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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' U9 f( X4 M0 p& d9 L
Why bank will sell 借據給第三者???
( z! K  S  _7 s. O! ~I was so confused.....
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# g) {, p% T9 R2 T& b講到尾都係賺錢
# L* M& B& {; `& H  F! ^' d/ `so銀行可以不斷放款
" j6 S5 d% ?1 e3 t美國的房貸問題散佈到全世界
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mortgage loan
  c8 v8 A: S( S7 A>conduit: q+ T" |: P" G" l# T% I% `
>RMBS(Residential Mortgage Backed Securities)
. T5 |2 }, s1 C3 t' q3 G; _>arranger
( q1 {" f  W) j+ E6 A>CDO(Collateralized Debt Obligation)
: q2 Y" a: ?# J# ^, o$ |最後去到投資者
i thought it is the reason of rate of return.
6 J2 P0 T( t+ WCDs could have different ratings, AAA -> F,
( y6 ^/ U- J2 t/ G/ K% X! Tmore risky ones would have higher premium (interest rate) as a compensation for an investment.
, M# j( N8 s0 B# f/ Umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 V- T* ]4 i+ w% z. c- Rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( V4 O" l8 k1 O$ w7 \8 e) rAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." z9 J9 R* e! `4 s
similar to bonds, CDs trading in the secondary market have different value at different times,1 j9 m: z0 O& k0 }1 s6 i/ S
normally the value is calculated by adding it's principle and interest. " D# h, b* G& H
eg. the value of the mortgage+the interests to be recieved in the future. " Z; j+ K  x7 V: W
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.# x. K: o* |1 |/ Q
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im not quite sure if the multiplier effect does really matter in this case.
# Q) \1 V& [1 H( xin stock market, it's the demand and supply pushing the price up/downwards.
& a- u! a- i: V# u9 qFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# [4 X6 C+ M% t/ B2 g
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) W" |  A  V1 {( X6 YThe 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.
$ Y  {; q; t1 Wbut the value of their assets did really drop significantly.
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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
2 @9 V' p2 C4 ^& V& n' C7 \* CRefer to last example,- E+ C8 X. P, ?# w
that means bank A have no money because we borrow 10 dollars from bank A
- J0 q6 g  `0 H. B3 MBecause bank A doesnt have enough cash on hand
$ D  v6 P1 ~  w  g4 k! D( }1 B" Xtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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1 b0 `$ `" x8 f: q' M6 Z$ XA->B->C->D->E
# d% C/ _, Q9 `1 _, ^so does it mean if E failed to pay D, 9 b) s/ R1 @9 x; i) ?+ B
all the B,C,D,E have to go bankrupt?8 z5 O5 t( M, B3 w4 e/ }

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9 q9 H7 t  N* Gthe multiplier just tell how much money created in a whole economy, 4 {7 c! {8 A5 R: S
in this case it doesnt really matter how much money is created,
3 _2 p7 e. b4 S8 T$ Kit's the problem of the debt itself.
7 A" e. {/ V! S: L! h9 n; ]3 uthe 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.gif5 F4 K2 O9 C/ k8 c& 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?8 c( o: ]) Z6 G: y  C9 c0 q
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無可能淨係有人蝕錢無人賺架嘛...
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敬請各師兄解答
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Thanks
) o. d; t& i6 R  R那些根本係 紙上財富  
9 L' B  u( H9 Z6 v& ]# V3 J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 graphic0 \. A) q- m% p; h

1 k+ R5 n& P& ?) ~9 e" s! D3 khttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
8 G9 _% g! [3 Z' O' C! B* {當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
# |* ~; b* R" n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
( G3 u4 j0 K. }1 Q個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
7 F4 Q5 a) j+ t* s& H% U扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
9 N$ I: C" q5 e$ O0 T& k( o計番回報率就已經係50%,所以可以好好賺
) g) `- M& @: x+ V: Q* C4 W6 o6 @前提係銀行之間要互相信任先可以咁樣借法
6 R7 F1 y3 J- R同埋個市場既前境要係好先得, S' Q$ b: ?# y( }) N$ \
但當經濟一差,公司估值趺了,物價不升反趺
  J, v% Y% {8 S例如剛才說10蚊的, 趺到得番9蚊, % `4 s. O6 Y7 R9 D' y" L* Y
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%0 e- Z' g/ w+ ^0 ^
所以你就會覺得D錢好似蒸發哂咁
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. T- |( s2 i. Q, [# }% n你都可以當標野咁諗, 個樣野多人可以狂升值, 8 L, l& w$ R) y! A
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,
" I/ D( [, \+ H8 a淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,   h# G# T$ l4 S& g% f' s. M- N
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
) e4 i- X3 Z0 v. E8 B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' Y1 K: J) E% ^+ \
唔係d錢蒸發, 而係比美國佬洗晒未來錢, # `+ b& U+ u6 E4 @* ], G6 ]
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, & I! |. l' K$ P/ P9 y1 R/ 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
* @* R8 z1 X3 k; d! I! y咁你話d錢蒸發左去邊? ...
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正係咁樣% }) i- F; ], R0 C& T4 i! b
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% x$ M% o6 A" \分分鐘佢地唔使還錢" U) I- X0 y* h+ Q: T

7 x' j  O6 E7 F0 L0 C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,
. `% A1 ?# U8 [3 I5 W連國家都係問人借, 不停發債券, 印鈔票
) h  Z# V5 O& {* W0 S: z+ l一個國家好少出口, 而又大量入口 ,反映到佢唔多生產! T! A2 h3 |# l9 j
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
8 E) o& d4 L2 N  b, O- S: ?咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...5 [. n( ]4 D3 p' C! b0 ~
因為以前未生產, 先消費
' q1 P# s  n9 U) a* O7 F6 W而家就要多生產, 少消費
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