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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
# p/ \; N4 h! N9 \5 @5 s1 jWhy bank will sell 借據給第三者???4 Y7 k6 H- V5 W& Q2 o- x* i
I was so confused.....
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講到尾都係賺錢. M6 c  H- x9 I4 H1 J9 s3 f- n' }
so銀行可以不斷放款" _6 l' p' o- Z/ H) Y% C" r; `
美國的房貸問題散佈到全世界8 S6 z/ U3 F9 a* N7 c! }+ f, K5 _3 d

4 E$ A3 _  r+ P# A% }5 Tmortgage loan ) ^, X8 I+ l# Q
>conduit
# w7 j8 d, ~7 k>RMBS(Residential Mortgage Backed Securities)/ m' Z. G3 V, F7 U$ u) j
>arranger/ f& L  w+ C  |- K3 j
>CDO(Collateralized Debt Obligation)8 g, R4 G# y: r0 x! Q9 b8 S4 i& G
最後去到投資者
i thought it is the reason of rate of return.) K+ e1 m. P; p" _1 _& Y
CDs could have different ratings, AAA -> F,& t! s( q7 r9 G4 c
more risky ones would have higher premium (interest rate) as a compensation for an investment.
1 A6 ^* X( u# G, Z+ P! `7 N" wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* B* p$ I/ n4 v: Z. {/ Yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 e# B; H/ ?+ I+ |# m0 }. H
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ I% R+ X3 I6 i/ ?+ n
similar to bonds, CDs trading in the secondary market have different value at different times,
$ Z9 K5 O2 x2 h3 ^9 t' n6 Jnormally the value is calculated by adding it's principle and interest. $ F: \; i' g  }, |- C( i$ U
eg. the value of the mortgage+the interests to be recieved in the future.   p0 n2 K4 _8 m" v) |6 o$ L7 z
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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: r, ?7 T% F- Kim not quite sure if the multiplier effect does really matter in this case./ a' l, x* N( d  a- t  _
in stock market, it's the demand and supply pushing the price up/downwards.5 V, _: {9 r% b
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 r: F0 b4 a) g9 Q( K
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., [  r& L( ?% f8 L
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.
0 U6 o4 a$ ?* C+ h" S) ubut the value of their assets did really drop significantly.& `/ X9 \, H% N: u$ f+ s; y9 v2 w
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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
( _3 E" y- g4 l; HRefer to last example,+ D" ]' X, v* Z( m
that means bank A have no money because we borrow 10 dollars from bank A " N# Y' l' ?  g8 J& T
Because bank A doesnt have enough cash on hand
9 o' |( B+ p1 G3 _4 V: L! ?therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E8 F) Z2 `2 @- `0 g6 v
so does it mean if E failed to pay D,
9 ?. z( i$ d* n% `. z; Wall the B,C,D,E have to go bankrupt?7 O1 }: ?0 ?' _4 J! t5 Z9 S

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' O4 G: q8 g# }( a0 A' ]8 }0 Z# Dthe multiplier just tell how much money created in a whole economy, * s; x9 U9 j1 \0 x1 Q# M
in this case it doesnt really matter how much money is created, 6 u* J* x7 \; B2 V; N9 j+ S
it's the problem of the debt itself.. @# @. R5 N; k% B
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.gif3 \, G$ f& f6 a6 f
小弟一直都唔明...
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* ^3 p. z% V' V: m; g: R8 u全世界都蝕錢,咁邊個賺緊錢呢?$ x4 H% I$ k9 g9 K
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無可能淨係有人蝕錢無人賺架嘛...8 b, O8 X) m: i9 ?8 ^- `0 o( n7 B* q7 J

& e0 u4 u0 J) o敬請各師兄解答
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1 o6 @/ `! I* w" ]0 }Thanks
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那些根本係 紙上財富  ; ~9 l$ I/ F7 C* q- s' ~
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- K- |2 I! b5 A! R+ e4 z

) X. t: A) Z: G2 t5 ihttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產- t& E) n3 ?3 u  u6 H5 |$ |, N' ]
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
8 v6 }, C0 Z+ U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 ~) b. z8 Z; h; P0 S9 G個件物價係市場好既時候升, 例如15%先算,變左12蚊啦4 N+ B% v* f0 K1 X! \
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,& T1 J  H3 {/ l, d! Q" e/ x
計番回報率就已經係50%,所以可以好好賺
5 y- _1 f% P3 E, B前提係銀行之間要互相信任先可以咁樣借法9 |2 p2 M0 G9 n5 ~9 Q
同埋個市場既前境要係好先得7 K; e# x3 P5 m/ [) e
但當經濟一差,公司估值趺了,物價不升反趺
" V, t+ B2 p- |例如剛才說10蚊的, 趺到得番9蚊,
$ ^+ [8 m; l* X, b' l2 Z咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
: c% I" {( t* c2 r2 |) `" l% J0 z所以你就會覺得D錢好似蒸發哂咁
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+ `; y3 Z) h) x  J( \: m1 B) p你都可以當標野咁諗, 個樣野多人可以狂升值,
# D1 K' c' Q7 G5 k4 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, ( k9 I0 x+ `3 a0 N- w
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
0 B7 ?) S# {* F% 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3 G! |: i; _% d" L: {' Q5 H
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! k7 O* p1 [' I' r) j& k
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
4 c& @  A; s7 f淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
& m/ |2 ?" y! y3 j' }8 E1 C  a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/ J6 d. P: z+ U7 x: |! z
咁你話d錢蒸發左去邊? ...
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6 r( p3 U8 a: M- _正係咁樣! q* i% W1 F! V) {) m3 D& }4 S
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
. `: t- [- ?: x' ?. O分分鐘佢地唔使還錢
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: \* S' f3 j" \' X2 \4 E( p0 x; 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,
- v7 [% X( r# w* U  ?7 f連國家都係問人借, 不停發債券, 印鈔票, [7 v: u) m9 F
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產' F2 ~$ ]6 I' B
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$ ]4 t8 s3 C+ x) i
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...) A* m$ D7 L& H) J' _1 ^# |
因為以前未生產, 先消費
9 y  f& Q9 X- }' _. a而家就要多生產, 少消費
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