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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.gif0 X# u3 M; I8 E, o
Why bank will sell 借據給第三者???
4 q! k- [' z# P' t! U& g+ ZI was so confused.....
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% W( x1 Q& s% a  I* A3 _- e5 V& N講到尾都係賺錢$ C4 I+ E' m0 A$ v) \- r
so銀行可以不斷放款/ C7 |  ?1 Q. \( {. }
美國的房貸問題散佈到全世界
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mortgage loan ; q. t5 F: Q2 x) [
>conduit
& O: J' z9 T) M) s& N' S. K>RMBS(Residential Mortgage Backed Securities)8 F/ ?5 \  d2 C- J: T3 u2 k& j+ x
>arranger6 A) w0 g7 k5 D
>CDO(Collateralized Debt Obligation)1 C: D0 g9 m9 c+ Q9 V4 L. N
最後去到投資者
i thought it is the reason of rate of return.8 `/ l% L  i& v, C
CDs could have different ratings, AAA -> F,
8 F' C! E( l2 emore risky ones would have higher premium (interest rate) as a compensation for an investment.
1 a* i/ x9 q# H# A. i$ X6 Z8 \; fmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 d5 ~* ]2 H- V8 X* }
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% g5 [  |% v: T# ?3 ?Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 P7 l* {( X8 J+ V; G8 Vsimilar to bonds, CDs trading in the secondary market have different value at different times,( @, o8 z# @! b2 X+ T3 v
normally the value is calculated by adding it's principle and interest. + K6 P- P, k0 g# f5 J3 Y7 ]
eg. the value of the mortgage+the interests to be recieved in the future. ) z% @6 |  M0 W/ 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.2 k) j# k5 _  o

! T1 @/ D+ g" r. _im not quite sure if the multiplier effect does really matter in this case.
7 |5 a( G  F+ l1 E# E8 lin stock market, it's the demand and supply pushing the price up/downwards.
% u. u$ U+ q2 h  o7 N. dFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,, p5 R0 Q7 o  d  x
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; \0 }) f- [3 u, e3 {4 zThe 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 }6 u- ?4 S$ v, ^
but the value of their assets did really drop significantly.
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2 I4 o. Y* A0 Q" h7 B# W! B/ Y[ 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
! ~5 O- z  g; |: KRefer to last example,8 H$ L+ \* k' G4 ~8 g$ w4 X
that means bank A have no money because we borrow 10 dollars from bank A
1 D. P: Z6 h# v/ wBecause bank A doesnt have enough cash on hand
: ?" r1 v* i  }. s( N5 G9 k3 R, z0 Atherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
" K& w0 m# l: X, h% _5 m3 O5 ?so does it mean if E failed to pay D, 9 l+ n" O1 r  K. G+ _# j
all the B,C,D,E have to go bankrupt?
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$ w& Q( l# I' i, s) tthe multiplier just tell how much money created in a whole economy,
, P6 G1 @8 a9 b. Rin this case it doesnt really matter how much money is created,
# H  o% o' l1 ~8 ?5 g) ~/ l0 Uit's the problem of the debt itself.' r/ e8 p. X& |# E" P
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
& D6 W8 }# b0 Q5 y1 X! l* S* Q小弟一直都唔明...5 F5 u3 d! c/ t! N

; }4 b" \4 K6 g; F. V3 u, K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...
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5 s1 Y  J# Z) D; s/ S1 H敬請各師兄解答  _* y; n6 R; f: p9 W9 Y
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Thanks
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那些根本係 紙上財富  $ |+ Z2 Q/ r  p  ?$ 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
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6 d9 }8 L4 e; P# v$ m- Qhttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
6 q9 \) a) Y7 x4 B當經濟好,投資銀行相信會賺錢, 物價既估值相對較高5 H+ T- N; H0 j9 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) a1 N0 A" @* t" J# {8 c
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
  r# ]& V% L8 v  h扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,5 e2 O* m9 ?" b& M% X, F" Y
計番回報率就已經係50%,所以可以好好賺
1 Q8 i2 V# Y; \/ W9 x: ^8 H前提係銀行之間要互相信任先可以咁樣借法
# A  {9 |) O/ G( j7 c5 h同埋個市場既前境要係好先得6 Z: n/ S8 z* Y* J3 G' V
但當經濟一差,公司估值趺了,物價不升反趺
5 E6 E6 v; ]" y2 Y9 x例如剛才說10蚊的, 趺到得番9蚊,
5 V: e, P, A3 ]8 u# r咁投資銀行一下子就要還11蚊, 一來一回變左虧200%9 C- @+ t: g& w8 d: L
所以你就會覺得D錢好似蒸發哂咁
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9 W% g3 E. i3 I7 S你都可以當標野咁諗, 個樣野多人可以狂升值,
  ?7 y3 ?. y8 }/ B( f  X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 o% N: Z  i9 X, \淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, # s7 n$ R, q& }
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6 _" H1 k" x7 g6 q3 p
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* o0 v; D/ r8 i9 m; {  O$ E. |' W
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
3 Q8 e$ Z( K& H9 B3 M6 z淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 1 F9 W; w2 l: m
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
/ T* q6 r5 G9 R$ ?. H( Z咁你話d錢蒸發左去邊? ...
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! h: \, q4 K% X" f正係咁樣
5 N. u2 {9 M  \8 U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
; v; D( a* |! {8 l' Y- I分分鐘佢地唔使還錢
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1 X. x6 m' w( H9 ~. f) v) @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,
- c4 N: g3 f9 k% B: q: |連國家都係問人借, 不停發債券, 印鈔票
, U$ J. G- w3 O" ?  R5 z一個國家好少出口, 而又大量入口 ,反映到佢唔多生產: ~/ Z  F6 `; M/ R
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. _3 |2 `( d3 [( o
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...
5 p8 U8 k  V: I: R因為以前未生產, 先消費% ^0 E1 r# ^2 n2 l  d1 B3 a: t$ S
而家就要多生產, 少消費
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