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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; A7 {8 D& a! Q" V  \! x' w
Why bank will sell 借據給第三者???, P" ]& I8 P. e: K
I was so confused.....
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講到尾都係賺錢
6 v/ R' b/ N7 z/ Mso銀行可以不斷放款
% h+ k% |0 m5 f; N8 k* J美國的房貸問題散佈到全世界
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1 l4 }: P) ?7 b& h+ Q3 {mortgage loan ) _7 M2 v, a: }7 u. m
>conduit
  T7 E6 W. ^) ]>RMBS(Residential Mortgage Backed Securities)
8 Q0 Y) Q3 X# U- {0 [# k9 i- ~>arranger5 x" v+ I* Z$ S
>CDO(Collateralized Debt Obligation)
7 e7 S  B+ Y, A! q' _+ k2 S4 F最後去到投資者
i thought it is the reason of rate of return.
$ a/ J) @; [0 J7 g8 ~CDs could have different ratings, AAA -> F,! U3 i% O9 w3 d6 j. H/ p. W
more risky ones would have higher premium (interest rate) as a compensation for an investment.# w% i# d# i5 x, Q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! _. u# p6 u% J0 v  x; A- c' Y9 B: Zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 [+ m# @9 P2 }2 `Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 O. T* E& k% x9 B5 R! ~2 y7 \
similar to bonds, CDs trading in the secondary market have different value at different times,0 F& Q6 Z6 }& N
normally the value is calculated by adding it's principle and interest. . L7 ]! b. V: s1 h
eg. the value of the mortgage+the interests to be recieved in the future.
5 S) d- v0 G4 x. ~0 Hbanks 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.
% B0 p# X2 t( r% Q# M* Rin stock market, it's the demand and supply pushing the price up/downwards.0 l# T' }: N+ J0 v: y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
- F# z. [7 q' n# k7 CA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 t( f4 z8 s5 T" l2 D1 MThe 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.
' C: N* v% q0 s8 H2 B/ R) R" s, pbut the value of their assets did really drop significantly.
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# n1 O7 _3 f' q( _/ d$ P[ 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
4 l- [9 p! i5 A3 a* YRefer to last example,
& H# U" ~2 r! T0 `& n0 {( c9 P+ athat means bank A have no money because we borrow 10 dollars from bank A " S9 N* [1 n) c5 o
Because bank A doesnt have enough cash on hand
9 R" Z4 x" r9 X/ u& J- @/ Rtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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1 e( E# s; j6 [! O3 X9 L! X* y8 K; kA->B->C->D->E* b8 q( L% u! \
so does it mean if E failed to pay D, 9 a" e' d) h7 U( ?) O
all the B,C,D,E have to go bankrupt?
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$ I* V/ x- g$ `0 G* vthe multiplier just tell how much money created in a whole economy, 9 `( ?; ?3 ?, f, Q
in this case it doesnt really matter how much money is created,
. R6 c1 G- g( H$ {; m* s6 Jit's the problem of the debt itself.
  Y6 T8 Q5 _! Y+ E; B$ fthe 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
6 c! G  o" g3 {小弟一直都唔明...
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# u6 F3 w7 P# F7 z! V* s0 j; K: t全世界都蝕錢,咁邊個賺緊錢呢?8 h! Q1 g+ p% F/ h8 j$ i/ R, Y
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無可能淨係有人蝕錢無人賺架嘛...
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+ k% ~* M1 O1 }" v* \敬請各師兄解答4 a. V+ Y5 T! Q+ l5 K
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Thanks
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那些根本係 紙上財富  : @+ f/ H+ y, g* n7 `, Y
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
9 i1 i  u1 M2 I+ d當經濟好,投資銀行相信會賺錢, 物價既估值相對較高: c9 g+ \5 T! x" w
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
  y1 n  l# Y6 l; ^, w) a7 O個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
! {8 `; T, Z3 f& l$ s扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,; p7 J" g6 |  X# f; h1 H8 T
計番回報率就已經係50%,所以可以好好賺
# |* ]5 A& [) p/ U8 {. s  B# B% s1 N前提係銀行之間要互相信任先可以咁樣借法; u% g- |- A) G& H& s9 G' D/ ^
同埋個市場既前境要係好先得
- a- M; b4 {5 w- c3 h但當經濟一差,公司估值趺了,物價不升反趺
. k$ F0 b; ]- y8 s! @( T; K8 s例如剛才說10蚊的, 趺到得番9蚊, 3 i) z6 l% S1 H' a; Z* ?$ z
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
3 t8 a& I6 n6 T! t1 J, x* E7 A所以你就會覺得D錢好似蒸發哂咁
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+ ?+ F2 q* n0 e0 b$ ]8 L你都可以當標野咁諗, 個樣野多人可以狂升值, # Q; Q- X- {) A2 Z0 U% g2 T6 ]
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,
% j+ E" Z$ I4 y# z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, . Y" C1 |9 N- y* H* h1 @
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: x; P( }5 u0 u3 E
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- x8 I. x- V2 a1 D6 y: o
唔係d錢蒸發, 而係比美國佬洗晒未來錢, % _! s( {; w# ?! t+ z9 S
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 8 n2 N; o  A$ B. d* n& N# 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- Z+ |. p& Y$ A" g1 \) Y) c
咁你話d錢蒸發左去邊? ...
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5 X1 h# Y1 ^/ t" \+ A正係咁樣
2 y0 J( Y  Q" W1 a) 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$ z. z8 S- e; P# f' j, S
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,& x4 n$ q4 }$ s; N& {
連國家都係問人借, 不停發債券, 印鈔票! d* V4 ?" q* n; `
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產2 H% |, i; C( J: T; l  `  Q' A  x& 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
9 Y+ y: `6 h2 d# r6 w$ q, d4 H咁而家"爆哂煲"算唔算先至係變番"正常"???
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- }5 z. y" w7 H% a其實係...% z! X: W) a) x. W; z
因為以前未生產, 先消費) d0 n9 Q) H" B( B5 q
而家就要多生產, 少消費
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