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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.gif2 K; N# C5 C0 C
Why bank will sell 借據給第三者???
% F, s$ E6 O& J2 d- D9 [1 H% D7 SI was so confused.....
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, [5 o7 O: F  s- R3 W講到尾都係賺錢
7 A& y# c. _9 l7 h7 w1 Zso銀行可以不斷放款
# Q) W* i& V5 K& j% o, }3 k$ W7 H, _* F9 g美國的房貸問題散佈到全世界
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mortgage loan
+ `+ I1 A) R) u3 k: F8 X7 m! v>conduit
: t1 y7 E. L0 Z>RMBS(Residential Mortgage Backed Securities)
  `9 w4 N6 k5 \>arranger
7 M' K( S0 L5 ?4 ?! x>CDO(Collateralized Debt Obligation)
0 E! _0 }0 M6 ?( u$ C2 T8 n最後去到投資者
i thought it is the reason of rate of return.
: c4 D  _4 w2 [0 @) O& ZCDs could have different ratings, AAA -> F,. _9 x: K2 F+ S, b/ c% i- a* F
more risky ones would have higher premium (interest rate) as a compensation for an investment.
6 n& C" d- u) K- Bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 z) @$ k( Y- q: F, `$ b, h% T3 x% din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 g8 j' q8 A; c0 e+ N; z9 |- k- SAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 ^& q6 W# v$ u* B' F, z7 ^
similar to bonds, CDs trading in the secondary market have different value at different times,7 V' @5 j, D0 `
normally the value is calculated by adding it's principle and interest.
$ H5 y5 W* P4 [" y5 `eg. the value of the mortgage+the interests to be recieved in the future. 4 A! D' K+ }  Z/ Z# V
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.5 Y0 T5 T# m5 a9 ^$ N3 X9 `) D: |

' {# o* d, m: e# E  L& @5 rim not quite sure if the multiplier effect does really matter in this case.! W' @% j" m1 j  E7 |
in stock market, it's the demand and supply pushing the price up/downwards.8 O% s5 X, t+ D; b
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* t1 T5 z, }; H4 A
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
  y: e  ?7 o. Q* v' gThe 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.
  h2 g0 S" W$ l" z  Lbut the value of their assets did really drop significantly.# @, u  Q) G8 l& j. y0 I6 ]% J. H/ l

9 P* m7 ]* E# v1 k[ 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! t. u  K+ ?. W: `
Refer to last example,8 X( {3 }0 C4 N: d! F* R/ e
that means bank A have no money because we borrow 10 dollars from bank A , w' C" M* p; W
Because bank A doesnt have enough cash on hand
. B) B# Y: T3 atherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
0 Q* p! O+ j) `& ~" Jso does it mean if E failed to pay D, & J' a: X; ^) U/ `0 {
all the B,C,D,E have to go bankrupt?" k) U. j% ^" O" i+ O; _

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the multiplier just tell how much money created in a whole economy, 9 O) `) L2 E  T/ n9 |
in this case it doesnt really matter how much money is created,
) V" j) L0 ~7 Z2 h- z" ]+ yit's the problem of the debt itself.& w8 u9 d! ]/ |, V+ J
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.gif0 v: q$ B3 r- P6 Q2 o
小弟一直都唔明...
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; o5 Y$ K& E* C8 x6 |7 l全世界都蝕錢,咁邊個賺緊錢呢?5 m' _$ R7 O  [4 T
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無可能淨係有人蝕錢無人賺架嘛...
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- R- E; ^) Z6 s: ^) C& J敬請各師兄解答
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' \- ^: P; R4 [( e, tThanks
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那些根本係 紙上財富  2 Q; Y/ Z+ Q- F  W
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 graphic1 K, B1 d1 P( `: p, b6 ?4 i
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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
' {& q3 ^& B/ t" A當經濟好,投資銀行相信會賺錢, 物價既估值相對較高9 R0 I# d( ~9 y( 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- R! m# `" R; s! T4 K' P% `/ X
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦- G" c% `* n& Z9 g; c& G
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,  e2 }) O  P- w) W4 y, ]( v
計番回報率就已經係50%,所以可以好好賺
% W* x1 Z( R; r$ r) T) w( a前提係銀行之間要互相信任先可以咁樣借法
- V$ A, Q9 J$ k7 k0 S3 K同埋個市場既前境要係好先得; f0 q' [3 T% B* L, x
但當經濟一差,公司估值趺了,物價不升反趺5 Y8 M# S3 b4 m3 P: A3 A! i) L% d
例如剛才說10蚊的, 趺到得番9蚊, . F2 ^) d/ m7 a$ y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
6 c- V2 Z  K8 d9 H* W所以你就會覺得D錢好似蒸發哂咁* B) {  b* M. ]4 y+ l8 y, {1 R
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你都可以當標野咁諗, 個樣野多人可以狂升值, # {* G' q$ H  e6 [# H! _
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,
: b! E& Z  d& \7 u. X淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
5 g5 s$ l' P& V- X. z) T' r6 s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 \% I6 X) I5 i( K. V, j
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
; I1 s- b% w9 n" q  i+ s6 o9 K2 z唔係d錢蒸發, 而係比美國佬洗晒未來錢,
8 {& D1 a  [; }淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 5 S9 h( _  z) S- w8 t: j- Z
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( k5 I! u- b! {/ i* ?
咁你話d錢蒸發左去邊? ...
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/ p9 l# y6 l& V5 f正係咁樣$ o6 ~1 U& j5 P
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
" r7 c' Y1 s! ?" Z! I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,
9 V2 n& K; B7 k, a1 w0 z/ G連國家都係問人借, 不停發債券, 印鈔票& h5 s0 S9 s( m- ~
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產+ k% B; [0 o, x' J2 }5 x. S1 t' u
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.gif7 G% Q! m; u7 y, T* h0 d. x1 G
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...1 [5 p! P0 Y6 x6 o1 m+ F! ~$ Q
因為以前未生產, 先消費
8 l6 V" G( s3 F. X4 X0 S$ E1 H而家就要多生產, 少消費
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