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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 X6 C; C# S8 r9 W: Z
Why bank will sell 借據給第三者???4 X7 ~% D: \% d2 W1 }' _1 U
I was so confused.....
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- |7 g2 n4 C5 H4 {3 K9 E講到尾都係賺錢
" @: p! i$ x6 S8 Y/ l. S# z' Wso銀行可以不斷放款5 j& o+ `) O* `
美國的房貸問題散佈到全世界
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mortgage loan & A- E: _0 ~: E4 H0 F9 i" p8 V
>conduit7 C1 r+ V) m4 P9 m% p4 T+ E* P
>RMBS(Residential Mortgage Backed Securities)
( Q$ G5 m' y. r) U: Y8 e7 ~>arranger
1 b& L. c) j  Q>CDO(Collateralized Debt Obligation)$ N& |5 s/ w9 s, k
最後去到投資者
i thought it is the reason of rate of return." b* f* `$ l' q$ C& I- k+ h8 o4 w
CDs could have different ratings, AAA -> F,, b6 i9 X5 M# ~, L
more risky ones would have higher premium (interest rate) as a compensation for an investment.
6 e% _) I0 U8 |% v. amain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' @$ T$ {! w6 k9 \" \6 E# ?
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& L, }* ~. A1 E2 G  H, R9 MAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 d% j: ]& [8 g2 W0 jsimilar to bonds, CDs trading in the secondary market have different value at different times,
7 B# _- x8 |5 @5 U* [normally the value is calculated by adding it's principle and interest. 8 K0 j, m8 G0 r. k2 z  i3 u9 N4 o
eg. the value of the mortgage+the interests to be recieved in the future.
+ |: h* o" ?. Z2 Y) R: ^' g4 s5 [, ]. ]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.
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/ v' ^* \& A1 j% k1 w- C4 fim not quite sure if the multiplier effect does really matter in this case.
% L, N$ O, b' _  b- Tin stock market, it's the demand and supply pushing the price up/downwards.& O; [8 b" u: s; ]0 R/ T1 ?8 o0 p  Q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* b: A: d' g' E' h" B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 M4 I/ ~* P$ P4 l4 `
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. 9 Z4 I, a: Y1 s' k; f
but the value of their assets did really drop significantly.+ h+ u# Z" T8 L
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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
  W4 b, U, X* }# R1 k: [) zRefer to last example,
) j/ z3 |  Y; a( m3 Z" ythat means bank A have no money because we borrow 10 dollars from bank A ( w4 b9 x) W8 F9 H9 H! W
Because bank A doesnt have enough cash on hand # j5 n1 F7 v* [% |2 E7 l+ v
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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. J% _# j4 f* V; [6 c. f4 YA->B->C->D->E
0 \2 ?( |2 J, Yso does it mean if E failed to pay D,
& ]- j7 \, Z; u& y4 q3 X+ Sall the B,C,D,E have to go bankrupt?6 y& I' \' `- W9 M3 {

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, [2 T6 X3 J. n+ N& S; F: U# e* ?the multiplier just tell how much money created in a whole economy, ( c. ~' Q$ K; C% o3 e
in this case it doesnt really matter how much money is created,
1 t. d7 t$ c5 l, l8 ^it's the problem of the debt itself.  R* S7 J9 C0 H6 r& A
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
- {* J3 k/ e# y. z小弟一直都唔明...$ e2 G; }% K6 B1 c; G. e, m) \

7 |6 f& d* b- M, Z2 J3 v; U全世界都蝕錢,咁邊個賺緊錢呢?- ?% n3 n7 R3 k1 w0 l2 r
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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& L. i1 g' C5 ?% V4 B3 D; v. x. q

1 U7 U; J% C0 v+ p5 X' ~Thanks
8 B- J7 w$ F7 ^) f( g  |那些根本係 紙上財富  3 n; D" y, H0 [9 A
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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0 J" A1 e9 E+ }http://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產
( b5 f0 L6 E. @: m當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
8 P0 K7 V8 j1 @8 }# r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8 S$ V- [) o8 F- c0 H! J% [
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
, U+ }0 K" q$ m7 ]2 P扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 O4 I: C" k, ^, _3 @6 ?' h4 K, g" O計番回報率就已經係50%,所以可以好好賺# e; @0 `3 L& K# r
前提係銀行之間要互相信任先可以咁樣借法
, I4 {* i9 A  E6 R9 {# N& W( E/ N; y同埋個市場既前境要係好先得) o0 H$ `1 }; _5 [: [( [
但當經濟一差,公司估值趺了,物價不升反趺
! r6 Q3 d5 p3 V' h) {/ e例如剛才說10蚊的, 趺到得番9蚊, 6 p, e3 L8 b! ]2 P' S. i
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
5 x$ X" J  G; a& H/ e所以你就會覺得D錢好似蒸發哂咁
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7 g# x0 ]3 k  `  J3 l8 a你都可以當標野咁諗, 個樣野多人可以狂升值,
5 H) ~- I! g# L2 S5 L& 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, * n  |6 e, M& }# r
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, 6 m# G: k  [) V. g2 U
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! Q3 a0 l- P  T4 L! Y
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
- C. w4 g6 U& `% u3 U; P; T唔係d錢蒸發, 而係比美國佬洗晒未來錢,
; F8 ?/ d9 [( @( I$ Q, \! @9 u淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( M6 ]9 ?7 j" i1 j  E1 S; z( K1 ~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
2 _) Y6 u9 w- {咁你話d錢蒸發左去邊? ...
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正係咁樣
: R" N# U1 N/ Q  R* w" K" ~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
  y+ o) h, ?4 {7 ~# [4 o" j2 J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,
2 t0 q. O; ]8 q$ c連國家都係問人借, 不停發債券, 印鈔票! r" p! U/ {5 ?- N* s1 b% n* D
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
( R9 c3 g9 R. o4 V: Y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) c/ f  U$ X8 ~# d' y+ j
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...: H4 q4 L. ]+ P
因為以前未生產, 先消費1 y/ R: {0 J5 H+ ?. `, _4 u
而家就要多生產, 少消費
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