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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: x8 n( f& {8 f" }2 o' B# t
Why bank will sell 借據給第三者???* \; u4 E. J. y" P6 ~) h( r
I was so confused.....
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' g" {1 C2 Z- U講到尾都係賺錢
& Q# D- T5 W% E; D6 Vso銀行可以不斷放款" t, y1 z; M: L! E/ B
美國的房貸問題散佈到全世界+ K- k; m4 T/ t! H1 }* B

2 i' o% V0 \9 i5 B& o% ?mortgage loan
. W( D" L1 G* _7 I- q: `>conduit
! F9 _" k. l2 u6 _5 {>RMBS(Residential Mortgage Backed Securities)  R8 {1 \# Y2 H! ]: j' K
>arranger
7 I9 B1 i' l5 T# N>CDO(Collateralized Debt Obligation)
& n6 m2 l4 C7 m; \3 q, j最後去到投資者
i thought it is the reason of rate of return.7 ~3 u2 r1 E# g+ _" S- ]+ c- s
CDs could have different ratings, AAA -> F,
. Q  \  u: F; s8 {3 @" G2 r& Ymore risky ones would have higher premium (interest rate) as a compensation for an investment.
+ _* t- d& m) ]2 \  J( i6 Wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
1 @6 ~2 _# p, N# [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ G) K9 C5 ^9 Y+ J8 cAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 w# Z3 b" }3 j+ }9 K+ O6 g3 Bsimilar to bonds, CDs trading in the secondary market have different value at different times,
4 Y& y/ m; e8 j7 X* Ynormally the value is calculated by adding it's principle and interest.
3 V  L8 J# ?  l7 _) C9 leg. the value of the mortgage+the interests to be recieved in the future.
8 a3 p& H* l4 D% \. Bbanks 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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, A5 t5 X" ^: e+ S6 _im not quite sure if the multiplier effect does really matter in this case.
& E- s5 y3 A  q6 N. S6 r2 T7 win stock market, it's the demand and supply pushing the price up/downwards.
  _* w# L8 T; l: o* N4 UFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* T, @/ i" e3 a# |. Y! V7 i
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- @1 h/ ^8 S' j, |$ j8 zThe 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.
) f/ ~$ G. K) e0 X# a, l' Ebut the value of their assets did really drop significantly.
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# B4 O# B* `+ p[ 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$ O" l" x/ R4 N( B
Refer to last example,2 Y$ e- q4 O& I- X; c
that means bank A have no money because we borrow 10 dollars from bank A
7 w+ D* d6 |2 M3 |% TBecause bank A doesnt have enough cash on hand ! S: |' ]0 [1 ?$ l! |; F
therefore bank A need to be bankrrupt ??? Am I right ?? ...
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/ G/ q+ {" q. O3 C8 Y8 o7 GA->B->C->D->E5 V& w  @$ u( S# e+ l  x
so does it mean if E failed to pay D,
) j" h" z; d$ w& B' Pall the B,C,D,E have to go bankrupt?  s2 L5 \5 w8 b8 X% e. s3 a- H
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* f6 m& \  I1 }4 Sthe multiplier just tell how much money created in a whole economy, 4 L$ f  O% F" h1 w& a( ~0 C
in this case it doesnt really matter how much money is created,
% R. l0 \  F& tit's the problem of the debt itself.) r4 w, q% w& n) ^# `1 o5 c" O
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
; Q* P$ ?8 @& Q* X' H小弟一直都唔明...& ]( ^  a  ]: u' g

0 |- s& |& f2 m  k3 y全世界都蝕錢,咁邊個賺緊錢呢?
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無可能淨係有人蝕錢無人賺架嘛...
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8 R. N+ y# z/ c4 K敬請各師兄解答# \  `& S- B: i; j1 ]3 a

2 N( ^7 ^) D, G4 I2 ?- Y+ yThanks
, \) h% ?/ L- z* L那些根本係 紙上財富  - O% A! U: Y, p$ s. |
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& A7 i, r: G& S6 D" Z; q

8 e# [' q4 @/ X+ Ehttp://www.thedeal.com/newsweekly/images/100608_NWleverageFloChrt.gif
其實個D錢係你可以當係虛擬資產# i) m( a* `5 r2 z  b8 z# {; _# x
當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
7 }- ~0 F& s% H# s8 z, @# P% m) P' v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
: z) x6 H; ~8 P- F- L5 v  z個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
# [; V, w& S* M1 Z扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,
, e( x( }: H; Y' b$ s0 N- ]計番回報率就已經係50%,所以可以好好賺
: S( b/ t; k' a# q前提係銀行之間要互相信任先可以咁樣借法2 [0 Y8 Z8 v1 q" ^0 W8 W
同埋個市場既前境要係好先得
0 H+ g+ r3 v$ I9 F# C1 B" K# E( k但當經濟一差,公司估值趺了,物價不升反趺% z' I7 b$ C% A- X
例如剛才說10蚊的, 趺到得番9蚊, 6 H2 |7 B3 z- \: U/ t
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%* r8 Z! |$ B& k; D8 w% D4 h! q2 n
所以你就會覺得D錢好似蒸發哂咁
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+ D  A! M* `0 c) l- K你都可以當標野咁諗, 個樣野多人可以狂升值, . f$ _7 ~& @! i& K! F
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,
- l0 l  ?0 u) x+ Z' U淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ! A. c/ d, H9 z1 Q. c7 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
/ V7 o3 ]! h4 S5 v' R5 [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.gif2 x1 Y  B/ j& ]8 \: Q" I
唔係d錢蒸發, 而係比美國佬洗晒未來錢, / D  |4 J9 q5 }$ e+ a& O( S
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ; {$ l. k( h& T! m& o9 w7 d
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8 `  o. }) M2 Q5 ~# }
咁你話d錢蒸發左去邊? ...
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正係咁樣, @  g" G) J+ |) X* Q& L# z
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9 A$ V. f) A, y' Y( o& x
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,  R8 S3 r' {; Z9 @1 ]
連國家都係問人借, 不停發債券, 印鈔票4 E, ~0 \/ l  |& S* @! u
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
/ B7 R; e' X; b3 i& ?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
. Q# ]$ B$ \! g; X: @咁而家"爆哂煲"算唔算先至係變番"正常"???
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. o* \+ {; Y' K0 L其實係...
7 X$ E; t" i; a/ ^9 `& I- b因為以前未生產, 先消費
$ u! T/ ]8 J) [9 |4 r# x而家就要多生產, 少消費
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