可以當標野咁諗, 個樣野多人可以狂升值,
* m- q; q# X: P1 W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,
6 p6 H. w* {5 i) A% x淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 }" h& d  G5 C5 B; n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
8 Y, i  W( `: R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.gif4 H1 K  X/ N: i* r
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
6 t2 z/ I+ o0 V, u5 |淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
2 V2 B5 c! W& ?( }% g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
4 W( }3 P2 f  n% ?咁你話d錢蒸發左去邊? ...
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0 I6 l, B: K9 }5 z8 d正係咁樣% ?1 U6 f9 _" ~
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
# g$ n- a- S0 r! \, A分分鐘佢地唔使還錢: A  B# H9 o1 g8 K6 @: r/ ]& E
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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,1 \" m( t# T6 G" u7 W
連國家都係問人借, 不停發債券, 印鈔票+ M$ s# [3 @) K  A7 A
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產5 x# r% O* `/ ^6 F1 ]: ]3 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
5 ?- t8 n; ~' _3 J咁而家"爆哂煲"算唔算先至係變番"正常"???
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. }: r) Y7 p3 M; i+ }! [) o0 P其實係...! [4 F" Z: q1 \, c) {7 L9 p
因為以前未生產, 先消費! R/ |5 w) `) W' J! S1 ]
而家就要多生產, 少消費
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