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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; r+ b+ A4 R: e- n- V4 p( R, C, m
Why bank will sell 借據給第三者???
& R+ B' H9 v2 |: f0 HI was so confused.....
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( t1 j" _  L2 A& _; I& }  P' U講到尾都係賺錢
6 {+ \& n/ l- F3 ?# p: p7 w& o$ \so銀行可以不斷放款2 [% z+ o+ [* K; C( `
美國的房貸問題散佈到全世界
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$ Z6 ]2 q" _6 c4 S: mmortgage loan ! \4 F8 s. O3 `8 E# y' @
>conduit
: y! Y# v# _! X- l( Y3 d>RMBS(Residential Mortgage Backed Securities)' Y' j8 B' l  C) N9 X; K
>arranger$ `" R* E- x5 z9 W* f5 }9 U& F) ^
>CDO(Collateralized Debt Obligation)
, g; q1 E0 h) z+ D4 z& k9 S最後去到投資者
i thought it is the reason of rate of return.# A- J- M6 k7 V4 W; @
CDs could have different ratings, AAA -> F,; z# T# s" G3 }0 U9 V
more risky ones would have higher premium (interest rate) as a compensation for an investment.. M+ o( m# f5 Q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ ~; K( b3 A, Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: w: W" G, ^/ P1 _! w( P# f$ Z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
  Y# j6 s" R0 M: i( msimilar to bonds, CDs trading in the secondary market have different value at different times,
3 g4 d- ]2 c* Z2 mnormally the value is calculated by adding it's principle and interest.
5 ]/ B# L% t7 }% K: }0 J/ I+ {eg. the value of the mortgage+the interests to be recieved in the future. 8 e. i  `. ~' e5 P. ]9 K" q" I
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./ z. G- z# y3 R$ h3 {: z
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im not quite sure if the multiplier effect does really matter in this case.+ O8 [% l1 G' w4 E( d
in stock market, it's the demand and supply pushing the price up/downwards.
8 x6 w& w( x0 V& S( q* aFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# E' L4 }! ]4 I; r3 Z  H0 NA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" X- F* f- `* d" C( Q% j" FThe 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. ; O' Z0 W. }9 q4 `5 u
but the value of their assets did really drop significantly.3 @* |; P& |1 c0 \+ E( G8 |+ e1 G, j
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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* D% P) ^" T2 ~
Refer to last example,
& k2 ^4 A; U4 a2 J' zthat means bank A have no money because we borrow 10 dollars from bank A
; @6 a0 }7 s: RBecause bank A doesnt have enough cash on hand
" [- j: T1 T& Gtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
6 s3 ~7 t6 C: a+ }6 J' Xso does it mean if E failed to pay D,
# Y; L/ u0 `! A) @all the B,C,D,E have to go bankrupt?
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the multiplier just tell how much money created in a whole economy,
* ]0 U! ~" P$ L: c; _in this case it doesnt really matter how much money is created, * ?4 }+ D7 m  e& Q% w
it's the problem of the debt itself.
: P3 T- K: P. X6 ^* `  a0 O- \' sthe 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 t$ {7 d( m( ?9 Q: L8 R1 W# B小弟一直都唔明...* a, `* f# s3 Q. f0 {* c% u' E

% Q9 Y, d) e2 N. D. y" i- ?全世界都蝕錢,咁邊個賺緊錢呢?! P) j$ Z+ C# B$ T/ I

$ |# Z" B7 x) P6 b1 c2 s無可能淨係有人蝕錢無人賺架嘛...
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8 O: ~9 x1 a/ m& Y3 c( _敬請各師兄解答& O$ v6 K. v8 i& K2 E

! [0 h( y1 S$ L  M3 A2 g+ ]7 P; fThanks
$ ~; L+ i+ t' ^1 [) E: N+ b那些根本係 紙上財富  
. `* Q. `; K. w7 l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 graphic2 `) V8 l9 O4 O. P; [, u
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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
3 X; N+ I  b/ s( w1 X4 ~3 [; J) Q當經濟好,投資銀行相信會賺錢, 物價既估值相對較高9 M9 \# T% O$ Y1 ?7 B% D4 _7 y# d( f
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. _( y' y* J7 ?
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
1 I: x9 f. d7 O. t# d扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 ~5 U$ G% q4 p8 w計番回報率就已經係50%,所以可以好好賺6 q$ u* ?$ u8 U) K0 m. ?! T/ V: y# T: I
前提係銀行之間要互相信任先可以咁樣借法
6 j- A+ h! r) b+ u" R同埋個市場既前境要係好先得1 ~" Y/ L. l; R& M( W( b, r. s
但當經濟一差,公司估值趺了,物價不升反趺: @( l5 a7 j# D& Z4 ~. P
例如剛才說10蚊的, 趺到得番9蚊,
( E& h3 A' N" h1 ~4 |咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) o! a% M2 e' C! j& R& d
所以你就會覺得D錢好似蒸發哂咁8 S# y! n$ E8 o* i7 V% m# [

% f& Z/ Q' b. [你都可以當標野咁諗, 個樣野多人可以狂升值,
. q3 S6 r5 F) e9 N! L. [4 E1 |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,
) w: v* V% n( q% j, o- ?- u6 M9 m淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
( c/ K  j& V( I. ^$ \/ [* ]& H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  g) F2 D8 t9 T" S. s  w+ M% 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) h; S0 j8 p. `
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
, e  [' u# u- s/ u1 Q$ A( |+ a淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
1 c) }+ \/ B* U5 C$ p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
% Y# o5 X6 |" U咁你話d錢蒸發左去邊? ...
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正係咁樣
+ K4 N, L5 r. \0 W# L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8 S! i2 d7 l4 W/ Z2 i4 A
分分鐘佢地唔使還錢
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. K0 C& T# z" \; {) z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,
1 \: r7 B% C2 i+ c1 ^% o連國家都係問人借, 不停發債券, 印鈔票  B  {8 p- f' `$ A
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產9 a* r  m$ s1 \1 ?
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, ~- \1 }$ G. n. J( x$ u" o
咁而家"爆哂煲"算唔算先至係變番"正常"???
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) z% ]) Z6 R8 U) d5 z7 @2 E其實係...& P/ k8 o7 K, X* ]& Q
因為以前未生產, 先消費' w' r( D  m  O, Y  Z) O2 N% c* X& e
而家就要多生產, 少消費
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