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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
! M) {! U! o7 Q7 \# {( W9 fWhy bank will sell 借據給第三者???0 W0 e+ U+ j0 R$ D8 n$ E
I was so confused.....
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講到尾都係賺錢
: |, {# s, k4 @# ?so銀行可以不斷放款1 S7 S" D6 u7 k' A5 z
美國的房貸問題散佈到全世界
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mortgage loan
# i8 h" D2 Q3 o' k. J4 m>conduit
, R% @+ v) S. D1 h4 d, w2 x' ?>RMBS(Residential Mortgage Backed Securities)
1 X# j8 {7 E3 E4 b; h+ H& y>arranger
  D* Y' B6 @0 n  M! \% e0 ^>CDO(Collateralized Debt Obligation): c( C/ G7 z* O  v+ s
最後去到投資者
i thought it is the reason of rate of return.
1 x6 u1 c" W; p2 vCDs could have different ratings, AAA -> F,- L# Y) }2 m: [& _! |' I7 H% x
more risky ones would have higher premium (interest rate) as a compensation for an investment.
( h( S7 T  \) i7 o7 O( d& fmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' Z! y7 ^" y6 {2 Y: p( A' P4 s
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 y, u) b& j2 I' j& ?1 S% U/ I* l
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* K# e  P; x, n4 E0 Z) y5 n$ K
similar to bonds, CDs trading in the secondary market have different value at different times,
# n1 x, t1 i7 g. @6 Q: _normally the value is calculated by adding it's principle and interest.
7 ], b/ y7 Y8 ^" y4 Q% p( g% seg. the value of the mortgage+the interests to be recieved in the future.
& M2 L1 P- Q3 L6 e; |! obanks 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.) E$ m2 f: S1 b7 P

! ]2 E: [) D9 k, M! O: g) y# E: dim not quite sure if the multiplier effect does really matter in this case.
% i6 _4 q- Z5 E/ u; ?$ Sin stock market, it's the demand and supply pushing the price up/downwards.4 J! A% P0 {* U0 ^
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 X" a+ X0 S4 t+ f- Z# z0 v8 [A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# m3 {, s$ d: \, }% i' r+ d- P
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. - Y0 A* P+ o+ F! E' }
but the value of their assets did really drop significantly.$ Q8 O; f' ~4 i6 |( n

6 v3 A9 m+ O! k/ Q[ 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
/ I5 z3 z/ ~; \* }" q. mRefer to last example,% E$ K3 P5 m  g4 g$ ]; Q
that means bank A have no money because we borrow 10 dollars from bank A % e! z, d0 z2 x) J+ D1 n
Because bank A doesnt have enough cash on hand & Q% j' m: B/ S. ?8 [/ p
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E" g& G# f" u3 P% U
so does it mean if E failed to pay D,
' k2 v) P+ P! |( v% I6 E5 _3 C8 _5 C, Uall the B,C,D,E have to go bankrupt?' e  Q% z7 x. f3 e7 x- E( d8 ]
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! k: `& r% ]" n' Othe multiplier just tell how much money created in a whole economy,
. D" j' p/ \. ain this case it doesnt really matter how much money is created, * h( N! d! `) [$ O  z
it's the problem of the debt itself.
4 _& f! l4 B9 l2 E  I0 Mthe 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
9 h" ?2 L& `$ f小弟一直都唔明...
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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...$ A* }+ u0 y* \. h; O
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敬請各師兄解答3 ^. b/ v  f5 E% D9 p3 r2 x# X8 y

; T! Q+ j* J8 e; N# V. t) HThanks
( I2 U1 ^, W" \7 n( C那些根本係 紙上財富  
0 z! ^$ o* a% L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% C3 X: L3 N( W5 R% n

* h, N  f4 ^- Uhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
6 S* W' d0 w9 h' y* Z當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
: ?# I# U1 ^" s) S7 F# 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: l  i/ b! r* P, X4 ~# f
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
6 M) W+ C7 N0 z( t扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,0 U. r$ k, [9 \5 `  a
計番回報率就已經係50%,所以可以好好賺
# D0 P: {6 y- p6 N0 B% X前提係銀行之間要互相信任先可以咁樣借法
1 ?, V+ C- O, H5 N8 E同埋個市場既前境要係好先得: N5 p5 _/ |7 P
但當經濟一差,公司估值趺了,物價不升反趺
' r4 }2 `& k, y, L* @; f' B7 L例如剛才說10蚊的, 趺到得番9蚊, ) S, j  ?3 ^" |) T
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
* z) Q" y5 B" F& B所以你就會覺得D錢好似蒸發哂咁5 j3 k# V2 g- ^) O) w7 M: o

6 y* w% D/ m2 ?7 l你都可以當標野咁諗, 個樣野多人可以狂升值, 2 N! I# L- W: V5 p" E6 E" ]
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,
1 z. w. T7 J/ y+ @' w淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
, w# M- x, p1 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
( ~+ R) \/ g2 F; O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' }: ?& G7 [9 [; c7 v& k* b, W$ b
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 f: y8 Y; A$ X( J$ k1 I! t淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 4 y# H1 C0 V  F
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
# j+ ~* f& y7 e& G6 Q咁你話d錢蒸發左去邊? ...
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正係咁樣- w/ y& i/ Q; ^) ^2 g& j
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. X( t; D- g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,
; R# i" t& G# D連國家都係問人借, 不停發債券, 印鈔票+ z! m. z; m4 Y6 z6 p/ Z$ F6 J6 m
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
# t& `$ z% W2 y( W; t2 O3 m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
  ?' \2 c1 x4 {& R咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
2 r4 M4 z4 j6 G. f/ X4 h' x- ]因為以前未生產, 先消費4 D. e6 R* r$ Y, z) u/ C! h( S
而家就要多生產, 少消費
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