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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.gif7 \) ]* O( F: M; ^& z8 E
Why bank will sell 借據給第三者???
. \5 a% ?' K4 H/ ]: HI was so confused.....
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講到尾都係賺錢" |1 Q: I  b  ^  y, T- }# Q
so銀行可以不斷放款
: q" Q8 C1 O; N6 D7 j# a美國的房貸問題散佈到全世界
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0 d2 B7 P' R. S- q1 \mortgage loan
. k' _( X( M" F1 ~>conduit
9 F) Z& n. H. c: F: s' o5 H>RMBS(Residential Mortgage Backed Securities)* [. T8 K. H6 B
>arranger
1 p7 K- K" b5 r* Y! w# H>CDO(Collateralized Debt Obligation)0 P  g: I' n* u- G
最後去到投資者
i thought it is the reason of rate of return.$ Z( E; q5 N! Z- ]
CDs could have different ratings, AAA -> F,2 A5 \9 k+ C* Q% r% P. F, ?
more risky ones would have higher premium (interest rate) as a compensation for an investment., d1 k1 W: O; C- M
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
( B' X1 _/ _0 U9 }) V" Jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 c8 K7 i3 F0 v+ {& K! D! qAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% @. \. a7 r2 _0 s6 j# p4 Ssimilar to bonds, CDs trading in the secondary market have different value at different times,$ s7 L9 r1 F0 V" t. A" R6 w- b
normally the value is calculated by adding it's principle and interest. 4 ^+ ~, C5 r$ i! U* h
eg. the value of the mortgage+the interests to be recieved in the future.
2 C# P. q. ^! U: @  Q9 H) Z- E" |2 {- ibanks 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." u1 y: L) i1 o6 F) g* t" o
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im not quite sure if the multiplier effect does really matter in this case.# A/ c! k% y' x/ q$ ?) f" A/ M
in stock market, it's the demand and supply pushing the price up/downwards.
3 _2 N/ z5 d0 N; }# G* `( y/ TFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ G/ I* O( h( F! N1 V' g. O3 T. rA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, t+ ]4 d/ }; W  k! Z$ u" [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. ; Y1 W5 Q( N" p9 Y. N. x
but the value of their assets did really drop significantly.  p2 L+ i4 e8 p2 b- k: w

1 j5 ~, e4 K1 \( N* G[ 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/ @, Z- Y+ W( c: N! z, F) y5 R3 Q: c8 J" f
Refer to last example,
( }4 w( X+ f5 K& I- M& `5 p5 dthat means bank A have no money because we borrow 10 dollars from bank A
# h% w. M* f4 A# ]Because bank A doesnt have enough cash on hand 6 j% Q& ^# Z  H* m
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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) p5 U" Z' ?" d" B, b5 K/ eA->B->C->D->E; V0 t) S9 Q/ U9 p; K
so does it mean if E failed to pay D,
/ u% x; _* M" R1 Lall the B,C,D,E have to go bankrupt?" }$ q% U/ f/ t6 U# i
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& G7 ^* u  W, B* N" m% o' d7 Uthe multiplier just tell how much money created in a whole economy,
0 {5 ]3 e! B6 p6 `/ v; q: rin this case it doesnt really matter how much money is created,
9 _0 s- d+ L7 r- B, [5 git's the problem of the debt itself.
" r7 ^+ V2 K4 i/ z" O1 E' Gthe 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# K  h& E9 |  b! N& M3 n; y
小弟一直都唔明...
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. p* m8 b$ f/ j0 m全世界都蝕錢,咁邊個賺緊錢呢?& v3 {' H/ O4 l0 T

  M- h& h( O3 k9 f5 ]  S* F/ z無可能淨係有人蝕錢無人賺架嘛...
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9 _5 r, x- j8 k) W+ d- `5 h敬請各師兄解答9 ^2 F3 E3 I  |7 `) S& M; l" B
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Thanks
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那些根本係 紙上財富  
7 ^3 f: }- |% 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 graphic4 N' Y3 @( ~0 ~( h2 y6 ~, t! g
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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. R5 d' P# [. G9 v8 K. _
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
8 H! [- T3 \0 _# K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
: R6 q$ I' f% c, g% F個件物價係市場好既時候升, 例如15%先算,變左12蚊啦" r: r5 O! u3 t. g
扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
4 ^! q2 \2 u  W8 |# d: ^8 R, a計番回報率就已經係50%,所以可以好好賺
: [. ?2 o8 a& U/ F  {# `. g9 V前提係銀行之間要互相信任先可以咁樣借法+ a. j. j+ O$ T: R) I, g7 L
同埋個市場既前境要係好先得
" e# K! v/ w( {  p但當經濟一差,公司估值趺了,物價不升反趺
( o/ O" I  [" g- N& G" i9 ^* f例如剛才說10蚊的, 趺到得番9蚊, * x! B4 w" z1 |  X
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%) P) j+ P9 O0 W& e; Q$ ?9 v4 q8 ~6 K
所以你就會覺得D錢好似蒸發哂咁+ ~9 O: f; H8 K6 z8 E: L
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你都可以當標野咁諗, 個樣野多人可以狂升值, 9 g' {! N- A! K" C# L  A" k
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,
. z6 {' j( P0 E9 @% `, E淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, $ [2 c2 ]" i6 L2 I  D0 P/ G
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
* s  w; _1 m% b. g& F1 a: d  a( }3 A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
. f  y% D& l/ g% J1 T唔係d錢蒸發, 而係比美國佬洗晒未來錢,
) y' g9 W* `1 F淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, , ?+ ?; V+ ^; J' 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% x; w% X% h$ R- T
咁你話d錢蒸發左去邊? ...
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# m* e, }4 t, y! J# I# }# ?正係咁樣6 ~$ g- Z# T- a$ 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
) j. i- j+ R- w& i4 `4 n" K分分鐘佢地唔使還錢
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& O5 r2 z( C; d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,5 v  G! S. Q$ G. r$ s  b7 W! S
連國家都係問人借, 不停發債券, 印鈔票
7 L8 }& O& d8 Z; }( u* I一個國家好少出口, 而又大量入口 ,反映到佢唔多生產. M0 n( f  v+ S: f% H
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.gif9 L- _$ _: t8 b+ d
咁而家"爆哂煲"算唔算先至係變番"正常"???
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其實係...3 u8 A' V  [( T  D/ n
因為以前未生產, 先消費. q2 `7 @& w) d* _6 u* X3 S
而家就要多生產, 少消費
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