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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
5 E) P; ?9 g# `$ j  N0 KWhy bank will sell 借據給第三者???
. U* ~5 P& M. @) ~6 ~: I3 cI was so confused.....
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0 z7 ~2 n" g& h) O% j$ L. r講到尾都係賺錢
  O1 R! N, p! ?7 N% H4 Rso銀行可以不斷放款
: b, U9 h9 b, O& Q  T- N& a美國的房貸問題散佈到全世界
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" y7 Y3 \) x9 }1 c8 q2 M0 d/ Bmortgage loan # u/ S, C' }" ?* p+ l; M7 X* E- \
>conduit# O" W" Y6 R+ Z; u
>RMBS(Residential Mortgage Backed Securities)+ D) ], {; N  r2 @$ l3 }& n5 L
>arranger
' V1 ]  J2 D. M, Z>CDO(Collateralized Debt Obligation)
6 v5 p; T+ G; }0 n& V. y最後去到投資者
i thought it is the reason of rate of return.
7 _$ I1 a8 P, Y- H5 {CDs could have different ratings, AAA -> F,
; `: h# _1 `" v: K5 Y  }; O9 gmore risky ones would have higher premium (interest rate) as a compensation for an investment.
& H/ s1 ]7 O& p1 tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, \: }3 \* T7 t+ y8 }9 \1 y
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 ^! w5 ^5 [  B/ U* ?Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ B: q' C  K( i
similar to bonds, CDs trading in the secondary market have different value at different times,. ]4 l- k1 s, r# m8 G
normally the value is calculated by adding it's principle and interest.
! u( @0 P! }+ J/ a3 d/ {4 Neg. the value of the mortgage+the interests to be recieved in the future.
- v3 V3 i# ~2 z$ g. m  {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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1 ]: B8 |. Z3 k8 m! i! a% |im not quite sure if the multiplier effect does really matter in this case.5 {$ G3 G" O' \* j$ b* |0 Z
in stock market, it's the demand and supply pushing the price up/downwards.* _1 q$ ^: W8 l0 T! |! Y5 ^- v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 c' F2 d3 b- Y, h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 S0 D, k8 p/ W0 w* EThe 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.
! r7 t$ _7 I+ cbut 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.gif0 a4 @+ A1 O8 N" {0 E
Refer to last example,
5 n: W  W* J+ H( J4 A% g5 wthat means bank A have no money because we borrow 10 dollars from bank A
6 F" c' G6 l' h8 hBecause bank A doesnt have enough cash on hand
# J6 X, K; f' x  g/ V: vtherefore bank A need to be bankrrupt ??? Am I right ?? ...
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A->B->C->D->E
) p, Z  S: R! G$ N! Q! Kso does it mean if E failed to pay D, 1 q/ ?4 n+ R% P; v! d
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,
# b# E  N( S( Qin this case it doesnt really matter how much money is created,
  {7 _. f4 C: a! Q$ E4 Nit's the problem of the debt itself.3 g  @; Y. j6 U  r- C& j' U
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/ u) h3 M' X- k: j
小弟一直都唔明...- }) c& i- w( n* z1 e" k9 a
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全世界都蝕錢,咁邊個賺緊錢呢?0 _. g/ U- B% s* W! y; U6 l

6 H$ w9 w4 N2 c# r  ?7 a  c無可能淨係有人蝕錢無人賺架嘛...
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, ]4 f5 b  D3 C# S9 ^敬請各師兄解答
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  J, M& ~, k5 |. I! R  N! }" S9 ^Thanks
) s: a6 F- k3 H: N4 i" p1 |那些根本係 紙上財富  
, x' Y0 O, `# u; r0 P- K  ]- _/ ~/ d" X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% O# l% u  N3 P, q( [2 a- G0 _
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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
% H& ^2 j, L6 h/ [3 h# s5 h% `當經濟好,投資銀行相信會賺錢, 物價既估值相對較高
" s) S+ |/ \9 q9 t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* A& E4 d& R( Z. x
個件物價係市場好既時候升, 例如15%先算,變左12蚊啦
' \# E+ ^+ z& `7 X3 U; t5 F扣番利息當10里, 咁公司都可以賺左11.5-10(1.1)=0.5蚊,1 c4 k+ c4 W/ |5 E6 E4 V* R7 E
計番回報率就已經係50%,所以可以好好賺* `1 d1 |1 f9 f2 |* N5 w6 u. b
前提係銀行之間要互相信任先可以咁樣借法  d* ~6 C4 U/ m3 |
同埋個市場既前境要係好先得
- e; }- D+ T; i: Z" V1 n& C但當經濟一差,公司估值趺了,物價不升反趺* Y# o1 u( P) C/ S  H! a! R2 @
例如剛才說10蚊的, 趺到得番9蚊, 8 K$ c5 m  l2 o! ]3 T7 [
咁投資銀行一下子就要還11蚊, 一來一回變左虧200%
( h% m. \2 {0 r* c+ X8 g所以你就會覺得D錢好似蒸發哂咁
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! ^" B, G- h) e& J7 Y  m你都可以當標野咁諗, 個樣野多人可以狂升值, * H! M' J" O" E* Z* N
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, : F* d& E7 o  v  v# _8 N/ _: A: b
淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒,
. [' f: O* @. }+ g+ ]8 f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
5 O. ?8 ~7 B+ K. m0 J7 ]7 ^/ x: i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, d/ y' O8 ]+ `( |
唔係d錢蒸發, 而係比美國佬洗晒未來錢,
6 O/ J* B' x# J) Z+ B' C7 z9 E2 V淨如你簽左卡, 呢刻爆卡,咁d去晒邊?咪之錢用晒, ) ?1 y- T# @$ L! r5 t
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
! O5 V& M0 P3 P3 \' ^$ E) S咁你話d錢蒸發左去邊? ...
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' \9 P% l2 p( t* [8 \* Z2 ^" I- O1 ^正係咁樣# ^; C/ H( g) K: D8 R2 z0 e
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
% T: d' C7 L, l. q分分鐘佢地唔使還錢9 n' k% a0 t# L) \
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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,8 S: a( p) A$ ]" R- E
連國家都係問人借, 不停發債券, 印鈔票- u* z' z$ D' l& [  \0 f
一個國家好少出口, 而又大量入口 ,反映到佢唔多生產
. K$ K1 f; Z4 C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; z4 @9 t# m- G) d6 L, B# a" D
咁而家"爆哂煲"算唔算先至係變番"正常"???
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( S5 v& ]9 X2 S) f" B" v其實係...
; K, @1 N* W$ h8 N2 K; N因為以前未生產, 先消費
( n' T2 ?+ g0 ~6 y. }( E4 |" N而家就要多生產, 少消費
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